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REGISTERED NUMBER: 02463364 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2024

FOR

BEN GREIG MOTORS LIMITED

BEN GREIG MOTORS LIMITED (REGISTERED NUMBER: 02463364)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


BEN GREIG MOTORS LIMITED (REGISTERED NUMBER: 02463364)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 5 50,122 37,283
Investment property 6 380,000 380,000
430,122 417,283

CURRENT ASSETS
Stocks 7 41,763 54,520
Debtors 8 186,600 180,062
Cash at bank and in hand 137,561 138,332
365,924 372,914
CREDITORS
Amounts falling due within one year 9 39,288 34,872
NET CURRENT ASSETS 326,636 338,042
TOTAL ASSETS LESS CURRENT
LIABILITIES

756,758

755,325

PROVISIONS FOR LIABILITIES 10 37,680 40,056
NET ASSETS 719,078 715,269

CAPITAL AND RESERVES
Called up share capital 11 100 100
Non-distributable reserve 12 203,315 203,315
Retained earnings 515,663 511,854
SHAREHOLDERS' FUNDS 719,078 715,269

BEN GREIG MOTORS LIMITED (REGISTERED NUMBER: 02463364)

BALANCE SHEET - continued
31 DECEMBER 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 April 2025 and were signed on its behalf by:





Mr M B Greig - Director


BEN GREIG MOTORS LIMITED (REGISTERED NUMBER: 02463364)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Ben Greig Motors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02463364

Registered office: 1 Sparrows Green Road
Sparrows Green
Wadhurst
East Sussex
TN5 6ST

2. STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Garage development - 33% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

All fixed assets are initially recorded at cost

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.

BEN GREIG MOTORS LIMITED (REGISTERED NUMBER: 02463364)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


3. ACCOUNTING POLICIES - continued

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

BEN GREIG MOTORS LIMITED (REGISTERED NUMBER: 02463364)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


3. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, like trade and other accounts receivable and payable, loans from banks and other third parties and loans to / from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted transaction price less any impairment.

If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of the estimated cash flows discounted at the asset's original effective rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet and measured as detailed above.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Finance costs are charged to the profit and loss over the term of the financial asset / liability using the effective interest method so that the amount charged is at a constant rate on the carrying amount.


BEN GREIG MOTORS LIMITED (REGISTERED NUMBER: 02463364)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


3. ACCOUNTING POLICIES - continued
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 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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 8 ) .

BEN GREIG MOTORS LIMITED (REGISTERED NUMBER: 02463364)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


5. TANGIBLE FIXED ASSETS
Fixtures
Garage Plant and and Motor
development machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2024 98,291 54,357 10,315 72,636 235,599
Additions - - 434 25,500 25,934
Disposals - (18,452 ) - (750 ) (19,202 )
At 31 December 2024 98,291 35,905 10,749 97,386 242,331
DEPRECIATION
At 1 January 2024 98,291 50,047 9,158 40,820 198,316
Charge for year - 2,645 398 9,735 12,778
Eliminated on disposal - (18,451 ) - (434 ) (18,885 )
At 31 December 2024 98,291 34,241 9,556 50,121 192,209
NET BOOK VALUE
At 31 December 2024 - 1,664 1,193 47,265 50,122
At 31 December 2023 - 4,310 1,157 31,816 37,283

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2024
and 31 December 2024 380,000
NET BOOK VALUE
At 31 December 2024 380,000
At 31 December 2023 380,000

BEN GREIG MOTORS LIMITED (REGISTERED NUMBER: 02463364)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


6. INVESTMENT PROPERTY - continued

Fair value at 31 December 2024 is represented by:
£   
Valuation in 1996 4,753
Valuation in 1998 10,000
Valuation in 1999 15,000
Valuation in 2000 15,000
Valuation in 2001 10,492
Valuation in 2003 48,000
Valuation in 2015 2,751
Valuation in 2019 52,940
Valuation in 2020 51,000
Valuation in 2021 30,000
Cost 140,064
380,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 140,064 140,064

The investment property was valued on a fair market basis on 31 December 2024 by the Directors .

7. STOCKS
2024 2023
£    £   
Used cars 30,755 39,431
Parts 10,820 12,661
Work-in-progress 188 2,428
41,763 54,520

BEN GREIG MOTORS LIMITED (REGISTERED NUMBER: 02463364)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 6,786 4,058
Other debtors 169,573 165,423
Tax recoverable 3,250 3,250
Prepayments and accrued income 6,991 7,331
186,600 180,062

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 13,381 11,704
Corporation tax 2,547 2,110
PAYE and social security 6,678 7,299
VAT 13,455 10,546
Other creditors 801 776
Directors' current accounts 768 456
Accruals and deferred income 257 -
Accrued expenses 1,401 1,981
39,288 34,872

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 1,059 3,435
Other timing differences 36,621 36,621
37,680 40,056

Deferred
tax
£   
Balance at 1 January 2024 40,056
Provided during year (2,376 )
Balance at 31 December 2024 37,680

BEN GREIG MOTORS LIMITED (REGISTERED NUMBER: 02463364)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

12. RESERVES
Non-distrib
reserve
£   
At 1 January 2024
and 31 December 2024 203,315

13. RELATED PARTY DISCLOSURES

Included in other debtors is a loan to CMR Jackdaw Ltd, with whom the company has shared members. The loan interest is charged on 31 March each year, commencing in 2023. Interest on the initial loan of £100,474 is charged at 3%, with the additional loan provided in August 2023 for £64,949 being charged at 4%, in line with market rates.
At 31 December 2024 the balance on this loan was £165,423 (2023: £165,423), the interest being repaid within the year.