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REGISTERED NUMBER: 00347316 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

W.R.DAVIES(MOTORS)LIMITED

W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


W.R.DAVIES(MOTORS)LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: J R Davies
B R Pritchard
N D Sullivan
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: 00347316 (England and Wales)





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

W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS
The W R Davies Motor Group operates car and commercial dealerships throughout North Wales, Shropshire and Staffordshire.

The Group now operates 3 Ford Dealerships, 3 Toyota Dealerships, 2 Citroen Dealerships, 1 DS Dealership, 1 Peugeot Dealership, 3 Nissan Dealerships, 1 Renault Dealership and 1 Dacia Dealership.

2024 has proved to have been another profitable year and a continuation from 2023, with profits being comparable though reduced in 2024 compared to 2023 due the continued inflationary pressures facing everyone and the reduced margins achievable on used cars.

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:

2024 2023 % change
Turnover £169,265,060 £148,320,085 14.12%
Gross profit £8,472,856 £7,555,383 12.14%
Shareholders' funds £18,578,119 £17,588,772 5.62%
Gross margin 5.01% 5.09%

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 a similar result to 2024 as they are optimistic there will be continued strong demand for products and services and inflation will have less impact on costs.

Information systems
The group operates and is very reliant on its IT and computerised management systems. The interruption of which could have an adverse effect on the group'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 group believes that its superior customer service will help mitigate this risk.

Franchise agreements
The group holds franchises with Ford, Toyota, Citroen, DS, Nissan, Renault, Dacia and Peugeot. All of these agreements are subject to termination under certain circumstances. The loss of any of the franchises held could have a material effect on the business.

Regulatory compliance
The group 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 group through close monitoring of regulatory compliance.

SECTION 172(1) STATEMENT
The board of directors of W R Davies (Motors) Ltd group collectively consider that they have acted in a way to promote the success of the business in the decisions taken in the year ended 31 December 2024 and the approval of the business plan for 2025.


W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

ENGAGEMENT WITH EMPLOYEES
The group's management has an open policy on the communication of information to employees concerning factors affecting their interests as employees and also the development of the group. It consults employees informally on a regular basis to ensure that their views are taken into account in making decisions on matters likely to affect their interests.

Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind aptitudes of the applicant concerned. In the event of a member of staff becoming disabled, every effort would be made to ensure that their employment with the group continues and that appropriate training is arranged. Disabled employees are eligible to participate in all training, career development and promotion opportunities available to staff.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
The group's board is committed to being a responsible business. Our behaviours and decision making are focused on growing a strong and stable business and we engage with all its customers, staff and suppliers.

Suppliers
The group is a main dealer with six of the major global car manufacturers and we work to develop and maintain the relationship with them to ensure the changing standards and requirements for the manufacturers' brand are met.

Customers
The board engages with all its customers through feedback to ensure that our own brand is developed and our reputation for being a family owned and operated business enhances the customer experience.

STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS
Due to the nature and size of the group the directors fulfil their duties by utilising a governance framework and they delegate the day-to-day decision making to key management personnel, whilst maintaining the overall control of the processes and procedures the company operates.

ON BEHALF OF THE BOARD:





B R Pritchard - Secretary


20 May 2025

W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

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

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

DIVIDENDS
An interim dividend of £164.11379 per share was paid on 29 April 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 300,000 .

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
N D Sullivan
D J Conway
C J D Taylor

STREAMLINED ENERGY AND CARBON REPORTING
The group has a total energy consumption across relevant companies as follows:

kWh Ton CO2e
2024 2023 2024 2023
Gas consumed 313,609.44 307,151.75 57.37 56.19
Electricity purchased 386,206.00 340,467.40 79.97 70.50
699,815.44 647,619.15 137.34 126.69

Turnover per ton CO2e £561,311 £460,590

Energy consumption has been derived from invoices issued to the relevant companies by energy suppliers. It is not deemed practical to disclose the consumption of fuel for the purposes of transport due to the varying uses of fuel purchased by the group and the impracticality of analysing each individual purchase between disclosable and non-disclosable categories.

The directors are committed to reducing the energy consumption and carbon footprint of the group. The group has made efforts to become more environmentally conscious by promoting the use of energy efficient cars and installing electric car charging points across its sites. In addition, the group have installed solar panels on all owned properties where the existing roofing can support them and LED lighting wherever possible across all group sites.

