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REGISTERED NUMBER: 07575561 (England and Wales)










Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 31 August 2024

for

BRD Retail Ltd

BRD Retail Ltd (Registered number: 07575561)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 17


BRD Retail Ltd

Company Information
for the Year Ended 31 August 2024







DIRECTORS: L A Hale
C I D Bullock
H Bullock
Miss K E Bullock





REGISTERED OFFICE: Ninth Avenue
Centrum Gate
Burton-on-Trent
Staffordshire
DE14 3JZ





REGISTERED NUMBER: 07575561 (England and Wales)





AUDITORS: Bourne & Co
Statutory Auditors
6 Lichfield Street
Burton-on-Trent
Staffordshire
DE14 3RD

BRD Retail Ltd (Registered number: 07575561)

Strategic Report
for the Year Ended 31 August 2024

The directors present their strategic report for the year ended 31 August 2024.

The company is an independent company that was formed in 2011, it operates one of the largest Kia franchises in the UK. With a highly experienced management team, the company prides itself on working hard to deliver class leading value and service.

REVIEW OF BUSINESS
Financial year ending 31st August 2024 was a steady year for Burton Kia. New car supply wasn't as good as the year before and the retail new car market was down by 12%. The government's ZEV mandate continues to put pressure on manufacturers. Used car sales for Burton Kia were up year on year with unit sales up by 10%, although the part exchange market was difficult.

Looking forward to 2025 we, as directors, feel that we will at least match this year's performance in both turnover and profit.
We are in a good position alongside the Manufacturer, as Kia continues to win numerous awards, including 'Car of the year' and 'Manufacturer of the year' in 2024.

We have completed a showroom refurbishment of the current premises to meet manufacturer's standards, which has given a more modern look, and matches Kia's all new branding, this was at the full expense of Burton Kia.

FINANCIAL KEY PERFORMANCE INDICATORS

Turnover for the year has risen to £31m (2023: £30m) whilst gross profit margin finished at a very strong 10.9% for the industry.

The results of the company for the year, as set out in the income statement, balance sheet and supporting notes, show a net profit before taxation of £875k (2023: £1.3m) and an increase in shareholders funds to £4.4m from £4m

OTHER KEY PERFORMANCE INDICATORS

The company continues to monitor and achieve manufacturer partner performance objectives in terms of sales units, market share and customer service.


BRD Retail Ltd (Registered number: 07575561)

Strategic Report
for the Year Ended 31 August 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The company's principle financial controls remain robust and in place with strong day to day management of all key indicators and areas.

The company's principle financial instruments comprise bank balances, stocking facilities, trade debtors and trade creditors. The purpose of these financial instruments is to manage the company's day to day working capital and finance growth as required.

The company has processes in place to ensure that the majority of the Company's sales are paid in full ahead of delivery, the Company does not consider that it is exposed significantly to credit risk from retail customers. Other trade debtors are managed through regular monitoring of accounts outstanding for both time and credit limits.

Trade creditor liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

The general economic environment gives rise to the company's market risk.

Zero Emission Vehicle (ZEV) mandate, has brought some uncertainty with the recent change in government. The mandate originally was to stop all diesel & petrol new car sales by 2035, this has now changed to the year 2030. Uncertainty remains for manufacturers with regard to the fine system where manufacturers are arguing they are too high, this argument is ongoing.

FUTURE DEVELOPMENTS

Staff are a key part of the success of the business. The company is committed to the training and developing of its staff to ensure the success continues.

The leadership team continuously review the performance of the business and are always eager to consider opportunities for growth.

ON BEHALF OF THE BOARD:





C I D Bullock - Director


9 April 2025

BRD Retail Ltd (Registered number: 07575561)

Report of the Directors
for the Year Ended 31 August 2024

The directors present their report with the financial statements of the company for the year ended 31 August 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of an automotive dealership selling new and used vehicles, providing servicing for vehicles and supply of parts to retail and trade customers.

DIVIDENDS
Interim dividends per share were paid as follows:
£0.900 - 12 October 2023
£0.400 - 24 January 2024
£0.875 - 4 April 2024
£1.000 - 29 July 2024
£9.525

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 August 2024 will be £ 190,500 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report.

L A Hale
C I D Bullock
H Bullock
Miss K E Bullock

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.


