Company registration number 04873983 (England and Wales)
SAXTON 4 X 4 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
SAXTON 4 X 4 LIMITED
COMPANY INFORMATION
Directors
Mr Alan Austin
Mr Danny Austin
Mr Glen Austin
Mrs J Austin
Company number
04873983
Registered office
Widford Industrial Area
The Westway
Chelmsford
Essex
CM1 3BH
Auditor
Xeinadin Audit Ltd
249 Cranbrook Road
Ilford
IG1 4TG
Business address
Widford Industrial Area
The Westway
Chelmsford
Essex
CM1 3BH
SAXTON 4 X 4 LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 28
SAXTON 4 X 4 LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The directors present the strategic report for the year ended 30 June 2024.
Fair review of the business
The trading performance of the company showed a downturn from the previous year, with a revenue dropping to finish at £202.2 million (2023: £250.4 million). The company reported a gross profit of £11.09 million (2023: £17.1m) and an operating loss of £2.8 million (2023: £4.6 million profit).
Operational plans to scale up growth and sales volume, continued with further freehold purchases and development of existing sites, to ensure that Saxton 4x4 remains market leader in their sector and continues with prestige vehicle sales on a supermarket volume.
It was a challenging year for the industry as a whole, mainly due to the economic climate, a severe market correction and increasing operating costs, which led us posting our first financial loss. However, we remain confident that our strategic investments will yield positive results and support long term sustainable growth.
The volatile EV market represented a large percentage of the losses, other factors were rising interest rates and insurance spike on premium vehicle policies.
Management continues to review operational and structural costs in several areas to improve efficiencies, focusing on new systems and procedures to increase productivity. Monitoring our vehicle stock and tightening controls to reduce the risk of losses arising from fluctuating market values, remains paramount.
Principal risks and uncertainties
Demand for the SUV and prestige market remains high, with Manufacturers capitalising on this by introducing new models and upgrading technology on those vehicles entering the market. This will add to increased sales and growth for Saxton 4x4.
As we look ahead to a rapidly evolving automotive landscape, the business has made positive steps to align with market trends and the challenges ahead. As a business we remain committed to progress, embracing new opportunities and we would like to extend our gratitude to all our colleagues, partners and clients for their support throughout this challenging year.
Key performance indicators
Saxton 4x4 developed its environmental plans and support by investing in electric charging points, susstainable recycling, investment into biodiverse cleaning and servicing products and renewable energy sources. During this period, 98% of all stock was EU6 compliant and 25% was electric, a rise from 15% the year before.
Other information and explanations
To further its positive environmental policies, the two large sites acquired by Saxton 4x4 are located on brownfield sites and in line with local council plans, will be re-developed into state of the art industry leading facilities becoming key focal points.
SAXTON 4 X 4 LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
SECTION 172(1) STATEMENT
Section 172 of the Companies Act 2006 requires a director of a company to act in the way he or she considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole.
In doing this, section 172 requires a director to have regards, amongst other matters, to the:
- likely consequences of any decisions in the long term
- interests of the company's employees
- need to foster the company's business relationships with suppliers, customers and others
- impact of the company's operations on the community and environment
- desirability of the company maintaining a reputation for high standards of business conduct; and
- need to act fairly as between members of the company.
The directors confirm that in discharging their duties under section 172, they have had regard to the factors set out above. The company delegates authority for day to day management to key personnel who are responsible for setting, approving and overseeing the execution of the business strategy and related policies.
The company delegates to key management to review the Company's financial and operational performance, risk and compliance, and health and safety matters.
Customer service is a key area of focus for the company and the company is committed to maintaining and improving its online customer satisfaction survey rating. Customer satisfaction is maintained through training and development of the company's employees, offering a comprehensive range of stock, and a hassle free purchase experience.
Managing good relationships with suppliers is key to facilitating the offering of a wide range of high quality stock. The company engages with its suppliers to ensure that they are consulted and informed.
The company also has regard to the local community in all of its activities and acknowledges its role as a major employer in the local area.
Mr Alan Austin
Director
26 March 2025
SAXTON 4 X 4 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 June 2024.
Principal activities
The main activities of the Company are the retail sale and distribution of motor vehicles; the supply of parts and accessories; and the provision of motor vehicle service and repair facilities.
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £207,000. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr Alan Austin
Mr Danny Austin
Mr Glen Austin
Mrs J Austin
Financial instruments
Treasury operations and financial instruments
The company operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the company’s activities.
