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Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
6 |
Independent auditor's report to the members |
9 |
Statement of income and retained earnings |
13 |
Statement of financial position |
14 |
Statement of cash flows |
16 |
Accounting policies |
17 |
Notes to the financial statements |
22 |
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Officers and Professional Advisers |
The board of directors |
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Company secretary |
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Registered office |
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Auditor |
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Chartered accountants & statutory auditor |
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Tudor House |
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Mill Lane |
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Calcot |
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Reading |
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Berkshire |
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RG31 7RS |
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Bankers |
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Connaught House |
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Alexandra Terrace |
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Progression Centre |
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Guildford |
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GU1 3DA |
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33 Old Broad Street |
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London |
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EC2 1HW |
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Strategic Report |
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Director |
Registered office: |
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Directors' Report |
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Director |
Registered office: |
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Independent Auditor's Report to the Members of
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(Senior Statutory Auditor) |
For and on behalf of |
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Chartered accountants & statutory auditor |
Tudor House |
Mill Lane |
Calcot |
Reading |
Berkshire |
RG31 7RS |
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Statement of Income and Retained Earnings |
2024 |
2023 |
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Note |
£ |
£ |
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Turnover |
3 |
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Cost of sales |
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Gross profit |
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Distribution costs |
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Administrative expenses |
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Other operating income |
4 |
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Operating profit |
5 |
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Interest payable and similar expenses |
9 |
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Profit before taxation |
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Tax on profit |
10 |
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Profit for the financial year and total comprehensive income |
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Dividends paid and payable |
11 |
(
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(
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Retained earnings at the start of the year |
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Retained earnings at the end of the year |
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Statement of Financial Position |
2024 |
2023 |
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Note |
£ |
£ |
£ |
Tangible assets |
12 |
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Stocks |
13 |
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Debtors |
14 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Other creditors including taxation and social security |
15 |
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Accruals and deferred income |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
16 |
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Bank loans and overdrafts |
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Provision |
17 |
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Net assets |
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Called up share capital |
21 |
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Profit and loss account |
23 |
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Shareholders funds |
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Statement of Financial Position (continued) |
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Chairman |
Director |
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Statement of Cash Flows |
2024 |
2023 |
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£ |
£ |
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Profit for the financial year |
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Adjustments for: |
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Depreciation of tangible assets |
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Interest payable and similar expenses |
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Gains on disposal of tangible assets |
(
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(
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Tax on profit |
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Accrued expenses/(income) |
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(
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Changes in: |
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Stocks |
(
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(
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Trade and other debtors |
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(
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Trade and other creditors |
(
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Provisions and employee benefits |
(
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(
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--------- |
--------- |
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Cash generated from operations |
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Interest paid |
(
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(
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Tax paid |
(
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(
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--------- |
--------- |
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Net cash from operating activities |
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--------- |
--------- |
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Purchase of tangible assets |
(
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(
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Proceeds from sale of tangible assets |
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--------- |
--------- |
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Net cash used in investing activities |
(
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(
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--------- |
--------- |
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Proceeds from borrowings |
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Dividends paid |
(
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(
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--------- |
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Net cash from financing activities |
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--------- |
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Net (decrease)/increase in cash and cash equivalents |
(
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Cash and cash equivalents at beginning of year |
654,751 |
449,544 |
--------- |
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Cash and cash equivalents at end of year |
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Accounting Policies |
Freehold Buildings |
- |
2% - 10% on cost |
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Fixtures & Fittings |
- |
10% - 50% on cost |
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Motor Vehicles |
- |
25% on cost |
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Equipment |
- |
10% - 50% on cost |
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Notes to the Financial Statements |
2024 |
2023 |
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£ |
£ |
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Vehicle sales |
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Aftersales and servicing |
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------------- |
------------- |
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------------- |
------------- |
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2024 |
2023 |
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£ |
£ |
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Management charges receivable |
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Other operating income |
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--------- |
--------- |
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--------- |
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2024 | 2023 | ||
£ | £ | ||
Rental Income | 85,000 | 69,517 | |
-------- | -------- | ||
2024 |
2023 |
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£ |
£ |
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Depreciation of tangible assets |
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Gains on disposal of tangible assets |
(
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(
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Impairment of trade debtors |
(5,096) |
(10,398) |
--------- |
--------- |
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2024 |
2023 |
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£ |
£ |
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Fees payable for the audit of the financial statements |
|
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-------- |
-------- |
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Taxation advisory services |
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Other non-audit services |
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-------- |
-------- |
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5,108 |
7,125 |
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-------- |
-------- |
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2024 |
2023 |
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No. |
No. |
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Production staff |
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Distribution staff |
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Administrative staff |
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Management staff |
5 |
4 |
Drivers |
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---- |
---- |
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---- |
---- |
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2024 |
2023 |
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£ |
