Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30falseThe principal activity of the company during the year was motor trading in new Citroen, Peugeot and MG cars, used cars and servicing.2023-07-01false5152falsefalse 00806618 2023-07-01 2024-06-30 00806618 2022-07-01 2023-06-30 00806618 2024-06-30 00806618 2023-06-30 00806618 2022-07-01 00806618 5 2023-07-01 2024-06-30 00806618 5 2022-07-01 2023-06-30 00806618 6 2023-07-01 2024-06-30 00806618 6 2022-07-01 2023-06-30 00806618 d:CompanySecretary1 2023-07-01 2024-06-30 00806618 d:Director1 2023-07-01 2024-06-30 00806618 d:Director2 2023-07-01 2024-06-30 00806618 d:RegisteredOffice 2023-07-01 2024-06-30 00806618 d:Agent1 2023-07-01 2024-06-30 00806618 e:Buildings 2023-07-01 2024-06-30 00806618 e:Buildings e:LongLeaseholdAssets 2023-07-01 2024-06-30 00806618 e:Buildings e:LongLeaseholdAssets 2024-06-30 00806618 e:Buildings e:LongLeaseholdAssets 2023-06-30 00806618 e:PlantMachinery 2023-07-01 2024-06-30 00806618 e:PlantMachinery 2024-06-30 00806618 e:PlantMachinery 2023-06-30 00806618 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 00806618 e:FurnitureFittings 2023-07-01 2024-06-30 00806618 e:FurnitureFittings 2024-06-30 00806618 e:FurnitureFittings 2023-06-30 00806618 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 00806618 e:OfficeEquipment 2023-07-01 2024-06-30 00806618 e:OfficeEquipment 2024-06-30 00806618 e:OfficeEquipment 2023-06-30 00806618 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 00806618 e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 00806618 e:CurrentFinancialInstruments 2024-06-30 00806618 e:CurrentFinancialInstruments 2023-06-30 00806618 e:Non-currentFinancialInstruments 2024-06-30 00806618 e:Non-currentFinancialInstruments 2023-06-30 00806618 e:CurrentFinancialInstruments e:WithinOneYear 2024-06-30 00806618 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 00806618 e:Non-currentFinancialInstruments e:AfterOneYear 2024-06-30 00806618 e:Non-currentFinancialInstruments e:AfterOneYear 2023-06-30 00806618 e:ReportableOperatingSegment1 2023-07-01 2024-06-30 00806618 e:ReportableOperatingSegment1 2022-07-01 2023-06-30 00806618 e:ReportableOperatingSegment2 2023-07-01 2024-06-30 00806618 e:ReportableOperatingSegment2 2022-07-01 2023-06-30 00806618 e:ReportableOperatingSegment3 2023-07-01 2024-06-30 00806618 e:ReportableOperatingSegment3 2022-07-01 2023-06-30 00806618 e:UKTax 2023-07-01 2024-06-30 00806618 e:UKTax 2022-07-01 2023-06-30 00806618 e:ShareCapital 2024-06-30 00806618 e:ShareCapital 2023-06-30 00806618 e:ShareCapital 2022-07-01 00806618 e:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 00806618 e:RetainedEarningsAccumulatedLosses 2024-06-30 00806618 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 00806618 e:RetainedEarningsAccumulatedLosses 2023-06-30 00806618 e:RetainedEarningsAccumulatedLosses 2022-07-01 00806618 e:AcceleratedTaxDepreciationDeferredTax 2024-06-30 00806618 e:AcceleratedTaxDepreciationDeferredTax 2023-06-30 00806618 e:RetirementBenefitObligationsDeferredTax 2024-06-30 00806618 e:RetirementBenefitObligationsDeferredTax 2023-06-30 00806618 d:OrdinaryShareClass1 2023-07-01 2024-06-30 00806618 d:OrdinaryShareClass1 2024-06-30 00806618 d:OrdinaryShareClass1 2023-06-30 00806618 d:FRS102 2023-07-01 2024-06-30 00806618 d:Audited 2023-07-01 2024-06-30 00806618 d:FullAccounts 2023-07-01 2024-06-30 00806618 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 00806618 2 2023-07-01 2024-06-30 00806618 f:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure
Registered Number:00806618













