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REGISTERED NUMBER: 04533032 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

W R DAVIES (STAFFORD) LIMITED

W R DAVIES (STAFFORD) LIMITED (REGISTERED NUMBER: 04533032)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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

Notes to the Financial Statements 14


W R DAVIES (STAFFORD) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: J R Davies
B R Pritchard
D J Conway
C J D Taylor





SECRETARY: B R Pritchard





REGISTERED OFFICE: c/o W.R. Davies
Conwy Road
Llandudno Junction
Gwynedd
LL31 9BA





REGISTERED NUMBER: 04533032 (England and Wales)





AUDITORS: D.R.E. & Co. (Audit) Limited
Kingsland House
39 Abbey Foregate
Shrewsbury
Shropshire
SY2 6BL

W R DAVIES (STAFFORD) LIMITED (REGISTERED NUMBER: 04533032)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

REVIEW OF BUSINESS
The W R Davies Motor group operates car and commercial dealerships throughout North Wales and the Staffordshire areas. W R Davies (Stafford) Limited is a 100% subsidiary of W R Davies (Motors) Limited, the parent company of the group.

The company currently operates one Citreon and DS dealership in Stafford.

2024 has proved to have been another loss making year but at a reduced level from 2023.
This was due to the continued inflationary pressures facing everyone and the reduced margins achievable on used cars, but offset with improved new car performance.

In summary the directors are satisfied with the results in 2024 and are realistic about the performance expected in 2025 with the decreasing interest rates aiding performance but the changes to National Minimum Wage increasing pressure on the company.


Key performance indicators
The company monitors its performance using key performance indicators. The company considers its main key
performance indicators to be turnover, gross profit, shareholders' funds and gross margin percentage. Performance on these measures is shown below and is in line with expectations of the board.

2024 2023 % change
Turnover £16,883,002 £18,964,862 (10.98% )
Gross profit £706,542 £572,331 23.45%
Shareholders funds £382,998 £462,487 (17.19% )
Gross margin 4.19% 3.02%


W R DAVIES (STAFFORD) LIMITED (REGISTERED NUMBER: 04533032)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES
General economic circumstances
The levels of interest rates are expected to continue to affect the business with servicing the facilities for financing of stock and other existing loan facilities. The directors are optimistic 2025 will be an improved result to 2024 as there will be strong demand for products and services and inflation will have less impact on costs.

Information systems
The company operates and is very reliant on its IT and computerised management systems. The interruption of this could have an adverse affect on the company's ability to manage its business.

Competition
Motor distribution is a very competitive sector, and as such the business is always at risk from aggressive competitors. The company believes that its superior customer service will help mitigate this risk.

Franchise agreements
The company holds a franchise with Citreon. This agreement is subject to termination under certain circumstances. The loss of the franchise held could have a material effect on the business.

Regulatory compliance
The company is regulated by the FCA for sales of insurance products. In 2013 the FCA also took over responsibility for sale of consumer credit. The Group has to therefore comply with the regulatory regime and failure to do this could result in fines or even the cessation of some business. This risk is mitigated by the company through close monitoring of regulatory compliance.

ON BEHALF OF THE BOARD:





B R Pritchard - Secretary


20 May 2025

W R DAVIES (STAFFORD) LIMITED (REGISTERED NUMBER: 04533032)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a motor retailer.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

J R Davies
B R Pritchard
D J Conway
C J D Taylor

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen, in accordance with s414C(11) of the Companies Act, to set out in the company's strategic report information regarding the review of business and a description of the principal risks and uncertainties facing the company.

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.

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.

W R DAVIES (STAFFORD) LIMITED (REGISTERED NUMBER: 04533032)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


AUDITORS
The auditors, D.R.E. & Co. (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



B R Pritchard - Secretary


20 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
W R DAVIES (STAFFORD) LIMITED

Opinion
We have audited the financial statements of W R Davies (Stafford) Limited (the 'company') for the year ended 31 December 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 December 2024 and of its loss 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
W R DAVIES (STAFFORD) LIMITED


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 page four, 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
W R DAVIES (STAFFORD) 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills 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 motor retail 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, Financial Conduct Authority, employment, environmental, health and safety legislation. We also consider regulations such as General Data Protection Regulations, Anti money laundering, Consumer Rights Act throughout the audit.

