Company Registration No. 01101960 (England and Wales)
Dick Lovett Companies Limited
Annual report and
group financial statements
for the year ended 31 December 2024
Dick Lovett Companies Limited
Company information
Directors
Peter Lovett
Julian Winterburn
Rebecca Maloney
Russell Trotman
(Appointed 3 April 2025)
Secretary
Julian Winterburn
Company number
01101960
Registered office
The Copse
Frankland Road
Swindon
Wiltshire
SN5 8YW
Independent auditor
Saffery LLP
St Catherine's Court
Berkeley Place
Clifton
Bristol
BS8 1BQ
Dick Lovett Companies Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 9
Independent auditor's report
10 - 13
Group statement of comprehensive income
14
Group statement of financial position
15
Company statement of financial position
16
Group statement of changes in equity
17
Company statement of changes in equity
18
Group statement of cash flows
19
Notes to the financial statements
20 - 38
Dick Lovett Companies Limited
Strategic report
For the year ended 31 December 2024
1
The directors present the strategic report for the year ended 31 December 2024.
The strategic report has been prepared for the group as a whole and therefore gives greater emphasis to those matters which are significant to Dick Lovett Companies Limited and its subsidiary undertakings when viewed as a whole.
Review of the business
2024 saw turnover reduce slightly from the prior year record, to a turnover of £810 million, while the pre-tax profits of £10.6 million were less than half of the prior year as the sector returned to the more traditional profitability levels of pre Covid.
Reduction in new and used car margins affected profitability in the year, while economic uncertainty continued to impact customer confidence. Interest rates remained high impacting finance rates on new and used vehicles, and stocking charges. In line with many businesses, resource was also a challenge given the limited labour market and therefore it has been essential that the group continues to invest significantly in training. Despite the challenges in the year the business performed strongly due to the excellent team and the strength and resilience of the business
Despite a significant investment programme on dealership redevelopment the cash position has remained positive throughout the year due to the strong trading performance of the Group allowing investments to be funded by operational cash flow. The increase in investment and net profit has resulted in a new record for net equity growing to £178.7 million.
Principal risks and uncertainties
The management of the business and the execution of the Group's strategy are subject to a number of risks. These include major changes in the general economic climate and the supply of new cars from the manufacturers with whom the Group deals.
Key performance indicators
The directors are of the opinion that, given the nature of the business, analysis using non-financial KPIs is not necessary or appropriate for an understanding of the development and performance of the Group. The directors consider the KPIs in the business review sufficient to enable a considered view of the Group's performance to be undertaken.
Dick Lovett Companies Limited
Strategic report (continued)
For the year ended 31 December 2024
2
Section 172 statement
The Directors have carefully considered their duties under section 172 reporting.
In 2024 the business has continued to make significant investments including the completion of the new Porsche Newport dealership which was opened in May 2024 to replace the existing Porsche Cardiff location. Demolition and construction has also started at Porsche Bristol in 2024 with the completion due in late 2025. In order to facilitate the rebuild of Porsche Bristol a new service centre was constructed on the Bristol campus during 2023 / 24 to allow Porsche Bristol to continue operating while the new facility is being built. BMW Hungerford has been fully refurbished in the year and the demolition of the MINI Hungerford site has occurred to allow a rebuild in 2025. In addition to the construction of new dealerships the business continues to invest in many areas including IT, property and EV charging.
It is of key importance to the company to maintain a reputation of supplying premium products and services to customers and this can be seen with the range of brands in the company’s portfolio. To ensure the continuation of high-quality services in 2024 there has been continued investment in training with our in-house training team working alongside external providers to cover all departments. In addition, the company continues to believe having an established apprentice programme is essential for long term success.
The Directors recognise that our employees are fundamental to our business and the delivery of our strategic ambitions. The success of our business depends on attracting, retaining and motivating employees. In turn we need to remain a responsible employer, by ensuring that our pay, benefits and workplace environment are appropriate. The Directors factor in and communicate the implications of decisions on employees where relevant and feasible.
Delivering our strategy requires strong mutually beneficial relationships with suppliers, customers and government bodies. The Board continually assess the priorities related to customers and engages with them to ensure the relevance of our business strategy and investment policies. We monitor our suppliers to ensure our product and service supply is maintained to our documented standard whilst also adhering to the required payment practices.
This year the company has continued to work with a number of local charities through the Lovett Foundation, which aims to support young care experienced people in our communities.
The Directors are satisfied that all section 172 matters are given appropriate and effective consideration with the necessary structures, policies and processes in place to promote a successful company.
Julian Winterburn
Director
20 May 2025
Dick Lovett Companies Limited
Directors' report
For the year ended 31 December 2024
3
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the group during the year continued to be that of the sale and maintenance of BMW, MINI, Porsche, Ferrari, Aston Martin, Jaguar and Land Rover vehicles in the United Kingdom.