The company’s principal financial instruments include derivative financial instruments, the purpose of which is to manage currency risks and interest rate risks arising from the company’s activities, and bank overdrafts, loans and corporate bonds, the main purpose of which is to raise finance for the company’s operations. In addition, the company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations. Derivative transactions which the company enters into principally comprise forward exchange contracts. In accordance with company’s treasury policy, derivative instruments are not entered into for speculative purposes.
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The company uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.
Credit risk
The company is exposed to the risk of claw back on finance commissions, if the customer fails the necessary standards set out in the terms and conditions of the finance companies. The risk is limited to the value of the commission received.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Price risk
The company is exposed to price risk as a result of its operations in a competitive market. The company monitors this using Key Performance indicators (KPIs) and acts accordingly.
SAXTON 4 X 4 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
Disabled persons
It is the policy of the company to give full and fair consideration to applications for employment from disabled persons, to continue wherever possible the employment of members of staff who may become disabled and to ensure that suitable training, career development and promotion are offered to such persons.
Employee involvement
The company's policy is to consult and discuss with employees, through staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
Auditor
The auditor, Xeinadin Audit Ltd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
The company's greenhouse gas emissions and energy consumptions are as follows:
2024
Energy consumption
kWh
Aggregate of energy consumption in the year
772,170
2024
Emissions of CO2 equivalent
metric tonnes
Scope 1 - direct emissions
- Gas combustion
421.00
- Fuel consumed for owned transport
4.00
425.00
Scope 2 - indirect emissions
- Electricity purchased
82.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
-
Total gross emissions
507.00
Intensity ratio
Tonnes CO2 per employee
4.1
Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.
SAXTON 4 X 4 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
The company has followed the UK government advice and conversion factors.
This report covers all activities involving emissions. Specifically vehicles being the main core of the business, fuel consumption, use of gas, electricity and alternative energy that the company are responsible for during the period.
In time the carbon footprint of the company will organically reduce as the sales of electric vehicles increase.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of "Fair review of the business" and "Principal risks and uncertainties"
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr Alan Austin
Director
26 March 2025
SAXTON 4 X 4 LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.
SAXTON 4 X 4 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SAXTON 4 X 4 LIMITED
- 7 -
Opinion
We have audited the financial statements of Saxton 4 x 4 Limited (the 'company') for the year ended 30 June 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The 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 loss 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.
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 UK, including the FRC’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.
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 report. Our 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
SAXTON 4 X 4 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SAXTON 4 X 4 LIMITED (CONTINUED)
- 8 -
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 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, 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.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
- Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
- Reviewing minutes of meetings of those charged with governance.
- Reviewing internal audit reports.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
ICAEW guidance relating to reporting on irregularities, November 2020, based on ISA 700 A39-1 to A39-5
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
SAXTON 4 X 4 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SAXTON 4 X 4 LIMITED (CONTINUED)
- 9 -
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 2006. Our 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.
Barry Leibovitch
Senior Statutory Auditor
For and on behalf of Xeinadin Audit Ltd
28 March 2025
Statutory Auditor
249 Cranbrook Road
Ilford
Essex
IG1 4TG
SAXTON 4 X 4 LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
202,198,451
250,438,005
Cost of sales
(191,108,115)
(233,331,706)
Gross profit
11,090,336
17,106,299
Administrative expenses
(13,916,672)
(12,464,039)
Operating (loss)/profit
4
(2,826,336)
4,642,260
Interest receivable and similar income
8
91,053
48,485
Interest payable and similar expenses
9
(1,431,892)
(1,174,095)
Fair value gains/(losses) on freehold properties
10
405,350
1,664,705
(Loss)/profit before taxation
(3,761,825)
5,181,355
Tax on (loss)/profit
11
713,528
(1,160,871)
(Loss)/profit for the financial year
(3,048,297)
4,020,484
The profit and loss account has been prepared on the basis that all operations are continuing operations.