BRD Retail Ltd (Registered number: 07575561)

Report of the Directors
for the Year Ended 31 August 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
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.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





C I D Bullock - Director


9 April 2025

Report of the Independent Auditors to the Members of
BRD Retail Ltd

Opinion
We have audited the financial statements of BRD Retail Ltd (the 'company') for the year ended 31 August 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 August 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.

Report of the Independent Auditors to the Members of
BRD Retail Ltd


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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, 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
BRD Retail Ltd


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:

As part of our planning process:



-
We enquired of management the systems and controls the company has in place, the areas of the
financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether
there was any known, suspected or alleged fraud. The company did not inform us of any known,
suspected or alleged fraud.


-
We obtained an understanding of the legal and regulatory frameworks applicable to the company
and considered those laws and regulations central to the operation of the business including motor
industry specific regulations.


-
We considered the incentives and opportunities that exist in the company, including the extent of
management bias, which present a potential for irregularities and fraud to be perpetuated, and
tailored our risk assessment accordingly.



-
Using our knowledge of the company and the industry in which it operates, together with the
discussions held with the company at the planning stage, we formed a conclusion on the risk of
misstatement due to irregularities including fraud and tailored our procedures according to this risk
assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

-
Identifying and testing journal entries and the overall accounting records, in particular those that
were significant and unusual.

-
Reviewing the financial statement disclosures and determining whether accounting policies have
been appropriately applied.

-
Reviewing and challenging the assumptions and judgements used by management in their significant
accounting estimates, in particular in relation to impairment of stock and fixed assets
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations

-
Performing a physical verification of key assets including attendance at the annual stocktake and
subsequent testing of values.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

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.

Report of the Independent Auditors to the Members of
BRD Retail Ltd


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.




David Meadows BA FCA (Senior Statutory Auditor)
for and on behalf of Bourne & Co
Statutory Auditors
6 Lichfield Street
Burton-on-Trent
Staffordshire
DE14 3RD

9 April 2025

BRD Retail Ltd (Registered number: 07575561)

Income Statement
for the Year Ended 31 August 2024

31.8.24 31.8.23
Notes £    £   

TURNOVER 3 31,622,754 30,029,698

Cost of sales 28,194,938 26,683,278
GROSS PROFIT 3,427,816 3,346,420

Administrative expenses 2,526,140 2,066,213
901,676 1,280,207

Other operating income 141,220 242,263
OPERATING PROFIT 5 1,042,896 1,522,470

Interest receivable and similar income 43,764 15,067
1,086,660 1,537,537

Interest payable and similar expenses 6 210,761 163,682
PROFIT BEFORE TAXATION 875,899 1,373,855

Tax on profit 7 225,373 296,140
PROFIT FOR THE FINANCIAL YEAR 650,526 1,077,715

BRD Retail Ltd (Registered number: 07575561)

Other Comprehensive Income
for the Year Ended 31 August 2024

31.8.24 31.8.23
Notes £    £   

PROFIT FOR THE YEAR 650,526 1,077,715


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

650,526

1,077,715

BRD Retail Ltd (Registered number: 07575561)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 2,148,927 2,077,521
Investment property 10 345,279 -
2,494,206 2,077,521

CURRENT ASSETS
Stocks 11 4,715,721 3,441,519
Debtors 12 100,846 350,150
Cash at bank and in hand 1,531,864 2,933,758
6,348,431 6,725,427
CREDITORS
Amounts falling due within one year 13 3,545,988 3,920,142
NET CURRENT ASSETS 2,802,443 2,805,285
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,296,649

4,882,806

CREDITORS
Amounts falling due after more than
one year

14

(788,718

)

(856,198

)

PROVISIONS FOR LIABILITIES 18 (27,970 ) (6,673 )
NET ASSETS 4,479,961 4,019,935

CAPITAL AND RESERVES
Called up share capital 19 60,000 60,000
Capital redemption reserve 20 90,000 90,000
Retained earnings 20 4,329,961 3,869,935
SHAREHOLDERS' FUNDS 4,479,961 4,019,935

The financial statements were approved by the Board of Directors and authorised for issue on 9 April 2025 and were signed on its behalf by:




C I D Bullock - Director


BRD Retail Ltd (Registered number: 07575561)

Statement of Changes in Equity
for the Year Ended 31 August 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 September 2022 60,000 2,913,220 90,000 3,063,220

