REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 |
FOR |
BOLTON CAR CENTRE LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 |
FOR |
BOLTON CAR CENTRE LIMITED |
BOLTON CAR CENTRE LIMITED (REGISTERED NUMBER: 01560396) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2024 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Accountants' Report | 3 |
Profit and Loss Account | 4 |
Balance Sheet | 5 |
Statement of Changes in Equity | 6 |
Notes to the Financial Statements | 7 |
BOLTON CAR CENTRE LIMITED |
COMPANY INFORMATION |
for the Year Ended 31st December 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
100 Barbirolli Square |
Manchester |
M2 3BD |
BOLTON CAR CENTRE LIMITED (REGISTERED NUMBER: 01560396) |
REPORT OF THE DIRECTOR |
for the Year Ended 31st December 2024 |
The director presents his report with the financial statements of the company for the year ended 31st December 2024. |
DIRECTOR |
REGISTERED OFFICE |
The registered office of the company is: |
100 Barbirolli Square |
Manchester |
M2 3BD |
PRINCIPAL PLACE OF BUSINESS |
The company no longer has a principal place of business. |
SALES OF BUSINESS ASSETS AND TRADE |
During the period, the company sold all business assets and trade on 31/12/2024. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
BOLTON CAR CENTRE LIMITED |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bolton Car Centre Limited for the year ended 31st December 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
This report is made solely to the director of Bolton Car Centre Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Bolton Car Centre Limited and state those matters that we have agreed to state to the director of Bolton Car Centre Limited in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report. |
It is your duty to ensure that Bolton Car Centre Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Bolton Car Centre Limited. You consider that Bolton Car Centre Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Bolton Car Centre Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
100 Barbirolli Square |
Manchester |
M2 3BD |
BOLTON CAR CENTRE LIMITED (REGISTERED NUMBER: 01560396) |
PROFIT AND LOSS ACCOUNT |
for the Year Ended 31st December 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
39,081 | 192,433 |
Other operating income |
114,081 | 192,433 |
Interest payable and similar expenses | ( |
) | ( |
) |
(LOSS)/PROFIT BEFORE TAXATION | 5 | ( |
) |
Tax on (loss)/profit | ( |
) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
BOLTON CAR CENTRE LIMITED (REGISTERED NUMBER: 01560396) |
BALANCE SHEET |
31st December 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
BOLTON CAR CENTRE LIMITED (REGISTERED NUMBER: 01560396) |
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 31st December 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1st January 2023 |
Profit for the year | - | 60,072 | - | 60,072 |
Total comprehensive income | - |
Dividends | - | ( |
) | - | ( |
) |
Balance at 31st December 2023 |
Deficit for the year | - | (18,014 | ) | - | (18,014 | ) |
Total comprehensive loss | - | ( |
) | ( |
) |
Dividends | - | ( |
) | - | ( |
) |
Balance at 31st December 2024 |
BOLTON CAR CENTRE LIMITED (REGISTERED NUMBER: 01560396) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2024 |
1. | GENERAL INFORMATION |
Bolton Car Centre Limited is a private company limited by shares, incorporated in the United Kingdom under the Companies Act. The address of its registered office and principal place of business are disclosed in the directors report. The principal activity and nature of its operations are set out in the strategic report. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
In the following accounting policies any references to the profit and loss account refers to the Statement of Comprehensive Income prior to the inclusion of other comprehensive income. |
Going concern |
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and for this reason he continues to adopt the going concern basis in preparing the annual 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. |
Turnover |
Turnover from the sale of goods is recognised in the profit and loss account, net of discounts, when the significant risks and rewards of ownership have been transferred to the buyer. In general this occurs when vehicles or parts have been supplied or when service has been completed. Turnover from services rendered is recognised in the profit and loss account in proportion to the stage of completion of the transaction at the reporting date. The stage of completion is assessed by surveys of work performed or by reference to time expended on services that are charged on labour rate basis. |
Incentives received from manufacturers in respect of target achievements are recognised in the profit and loss account in the period to which the target was achieved. |
BOLTON CAR CENTRE LIMITED (REGISTERED NUMBER: 01560396) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. |
Where parts of an item of tangible fixed assets have different useful lives, they are accounted for as separate items of tangible fixed assets, for example land is treated separately from buildings. |
The company assesses at each reporting date whether tangible fixed assets are impaired. |
Depreciation is charged to the profit or loss account so as to write off each asset over the estimated useful lives of each part of an item of tangible fixed assets. Leased assets are depreciated over the shorter of the lease term and their useful lives. Land is not depreciated. The following rates are used: |
Short leasehold improvements | 6.89% Straight line |
Plant and machinery | 33% Reducing balance |
Fixtures and fittings | 33% Reducing balance |
Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since the last annual reporting date. |
Residual value is based on prices prevailing at the date of acquisition or subsequent valuation. Where, because of high estimated residual value, depreciation is immaterial, no depreciation is charged but an annual review for impairment is performed. Both residual values and useful lives are reviewed and adjusted, if appropriate, at each financial year end. |
The carrying amounts of the company's assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the fixed asset may not be recoverable. If any such indication exists, the asset's recoverable amount is estimated. |
Stocks |
Stock is stated at the lower of cost and selling price less selling costs. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 that have been enacted or substantively enacted by the balance sheet date. |
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. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
BOLTON CAR CENTRE LIMITED (REGISTERED NUMBER: 01560396) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. Any bank overdrafts are shown within current liabilities. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
3. | SIGNIFICANT JUDGEMENTS AND ESTIMATES |
In the application of the Company's accounting policies above, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | (LOSS)/PROFIT BEFORE TAXATION |
The loss (2023 - profit) is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
BOLTON CAR CENTRE LIMITED (REGISTERED NUMBER: 01560396) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2024 |
6. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1st January 2024 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31st December 2024 |
DEPRECIATION |
At 1st January 2024 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31st December 2024 |
NET BOOK VALUE |
At 31st December 2024 |
At 31st December 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Other loans < 1 year | - | 386,182 |
Stocking loans amounting to £Nil (2023: £386,182) are included within other loans. These loans are secured against the vehicle stock which they relate to. |
BOLTON CAR CENTRE LIMITED (REGISTERED NUMBER: 01560396) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2024 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 14,000 | 14,000 |
11. | RELATED PARTY DISCLOSURES |
During the period the company had the following balance and transactions with a company that is 100% owned by Mr M J Holt and registered in the Isle of Man: |
2024 | 2023 |
£ | £ |
Amounts due to/(from) related party | (2,346 | ) | 214,395 |
Sales | 829,619 | 570,240 |
Purchases | (274,466 | ) | (130,995 | ) |
Management charge | (30,000 | ) | (50,000 | ) |
Expenses recharged | 48,760 | 80,317 |
Total | 573,913 | 469,562 |
At the year end, the company owed £100,000 (2023:£70,000) to the parent company, Peakside Limited. |
During the period, the company paid dividends of £100,000 (2023: £70,000). |
At 31 December 2024, the company was owed £3,513 by its company director and sole shareholder Mr M J Holt (2023 - £433 owed to). |
12. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr M J Holt, director and controlling shareholder of the ultimate parent company, Peakside Limited. |
The parent's company's registered office is 8 St. George's Street, Douglas, Isle of Man, IM1 1AH. |