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


W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

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(MOTORS)LIMITED

Opinion
We have audited the financial statements of W.R.Davies(Motors)Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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(MOTORS)LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 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 group's and the parent 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 group or the parent 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(MOTORS)LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 group and parent 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 group and parent company, including the Companies Act 2006, taxation legislation, Financial Conduct Authority, employment, environmental, and health and safety legislation. We also consider regulations such as General Data Protection Regulations, Anti money laundering and the 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 group and parent 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(MOTORS)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(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £   

TURNOVER 4 169,265,060 148,320,085

Cost of sales (160,792,204 ) (140,764,702 )
GROSS PROFIT 8,472,856 7,555,383

Administrative expenses (6,710,003 ) (5,830,108 )
1,762,853 1,725,275

Other operating income 786,993 790,644
OPERATING PROFIT 6 2,549,846 2,515,919

Income from interest in associated
undertakings

22,490

22,541
Interest receivable and similar income 5,305 -
2,577,641 2,538,460

Interest payable and similar expenses 7 (777,655 ) (704,355 )
PROFIT BEFORE TAXATION 1,799,986 1,834,105

Tax on profit 8 (510,639 ) (611,280 )
PROFIT FOR THE FINANCIAL YEAR 1,289,347 1,222,825
Profit attributable to:
Owners of the parent 1,289,347 1,222,825

W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £   

PROFIT FOR THE YEAR 1,289,347 1,222,825


OTHER COMPREHENSIVE INCOME
Revaluation of property - 1,261,757
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

1,261,757
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,289,347

2,484,582

Total comprehensive income attributable to:
Owners of the parent 1,289,347 2,484,582

W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 11 8,993 10,732
Tangible assets 12 16,284,729 16,337,252
Investments 13
Interest in associate 270,254 252,138
Other investments 10,000 80,000
Investment property 14 1,699,975 1,699,975
18,273,951 18,380,097

CURRENT ASSETS
Stocks 15 34,259,376 28,311,354
Debtors 16 5,801,220 5,615,767
Cash at bank 1,625,565 1,010,584
41,686,161 34,937,705
CREDITORS
Amounts falling due within one year 17 40,195,192 31,728,221
NET CURRENT ASSETS 1,490,969 3,209,484
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,764,920

21,589,581

CREDITORS
Amounts falling due after more than one
year

18

(215,554

)

(3,059,703

)

PROVISIONS FOR LIABILITIES 22 (971,247 ) (941,106 )
NET ASSETS 18,578,119 17,588,772

CAPITAL AND RESERVES
Called up share capital 23 1,828 1,828
Revaluation reserve 24 3,289,951 3,340,372
Other reserves 24 2,207 2,207
Retained earnings 24 15,284,133 14,244,365
SHAREHOLDERS' FUNDS 18,578,119 17,588,772

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(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

COMPANY BALANCE SHEET
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 11 8,993 10,732
Tangible assets 12 7,558,994 7,573,792
Investments 13 2,759,521 2,829,521
Investment property 14 829,975 829,975
11,157,483 11,244,020

CURRENT ASSETS
Stocks 15 104,101 104,101
Debtors 16 3,319,740 2,620,000
3,423,841 2,724,101
CREDITORS
Amounts falling due within one year 17 5,430,305 2,365,291
NET CURRENT (LIABILITIES)/ASSETS (2,006,464 ) 358,810
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,151,019

11,602,830

CREDITORS
Amounts falling due after more than one
year

18

-

(3,030,903

)

PROVISIONS FOR LIABILITIES 22 (394,472 ) (393,675 )
NET ASSETS 8,756,547 8,178,252

CAPITAL AND RESERVES
Called up share capital 23 1,828 1,828
Revaluation reserve 24 834,883 841,058
Other reserves 24 2,207 2,207
Retained earnings 24 7,917,629 7,333,159
SHAREHOLDERS' FUNDS 8,756,547 8,178,252

Company's profit for the financial year 878,295 863,339

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(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

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

Called up
share Retained Revaluation Other Total
capital earnings reserve reserves equity
£    £    £    £    £   
Balance at 1 January 2023 1,828 13,110,057 2,290,098 2,207 15,404,190

Changes in equity
Dividends - (300,000 ) - - (300,000 )
Total comprehensive income - 1,434,308 1,050,274 - 2,484,582
Balance at 31 December 2023 1,828 14,244,365 3,340,372 2,207 17,588,772

Changes in equity
Dividends - (300,000 ) - - (300,000 )
Total comprehensive income - 1,339,768 (50,421 ) - 1,289,347
Balance at 31 December 2024 1,828 15,284,133 3,289,951 2,207 18,578,119