SAXTON 4 X 4 LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
2024
2023
£
£
(Loss)/profit for the year
(3,048,297)
4,020,484
Other comprehensive income
-
-
Total comprehensive income for the year
(3,048,297)
4,020,484
SAXTON 4 X 4 LIMITED
BALANCE SHEET
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
13
18,000
Other intangible assets
13
26,687
30,022
Total intangible assets
26,687
48,022
Tangible assets
14
13,288,472
10,898,158
13,315,159
10,946,180
Current assets
Stocks
15
39,795,785
52,173,064
Debtors
16
3,715,997
3,811,974
Cash at bank and in hand
908,713
1,591,501
44,420,495
57,576,539
Creditors: amounts falling due within one year
17
(22,832,627)
(30,028,266)
Net current assets
21,587,868
27,548,273
Total assets less current liabilities
34,903,027
38,494,453
Creditors: amounts falling due after more than one year
18
(5,133,269)
(5,455,430)
Provisions for liabilities
Deferred tax liability
20
680,876
694,844
(680,876)
(694,844)
Net assets
29,088,882
32,344,179
Capital and reserves
Called up share capital
23
100
100
Profit and loss reserves
29,088,782
32,344,079
Total equity
29,088,882
32,344,179
The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
Mr Alan Austin
Director
Company registration number 04873983 (England and Wales)
SAXTON 4 X 4 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
100
29,309,595
29,309,695
Year ended 30 June 2023:
Profit and total comprehensive income
-
4,020,484
4,020,484
Dividends
12
-
(986,000)
(986,000)
Balance at 30 June 2023
100
32,344,079
32,344,179
Year ended 30 June 2024:
Loss and total comprehensive income
-
(3,048,297)
(3,048,297)
Dividends
12
-
(207,000)
(207,000)
Balance at 30 June 2024
100
29,088,782
29,088,882
SAXTON 4 X 4 LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
9,822,792
(1,143,294)
Interest paid
(1,431,893)
(1,174,095)
Income taxes paid
(1,264,815)
(2,334,444)
Net cash inflow/(outflow) from operating activities
7,126,084
(4,651,833)
Investing activities
Purchase of intangible assets
(33,357)
Purchase of tangible fixed assets
(2,500,938)
(416,655)
Receipts arising from loans made
769,616
(769,617)
Interest received
91,053
48,485
Net cash used in investing activities
(1,640,269)
(1,171,144)
Financing activities
Borrowings/(Repayment) of bank loans
(5,961,603)
7,052,311
Dividends paid
(207,000)
(986,000)
Net cash (used in)/generated from financing activities
(6,168,603)
6,066,311
Net (decrease)/increase in cash and cash equivalents
(682,788)
243,334
Cash and cash equivalents at beginning of year
1,591,501
1,348,167
Cash and cash equivalents at end of year
908,713
1,591,501
SAXTON 4 X 4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
1
Accounting policies
Company information
Saxton 4 x 4 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Widford Industrial Area, The Westway, Chelmsford, Essex, CM1 3BH.
1.1
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.
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 include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is twenty years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
SAXTON 4 X 4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Chattel
Over 10 years Straight line
1.6
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:
Land and buildings Freehold
No depreciation
Land and buildings Leasehold
Over the life of the lease
Plant and machinery
15% Reducing balance
Fixtures, fittings & equipment
20% Reducing Balance
Computer equipment
Over 4 years Straight line
Motor vehicles
25% Reducing Balance
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.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
SAXTON 4 X 4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
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.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.9
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.
1.10
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 using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
SAXTON 4 X 4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
SAXTON 4 X 4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
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.
1.12
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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
SAXTON 4 X 4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
2
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.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Vehicle sales
187,453,219
230,673,283
Part sales
3,414,184
5,872,400
Service and other sales
11,331,048
13,892,322
202,198,451
250,438,005
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
202,198,451
250,438,005
2024
2023
£
£
Other revenue
Interest income
91,053
48,485
4
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
515,977
328,477
Amortisation of intangible assets
21,335
39,335
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
20,000
20,000
SAXTON 4 X 4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Operations
135
127
Administration
39
37
Total
174
164
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
6,222,002
5,405,009
Social security costs
711,230
687,212
Pension costs
108,595
114,146
7,041,827
6,206,367
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
687,269
851,661
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
473,000
671,453
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
91,053
48,485
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
91,053
48,485
SAXTON 4 X 4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
1,406,037
1,072,010
Other finance costs:
Other interest
25,855
102,085
1,431,892
1,174,095
10
Fair value gains/(losses)
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
405,350
1,664,705
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
