REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 March 2024 |
for |
M & A Coachworks Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 March 2024 |
for |
M & A Coachworks Limited |
M & A Coachworks Limited (Registered number: 02182042) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Notes to the Financial Statements | 13 |
M & A Coachworks Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
TOR |
Saint-Cloud Way |
Maidenhead |
Berkshire |
SL6 8BN |
M & A Coachworks Limited (Registered number: 02182042) |
Strategic Report |
for the Year Ended 31 March 2024 |
The directors present their strategic report for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
The principal activity of the company continued to be the provision of motor vehicle repair services on behalf of insurance and retail customers, supported by manufacturer approved repair methods, utilizing manufacturer trained staff, principally Porsche, McLaren, Ferrari and Lamborghini. |
The company has been successful in being invited to operate in an additional territory by its main manufacturer and has developed its fourth operating site as a consequence, which became operational on April 1st 2024. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Market risk |
The business main risk arises from uncertainty in the UK economy which would adversely affect supply chains, leading to inflationary pressures. There remain staffing availability constraints in the UK labour market, causing both inflation in wage rates and added training costs to ensure staff achieve manufacturer standards. The business is dependent on manufacturer training courses being available; during the period these have been provided to meet our requirements. |
Business risks |
The principal risk to the business is the loss of a significant customer contract. The directors and senior management team are focused on developing customer relationships to minimize the risk of contract loss. |
The company has benefited from developing and widening its existing customer portfolio to manage exposure to individual customers. |
The company is owed significant amounts. The company negotiates in advance the sums to be claimed that are invoiced in accordance with the terms agreed. The directors review debtor balances weekly to ensure that there is limited risk of exposure for the company. Debt risk exposure is considered to be minimal at this time. |
The directors and senior managers monitor and act to mitigate developing exposure to changes in market conditions including customer service feedback, staffing levels and performance, and business activity levels. |
FINANCIAL KEY PERFORMANCE INDICATORS |
The directors and senior management team utilize the following key performance indicators to monitor performance of the company |
2024 | 2023 |
Gross profit* | 46.5% | 43.7% |
Earnings before interest, taxes, depreciationand amortization* | 9.9% | 9.5% |
Trade receivable days | 65.8 days | 66.3 days |
*expressed as a percentage of sales |
ON BEHALF OF THE BOARD: |
M & A Coachworks Limited (Registered number: 02182042) |
Report of the Directors |
for the Year Ended 31 March 2024 |
The directors present their report with the financial statements of the company for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the provision of motor vehicle repair services on behalf of insurance and retail customers, supported by manufacturer approval methods, utilizing manufacturer trained staff, principally Porsche, McLaren, Ferrari and Lamborghini. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2024. |
EVENTS SINCE THE END OF THE YEAR |
On 31st May 2024 the shares of the company's immediate parent company, M&A Coachworks Holdings Limited were sold to Steer Automotive Group Limited. As a result of this transaction the company became a wholly owned subsidiary of Steer Automotive Group Limited. |
The directors of Steer Automotive Group Limited have indicated it is their intention that the company continue its operations in their current form. |
DIRECTORS |
The directors who have held office during the period from 1 April 2023 to the date of this report are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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; |
- | 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. |
M & A Coachworks Limited (Registered number: 02182042) |
Report of the Directors |
for the Year Ended 31 March 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
M & A Coachworks Limited |
Opinion |
We have audited the financial statements of M & A Coachworks Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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 31 March 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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 the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
M & A Coachworks Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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. |
Report of the Independent Auditors to the Members of |
M & A Coachworks Limited |
Auditors' 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 a Report of the Auditors 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: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlines above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. |
Extent to which the audit was considered capable of detecting irregularities, including fraud. |
-The engagement partners ensured that the engagement team collectively had the appropriate competence, capabilities and skill to identify or recognise non-compliance with applicable laws and regulations; |
-we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; |