W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

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

Called up
share Retained Revaluation Other Total
capital earnings reserve reserves equity
£    £    £    £    £   
Balance at 1 January 2023 1,828 6,597,909 642,091 2,207 7,244,035

Changes in equity
Dividends - (300,000 ) - - (300,000 )
Total comprehensive income - 1,035,250 198,967 - 1,234,217
Balance at 31 December 2023 1,828 7,333,159 841,058 2,207 8,178,252

Changes in equity
Dividends - (300,000 ) - - (300,000 )
Total comprehensive income - 884,470 (6,175 ) - 878,295
Balance at 31 December 2024 1,828 7,917,629 834,883 2,207 8,756,547

W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,717,141 3,742,761
Interest paid (777,655 ) (702,677 )
Interest element of hire purchase payments
paid

-

(1,678

)
Tax paid (178,070 ) (585,967 )
Net cash from operating activities 761,416 2,452,439

Cash flows from investing activities
Purchase of tangible fixed assets (410,843 ) (1,840,968 )
Sale of tangible fixed assets - 44,553
Interest received 27,795 22,541
Net cash from investing activities (383,048 ) (1,773,874 )

Cash flows from financing activities
Loan repayments in year (439,841 ) (434,913 )
New HP finance 121,466 -
Capital repayments in year (38,219 ) (18,390 )
Amount introduced by directors 144,500 282
Amount withdrawn by directors (141,314 ) (679 )
Equity dividends paid (300,000 ) (300,000 )
Net cash from financing activities (653,408 ) (753,700 )

Decrease in cash and cash equivalents (275,040 ) (75,135 )
Cash and cash equivalents at beginning of
year

2

(53,655

)

21,480

Cash and cash equivalents at end of year 2 (328,695 ) (53,655 )

W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

31.12.24 31.12.23
£    £   
Profit before taxation 1,799,986 1,834,105
Depreciation charges 658,671 569,771
Profit on disposal of fixed assets - (3,931 )
Share of (profit) / loss of associate (22,490 ) (18,485 )
Impairment of investment 70,000 -
Finance costs 777,655 704,355
Finance income (27,795 ) (22,541 )
3,256,027 3,063,274
Increase in stocks (5,948,022 ) (2,718,667 )
Increase in trade and other debtors (185,453 ) (1,667,577 )
Increase in trade and other creditors 4,594,589 5,065,731
Cash generated from operations 1,717,141 3,742,761

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 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 1,625,565 1,010,584
Bank overdrafts (1,954,260 ) (1,064,239 )
(328,695 ) (53,655 )
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,010,584 1,096,253
Bank overdrafts (1,064,239 ) (1,074,773 )
(53,655 ) 21,480


W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.1.24 Cash flow changes At 31.12.24
£    £    £    £   
Net cash
Cash at bank 1,010,584 614,981 1,625,565
Bank overdrafts (1,064,239 ) (890,021 ) (1,954,260 )
(53,655 ) (275,040 ) (328,695 )
Debt
Finance leases - (83,247 ) - (276,813 )
Debts falling due
within 1 year (431,359 ) (2,618,062 ) - (3,049,421 )
Debts falling due
after 1 year (3,059,703 ) 3,057,903 - (1,800 )
(3,491,062 ) 356,594 - (3,328,034 )
Total (3,544,717 ) 81,554 - (3,656,729 )

W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

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

1. STATUTORY INFORMATION

W R Davies (Motors) Limited is a private company, limited by shares, incorporated and 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 Haughmond View, Sitka Drive, Shrewsbury Business Park, SY2 6LG.

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

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

These financial statements are for the group as well as for the individual entity.

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

At the balance sheet date the company had net current liabilities of £2,006,464 (2023: net current assets of £358,810), which is a result of the company bearing the majority of the financing arrangements for the overall group. Included within creditors due within one year is a bank loan of £3,022,420. The directors have no reason to believe that this loan will not be renegotiated when it falls due in 2025. The directors have considered group post year end trading and believe that the going concern basis of preparation is appropriate.

Basis of consolidation
The consolidated financial statements present the results of the parent company and those of its subsidiaries. All consolidated subsidiaries have coterminous financial year ends. Inter group transactions have been eliminated from the financial statements and subsidiary results have been restated, where applicable to reflect comparable accounting policies. The financial statements therefore include:

W R Davies (Motors) Limited (Parent company)
W R Davies Limited (100% Subsidiary undertaking)
W R Davies (Stafford) Limited (100% Subsidiary undertaking)
Kirby Jones Limited (100% Subsidiary undertaking)
W R Davies (2004) Limited (100% Subsidiary undertaking)
Regent Centre (Newtown) Limited (50% Associate undertaking)

The investment in Regent Centre (Newtown) Limited has been accounted for using the equity method of accounting.