ROY H G TOLLEY LIMITED






FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024











 
ROY H G TOLLEY LIMITED
 

 
COMPANY INFORMATION


Directors
Mr S P Tolley 
Ms Z J Tolley 




Company secretary
Mrs Z J Tolley



Registered number
00806618



Registered office
73 Gosbecks Road
Colchester

Essex

CO2 9JS




Independent auditor
Sumer Auditco Limited
Statutory Auditor

Fitzroy House

Crown Street

Ipswich

Suffolk

IP1 3LG




Bankers
Barclays Bank plc
Brightwell Court

Barrack Square

Martlesham Heath

Ipswich

Suffolk

IP5 3PW






 
ROY H G TOLLEY LIMITED
 


CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditor's Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9
Statement of Changes in Equity
10
Statement of Cash Flows
11
Analysis of Net Debt
12
Notes to the Financial Statements
13 - 25



 
ROY H G TOLLEY LIMITED
 

 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Principal activity
 
The principal activity of the company during the year was motor trading in new Citroen, Peugeot and MG cars, Used cars and vehicle maintenance activities.

Business review
 
The directors consider the results for the year and the financial position at the year-end to be satisfactory. Turnover and gross profit are both considered to have remained strong during the year and the current ratio of the company remains consistent at 2.4 (2023 - 1.8). The results for the year are set against ongoing supply constraints caused by the after effects of Covid-19 pandemic and more recently the Ukraine war.  The company has a disciplined approach to preparation of monthly management accounts and internal analysis of KPI’s to enable ongoing performance review.

Principal risks and uncertainties
 
The company is heavily dependent on the ready supply of new vehicles and parts from the manufacturers represented together with the need for buoyant consumer demand.  High interest rates, high inflation, expensive energy costs and the war in Ukraine all lead to uncertainty in the forthcoming year.  Undoubtedly the business is entering another challenging period together with a changing demand pattern as Electric vehicles start to become established.
With this scenario it is not possible to definitively predict all the eventualities that may occur.  However with many long-standing, experienced and loyal staff and sound accounting processes, the Directors are confident the company can adapt and manage the risks to safeguard the company’s future.

Financial key performance indicators
 
Relevant indicators are included with the business review section, above.  Many other KPI’s for comparative purposes are not relevant due to previous influences of Covid-19 on business turnover.  Furthermore supply shortages ensuing from Covid-19 continue to mean that trading is still not “normal”. We continue to monitor cash resources and net profit as key fundamentals.


This report was approved by the board and signed on its behalf.



Mr S P Tolley
Director
Date: 3 March 2025


- 1 -



 
ROY H G TOLLEY LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The Directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £109,081 (2023 - £221,582).

Dividends paid during the year amounted to £60,660 (2023 - £40,320).

Directors

The Directors who served during the year were:

Mr S P Tolley 
Ms Z J Tolley 

Future developments

The company expects to maintain organic growth subject to New Vehicle availability and consumer demand meeting expectation.  The steady expansion of Electric vehicles sales and the government legislation to phase out ICE models by 2030 will undoubtedly involve changes to sales mix and quite possibly the distribution models adopted by the manufacturers.  The company is well placed to be responsive to those future but, as yet, undefined requirements.


- 2 -



 
ROY H G TOLLEY LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

These are addressed within the principal risks and uncertainties section of the Strategic Review. There have been no further significant events to note.

Auditor

On 28 March 2024 our auditor, SB Audit LLP, merged with Sumer Auditco Limited.
Accordingly SB Audit LLP formally resigned as the Company's auditor with the Directors duly appointing Sumer Auditco Limited to fill the vacancy arising. The auditor, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Mr S P Tolley
Director
Date: 3 March 2025


- 3 -



 
ROY H G TOLLEY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ROY H G TOLLEY LIMITED

Opinion


We have audited the financial statements of Roy H G Tolley Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 30 June 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 United Kingdom, including the Financial Reporting Council'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 Directors' 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 Directors with respect to going concern are described in the relevant sections of this report.