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances 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 their knowledge of actual, suspected and alleged fraud; and

- reviewing the client's system notes and internal controls.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- review of the cashbook to identify any large or unusual transactions that appear to have no commercial basis.

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

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.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
W R DAVIES (STAFFORD) LIMITED

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 or collusion.

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.




Aled Davies F.C.C.A. (Senior Statutory Auditor)
for and on behalf of D.R.E. & Co. (Audit) Limited
Kingsland House
39 Abbey Foregate
Shrewsbury
Shropshire
SY2 6BL

20 May 2025

W R DAVIES (STAFFORD) LIMITED (REGISTERED NUMBER: 04533032)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £   

TURNOVER 4 16,883,002 18,964,862

Cost of sales (16,176,460 ) (18,392,531 )
GROSS PROFIT 706,542 572,331

Administrative expenses (753,957 ) (721,966 )
OPERATING LOSS 6 (47,415 ) (149,635 )


Interest payable and similar expenses 7 (27,796 ) (26,080 )
LOSS BEFORE TAXATION (75,211 ) (175,715 )

Tax on loss 8 (4,278 ) (359 )
LOSS FOR THE FINANCIAL YEAR (79,489 ) (176,074 )

W R DAVIES (STAFFORD) LIMITED (REGISTERED NUMBER: 04533032)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £   

LOSS FOR THE YEAR (79,489 ) (176,074 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(79,489

)

(176,074

)

W R DAVIES (STAFFORD) LIMITED (REGISTERED NUMBER: 04533032)

BALANCE SHEET
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 9 124,593 113,231

CURRENT ASSETS
Stocks 10 6,440,131 4,838,149
Debtors 11 716,464 1,187,086
7,156,595 6,025,235
CREDITORS
Amounts falling due within one year 12 6,874,253 5,656,004
NET CURRENT ASSETS 282,342 369,231
TOTAL ASSETS LESS CURRENT
LIABILITIES

406,935

482,462

PROVISIONS FOR LIABILITIES 16 23,937 19,975
NET ASSETS 382,998 462,487

CAPITAL AND RESERVES
Called up share capital 17 300,000 300,000
Retained earnings 18 82,998 162,487
SHAREHOLDERS' FUNDS 382,998 462,487

The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2025 and were signed on its behalf by:





J R Davies - Director


W R DAVIES (STAFFORD) LIMITED (REGISTERED NUMBER: 04533032)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 300,000 338,561 638,561

Changes in equity
Total comprehensive income - (176,074 ) (176,074 )
Balance at 31 December 2023 300,000 162,487 462,487

Changes in equity
Total comprehensive income - (79,489 ) (79,489 )
Balance at 31 December 2024 300,000 82,998 382,998

W R DAVIES (STAFFORD) LIMITED (REGISTERED NUMBER: 04533032)

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

1. STATUTORY INFORMATION

W R Davies (Stafford) 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 principal place of business is 115 Lichfield Road, Stafford, ST17 4LF.

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" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Accounting convention
The financial statements have been prepared under the historical cost convention.

These financial statements are for the individual entity only.

The financial statements are presented in Sterling (£), rounded to the nearest £1.

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 requirement of paragraph 3.17(d);
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 requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of paragraphs 29.28(b) and 29.29;
the requirement of paragraph 33.7;
the requirements of paragraph 24(b) of IFRS 6.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.

Vehicle sales are recognised at the earlier of the delivery of the vehicle to the customer or the point at which the customer becomes legally committed to purchasing the vehicle. Bonus income for the sale of vehicles is recognised in the period to which it relates for general fleet bonuses. Bonus income relating to specific vehicles is recognised when that vehicle is sold. The sale of parts and servicing is recognised when goods and services are provided.

