REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
LONDON SOUTH TPS LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
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 |
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 |
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 |
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 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
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 |
Taxation and social security |
Other creditors |
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 |
Between one and five years |
In more than five years |
Operating lease payments are recognised as an expense. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
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. |
for and on behalf of |
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. |