Changes in equity
Profit for the year - 1,077,715 - 1,077,715
Total comprehensive income - 1,077,715 - 1,077,715
Dividends - (121,000 ) - (121,000 )
Balance at 31 August 2023 60,000 3,869,935 90,000 4,019,935

Changes in equity
Profit for the year - 650,526 - 650,526
Total comprehensive income - 650,526 - 650,526
Dividends - (190,500 ) - (190,500 )
Balance at 31 August 2024 60,000 4,329,961 90,000 4,479,961

BRD Retail Ltd (Registered number: 07575561)

Cash Flow Statement
for the Year Ended 31 August 2024

31.8.24 31.8.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 177,108 893,731
Interest paid (36,227 ) (38,395 )
Finance costs paid (174,534 ) (125,287 )
Tax paid (194,022 ) (460,508 )
Net cash from operating activities (227,675 ) 269,541

Cash flows from investing activities
Purchase of tangible fixed assets (117,317 ) (15,882 )
Purchase of investment property (345,279 ) -
Interest received 43,764 15,067
Net cash from investing activities (418,832 ) (815 )

Cash flows from financing activities
New loans in year - 365,279
Loan repayments in year (564,887 ) -
Amount introduced by directors - 1,900
Equity dividends paid (190,500 ) (121,000 )
Net cash from financing activities (755,387 ) 246,179

(Decrease)/increase in cash and cash equivalents (1,401,894 ) 514,905
Cash and cash equivalents at beginning
of year

2

2,933,758

2,418,853

Cash and cash equivalents at end of
year

2

1,531,864

2,933,758

BRD Retail Ltd (Registered number: 07575561)

Notes to the Cash Flow Statement
for the Year Ended 31 August 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.8.24 31.8.23
£    £   
Profit before taxation 875,899 1,373,855
Depreciation charges 45,911 72,702
Finance costs 210,761 163,682
Finance income (43,764 ) (15,067 )
1,088,807 1,595,172
Increase in stocks (1,274,202 ) (353,642 )
Decrease/(increase) in trade and other debtors 249,304 (193,466 )
Increase/(decrease) in trade and other creditors 113,199 (154,333 )
Cash generated from operations 177,108 893,731

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2024
31.8.24 1.9.23
£    £   
Cash and cash equivalents 1,531,864 2,933,758
Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 2,933,758 2,418,853


BRD Retail Ltd (Registered number: 07575561)

Notes to the Cash Flow Statement
for the Year Ended 31 August 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank and in hand 2,933,758 (1,401,894 ) 1,531,864
2,933,758 (1,401,894 ) 1,531,864
Debt
Debts falling due within 1 year (3,068,993 ) 497,407 (2,571,586 )
Debts falling due after 1 year (856,198 ) 67,480 (788,718 )
(3,925,191 ) 564,887 (3,360,304 )
Total (991,433 ) (837,007 ) (1,828,440 )

BRD Retail Ltd (Registered number: 07575561)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

BRD Retail Ltd 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.

Significant judgements and estimates
In preparing the financial statements management are required to make judgements and estimates that affect the amounts reported for assets and liabilities at the reporting date and the amounts reported as revenues and expenses during the year

Tangible assets are reviewed for impairment if there is any indication that the carrying value is not appropriate due to changes in the estimated useful lives or residual values of those assets.

Vehicle stocks are reviewed on a regular basis to ensure any individual item of stock is not held at a value in excess of its estimated realisable value. Appropriate provisions are made when necessary.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of vehicles is recognised when the significant risks and rewards of ownership have transferred to the buyer, the amount of revenue can be reliably measured, it is probable that the Company will receive the consideration due and when the costs associated with the transaction can be measured reliably.

Revenue from the sale of services is recognised in the period in which the services are provided when the amount of revenue can be reliably measured, it is probable that the Company will receive the consideration due and when the costs associated with the transaction can be measured reliably.

Revenue from commissions is recognised as other operating income when the amount can be reliably measured and when it is probable that the Company will receive the consideration.

BRD Retail Ltd (Registered number: 07575561)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are included at cost less depreciation and impairment. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property- at varying rates on cost
Plant and machinery - at varying rates on cost
Fixtures and fittings- 20% on cost
Motor vehicles- at varying rates on cost
Computer equipment- at varying rates on cost

The freehold property is depreciated at varying rates to write the cost off over periods between 10 and 50 years depending on the expected life of the various component parts with due consideration given to the residual value.