Tangible fixed assets
Tangible fixed assets are stated at historic cost less accumulated depreciation. Cost includes the original purchase price, costs attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

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:

Improvements to leasehold property- 2% straight line
Fixtures and fittings- 15%, 20% and 33% straight line
Motor vehicles- 20% straight line
Computer equipment- 50% straight line

W R DAVIES (STAFFORD) LIMITED (REGISTERED NUMBER: 04533032)

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

3. ACCOUNTING POLICIES - continued

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

Vehicles held on consignment stock from Citroen are included in the balance sheet, as it is considered that the company enjoys the benefits and carries the risks of ownership.

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price and subsequently carried at amortised cost with an assessment for objective evidence of impairment. Any impairment is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards or control of the ownership of the asset are transferred to another party.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables and bank and other loans, are initially recognised at transaction price and subsequently carried at amortised cost.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

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.

W R DAVIES (STAFFORD) LIMITED (REGISTERED NUMBER: 04533032)

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

4. TURNOVER

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

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

31.12.24 31.12.23
£    £   
Sale of goods 16,236,447 18,435,040
Rendering of services 646,555 529,822
16,883,002 18,964,862

5. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 657,996 639,968
Social security costs 83,932 87,811
Other pension costs 22,857 22,848
764,785 750,627

The average number of employees during the year was as follows:
31.12.24 31.12.23

Administration 4 4
Salesmen and other technicians 22 22
26 26

31.12.24 31.12.23
£    £   
Directors' remuneration - -

None of the directors are remunerated by the company. Details of directors' remuneration are contained within the financial statements of the ultimate parent company, W R Davies (Motors) Limited.

6. OPERATING LOSS

The operating loss is stated after charging:

31.12.24 31.12.23
£    £   
Depreciation - owned assets 51,987 43,799
Auditors' remuneration 11,000 8,907
Auditors' remuneration for non audit work 3,200 3,114
Operating leases 49,102 -

W R DAVIES (STAFFORD) LIMITED (REGISTERED NUMBER: 04533032)

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

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Stocking loan interest 796 2,080
Interest paid to group 27,000 24,000
27,796 26,080

8. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
Adjustment in respect of prior
year 316 -

Deferred tax 3,962 359
Tax on loss 4,278 359

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:

31.12.24 31.12.23
£    £   
Loss before tax (75,211 ) (175,715 )
Loss multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

(18,803

)

(43,929

)

Effects of:
Expenses not deductible for tax purposes 378 718
Capital allowances in excess of depreciation (3,946 ) (2,750 )
Adjustments to tax charge in respect of previous periods 316 -
Deferred tax 3,962 359
Group relief 22,371 45,961
Total tax charge 4,278 359

W R DAVIES (STAFFORD) LIMITED (REGISTERED NUMBER: 04533032)

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

9. TANGIBLE FIXED ASSETS
Improvements
to Fixtures
leasehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2024 8,956 200,217 27,265 15,090 251,528
Additions - 19,505 37,165 6,679 63,349
At 31 December 2024 8,956 219,722 64,430 21,769 314,877
DEPRECIATION
At 1 January 2024 2,800 120,539 4,998 9,960 138,297
Charge for year 179 33,263 11,647 6,898 51,987
At 31 December 2024 2,979 153,802 16,645 16,858 190,284
NET BOOK VALUE
At 31 December 2024 5,977 65,920 47,785 4,911 124,593
At 31 December 2023 6,156 79,678 22,267 5,130 113,231

10. STOCKS
31.12.24 31.12.23
£    £   
Vehicles, parts and sundry stock 6,440,131 4,838,149

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 221,041 595,275
Amounts owed by group undertakings 2,562 56,465
Other debtors 387,002 429,049
Tax - 316
VAT 73,016 69,664
Prepayments 32,843 36,317
716,464 1,187,086

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts (see note 13) 41,611 119,976
Trade creditors 6,510,417 5,418,291
Amounts owed to group undertakings 235,334 8,814
Social security and other taxes 27,341 23,675
Other creditors 48,214 48,594
Accrued expenses 11,336 36,654
6,874,253 5,656,004

W R DAVIES (STAFFORD) LIMITED (REGISTERED NUMBER: 04533032)

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

13. LOANS

An analysis of the maturity of loans is given below:

31.12.24 31.12.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 41,611 119,976

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.24 31.12.23
£    £   
Within one year 25,480 -
Between one and five years 421 -
25,901 -

15. SECURED DEBTS

The following secured debts are included within creditors:

31.12.24 31.12.23
£    £   
Bank overdrafts 41,611 119,976
Consignment vehicle stock 2,296,143 2,603,782
Vehicle stocking loan 3,850,367 2,422,927
6,188,121 5,146,685

Trade creditors relating to consigned vehicles are secured on the individual vehicle stocks to which they relate.