Results and dividends
The results for the year are set out on page 14.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Lynn Campbell
(Resigned 31 March 2025)
Peter Lovett
Julian Winterburn
Rebecca Maloney
Russell Trotman
(Appointed 3 April 2025)
Financial instruments
Financial risk management
The group’s operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and interest rate risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs. The group does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.
Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set out by the board of directors are implemented by the company’s finance department. The department has a policies and procedures manual that sets out specific guidelines to manage interest rate risk, credit risk and circumstances where it would be appropriate to use financial instruments to manage these.
Liquidity risk
The Group actively maintains a mixture of long term and short term debt finance that is designed to ensure the company has sufficient available funds for operations and planned expansions.
Interest rate and cash flow risk
The Group has interest bearing assets and interest bearing liabilities. Interest bearing assets include only cash balances, all of which earn interest at a floating rate. The Group has a policy of maintaining debt at both fixed and variable rates. The directors will revisit the appropriateness of this policy should the Group’s operations change in size or nature.
Credit risk
The Group has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual counterparty is subject to a limit, which is reassessed annually by the board.
Dick Lovett Companies Limited
Directors' report (continued)
For the year ended 31 December 2024
4
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The Group's policy is to consult and discuss with employees, matters likely to affect employees' interests.
Information about matters of concern to employees are given through regular communications issued by the board which have been further enhanced through the board communicating directly with management cohorts to spread a consistent message to their teams. The business regularly reports financial and economic factors affecting the Group's performance to all employees.
Future developments
In 2024, building work was completed on a new Porsche dealership at Celtic Springs in Wales to relocate Porsche Cardiff, with the dealership opening its doors to customers in May 2024. During 2024 work was completed on the refurbishment of BMW Hungerford and the redevelopment of MINI Hungerford started, which is scheduled to be completed in 2025. A new Bristol service centre building was completed in 2024 to allow the redevelopment of Porsche Bristol which started construction in 2024 and will be completed late 2025. Once Porsche Bristol have relocated back into their new dealership it is likely the service centre will be used to help facilitate the refurbishment of BMW Bristol. It is also anticipated that Porsche Swindon and Porsche Tewkesbury will need to expand their aftersales capacity to meet demand in 2025, with this investment being either on their existing sites or via an external service centre facility. Following the purchase of a small property in Melksham in 2023, investment was completed in 2024 to create a bodyshop facility to serve JLR and BMW/MINI. While the majority of investment in new buildings will continue to be made by the parent company, Dick Lovett Companies Ltd, the internal refurbishments and workshop equipment will be made by the individual trading companies in the group. The business will also continue to evaluate other opportunities that the Directors feel will add value to the group.
Auditor
In accordance with the company's articles, a resolution proposing that Saffery LLP be reappointed as auditor of the group will be put at a General Meeting.
Environment and Sustainability
In 2024, the Group has continued to develop and advance our operations to limit our impact on the environment and deliver a sustainable business. Increased regulatory reporting and continued sustainability assessments by manufacturers, have ensured that awareness of sustainability issues has grown within our employee and stakeholder groups. Monthly energy audits are sent to senior management, these reports include an oversight of both the individual sites consumption and the Group as a whole. We also openly communicate with our employees regarding our emissions through an end of year newsletter.
This report presents the energy consumption and associated carbon emissions for the year 2024 in compliance with SECR requirements. The report also outlines the steps taken to improve energy efficiency in accordance with SECR guidelines. The comparison to 2023 data demonstrates the positive progress made in reducing overall energy usage and emissions. The company's total emissions has decreased by -5%, with the revenue of the Group decreasing by -1.4%.
We have continued to meet regulatory reporting requirements, including the submission of a Group ESOS Phase 3 Action Plan, 2024 was the first time the Group qualified for ESOS reporting.
Our manufacturer audit requirements have continued. In 2024 we successfully completed Porsche mandated ESG audits for all 4 of our Porsche sites. These audits include a fully comprehensive investigation of our processes and buildings. We also completed our first Ferrari ESG audit which was similarly thorough and provided a fantastic insight into where we are on our sustainability journey. The Group was also nominated for multiple ESG awards including the Ferrari Green Dealer award where we achieved finalist status, and the MINI Big Love award which Dick Lovett won in 2023.
Dick Lovett Companies Limited
Directors' report (continued)
For the year ended 31 December 2024
5
In 2024, 3 new solar panel systems have been installed at our Porsche Newport, The Hangar Bristol and Jaguar Land Rover Melksham sites. The Group now has an annual solar generation potential of 939 MWh, predicted to cover approximately 20% of the Group's annual consumption. The below table shows the total electricity generated across the Group in 2024, number of panels and installation date:
Installation
No. Panels
2024 Solar PV Generation (kWh)
2023 Solar PV
Generation (kWh)
BMW Melksham
Sep-22
(upgraded Dec-23)
540
188,343
47,037
BMW Bristol
Jul-23
266
127,196
49,730
Ferrari Swindon
Jun-23
462
196,046
100,568
Porsche Swindon
2020
60
6,359
11,921
Porsche Newport
May-24
252
80,614
-
The Hangar (Bristol)
Jul-24
288
34,794
-
Jaguar Land Rover Melksham
Oct-24
302
5,622
-
2,170
638,974
209,257
The Group electricity procurement strategy ensures that any consumption needs are purchased from 100% green certified supply.