All consolidated entities share the registered office of the parent company.

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.

Goodwill
Goodwill arising on the acquisition of subsidiary undertakings was amortised evenly over the estimated useful life of 5 years.

W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

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

3. ACCOUNTING POLICIES - continued

Costs of obtaining leases
Costs of obtaining leases are amortised equally over the period of the lease to which they relate.

Tangible fixed assets
Freehold land and buildings that relate to properties from which the group trade are stated using the revaluation model.

Other tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly 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:

Freehold land and buildings1% and 2% straight line on buildings, land is not provided for
Short leasehold property2% straight line
Long leasehold property1% straight line
Improvements to leasehold property2%, 7.5% and 15% straight line
Tools and equipment 15%, 25% and 50% straight line
Fixtures and fittings15% and 33% straight line
Motor vehicles15%, 20%, 25% and 30% straight line
Office equipment 15%, 25% and 50% straight line

Investments in associates
Investments in associate undertakings are recognised at cost.

Investment property
Investment property is shown at fair value. 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 net realisable value, after making due allowance for obsolete and slow moving items.

Consignment stocks are recognised on the balance sheet by the group as it considers that it enjoys the benefits and rewards along with the risks of ownership. The corresponding liability is recorded in liabilities due within one year.

W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

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

3. ACCOUNTING POLICIES - continued

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, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal 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 of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables and bank and other loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 Consolidated 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.

W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

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

3. 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable for the year are charged in the profit and loss account. There is also a separate defined contribution scheme for the benefit of the directors.

4. TURNOVER

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

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

31.12.24 31.12.23
£    £   
Sale of goods 161,747,258 142,039,999
Rendering of services 7,517,802 6,280,086
169,265,060 148,320,085

5. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 8,069,654 6,853,679
Social security costs 1,081,100 883,024
Other pension costs 390,204 290,124
9,540,958 8,026,827

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

Directors and management 7 7
Other direct and indirect staff 286 253
293 260

W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

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

5. EMPLOYEES AND DIRECTORS - continued

31.12.24 31.12.23
£    £   
Directors' remuneration 462,316 533,638
Directors' pension contributions to money purchase schemes 124,994 102,107

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

Money purchase schemes 5 5

Information regarding the highest paid director is as follows:
31.12.24 31.12.23
£    £   
Emoluments etc 100,952 131,487
Pension contributions to money purchase schemes 24,562 9,733

6. OPERATING PROFIT

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

31.12.24 31.12.23
£    £   
Depreciation - owned assets 615,182 555,941
Depreciation - assets on hire purchase contracts 41,750 12,090
Profit on disposal of fixed assets - (3,931 )
Costs of obtaining leases amortisation 1,739 1,739
Auditors' remuneration 66,414 63,861
Auditors' remuneration for non audit work 31,669 29,472
Operating lease payments - land and buildings 112,500 112,500
Income from operating leases (130,813 ) (133,357 )
Operating leases - motor vehicles 99,768 -

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Bank interest 250,352 286,573
Stocking loan interest 524,781 414,324
Other interest 955 -
Corporation tax interest 1,567 1,780
Hire purchase - 1,678
777,655 704,355

W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

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

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
UK corporation tax 459,515 318,981
Adjustment in respect of prior years 16,609 17,135
Share of associates tax charge 4,374 4,056
Total current tax 480,498 340,172

Deferred tax 30,141 271,108
Tax on profit 510,639 611,280

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
£    £   
Profit before tax 1,799,986 1,834,105
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

449,997

458,526

Effects of:
Expenses not deductible for tax purposes (11,672 ) (26,541 )
Capital allowances in excess of depreciation - (93,167 )
Depreciation in excess of capital allowances 21,190 -
Adjustments to tax charge in respect of previous periods 16,609 17,135
Change in rate - (19,837 )
Share of associates tax 4,374 4,056
Deferred tax 30,141 271,108
Total tax charge 510,639 611,280

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 December 2024.

