Company Registration No. 00123700 (England and Wales)
CHEVRON MOTORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
CHEVRON MOTORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
CHEVRON MOTORS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,030,840
798,041
Current assets
Stocks
430,914
461,069
Debtors falling due after more than one year
5
359,392
493,525
Debtors falling due within one year
5
139,577
64,560
Cash at bank and in hand
540
538
930,423
1,019,692
Creditors: amounts falling due within one year
6
(484,656)
(582,973)
Net current assets
445,767
436,719
Total assets less current liabilities
1,476,607
1,234,760
Creditors: amounts falling due after more than one year
7
(191,840)
(207,973)
Provisions for liabilities
(112,892)
(54,537)
Net assets
1,171,875
972,250
Capital and reserves
Called up share capital
10
24,642
24,642
Revaluation reserve
9
235,000
Capital redemption reserve
30,079
30,079
Profit and loss reserves
882,154
917,529
Total equity
1,171,875
972,250
CHEVRON MOTORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 28 February 2025 and are signed on its behalf by:
M. J. Bonomini
Director
Company registration number 00123700 (England and Wales)
CHEVRON MOTORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 3 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2
Accounting policies
Company information
Chevron Motors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bransford Road, St Johns, Worcester, WR2 4EW.
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to take advantage of the transitional arrangements to permit freehold property previously revalued to be held at that value as deemed cost. The principal accounting policies adopted are set out below.
2.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered or the service is provided to the customer.
2.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
No depreciation is provided.
Equipment and fittings
15% of net book value
No depreciation is charged on the freehold property. The freehold land and buildings are carried at valuation and reviewed annually for impairment. On this basis the estimated residual value is not materially different to market value . Any portion that would be subject to depreciation is not material to the financial statements.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
CHEVRON MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 4 -
2.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
2.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct costs of vehicles and parts and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
2.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets classified as receivable within one year are not amortised.
CHEVRON MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 5 -
Classification of 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 deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
2.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
2.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
No provision has been made for deferred tax on gains recognised on revaluing property to its market value as the company does not intend to sell the revalued assets.
2.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
CHEVRON MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
10
9
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 January 2024
760,000
265,429
1,025,429
Additions
4,124
4,124
Revaluation
235,000
235,000
At 31 December 2024
995,000
269,553
1,264,553
Depreciation and impairment
At 1 January 2024
227,388
227,388
Depreciation charged in the year
6,325
6,325
At 31 December 2024
233,713
233,713
Carrying amount
At 31 December 2024
995,000
35,840
1,030,840
At 31 December 2023
760,000
38,041
798,041
The value above for land and buildings held by the company reflects market value.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2024
2023
£
£
Cost
345,672
345,672
Accumulated depreciation
(188,011)
(180,760)
Carrying value
157,661
164,912
CHEVRON MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
112,828
41,534
Other debtors
26,749
23,026
139,577
64,560
CHEVRON MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Debtors
(Continued)
- 8 -
2024
2023
Amounts falling due after more than one year:
£
£
Corporation tax recoverable
32,947
32,947
Amounts owed by group undertakings
326,445
330,177
Other debtors
130,401
359,392
493,525
Total debtors
498,969
558,085
Other debtors:
Last year this included an amount owed by directors, this has been repaid during the year in full.
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
102,420
59,909
Trade creditors
78,496
96,936
Corporation tax
28,572
30,466
Other taxation and social security
29,658
31,502
Other creditors
245,510
364,160
484,656
582,973
Lloyds Bank plc have a charge over all monies due or to become due from the company to the chargee on any account whatsoever, secured on the freehold property, buildings, fixtures and equipment, with a fixed charge over the company's debtors and a floating charge over the stock and fixtures and equipment of the company. In addition to the loan referred to in the creditors falling due in more than one year note a further £102,420 (2023 - £59,909) is owed to the bank.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
142,148
172,325
Other creditors
49,692
35,648
191,840
207,973
CHEVRON MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Creditors: amounts falling due after more than one year
(Continued)
- 9 -
At the year end the company owed a used car stocking loan of £150,000 to LE Capital, the interest rate for this loan is 13.9% per annum, (2023 - £275,108 to Evolution, the interest rate for this loan was Finance House Base Rate plus 2% per annum).
A mortgage is held with Lloyds Bank plc of £92,125 (2022 - £114,178), the loan runs until March 2029, is repayable by instalments and carries interest at 3.3% per annum.
Another loan is held with Lloyds Bank plc of £50,023 (2023 - £58,147), the loan runs until December 2029, is repayable by instalments and carries interest at 3.7% per annum.
The client also has a BBL with Lloyds Bank plc for £30,093 (2023 - £35,648).
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
-
14,158
8
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
8,117
8,512
Revaluations
104,775
46,025
112,892
54,537
The deferred tax liability set out above is expected to reverse within four years and relates to accelerated capital allowances that are expected to mature within the same period, together with the diminution in potential gain on revaluation of the freehold property through increases in the retail price index.
9
Revaluation reserve
2024
2023
£
£
At the beginning of the year
Other movements
235,000
-
At the end of the year
235,000
-
CHEVRON MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
10
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
18,132 Ordinary shares of £1 each
18,132
18,132
Preference share capital
Issued and fully paid
6,510 6% Cumulative preference shares of £1 each
6,510
6,510
11
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
520
520
12
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
M. J. Bonomini - repayable on demand
-
102,946
(122,545)
(19,599)
Mrs J R Bonomini - repayable on demand
-
27,455
(27,455)
-
130,401
(150,000)
(19,599)
13
Parent company
The parent company is MJB Holdings Limited, a company incorporated in England and Wales. The ultimate controlling party is MJ Bonomini and Mrs J R Bonomini, directors of this company, who together own 100% of the issued share capital.
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