-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; |
-we assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instance of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by; |
-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; |
-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and |
-understanding the design of the company's remuneration policies. |
To address the risk of fraud through management bias and override of controls, we; |
-performed analytical procedures to identify unusual or unexpected relationships; |
-tested journal entries to identify unusual transactions; |
-assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
-investigated the rationale behind significant or unusual transactions. |
Audit response to risks identified |
In response to the risk of irregularities and non-compliance with laws and regulations; we designed procedures which included, but were not limited to; |
-agreeing financial statement disclosures to underlying supporting documentation; |
-enquiring of management as to actual and potential litigation and claims; and |
-reviewing correspondence with HMRC, relevant regulators and company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment of collusion. |
Report of the Independent Auditors to the Members of |
M & A Coachworks Limited |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 a Report of the Auditors 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. |
for and on behalf of |
Statutory Auditors |
TOR |
Saint-Cloud Way |
Maidenhead |
Berkshire |
SL6 8BN |
M & A Coachworks Limited (Registered number: 02182042) |
Income Statement |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
1,218,849 | 1,084,569 |
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
M & A Coachworks Limited (Registered number: 02182042) |
Other Comprehensive Income |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
M & A Coachworks Limited (Registered number: 02182042) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 12 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Capital redemption reserve | 18 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
M & A Coachworks Limited (Registered number: 02182042) |
Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2024 |
M & A Coachworks Limited (Registered number: 02182042) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
M & A Coachworks Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirement of paragraph 33.7. |
Preparation of consolidated financial statements |
The financial statements contain information about M & A Coachworks Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
M & A Coachworks Limited (Registered number: 02182042) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other facts, including expectation of future events that are believed to be reasonable under the circumstances. |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial year are addressed below: |
(i) Useful economic lives of tangible fixed assets |
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisation and the physical condition of the assets. |
(ii) Provision against debtors |
The company makes an estimate of the recoverable value of trade and other debtors. When assessing recoverability of debtors, management consider factors including the current credit rating of the debtor, cash received in the period, the aging profile of the debtor and the customer relationship. The debtors are predominately receivable from well-established insurance companies and historically there has been a low level of unrecoverable debts. |
(iii) Work in progress |
Work in progress is determined by the stage of completion of a vehicle repair and is therefore subjective. Management consider the recoverability of the cost of parts and labour through their vehicle management software on a job by job basis. |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: |
Rendering of services |
Turnover from the rendering of services is recognised in the period in which the services are provided and when all of the following conditions are satisfied: |
* the amount of turnover can be measured reliably; |
* it is probable that the company will receive the consideration due; and |
* the costs incurred and the costs to complete the service can be measured reliably. |
Tangible fixed assets |
Depreciation is charges so as to allocate the cost of the assets less their residual value over their estimated useful lives. |
Depreciation is provided on the following basis: |
Freehold buildings - 2% straight line |
Leasehold buildings - Over the term of lease or estimated useful life if shorter |
Plant and machinery - 10% to 25% straight line |
Fixtures, fittings and equipment - 10% to 25% straight line |
Freehold land - Not depreciated |
M & A Coachworks Limited (Registered number: 02182042) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. |
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Income and Retained Earnings. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
M & A Coachworks Limited (Registered number: 02182042) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
31.3.24 | 31.3.23 |
£ | £ |
United Kingdom |
4. | EMPLOYEES AND DIRECTORS |
31.3.24 | 31.3.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.3.24 | 31.3.23 |
Operations | 52 | 49 |
Administration | 25 | 22 |
31.3.24 | 31.3.23 |
£ | £ |
Directors' remuneration |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Emoluments etc |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.3.24 | 31.3.23 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Auditors' remuneration |