31.12.23
Gross Tax Net
£    £    £   
Revaluation of property 1,261,757 - 1,261,757

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

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

10. DIVIDENDS
31.12.24 31.12.23
£    £   
Ordinary shares of £1 each
Interim 300,000 300,000

11. INTANGIBLE FIXED ASSETS

Group
Costs of
obtaining
Goodwill leases Totals
£    £    £   
COST
At 1 January 2024
and 31 December 2024 (365,598 ) 23,177 (342,421 )
AMORTISATION
At 1 January 2024 (365,598 ) 12,445 (353,153 )
Amortisation for year - 1,739 1,739
At 31 December 2024 (365,598 ) 14,184 (351,414 )
NET BOOK VALUE
At 31 December 2024 - 8,993 8,993
At 31 December 2023 - 10,732 10,732

Company
Costs of
obtaining
leases
£   
COST
At 1 January 2024
and 31 December 2024 23,177
AMORTISATION
At 1 January 2024 12,445
Amortisation for year 1,739
At 31 December 2024 14,184
NET BOOK VALUE
At 31 December 2024 8,993
At 31 December 2023 10,732

W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

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

12. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold Short Long to
land and leasehold leasehold leasehold
buildings property property property
£    £    £    £   
COST OR VALUATION
At 1 January 2024 13,342,545 117,032 285,000 1,479,480
Additions 4,762 - - 920
At 31 December 2024 13,347,307 117,032 285,000 1,480,400
DEPRECIATION
At 1 January 2024 8,721 59,092 - 138,372
Charge for year 141,393 2,341 2,850 42,405
At 31 December 2024 150,114 61,433 2,850 180,777
NET BOOK VALUE
At 31 December 2024 13,197,193 55,599 282,150 1,299,623
At 31 December 2023 13,333,824 57,940 285,000 1,341,108

Fixtures
Tools and and Motor Office
equipment fittings vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2024 767,843 1,655,184 203,604 115,932 17,966,620
Additions 306,605 174,094 98,283 19,745 604,409
At 31 December 2024 1,074,448 1,829,278 301,887 135,677 18,571,029
DEPRECIATION
At 1 January 2024 337,879 910,425 106,026 68,853 1,629,368
Charge for year 164,206 218,483 44,539 40,715 656,932
At 31 December 2024 502,085 1,128,908 150,565 109,568 2,286,300
NET BOOK VALUE
At 31 December 2024 572,363 700,370 151,322 26,109 16,284,729
At 31 December 2023 429,964 744,759 97,578 47,079 16,337,252

Tangible fixed assets with a value of £11,389,088 (2023: £11,520,922) are pledged as security for the group's bank loans.

The value of land and buildings is based on valuations performed by James R Evans MRICS and Tom Poynton MRICS,which were reviewed in 2023 by the directors, who took informal guidance from relevant professionals.

W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

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

12. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 31 December 2024 is represented by:

Improvements
Freehold Short Long to
land and leasehold leasehold leasehold
buildings property property property
£    £    £    £   
Valuation in 2017 582,820 - - -
Valuation in 2018 701,052 - - -
Cost 12,063,435 117,032 285,000 1,480,400
13,347,307 117,032 285,000 1,480,400

Fixtures
Tools and and Motor Office
equipment fittings vehicles equipment Totals
£    £    £    £    £   
Valuation in 2017 - - - - 582,820
Valuation in 2018 - - - - 701,052
Cost 1,074,448 1,829,278 301,887 135,677 17,287,157
1,074,448 1,829,278 301,887 135,677 18,571,029

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31.12.24 31.12.23
£    £   
Cost 10,985,037 10,985,037
Aggregate depreciation 1,755,966 1,682,280

Value of land in freehold land and buildings 3,200,325 3,200,325

W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

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

12. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
Tools and and
equipment fittings Totals
£    £    £   
COST OR VALUATION
Additions 149,816 43,750 193,566
Reclassification/transfer 145,533 - 145,533
At 31 December 2024 295,349 43,750 339,099
DEPRECIATION
Charge for year 36,828 4,922 41,750
Reclassification/transfer 7,276 - 7,276
At 31 December 2024 44,104 4,922 49,026
NET BOOK VALUE
At 31 December 2024 251,245 38,828 290,073

Company
Freehold Long
land and leasehold Tools and
buildings property equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2024 7,268,455 285,000 107,379 7,660,834
Additions - - 59,549 59,549
At 31 December 2024 7,268,455 285,000 166,928 7,720,383
DEPRECIATION
At 1 January 2024 8,720 - 78,322 87,042
Charge for year 50,653 2,850 20,844 74,347
At 31 December 2024 59,373 2,850 99,166 161,389
NET BOOK VALUE
At 31 December 2024 7,209,082 282,150 67,762 7,558,994
At 31 December 2023 7,259,735 285,000 29,057 7,573,792

Tangible fixed assets with a carrying value of £5,887,950 (2023: £5,925,290) are pledged as security for the group's bank loans.