- 4 -



 
ROY H G TOLLEY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ROY H G TOLLEY LIMITED (CONTINUED)

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 Directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have 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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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 returns; or
certain disclosures of Directors' 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 Directors' Responsibilities Statement set out on page 2, the Directors are 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 Directors determine 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 Directors are 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 Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.



- 5 -



 
ROY H G TOLLEY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ROY H G TOLLEY LIMITED (CONTINUED)

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:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors (as required by auditing standards), inspection of the company's regulatory and legal correspondence and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of noncompliance throughout the audit.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the company is subject to many other laws and regulations where the consequences of non compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: meeting the requirements set by dealerships, FCA regulations (as a broker), health and safety, human rights and employment law, GDPR and compliance with the Companies Act. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud.


Because of 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. 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 Auditor's Report.



- 6 -



 
ROY H G TOLLEY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ROY H G TOLLEY LIMITED (CONTINUED)

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 2006Our 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 Auditor's 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.





Luke Morris FCA (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Statutory Auditor
  
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG

10 March 2025

- 7 -



 
ROY H G TOLLEY LIMITED
 

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 3 
22,643,436
20,035,008

Cost of sales
  
(21,641,939)
(18,978,261)

Gross profit
  
1,001,497
1,056,747

Administrative expenses
  
(812,550)
(744,409)

Operating profit
 4 
188,947
312,338

Interest receivable and similar income
  
4,565
-

Interest payable and similar expenses
 9 
(38,154)
(30,008)

Profit before tax
  
155,358
282,330

Tax on profit
 10 
(46,277)
(60,748)

Profit for the financial year
  
109,081
221,582

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 25 form part of these financial statements.


- 8 -



 
ROY H G TOLLEY LIMITED
REGISTERED NUMBER:00806618


BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
377,205
443,761

  
377,205
443,761

Current assets
  

Stocks
 12 
1,796,302
2,606,258

Debtors: amounts falling due within one year
 13 
700,183
902,378

Cash at bank and in hand
  
887,579
562,842

  
3,384,064
4,071,478

Creditors: amounts falling due within one year
 14 
(1,460,201)
(2,252,983)

Net current assets
  
 
 
1,923,863
 
 
1,818,495

Total assets less current liabilities
  
2,301,068
2,262,256

Creditors: amounts falling due after more than one year
 15 
(5,991)
(5,986)

Provisions for liabilities
  

Deferred tax
 16 
(43,142)
(52,756)

  
 
 
(43,142)
 
 
(52,756)

Net assets
  
2,251,935
2,203,514


Capital and reserves
  

Called up share capital 
 17 
12,000
12,000

Profit and loss account
  
2,239,935
2,191,514

  
2,251,935
2,203,514


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr S P Tolley
Director
Date: 3 March 2025

The notes on pages 13 to 25 form part of these financial statements.


- 9 -



 
ROY H G TOLLEY LIMITED
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2022
12,000
2,010,252
2,022,252



Profit for the year
-
221,582
221,582

Dividends: Equity capital
-
(40,320)
(40,320)



At 1 July 2023
12,000
2,191,514
2,203,514



Profit for the year
-
109,081
109,081

Dividends: Equity capital
-
(60,660)
(60,660)


At 30 June 2024
12,000
2,239,935
2,251,935


The notes on pages 13 to 25 form part of these financial statements.


- 10 -



 
ROY H G TOLLEY LIMITED
 


STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
109,081
221,582

Adjustments for:

Depreciation of tangible assets
95,549
96,856

Interest paid
38,154
30,008

Interest received
(4,565)
-

Taxation charge
46,277
60,748

Decrease/(increase) in stocks
809,956
(845,555)

Decrease in debtors
202,195
246,377

(Decrease)/increase in creditors
(780,601)
171,993

Corporation tax paid
(68,067)
(109,825)

Net cash generated from operating activities

447,979
(127,816)


Cash flows from investing activities

Purchase of tangible fixed assets
(28,993)
(38,662)

Interest received
4,565
-

HP interest paid
(6,734)
(2,570)

Net cash from investing activities

(31,162)
(41,232)

Cash flows from financing activities

Dividends paid
(60,660)
(40,320)

Interest paid
(31,420)
(27,438)

Net cash used in financing activities
(92,080)
(67,758)

Net increase/(decrease) in cash and cash equivalents
324,737
(236,806)

Cash and cash equivalents at beginning of year
562,842
799,648

Cash and cash equivalents at the end of year
887,579
562,842


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
887,579
562,842

887,579
562,842


The notes on pages 13 to 25 form part of these financial statements.