M & A Coachworks Limited (Registered number: 02182042) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.24 | 31.3.23 |
£ | £ |
Inter co loan interest |
Hire purchase |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.3.24 | 31.3.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Adjustments to tax charge in respect of previous periods | ( |
) |
Fixed asset differences | - | 10,003 |
Remeasurement of deferred tax for changes in tax rates | - | 36,622 |
Movement in deferred tax not recognised | - | 380 |
Group relief | (3,525 | ) | - |
Total tax charge | 279,055 | 224,912 |
M & A Coachworks Limited (Registered number: 02182042) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | TANGIBLE FIXED ASSETS |
Freehold | Short | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The freehold land was revalued on 30 November 2008 and was stated at the revalued amount. The company has adopted the transitional exemption under FRS 102 paragraph 35.10(d) and has elected to use the previous valuation as deemed cost. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Short | Plant and |
leasehold | machinery | Totals |
£ | £ | £ |
COST |
Additions | 661,328 |
At 31 March 2024 | 661,328 |
NET BOOK VALUE |
At 31 March 2024 | 661,328 |
M & A Coachworks Limited (Registered number: 02182042) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | STOCKS |
31.3.24 | 31.3.23 |
£ | £ |
Stocks |
Stock consists of raw materials and work in progress. Within this, there is a stock provision totalling £11,317 (2023: £NIL) |
10. | DEBTORS |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Hire purchase contracts (see note 13) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 197,584 | 325,588 |
Other creditors |
Accruals and deferred income |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Hire purchase contracts (see note 13) |
Amounts owed to group undertakings |
Accruals and deferred income |
M & A Coachworks Limited (Registered number: 02182042) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
13. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.3.24 | 31.3.23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
31.3.24 | 31.3.23 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
14. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.24 | 31.3.23 |
£ | £ |
Hire purchase contracts | 482,333 | - |
15. | FINANCIAL INSTRUMENTS |
2024 | 2023 |
£ | £ |
FINANCIAL ASSETS |
Financial assets measured at fair value through profit and loss | 2,144,885 | 1,073,082 |
Financial assets that are debt instruments measured at amortised cost | 3,184,501 | 3,074,533 |
5,329,386 | 4,147,615 |
FINANCIAL LIABILITIES |
Financial liabilities measured at amortised cost | (3,162,326 | ) | (2,807,667 | ) |
Financial assets measured at amortised cost comprise trade debtors, amounts owed by group undertakings, other debtors and accrued income. |
Financial liabilities measured at amortised cost comprise bank and other loans (including finance leases), overdrafts, trade creditors, amounts owed to group undertakings, other creditors and accruals. |
16. | PROVISIONS FOR LIABILITIES |
31.3.24 | 31.3.23 |
£ | £ |
Deferred tax | 310,328 | 152,590 |
M & A Coachworks Limited (Registered number: 02182042) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
16. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year |
Balance at 31 March 2024 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary | £1 | 50,000 | 50,000 |
The shares have attached to them full voting rights. |
18. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | 1,388,142 |
Profit for the year |
At 31 March 2024 | 2,132,233 |
19. | PENSION COMMITMENTS |
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £96,178 (2023: £98,501). Pension contributions totalling £10,087 (2023: £8,810) were payable to the pension fund at the year end and are included in creditors due in less than one year. |
20. | CAPITAL COMMITMENTS |
31.3.24 | 31.3.23 |
£ | £ |
Contracted but not provided for in the |
financial statements |
21. | RELATED PARTY DISCLOSURES |
At the balance sheet date, the amount due to Carstar Automotive Limited was £1,825,000 (2023: £1,825,000). The loan is unsecured and bears interest ranging from 5% to 14% per annum. Carstar Automotive Limited and the company are related parties by virtue of its shareholding in M&A Coachwork Holdings Limited, the immediate parent undertaking.. |
In addition, at the balance sheet date, there was an amount due from the immediate parent undertaking of £109,067 (2023: £349,604) which is unsecured interest free and repayable on demand. |
The company has taken advantage of the exemption provided in FRS 102 from disclosing transactions with members of the same group that are wholly owned. |
During the year, a total of key management personnel compensation of £ |
M & A Coachworks Limited (Registered number: 02182042) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
22. | POST BALANCE SHEET EVENTS |
On 31st May 2024 the shares of the company's immediate parent company, M&A Coachworks Holdings Limited were sold to Steer Automotive Group Limited. As a result of this transaction the company became a wholly owned subsidiary of Steer Automotive Group Limited. |
The directors of Steer Automotive Group Limited have indicated it is their intention that the company continue its operations in their current form. |
23. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company as at the balance sheet date is Carstar Automotive Limited. The ultimate controlling party was Mr G Dionisiou. |
On 31 May 2024 the immediate parent company, M&A Coachworks Holdings Ltd, was acquired by Steer Automotive Group Limited and the ultimate controlling party became Belfry Topco Limited. |