W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

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

12. TANGIBLE FIXED ASSETS - continued

Company

Cost or valuation at 31 December 2024 is represented by:

Freehold Long
land and leasehold Tools and
buildings property equipment Totals
£    £    £    £   
Valuation in 2017 582,820 - - 582,820
Cost 6,685,635 285,000 166,928 7,137,563
7,268,455 285,000 166,928 7,720,383

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31.12.24 31.12.23
£    £   
Cost 6,685,635 6,685,635
Aggregate depreciation 439,416 395,286

Value of land in freehold land and buildings 1,987,342 1,987,342

The value of land and buildings is based on historic valuations performed by James R Evans MRIC, which were reviewed in 2023 by the directors, who took informal guidance from relevant professionals.

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Tools and
equipment
£   
COST OR VALUATION
Additions 38,408
At 31 December 2024 38,408
DEPRECIATION
Charge for year 4,801
At 31 December 2024 4,801
NET BOOK VALUE
At 31 December 2024 33,607

The related hire purchase liability is included in the accounts of the subsidiary, Kirby Jones Limited.

W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

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

13. FIXED ASSET INVESTMENTS

Group
Interest
in Unlisted
associate investments Totals
£    £    £   
COST
At 1 January 2024 252,138 80,000 332,138
Share of profit/(loss) 18,116 - 18,116
Impairments - (70,000 ) (70,000 )
At 31 December 2024 270,254 10,000 280,254
NET BOOK VALUE
At 31 December 2024 270,254 10,000 280,254
At 31 December 2023 252,138 80,000 332,138
Company
Unlisted
investments
£   
COST
At 1 January 2024 2,829,521
Impairments (70,000 )
At 31 December 2024 2,759,521
NET BOOK VALUE
At 31 December 2024 2,759,521
At 31 December 2023 2,829,521

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

W R Davies Limited
Registered office: Conwy Road, Llandudno Junction, Gwynedd LL31 9BA
Nature of business: Motor retailers
%
Class of shares: holding
Ordinary 100.00
31.12.24 31.12.23
£    £   
Aggregate capital and reserves 4,206,449 4,039,992
Profit for the year 516,457 750,055

W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

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

13. FIXED ASSET INVESTMENTS - continued

Kirby Jones Limited T/A W R Davies
Registered office: Conwy Road, Llandudno Junction, Gwynedd LL31 9BA
Nature of business: Motor retailers
%
Class of shares: holding
Ordinary 100.00
31.12.24 31.12.23
£    £   
Aggregate capital and reserves 6,096,709 5,823,974
Profit for the year 622,735 460,589

W R Davies (Stafford) Limited
Registered office: Conwy Road, Llandudno Junction, Gwynedd LL31 9BA
Nature of business: Motor retailers
%
Class of shares: holding
Ordinary 100.00
31.12.24 31.12.23
£    £   
Aggregate capital and reserves 382,998 462,487
Loss for the year (79,489 ) (176,074 )

W R Davies (2004) Limited
Registered office: Conwy Road, Llandudno Junction, Gwynedd LL31 9BA
Nature of business: Motor retailers
%
Class of shares: holding
Ordinary 100.00
31.12.24 31.12.23
£    £   
Aggregate capital and reserves 1,614,683 1,581,448
Profit for the year 33,235 46,433


Associated company

Regent Centre (Newtown) Limited
Registered office: Conwy Road, Llandudno Junction, Gwynedd LL31 9BA
Nature of business: Investment property
%
Class of shares: holding
Ordinary 50.00
31.12.24 31.12.23
£    £   
Aggregate capital and reserves 540,508 504,276
Profit for the year 36,232 36,970

The group's share of turnover of Regent Centre (Newtown) Limited is £26,716 (2023: £25,470).

The group's share of the company's gross assets at 31 December 2024 is £330,806 (2023: £308,114) and its share of liabilities is £56,124 (2023: £51,920).


W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

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

14. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2024
and 31 December 2024 1,699,975
NET BOOK VALUE
At 31 December 2024 1,699,975
At 31 December 2023 1,699,975

Investment property with a value of £870,000 (2023: £870,000) is pledged as security for the group's bank and other loans.