Included within trade creditors is the amount of £3,662,645 (2023: £2,212,882) due to Citroen Wholesale and £187,722 (2023: £210,045) due to Lombard North Central Plc in respect of vehicle stocking loans. Outstanding amounts are secured over the vehicle stock to which they relate.

Bank borrowings are secured by a fixed charge over property and over book and other debts and a floating charge over all assets both present and future.

An unlimited multilateral guarantee exists in respect of bank borrowings - further details are given in the contingent liabilities note.

16. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
£    £   
Deferred tax
Accelerated capital allowances 23,937 19,975

W R DAVIES (STAFFORD) LIMITED (REGISTERED NUMBER: 04533032)

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

16. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2024 19,975
Provided during year 3,962
Balance at 31 December 2024 23,937

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
300,000 Ordinary £1 300,000 300,000

Each ordinary share is entitled to one vote in any circumstances.

Called-up share capital represents the nominal value of shares that have been issued.

18. RESERVES
Retained
earnings
£   

At 1 January 2024 162,487
Deficit for the year (79,489 )
At 31 December 2024 82,998

The profit and loss account includes all current and prior period retained profits and losses.

19. PENSION COMMITMENTS

The company operates a defined contribution pension scheme for the benefit of the employees. There were unpaid contributions of £9,419 at 31 December 2024 (2023: £4,830), which are included within social security and other taxes.

20. ULTIMATE PARENT COMPANY

The ultimate parent company is W R Davies (Motors) Limited, a company registered in England and Wales, for which group accounts are drawn up and include W R Davies (Stafford) Limited.

The address of its registered office is Conwy Road, Llandudno Junction, Gwynedd, LL31 9BA.

W R DAVIES (STAFFORD) LIMITED (REGISTERED NUMBER: 04533032)

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

21. CONTINGENT LIABILITIES

The company has an unlimited multilateral guarantee in respect of bank borrowings with the following group companies: W R Davies (Motors) Limited, W R Davies Limited, Kirby Jones Limited and W R Davies (2004) Limited. As at the year end the potential contingent liability for W R Davies (Stafford) Limited amounted to £3,389,884 (2023: £3,511,632).

During a prior year the following group companies entered into a Vehicle Stocking Loan Facility with Lombard North Central Plc: W R Davies Limited, W R Davies (Motors) Limited, W R Davies (2004) Limited and Kirby Jones Limited. The cross guarantors within this agreement are W R Davies (Motors) Limited, W R Davies Limited, W R Davies (Stafford) Limited, Kirby Jones Limited and W R Davies (2004) Limited. As at the year end the contingent liability for W R Davies (Stafford) Limited amounted to £3,636,423 (2023: £3,358,104).

The total potential contingent liability for W R Davies (Stafford) Limited amounted to £7,026,307 (2023: £6,869,736).

22. CAPITAL COMMITMENTS
31.12.24 31.12.23
£    £   
Contracted but not provided for in the
financial statements - 34,665

23. RELATED PARTY DISCLOSURES

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.

The company is a wholly owned subsidiary of W R Davies (Motors) Limited, whose registered office is Conwy Road, Llandudno Junction, Gwynedd, LL31 9BA.

W R Davies (Motors) Limited is the parent company of the smallest and largest group for which group accounts are drawn up and include W R Davies (Stafford) Limited.

Group accounts are freely available from Companies House.

24. CONTROLLING PARTY

The controlling party is the parent company W R Davies (Motors) Limited. The ultimate controlling party is J R Davies Esq, by virtue of a controlling shareholding in W R Davies (Motors) Limited.