- 11 -



 
ROY H G TOLLEY LIMITED
 


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

562,842

324,737

887,579


562,842
324,737
887,579

The notes on pages 13 to 25 form part of these financial statements.


- 12 -



 
ROY H G TOLLEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Roy H G Tolley Limited is a private company limited by share capital incorporated in England and Wales. Its registered office is 73 Gosbecks Road, Colchester, Essex, CO2 9JS.
The principal activity of the company during the year was motor trading in new Citroen, Peugeot and MG cars, used cars and car servicing.
The presentational currency used is Sterling and the level of rounding is to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors anticipate that the Company will be able to continue to meet its liabilities as they fall due. Whilst the world economic situation continues to be uncertain and new vehicle supply may be constrained by materials shortage, the long experience of the company and its staff means it is able to readily adapt to changing situations. It continues to have very strong relationships with three mainstream franchise partners and the Directors expect the company to be able to continue to trade without any hindrance within the facilities it has available. 
With a good record of profitability in previous years during very difficult trading environment the company has every expectation of maintaining that situation during the foreseeable future and certainly for at least the next 12 months. 


- 13 -



 
ROY H G TOLLEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

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. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss 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.


- 14 -



 
ROY H G TOLLEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

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 entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by 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 balance sheet date.

  
2.9

Demonstrator and adopted vehicle finance

Demonstrator vehicles purchased under demonstrator finance agreements and used vehicles with adopted vehicle finance are shown in current assets with an equivalent liability in creditors.
The interest is charged to the income statement as incurred and repayments reduce the liability in the balance sheet. 


- 15 -



 
ROY H G TOLLEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

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 is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight-line and reducing balance methods.

Depreciation is provided on the following basis:

Leasehold property improvements
-
5 to 19 years straight line
Workshop equipment
-
10% straight line and 25% reducing balance
Fixtures and fittings
-
10% straight line and 25% reducing balance
Office equipment
-
20% straight line and 25% reducing balance

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 profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

New vehicles held on consignment are not included as stock of the company. The reason for this is that Citroen and Peugeot are able to recall or transfer the stocks without compensation. The risks and rewards of ownership therefore do not pass to the company until the earlier of the point of sale or the maximum holding period of 210 days from the date of delivery. At this point the company recognises these vehicles within its accounts.

 
2.12

Debtors

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


- 16 -



 
ROY H G TOLLEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and 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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of 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.

 
2.17

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.


- 17 -



 
ROY H G TOLLEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales - Vehicles
18,517,752
16,154,245

Sales - Servicing
2,903,979
2,668,310

Sales - Parts
1,221,705
1,212,453

22,643,436
20,035,008


All turnover arose within the United Kingdom.


4.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible assets
95,549
96,856

Other operating lease rentals
183,276
183,000

Defined contribution pension cost
33,501
31,668


5.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
14,250
13,500

- 18 -



 
ROY H G TOLLEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Employees

Staff costs, including Directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,363,454
1,261,864

Social security costs
163,836
155,036

Cost of defined contribution scheme
33,501
31,668

1,560,791
1,448,568


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







After sales
27
28



Sales
16
16



Administrative, clerical and management
8
8

51
52


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
58,200
40,200

Company contributions to defined contribution pension schemes
1,373
836

59,573
41,036


During the year retirement benefits were accruing to 2 Directors (2023 - 2) in respect of defined contribution pension schemes.

Directors' remuneration reflects the remuneration of key management personnel.


