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REGISTERED NUMBER: 06241548 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

LONDON SOUTH TPS LIMITED

LONDON SOUTH TPS LIMITED (REGISTERED NUMBER: 06241548)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LONDON SOUTH TPS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: R C Frost
E J Frost





REGISTERED OFFICE: Drift Bridge Garage Limited
Reigate Road
Epsom
KT17 3LA





REGISTERED NUMBER: 06241548 (England and Wales)





AUDITORS: Cooper Parry Group Limited
Statutory Auditor
First Floor, Davidson House
Forbury Square
Reading
Berkshire
RG1 3EU

LONDON SOUTH TPS LIMITED (REGISTERED NUMBER: 06241548)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 11,088 16,563

CURRENT ASSETS
Debtors 5 3,813,583 3,550,777
Cash at bank 15,492 25,288
3,829,075 3,576,065
CREDITORS
Amounts falling due within one year 6 395,623 288,506
NET CURRENT ASSETS 3,433,452 3,287,559
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,444,540

3,304,122

PROVISIONS FOR LIABILITIES 1,296 1,296
NET ASSETS 3,443,244 3,302,826

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 3,443,144 3,302,726
SHAREHOLDERS' FUNDS 3,443,244 3,302,826

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

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

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 10 March 2025 and were signed on its behalf by:





E J Frost - Director


LONDON SOUTH TPS LIMITED (REGISTERED NUMBER: 06241548)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


The financial statements are rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The going concern of the company has been considered as part of Drift Bridge Group as a whole. In considering whether it is appropriate to prepare these financial statements on the going concern basis, the directors have prepared financial forecasts to 31 March 2026 making realistic adjustments in respect of known changes in cashflows as a result of the current cost of living crisis, economic uncertainty and other known market conditions. The directors have further applied sensitivities to those forecasts to consider the uncertainty of the future impact of the current cost of living crisis and economic uncertainty including a reverse stress test. A reverse stress test identifies the worst case scenario that would cause the business to utilise all of its available cash and finance facilities. In preparing the sensitivities and reverse stress test the directors have primarily considered various levels of reductions in vehicle and services revenues.

We have access to an unutilised overdraft facility which renews annually as well as underutilised vehicle funding facilities. The directors have no reason to believe that these facilities will not continue to be available throughout the forecast period. They have also concluded that the reduction in revenue required under the reverse stress test scenario is not one which is plausible.

Therefore the directors, having considered the sensitised forecasts, reverse stress test, the availability of finance for the Group together with the current revenue levels, have concluded that it remains appropriate to prepare these financial statements on the going concern basis and is well placed to capitalise consumer demand.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from a contract to provide services is recognised in the period in which the services are provided, when the amount of turnover can be measured reliably and it is probable that the company will receive the consideration due under the contract.

Turnover comprises the recharge of costs to Volkswagen Group and commission received for selling parts on behalf of Volkswagen Group.

LONDON SOUTH TPS LIMITED (REGISTERED NUMBER: 06241548)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.

Depreciation is provided on the following basis:
Improvements to property-over the life of the lease
Plant and machinery-3 - 10 years
Fixtures and fittings-3 - 10 years
Computer equipment-3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Impairment of fixed assets
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows. Non-financial assets that have been previously impaired are review at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

LONDON SOUTH TPS LIMITED (REGISTERED NUMBER: 06241548)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand an deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price.

Financial instruments
The company has elected to apply the provision of Section 11 "Basic Financial Instruments" of FRS 102 to all if its financial instruments.

The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less an provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due within the operating cycle fall into this category of financial instruments.

Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

LONDON SOUTH TPS LIMITED (REGISTERED NUMBER: 06241548)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Financial instruments - continued
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price after transactions costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the assets and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Finance costs
Finance costs are charged to the income statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

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

Current or deferred taxation assets and liabilities are not discounted.

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


LONDON SOUTH TPS LIMITED (REGISTERED NUMBER: 06241548)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, except that:
-The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
-Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Employee benefits
The company provides a range of benefits to employees, including bonus arrangements, paid holiday arrangements and defined contribution pension plans.

Short term benefits
Short term benefits, including holiday pay and other similarly non-monetary benefits, are recognised as an expense in the period in which the service is received.

Defined contribution pension plans
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate legal entity. Once the contributions have been paid the company has no further payment obligations. The contribution are recognised as an expense when they are due. Amounts not paid are shown in accruals in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Bonus plan
The company operates a bonus plan for employees. An expense is recognised in the Income Statement when the company has a legal or constructive obligation to make payments under the plan as a result of past events and a reliable estimate of the obligation can be made.

Interest income
Interest income is recognised in the Income Statement using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 64 (2023 - 64 ) .

LONDON SOUTH TPS LIMITED (REGISTERED NUMBER: 06241548)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Improvements Plant and and Computer
to property machinery fittings equipment Totals
£ £ £ £ £
COST
At 1 January 2024
and 31 December 2024 43,100 89,876 82,193 79,567 294,736
DEPRECIATION
At 1 January 2024 30,581 89,876 78,149 79,567 278,173
Charge for year 3,132 - 2,343 - 5,475
At 31 December 2024 33,713 89,876 80,492 79,567 283,648
NET BOOK VALUE
At 31 December 2024 9,387 - 1,701 - 11,088
At 31 December 2023 12,519 - 4,044 - 16,563

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 262,348 246,089
Amounts owed by group undertakings 3,076,037 3,194,497
Other debtors 475,198 110,191
3,813,583 3,550,777

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 201,712 30,858
Taxation and social security 107,072 209,371
Other creditors 86,839 48,277
395,623 288,506

LONDON SOUTH TPS LIMITED (REGISTERED NUMBER: 06241548)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 286,777 185,638
Between one and five years 794,966 597,957
In more than five years 857,867 550,000
1,939,610 1,333,595

Operating lease payments are recognised as an expense.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary £1 100 100

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

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

The Report of the Auditors was unqualified.

Mark Newbold FCA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited

10. CONTINGENT LIABILITIES

A cross guarantee and debenture has been provided to Barclays Bank PLC by Drift Bridge Group Holdings Limited, Drift Bridge Garage Limited and London South TPS Limited, dated 2 December 2013. As at 31 December 2024 £Nil (2023: £Nil) was due to Barclays Bank PLC by the Group.

11. RELATED PARTY DISCLOSURES

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.

12. ULTIMATE CONTROLLING PARTY

The immediate parent company of London South TPS Limited is Drift Bridge Garage Limited and the ultimate parent company is Drift Bridge Group Holdings Limited, a company controlled by E J Frost and R C Frost.

The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Drift Bridge Group Holdings Limited. Copies of the Drift Bridge Group Holdings Limited consolidated financial statements can be obtained at Drift Bridge Garage Limited, Reigate Road, Epsom, Surrey, KT17 3LA.