£ |
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Wages and salaries |
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Social security costs |
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Other pension costs |
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------------ |
------------ |
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2024 |
2023 |
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£ |
£ |
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Remuneration |
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Company contributions to defined contribution pension plans |
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--------- |
--------- |
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--------- |
--------- |
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2024 |
2023 |
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No. |
No. |
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Defined contribution plans |
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---- |
---- |
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2024 |
2023 |
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£ |
£ |
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Interest on debenture loans |
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Interest on banks loans and overdrafts |
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Interest payable - related party |
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Interest payable - Stocking loan |
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--------- |
--------- |
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2024 |
2023 |
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£ |
£ |
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UK current tax expense |
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Origination and reversal of timing differences |
(
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Impact of change in tax rate |
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– |
--------- |
-------- |
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Total deferred tax |
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--------- |
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Tax on profit |
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--------- |
--------- |
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2024 |
2023 |
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£ |
£ |
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Profit on ordinary activities before taxation |
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--------- |
--------- |
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Profit on ordinary activities by rate of tax |
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Adjustment to tax charge in respect of prior periods |
(
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– |
Effect of different UK tax rates on some earnings |
12,850 |
– |
Chargeable Gain - impact of change in tax rate |
88,401
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– |
Fixed assets ineligible for capital allowances |
12,681
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Capital allowances investment incentive |
– |
(
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--------- |
--------- |
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Tax on profit |
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--------- |
--------- |
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2024 |
2023 |
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£ |
£ |
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Equity dividends on ordinary shares |
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--------- |
--------- |
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Land and buildings |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
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£ |
£ |
£ |
£ |
£ |
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Cost |
|||||
At 1st April 2023 |
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Additions |
– |
– |
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Disposals |
– |
– |
(
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– |
(
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------------ |
-------- |
--------- |
--------- |
------------ |
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At 31st March 2024 |
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------------ |
-------- |
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Depreciation |
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At 1st April 2023 |
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Charge for the year |
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Disposals |
– |
– |
(
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– |
(
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------------ |
-------- |
--------- |
--------- |
------------ |
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At 31st March 2024 |
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------------ |
-------- |
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Carrying amount |
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At 31st March 2024 |
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------------ |
-------- |
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------------ |
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At 31st March 2023 |
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------------ |
-------- |
--------- |
--------- |
------------ |
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2024 |
2023 |
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£ |
£ |
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Parts and consumable stock |
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Vehicle stock for resale |
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------------ |
------------ |
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------------ |
------------ |
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2024 |
2023 |
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£ |
£ |
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Trade debtors |
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Prepayments and accrued income |
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Other debtors |
– |
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--------- |
--------- |
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--------- |
--------- |
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2024 |
2023 |
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£ |
£ |
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Corporation tax |
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Social security and other taxes |
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Director loan accounts |
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– |
Other creditors |
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------------ |
------------ |
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------------ |
------------ |
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2024 |
2023 |
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£ |
£ |
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Bank loans and overdraft |
(340,000) |
(340,000) |
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Stocking loans |
(1,834,833) |
(748,223) |
|
------------ |
------------ |
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(2,174,833) |
(1,088,223) |
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------------ |
------------ |
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2024 |
2023 |
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£ |
£ |
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Bank loans |
1,990,840 |
2,292,952 |
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------------ |
------------ |
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Warranties |
Deferred tax (note 18) |
Chargeback provision |
Total |
|
£ |
£ |
£ |
£ |
|
At 1st April 2023 |
|
|
|
|
Charge against provision |
(
|
– |
– |
(
|
Movement during the year |
– |
(
|
– |
(
|
Change of rate adjustment |
– |
|
– |
|
-------- |
--------- |
------- |
--------- |
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At 31st March 2024 |
|
|
|
|
-------- |
--------- |
------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Included in provision (note 17) |
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|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Accelerated capital allowances |
|
|
Business combinations |
368,340 |
279,939 |
--------- |
--------- |
|
407,138 |
320,630 |
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Financial assets that are debt instruments measured at amortised cost |
228,720 |
376,813 |
--------- |
--------- |
|
Financial liabilities measured at fair value through profit or loss |
5,597,379 |
5,611,035 |
------------ |
------------ |
|
2024 |
2023 |
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No. |
£ |
No. |
£ |
|
|
10,000 |
100 |
10,000 |
100 |
|
10,000 |
100 |
10,000 |
100 |
-------- |
---- |
-------- |
---- |
|
20,000 |
200 |
20,000 |
200 |
|
-------- |
---- |
-------- |
---- |
|
2024 |
2023 |
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No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
|
|
100 |
|
100 |
-------- |
---- |
-------- |
---- |
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-------- |
---- |
-------- |
---- |
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At 1 Apr 2023 |
Cash flows |
At 31 Mar 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(25,077) |
|
Debt due within one year |
(1,550,630) |
(675,766) |
(2,226,396) |
Debt due after one year |
(2,342,953) |
302,112 |
(2,040,841) |
------------ |
--------- |
------------ |
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(
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(
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(
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------------ |
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Notes to the Financial Statements (continued) |
2024 |
||||
Balance brought forward |
Amounts repaid |
Balance outstanding |
||
£ |
£ |
£ |
||
|
– |
(
|
(
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– |
– |
– |
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---- |
---- |
---- |
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– |
(
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(
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---- |
---- |
---- |
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2023 |
||||
Balance brought forward |
Amounts repaid |
Balance outstanding |
||
£ |
£ |
£ |
||
|
(
|
|
– |
|
|
(
|
|
– |
|
-------- |
-------- |
---- |
||
(
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|
– |
||
-------- |
-------- |
---- |
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2024 | 2023 | ||
£ | £ | ||
Sales | 793,862 | 456,699 | |
Management charges receivable | 37,442 | 30,965 | |
--------- | --------- | ||
831,304 | 487,664 | ||
Purchases | (79,813) | (42,062) | |
--------- | --------- | ||
751,491 | 445,602 | ||
--------- | --------- | ||
2024 | 2023 | ||
£ | £ | ||
Sales | 1,185,689 | 899,623 | |
Management charges receivable | 136,805 | 85,787 | |
------------ | --------- | ||
Sales | 1,322,494 | 985,410 | |
Purchases | (68,419) | (146,493) | |
------------ | --------- | ||
Sales | 1,254,075 | 838,917 | |
------------ | --------- | ||