- 19 -



 
ROY H G TOLLEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Interest receivable

2024
2023
£
£


Other interest receivable
4,565
-

4,565
-


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
6,733
5,619

Other loan interest payable
24,687
21,819

Finance leases and hire purchase contracts
6,734
2,570

38,154
30,008


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
56,199
68,067

Adjustments in respect of prior years
(308)
-


55,891
68,067


Total current tax
55,891
68,067

Deferred tax


Origination and reversal of timing differences
(9,614)
(7,319)

Total deferred tax
(9,614)
(7,319)


Taxation on profit on ordinary activities
46,277
60,748

- 20 -



 
ROY H G TOLLEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
155,358
282,330


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
38,840
57,878

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
7,745
670

Adjustments to tax charge in respect of prior periods
(308)
-

Other assets not qualifying for capital allowance purposes
-
6,637

Change in rates
-
(4,437)

Total tax charge for the year
46,277
60,748


Factors that may affect future tax charges

There are no such factors to note.


- 21 -



 
ROY H G TOLLEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Tangible fixed assets





Leasehold property improvements
Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
741,047
229,314
719,663
59,657
1,749,681


Additions
2,095
8,076
11,249
7,573
28,993



At 30 June 2024

743,142
237,390
730,912
67,230
1,778,674



Depreciation


At 1 July 2023
726,196
165,678
366,344
47,702
1,305,920


Charge for the year
3,386
14,243
73,666
4,254
95,549



At 30 June 2024

729,582
179,921
440,010
51,956
1,401,469



Net book value



At 30 June 2024
13,560
57,469
290,902
15,274
377,205



At 30 June 2023
14,851
63,636
353,319
11,955
443,761


- 22 -



 
ROY H G TOLLEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Stocks

2024
2023
£
£

Raw materials and consumables
165,303
125,112

Finished goods and goods for resale
1,630,999
2,481,146

1,796,302
2,606,258


As at 30 June 2024 the company held stock on consignment from its main vehicle suppliers amounting to  £2,710,240 (2023 - £1,606,905). This stock is not accounted for within the financial statements as the stock remains under the ownership of the main vehicle suppliers until adopted by the company. Further details are included within the accounting policies. 
Vehicles held on consignment may be kept for a maximum period of 210 days from the date of delivery before title passes and full payment becomes due. 
The company uses the stock finance sceheme operated via its main vehicle suppliers. The period during which a vehicle is allocated on interest free terms is an average of 60 days.
Demonstrator finance is available. Monthly payments of 6% of the total cost of the vehicle are made for the first six months, and interest, which may be subsidised, is charged on the balance which is paid in one final payment.
Demonstrator stock is depreciated at 2-3% per month.


13.


Debtors

2024
2023
£
£


Trade debtors
586,615
574,972

Other debtors
109,370
323,064

Prepayments and accrued income
4,198
4,342

700,183
902,378



- 23 -



 
ROY H G TOLLEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
983,211
1,875,940

Corporation tax
56,199
68,375

Other taxation and social security
293,972
139,230

Other creditors
24,705
112,669

Accruals and deferred income
102,114
56,769

1,460,201
2,252,983



15.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
5,991
5,986



16.


Deferred taxation




2024


£






At beginning of year
(52,756)


Charged to profit or loss
9,614



At end of year
(43,142)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(43,892)
(53,428)

Pension surplus
750
672

(43,142)
(52,756)


- 24 -



 
ROY H G TOLLEY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



12,000 (2023 - 12,000) Ordinary shares shares of £1.00 each
12,000
12,000



18.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £33,501 (2023 - £31,668. Contributions totalling £15,713 (2023 - £10,420) were payable to the fund at the balance sheet date and are included in creditors.


19.


Financial commitments, guarantees and contingencies

A cross guarantee and debenture is in place with the bank between Camp Garage (Colchester) Limited and the Company.  


20.


Related party transactions

The company is ultimately controlled by Mr S P Tolley by virtue of his majority shareholding. 
At the year end directors were owed £137 by the company (2023 - £132). A director has given a limited guarantee to the company's bankers in respect of the company loan disclosed in the creditors notes.
In the year the company made sales of £nil to companies under common control (2023 - £29,967), made purchases of £3,588 (2023 - £9,417) and made payments for rent and rental charges of £144,000 (2023 - £148,988). At the end of the year the companies under common control owed the company £104,138 (2023 - £318,138).

 

- 25 -