699,560
Adjustments in respect of prior periods
(699,560)
Total current tax
(699,560)
699,560
Deferred tax
Origination and reversal of timing differences
(13,968)
461,311
Total tax (credit)/charge
(713,528)
1,160,871
SAXTON 4 X 4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
11
Taxation
(Continued)
- 23 -
The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
(Loss)/profit before taxation
(3,761,825)
5,181,355
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 20.50% (2023: 20.50%)
(771,174)
1,061,960
Tax effect of expenses that are not deductible in determining taxable profit
(38,162)
(323,150)
Unutilised tax losses carried forward
238,290
Effect of change in corporation tax rate
155
Permanent capital allowances in excess of depreciation
(234,423)
(106,574)
Depreciation on assets not qualifying for tax allowances
105,754
67,324
Deferred tax adjustments in respect of prior years
(13,968)
461,311
Taxation (credit)/charge for the year
(713,528)
1,160,871
12
Dividends
2024
2023
£
£
Dividends paid
207,000
986,000
13
Intangible fixed assets
Goodwill
Chattel
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
720,000
33,357
753,357
Amortisation and impairment
At 1 July 2023
702,000
3,335
705,335
Amortisation charged for the year
18,000
3,335
21,335
At 30 June 2024
720,000
6,670
726,670
Carrying amount
At 30 June 2024
26,687
26,687
At 30 June 2023
18,000
30,022
48,022
SAXTON 4 X 4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
14
Tangible fixed assets
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 July 2023
9,000,000
1,472,357
1,452,075
1,703,097
134,629
186,316
13,948,474
Additions
787,650
292,468
1,328,335
83,414
9,071
2,500,938
Revaluation
405,350
405,350
At 30 June 2024
10,193,000
1,472,357
1,744,543
3,031,432
218,043
195,387
16,854,762
Depreciation and impairment
At 1 July 2023
774,247
1,086,965
1,019,549
57,166
112,386
3,050,313
Depreciation charged in the year
73,620
81,797
294,099
46,278
20,183
515,977
At 30 June 2024
847,867
1,168,762
1,313,648
103,444
132,569
3,566,290
Carrying amount
At 30 June 2024
10,193,000
624,490
575,781
1,717,784
114,599
62,818
13,288,472
At 30 June 2023
9,000,000
698,110
365,110
683,546
77,462
73,930
10,898,158
SAXTON 4 X 4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
15
Stocks
2024
2023
£
£
Vehicles and parts
39,795,785
52,173,064
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
980,879
734,640
Corporation tax recoverable
699,560
Other debtors
1,077,196
2,092,981
Prepayments and accrued income
958,362
984,353
3,715,997
3,811,974
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
19
13,150,177
18,789,619
Trade creditors
3,333,025
2,734,218
Amounts owed to group undertakings
4,010,210
4,010,210
Corporation tax
509,646
1,774,460
Other taxation and social security
558,231
230,098
Other creditors
865,646
2,104,930
Accruals and deferred income
405,692
384,731
22,832,627
30,028,266
18
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
19
5,133,269
5,455,430
The long-term loans are secured by a debenture over the assets of the company.
SAXTON 4 X 4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
19
Loans and overdrafts
2024
2023
£
£
Bank loans
18,283,446
24,245,049
Payable within one year
13,150,177
18,789,619
Payable after one year
5,133,269
5,455,430
The used car stocking loan amounting to £12,816,177 (2023 - £18,443,874) included in bank loans, is secured by a debenture over the assets of the company. There are personal guarantees given by Alwyn & Janice Austin.
The Barclays bank loan is secured by a fixed and floating charge over all the properties and assets of the company. There are also cross guarantees and debentures over the assets of Saxton Limited and Saxton Properties.
20
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
971,533
694,844
Tax losses
(290,657)
-
680,876
694,844
2024
Movements in the year:
£
Liability at 1 July 2023
694,844
Credit to profit or loss
(13,968)
Liability at 30 June 2024
680,876
The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances.
SAXTON 4 X 4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
108,595
114,146
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
23
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
24
Related party transactions
Transactions with related parties
In the year under review the company paid rent of £471,000 (2023: £204,000) to Saxton Properties in which the directors of this company are partners.
As at 30 June 2024 the company was owed £124,917 (2023: £1,494,698 Cr) by Forza Finance Ltd and £33,577 (2023: Nil) by We Buy Prestige Car Ltd in which the company directors' have beneficial interest.
25
Ultimate controlling party
The ultimate parent company is Saxton Limited, a company registered in England and Wales.
SAXTON 4 X 4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
26
Cash generated from/(absorbed by) operations
2024
2023
£
£
(Loss)/profit for the year after tax
(3,048,297)
4,020,484
Adjustments for:
Taxation (credited)/charged
(713,528)
1,160,871
Finance costs
1,431,892
1,174,095
Investment income
(91,053)
(48,485)
Amortisation and impairment of intangible assets
21,335
39,335
Depreciation and impairment of tangible fixed assets
515,977
328,477
Other gains and losses
(405,350)
(1,664,705)
Movements in working capital:
Decrease/(increase) in stocks
12,377,279
(3,617,518)
Decrease/(increase) in debtors
25,920
(551,937)
Decrease in creditors
(291,383)
(1,983,911)
Cash generated from/(absorbed by) operations
9,822,792
(1,143,294)
27
Analysis of changes in net debt
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
1,591,501
(682,788)
908,713
Borrowings excluding overdrafts
(24,245,049)
5,961,603
(18,283,446)
(22,653,548)
5,278,815
(17,374,733)
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