Included within freehold property is land at a cost of £782,856 that is not depreciated.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell after making allowance for obsolete and slow moving item.

The cost of vehicles includes the purchase cost plus directly attributable preparation and licensing costs.

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.


BRD Retail Ltd (Registered number: 07575561)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
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.

Grants
Grants received towards revenue expenditure are recognised as other income in the year in which the revenue expenditure is incurred.

Grants received towards capital expenditure are accounted for on the accruals basis and are released to the profit and loss account to match the depreciation policy of the asset to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

The company recognises a provision for annual leave accrued by employees as a result of services rendered which employees are entitled to carry forward and use. The provision is measured at the salary cost payable for the period of leave.

BRD Retail Ltd (Registered number: 07575561)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.8.24 31.8.23
£    £   
Sale of goods 30,280,353 28,887,425
Sale of services 1,342,401 1,142,273
31,622,754 30,029,698

All sales were in the UK.

4. EMPLOYEES AND DIRECTORS
31.8.24 31.8.23
£    £   
Wages and salaries 1,260,626 1,118,416
Social security costs 141,480 126,850
Other pension costs 38,037 20,132
1,440,143 1,265,398

The average number of employees during the year was as follows:
31.8.24 31.8.23

Directors 4 4
Support staff 30 27
34 31

31.8.24 31.8.23
£    £   
Directors' remuneration 255,392 245,287
Directors' pension contributions to money purchase schemes 8,235 8,593

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

Money purchase schemes 4 4

BRD Retail Ltd (Registered number: 07575561)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

4. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
31.8.24 31.8.23
£    £   
Emoluments etc 75,544 61,435
Pension contributions to money purchase schemes 2,089 2,173

5. OPERATING PROFIT

The operating profit is stated after charging:

31.8.24 31.8.23
£    £   
Hire of plant and machinery 5,877 7,349
Depreciation - owned assets 45,911 72,701
Auditors' remuneration 12,000 11,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.8.24 31.8.23
£    £   
Bank loan interest and charges 35,936 38,395
HM Revenue & Customs interest 291 -
Vehicle financing charges 174,534 125,287
210,761 163,682

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.8.24 31.8.23
£    £   
Current tax:
UK corporation tax 204,076 306,897

Deferred tax 21,297 (10,757 )
Tax on profit 225,373 296,140

BRD Retail Ltd (Registered number: 07575561)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

7. TAXATION - continued

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:

31.8.24 31.8.23
£    £   
Profit before tax 875,899 1,373,855
Profit multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 21.515%)

218,975

295,585

Effects of:
Expenses not deductible for tax purposes 2,953 2,112
Change in tax rate relating to deferred tax provision - (5,003 )
Non-qualifying assets 3,445 3,446
Total tax charge 225,373 296,140

8. DIVIDENDS
31.8.24 31.8.23
£    £   
Ordinary shares of £1 each
Interim 190,500 121,000

BRD Retail Ltd (Registered number: 07575561)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 September 2023 2,381,745 154,455 66,727
Additions - 13,483 103,418
Disposals - (64,602 ) -
At 31 August 2024 2,381,745 103,336 170,145
DEPRECIATION
At 1 September 2023 330,912 132,873 66,690
Charge for year 13,784 14,985 14,611
Eliminated on disposal - (64,602 ) -
At 31 August 2024 344,696 83,256 81,301
NET BOOK VALUE
At 31 August 2024 2,037,049 20,080 88,844
At 31 August 2023 2,050,833 21,582 37

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 September 2023 8,168 25,446 2,636,541
Additions - 416 117,317
Disposals (5,000 ) - (69,602 )
At 31 August 2024 3,168 25,862 2,684,256
DEPRECIATION
At 1 September 2023 8,168 20,377 559,020
Charge for year - 2,531 45,911
Eliminated on disposal (5,000 ) - (69,602 )
At 31 August 2024 3,168 22,908 535,329
NET BOOK VALUE
At 31 August 2024 - 2,954 2,148,927
At 31 August 2023 - 5,069 2,077,521

BRD Retail Ltd (Registered number: 07575561)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

10. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 345,279
At 31 August 2024 345,279
NET BOOK VALUE
At 31 August 2024 345,279

The directors consider that the fair value of the property is the price paid during the year.