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

2024 2023
£    £   
Cost 857,351 857,351
Aggregate depreciation 391,126 373,936

Company
Total
£   
FAIR VALUE
At 1 January 2024
and 31 December 2024 829,975
NET BOOK VALUE
At 31 December 2024 829,975
At 31 December 2023 829,975

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

20242023
££
Cost 86,09386,093
Aggregate depreciation 15,85714,894

The fair value of investment property is based on a valuation performed by James R Evans MRICS in March 2016, which were reviewed in 2023 by the directors, who took informal guidance from relevant professionals.

15. STOCKS

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Vehicles, parts and sundry stocks 34,259,376 28,311,354 104,101 104,101

Included within group stocks are consignment vehicles of £17,905,611 (2023: £9,860,900).

W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

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

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Trade debtors 2,726,308 2,739,698 24,034 28,532
Amounts owed by group companies - - 2,094,500 1,339,250
Other debtors 1,361,431 1,299,817 5,081 5,081
Amounts due from related companies 1,062,828 1,062,798 1,062,828 1,062,798
VAT - 95,427 - 145,499
Prepayments 650,653 418,027 133,297 38,840
5,801,220 5,615,767 3,319,740 2,620,000

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Bank loans and overdrafts (see note 19) 4,976,681 1,468,598 4,544,107 1,206,170
Other loans (see note 19) 27,000 27,000 - -
Hire purchase contracts (see note 20) 63,059 - - -
Trade creditors 32,081,878 27,867,774 288,690 192,666
Amounts owed to group companies - - 12,039 616,579
Corporation tax 353,195 55,141 47,402 78,581
Social security and other taxes 316,145 251,354 5,008 6,129
VAT 437,348 - 305,054 -
Other creditors 1,173,968 1,284,000 - 21,750
Directors' current accounts 5,963 2,777 5,963 2,777
Accrued expenses 759,955 771,577 222,042 240,639
40,195,192 31,728,221 5,430,305 2,365,291

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Bank loans (see note 19) - 3,030,903 - 3,030,903
Other loans (see note 19) 1,800 28,800 - -
Hire purchase contracts (see note 20) 213,754 - - -
215,554 3,059,703 - 3,030,903

W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

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

19. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,954,260 1,064,239 1,521,687 801,811
Bank loans 3,022,421 404,359 3,022,420 404,359
Other loans 27,000 27,000 - -
5,003,681 1,495,598 4,544,107 1,206,170
Amounts falling due between one and two years:
Bank loans - 1-2 years - 3,030,903 - 3,030,903
Other loans - 1-2 years 1,800 28,800 - -
1,800 3,059,703 - 3,030,903

A loan of £4,000,000 was drawn down from Barclays Bank Plc in June 2022 and is repayable by quarterly instalments commencing September 2022. Interest is charged at 2.75% above the Bank of England base rate.

As at the year end the total balance of loans outstanding to Barclays Bank Plc was £3,022,420 (2023: £3,435,262).

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.12.24 31.12.23
£    £   
Net obligations repayable:
Within one year 63,059 -
Between one and five years 213,754 -
276,813 -

Group
Non-cancellable operating leases
31.12.24 31.12.23
£    £   
Within one year 379,143 248,750
Between one and five years 318,290 545,625
In more than five years - 3,333
697,433 797,708

W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

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

20. LEASING AGREEMENTS - continued

Company
Non-cancellable operating leases
31.12.24 31.12.23
£    £   
Within one year 208,750 208,750
Between one and five years 176,875 385,625
385,625 594,375

21. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Bank overdraft 1,954,260 1,064,239 1,521,687 801,811
Bank loans 3,022,421 3,435,262 3,022,420 3,435,262
Hire purchase contracts 276,813 - - -
Trade and other creditors 27,841,305 24,722,555 - -
33,094,799 29,222,056 4,544,107 4,237,073

Group bank borrowings are secured by an omnibus guarantee and set-off agreement with Barclays Bank Plc dated 9 June 2022. There is also a debenture in place dated 9 June 2022. Bank borrowings are also subject to a first legal charge in favour of Barclays Bank Plc in relation to the land and premises at Industrial Estate Road, Llangefni, the land and premises at Harlescott Lane, the land and premises at Valley Drive Stafford, and the land and premises at Milford Road, Stafford dated 9 June 2022.

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

Hire purchase liabilities are secured upon the assets to which they relate.

Trade creditors of £17,905,611 (2023: £9,860,900) relating to consigned vehicle stocks are secured on the individual vehicle stocks to which they relate.

