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REGISTERED NUMBER: 02182042 (England and Wales)















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: P Hawkes
R K Steer





REGISTERED OFFICE: 13 March Place
Gatehouse Industrial Area
Aylesbury
HP19 8UG





REGISTERED NUMBER: 02182042 (England and Wales)





AUDITORS: WP Audit Limited
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:





P Hawkes - Director


31 March 2025

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:

Mr D Kyriacou - resigned 28 April 2023

P Hawkes and R K Steer were appointed as directors after 31 March 2024 but prior to the date of this report.

Mr D Dionisiou , Mr I J Luxton and Mr D Rota ceased to be directors after 31 March 2024 but prior to the date of this report.

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:





P Hawkes - Director


31 March 2025

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.




Philippa Duckworth BSc FCCA (Senior Statutory Auditor)
for and on behalf of WP Audit Limited
Statutory Auditors
TOR
Saint-Cloud Way
Maidenhead
Berkshire
SL6 8BN

31 March 2025

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 14,006,368 13,525,871

Cost of sales (7,491,547 ) (7,842,062 )
GROSS PROFIT 6,514,821 5,683,809

Administrative expenses (5,306,129 ) (4,599,240 )
OPERATING PROFIT 5 1,208,692 1,084,569

Interest receivable and similar income 10,157 -
1,218,849 1,084,569

Interest payable and similar expenses 6 (195,703 ) (188,004 )
PROFIT BEFORE TAXATION 1,023,146 896,565

Tax on profit 7 (279,055 ) (224,912 )
PROFIT FOR THE FINANCIAL YEAR 744,091 671,653

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 744,091 671,653


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 744,091 671,653

M & A Coachworks Limited (Registered number: 02182042)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 8 2,144,885 1,073,082

CURRENT ASSETS
Stocks 9 315,575 337,357
Debtors 10 3,184,501 3,074,533
Cash at bank 936,896 767,150
4,436,972 4,179,040
CREDITORS
Amounts falling due within one year 11 (3,473,072 ) (3,331,390 )
NET CURRENT ASSETS 963,900 847,650
TOTAL ASSETS LESS CURRENT LIABILITIES 3,108,785 1,920,732

CREDITORS
Amounts falling due after more than one year 12 (616,224 ) (330,000 )

PROVISIONS FOR LIABILITIES 16 (310,328 ) (152,590 )
NET ASSETS 2,182,233 1,438,142

CAPITAL AND RESERVES
Called up share capital 17 50,000 50,000
Capital redemption reserve 18 95,222 95,222
Retained earnings 18 2,037,011 1,292,920
SHAREHOLDERS' FUNDS 2,182,233 1,438,142

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2025 and were signed on its behalf by:





P Hawkes - Director


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 50,000 621,267 95,222 766,489

Changes in equity
Total comprehensive income - 671,653 - 671,653
Balance at 31 March 2023 50,000 1,292,920 95,222 1,438,142

Changes in equity
Total comprehensive income - 744,091 - 744,091
Balance at 31 March 2024 50,000 2,037,011 95,222 2,182,233

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

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 14,006,368 13,525,871
14,006,368 13,525,871

4. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 3,900,391 3,555,076
Social security costs 451,959 410,069
Other pension costs 74,828 98,501
4,427,178 4,063,646

The average number of employees during the year was as follows:
31.3.24 31.3.23

Operations 52 49
Administration 25 22
77 71

31.3.24 31.3.23
£    £   
Directors' remuneration 494,201 423,022

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

Information regarding the highest paid director is as follows:
31.3.24 31.3.23
£    £   
Emoluments etc 170,769 145,133

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.24 31.3.23
£    £   
Hire of plant and machinery 134,391 117,001
Other operating leases 513,190 445,434
Depreciation - owned assets 187,914 197,625
Profit on disposal of fixed assets - (1,314 )
Auditors' remuneration 25,950 33,325

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 187,999 188,004
Hire purchase 7,704 -
195,703 188,004

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 121,317 200,180

Deferred tax 157,738 24,732
Tax on profit 279,055 224,912

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 1,023,146 896,565
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
19%)

255,787

170,347

Effects of:
Expenses not deductible for tax purposes 18,638 7,705
Adjustments to tax charge in respect of previous periods 8,155 (145 )
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 175,000 1,100,541 1,327,057
Additions - 817,607 429,507
At 31 March 2024 175,000 1,918,148 1,756,564
DEPRECIATION
At 1 April 2023 - 646,844 922,163
Charge for year - 63,994 103,450
At 31 March 2024 - 710,838 1,025,613
NET BOOK VALUE
At 31 March 2024 175,000 1,207,310 730,951
At 31 March 2023 175,000 453,697 404,894

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2023 125,156 50,087 2,777,841
Additions 12,603 - 1,259,717
At 31 March 2024 137,759 50,087 4,037,558
DEPRECIATION
At 1 April 2023 97,960 37,792 1,704,759
Charge for year 13,152 7,318 187,914
At 31 March 2024 111,112 45,110 1,892,673
NET BOOK VALUE
At 31 March 2024 26,647 4,977 2,144,885
At 31 March 2023 27,196 12,295 1,073,082

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 661,328 317,639 978,967
At 31 March 2024 661,328 317,639 978,967
NET BOOK VALUE
At 31 March 2024 661,328 317,639 978,967

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 315,575 337,357

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 2,524,303 2,455,950
Amounts owed by group undertakings 358,642 350,043
Other debtors 97,412 14,655
Prepayments and accrued income 184,944 253,885
3,165,301 3,074,533

Amounts falling due after more than one year:
Other debtors 19,200 -

Aggregate amounts 3,184,501 3,074,533

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts (see note 13) 96,109 -
Trade creditors 682,542 777,855
Amounts owed to group undertakings 1,595,000 1,595,000
Tax 113,162 198,135
Social security and other taxes 122,023 108,282
VAT 197,584 325,588
Other creditors 29,577 36,403
Accruals and deferred income 637,075 290,127
3,473,072 3,331,390

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts (see note 13) 386,224 -
Amounts owed to group undertakings 230,000 230,000
Accruals and deferred income - 100,000
616,224 330,000

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 96,109 -
Between one and five years 386,224 -
482,333 -

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 408,000 495,236
Between one and five years 1,288,250 1,381,040
In more than five years 151,250 660,253
1,847,500 2,536,529

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 152,590
Provided during year 157,738
Balance at 31 March 2024 310,328

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
50,000 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 1,292,920 95,222 1,388,142
Profit for the year 744,091 744,091
At 31 March 2024 2,037,011 95,222 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 156,016 -

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 £ 716,631 (2023 - £ 612,436 ) was paid.

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.