11. STOCKS
31.8.24 31.8.23
£    £   
Stocks 4,715,721 3,441,519

Stock recognised in cost of sales during the year as an expense was £27,757,716 (2023: £26,513,715).

Included in stock are vehicles held for rental/courtesy amounting to £828,347 (2023: £742,974).

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 25,772 251,135
Tax 1,203 1,203
Value added tax - 12,924
Prepayments 73,871 84,888
100,846 350,150

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans and overdrafts (see note 15) 67,586 64,927
Other loans (see note 15) 2,504,000 3,004,066
Trade creditors 457,048 294,687
Corporation tax 204,077 194,023
Social security and other taxes 37,876 37,732
Value added tax 45,636 -
Other creditors 103,492 239,042
Accruals and deferred income 126,273 85,665
3,545,988 3,920,142

BRD Retail Ltd (Registered number: 07575561)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans (see note 15) 788,718 856,198

15. LOANS

An analysis of the maturity of loans is given below:

31.8.24 31.8.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 67,586 64,927
Vehicle funding 2,504,000 3,004,066
2,571,586 3,068,993

Amounts falling due between one and two years:
Bank loans - 1-2 years 70,354 67,586

Amounts falling due between two and five years:
Bank loans - 2-5 years 228,825 219,823

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due in more than 5 years 489,539 568,789

The bank loan includes aggregate amounts of £489,539 which fall due after 5 years and are payable by monthly instalments of £8,396. The loan has a fixed rate of interest of 4.02% due to end in January 2025, interest will vary after that date..

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.8.24 31.8.23
£    £   
Within one year 3,882 10,312
Between one and five years - 3,485
3,882 13,797

BRD Retail Ltd (Registered number: 07575561)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

17. SECURED DEBTS

The following secured debts are included within creditors:

31.8.24 31.8.23
£    £   
Bank loans 856,304 921,125
Vehicle funding 2,504,000 3,004,066
3,360,304 3,925,191

The bank borrowing is secured by a first charge over the company's freehold property and by an unlimited fixed and floating charge.

The vehicle funding is secured by a fixed and floating charge on all company assets and specifically on the vehicles held in stock to which it relates.

18. PROVISIONS FOR LIABILITIES
31.8.24 31.8.23
£    £   
Deferred tax 27,970 6,673

Deferred
tax
£   
Balance at 1 September 2023 6,673
Timing differences 21,297
Change in provision tax rate
Balance at 31 August 2024 27,970

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.24 31.8.23
value: £    £   
60,000 Ordinary £1 60,000 60,000

Each ordinary share carries one vote, has an equal right to dividends, has an equal interest in any residual on a winding up and carries no redemption rights.

BRD Retail Ltd (Registered number: 07575561)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

20. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 September 2023 3,869,935 90,000 3,959,935
Profit for the year 650,526 650,526
Dividends (190,500 ) (190,500 )
At 31 August 2024 4,329,961 90,000 4,419,961

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2024 and 31 August 2023:

31.8.24 31.8.23
£    £   
Miss K E Bullock
Balance outstanding at start of year - 400
Amounts repaid - (400 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

C I D Bullock
Balance outstanding at start of year - 1,500
Amounts repaid - (1,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

The amounts provided to directors were interest free and were repaid in accordance with a monthly repayment plan.

22. RELATED PARTY DISCLOSURES

Dividends paid to director's in their capacity as shareholders amounted to £190,500 (2023 - £121,000).

BRD Retail Ltd (Registered number: 07575561)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

23. GOVERNMENT GRANTS

In 2015 the company received a grant of £100,000 towards the cost of the freehold property.

The grant was being released to the profit and loss account as other income over the useful life of the property, taking into account component parts, with the balance included as deferred income.

In the year to 31st August 2023 £28,842 was recognised in the profit and loss account, at which point the grant had been fully released.

24. OTHER GRANTS

In 2015 the company received a grant of £120,000 from Kia Motors (UK) Limited towards the development of the freehold property and to meet KMUK corporate standards.

The grant is being released to the profit and loss account as other income over the useful life of the property, taking into account component parts, with the balance included as deferred income.

In the year to 31st August 2023 £34,611 was recognised in the profit and loss account, at which point the grant had been fully released.

Terms are attached to the grant that would require repayment of the grant in full if the terms were breached by the company within a ten year period of first occupying the new premises.