Included within trade and other creditors are the following amounts in respect of vehicle stocking loans:

31.12.24 31.12.23
£ £
Lombard North Central Plc 3,881,775 3,659,539
Toyota GB Limited 2,429,990 3,232,809
Nissan Finance GB Financial Services 2,034,619 2,194,558
PSA Wholesale Limited / Citroen Wholesale Limited 3,662,645 2,212,882

Outstanding amounts are secured over the vehicle stock to which they relate.

W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

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

22. PROVISIONS FOR LIABILITIES

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Deferred tax
Accelerated capital allowances 585,817 544,737 64,141 52,405
Deferred tax on revaluation 330,331 341,270 330,331 341,270
Deferred tax on rollover relief 55,099 55,099 - -
971,247 941,106 394,472 393,675

Group
Deferred
tax
£   
Balance at 1 January 2024 941,106
Provided during year 30,141
Balance at 31 December 2024 971,247

Company
Deferred
tax
£   
Balance at 1 January 2024 393,675
Provided during year 797
Balance at 31 December 2024 394,472

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
1,828 Ordinary £1 1,828 1,828

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

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

W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

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

24. RESERVES

Group
Retained Revaluation Other
earnings reserve reserves Totals
£    £    £    £   

At 1 January 2024 14,244,365 3,340,372 2,207 17,586,944
Profit for the year 1,289,347 - - 1,289,347
Dividends (300,000 ) - - (300,000 )
Release of revaluation reserve 50,421 (50,421 ) - -
At 31 December 2024 15,284,133 3,289,951 2,207 18,576,291

Company
Retained Revaluation Other
earnings reserve reserves Totals
£    £    £    £   

At 1 January 2024 7,333,159 841,058 2,207 8,176,424
Profit for the year 878,295 - - 878,295
Dividends (300,000 ) - - (300,000 )
Release of revaluation reserve 6,175 (6,175 ) - -
At 31 December 2024 7,917,629 834,883 2,207 8,754,719

Other reserves represent the nominal value of shares cancelled in prior periods.

Revaluation reserve represents the amount by which fixed assets exceed carrying value.

Group retained earnings includes all current and prior period retained profits and losses as well as non distributable reserves totalling £752,947 (2023: £751,983).

Company retained earnings includes all current and prior period retained profits and losses as well as non distributable reserves totalling £584,205 (2023: £582,241).

25. CONTINGENT LIABILITIES

The company has an unlimited multilateral guarantee in respect of bank borrowings with the following Group Companies: W R Davies Limited, W R Davies (Stafford) Limited, Kirby Jones Limited and W R Davies (2004) Limited. At the balance sheet date the potential contingent liability amounted to £nil (2023: £nil).

During a prior year the Group Companies entered into a Vehicle Stocking Loan Facility with Lombard North Central Plc. 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 (Motors) Limited amounted to £3,824,145 (2023: £3,568,149).

The total potential contingent liability for W R Davies (Motors) Limited amounted to £3,824,145 (2023: £3,568,149).

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

W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

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

27. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following loans with directors are included within the financial statements:

Amounts owed by the company to directors - £5,963 (2023: £2,777).

During the year a director received a loan of £140,000 from the company, which was repaid in full before year end.

No interest has been charged on these loans (2023: £nil) and there are no fixed repayment terms.

During the year, total dividends of £300,000 (2023: £300,000) were paid to the directors.

28. 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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Entities over which the group has control, joint control or significant influence
31.12.24 31.12.23
£    £   
Amount due from related party 41,054 41,054

Other related parties
31.12.24 31.12.23
£    £   
Rent payments made 115,000 112,500
Amount due from related party 1,021,744 1,021,744
Amount due to related party - 21,750

Amounts due from related parties represents loans that are repayable on demand. Interest is being charged at between 0% and 3.75% per annum.

During the year, a total of key management personnel compensation of £ 636,330 (2023 - £ 684,326 ) was paid.

W.R.DAVIES(MOTORS)LIMITED (REGISTERED NUMBER: 00347316)

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

29. OPERATING LEASE INCOME

Group
Minimum lease income receipts under non-cancellable operating leases fall as follows:

31.12.24 31.12.23
£ £
Within one year 85,500 108,000
Between one and five years 226,833 240,833
After five years 304,750 373,750
659,583 722,583

Company
Minimum lease income receipts under non-cancellable operating leases fall as follows:

31.12.24 31.12.23
£ £
Within one year 83,000 83,000
Between one and five years 226,833 240,833
After five years 304,750 373,750
614,583 697,583

30. CONTROLLING PARTY

The controlling party is J R Davies Esq, a director of the company, by virtue of holding a controlling share of the issued ordinary share capital of the company.