Due to our increase in operational footprint, building portfolio and increased EV charging capacity, our electricity consumption has increased when compared to 2023, from 4516 MWh to 4558 MWh (+1%). This increase would have been significantly higher if not for our sustainability efforts over the year. Along with the installation of Solar PV systems, wherever possible, the Group continue to invest in environmentally efficient technology, including LED lights, air compressors and HVAC systems.
At the end of 2024 we had increase our number of Electric Vehicle charging points, the Group had 77 AC chargers and 20 DC chargers around the dealerships. The newly commissioned ‘Electric Island' on our Bristol campus provides a state-of-the-art charging facility for the dealerships with 2 DC posts (with 2 cables) and 10 dual AC posts.
We have increased our consumption of fuel (petrol and diesel), with our company fleet growing from 253 vehicles to 258. Despite the increase in usage our overall emissions output has reduced due to a change in ratio between petrol, diesel, hybrid and electric vehicles. The table below shows this change in company car mix:
2023
2024
Petrol
150
166
Diesel
68
32
Hybrid
15
21
Electric
20
39
253
258
The Group's gas consumption shows a drop of -12% from 2023 usage, investigation shows the 2023 value was overstated in last year's accounts by 235 MWh. Consequently, the real year on year drop would be -5%. The new dealership developments incorporate workshops with more efficient heating systems and equipment, these items deliver the main reduction in gas consumption.
Water consumption has increased in 2024 due to the Groups growing building portfolio. The impact of water consumption on our overall emissions is minimal, increasing from 4 tco2e to 5.
Through our environmental monitoring system, we continue to analyse the consumption of utilities across the Group and identify areas to reduce consumption and invest in appropriate technologies. The effect of our continual monitoring and improvement has been reflected in the reduction of our Energy Intensity Ratio during the year moving from 0.00508 to 0.00488 (-4%).
Dick Lovett Companies Limited
Directors' report (continued)
For the year ended 31 December 2024
6
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
2,677,540
3,055,601
- Electricity purchased
4,558,757
4,516,377
- Fuel consumed for transport
8,157,222
7,861,038
15,393,519
15,433,016
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
490.00
558.00
- Fuel consumed for owned transport
2,444.00
2,599.00
2,934.00
3,157.00
Scope 2 - indirect emissions
- Electricity purchased
944.00
935.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
76.00
80.00
- Water supply
4.00
4.00
Total gross emissions
3,958.00
4,176.00
Intensity ratio
Tonnes CO2e per revenue (£'000)
0.004883
0.005086
Notes:
#1 = For information only
#2 = Dick Lovett purchases 100% REGO certified electricity on all tariffs.
Quantification and reporting methodology
The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per revenue £'000.
The Impact of Climate Change: Climate Related Financial Disclosures (CRFD)
Under the guidelines issued by the Climate Related Financial Disclosure (CRFD), Dick Lovett Group / Companies (*), are required to make a compliance statement / disclosure (*) in relation to the financial impact (risks and opportunities) on our business of climate change.
Dick Lovett Companies Limited
Directors' report (continued)
For the year ended 31 December 2024
7
As can be seen from the Streamlined Energy and Carbon Reporting section of this Strategic Report, Dick Lovett Group recognises our responsibility to operate in the most efficient manner possible, limiting harm to the environment and being a responsible organisation within the communities that we trade.
At this time, Dick Lovett Group will not be producing a standalone TCFD nor sustainability report but provide an update on actions undertaken in 2024 aligning with the “four pillars” of TCFD recommendations within this Strategic Report.
Governance:
The Management Board is responsible for Dick Lovett's response to climate change and the on-going impact on our business. Increasing focus is being placed on environmental factors by both manufacturers, the supply chain, and customers, so the company needs to be agile in its respond.
Operational and strategic updates have been introduced to the agendas of both the Management Board and Main Board meetings during 2024. A standardised reporting template has been developed by the Environment and Sustainability Advisor which plays a key role within the governance framework, ensuring environmental data, initiatives and regulatory requirements are communicated and discussed at Board level.
Being large automotive organisations, our manufacturers are very aware of the potential changes to the industry due to the changing climate. These organisations play an increasing influence in our Environmental governance framework due to their Environment, Social and Governance (ESG) assessments of the retailer network.
Risk and Opportunity Framework:
A climate related Risks and Opportunities Framework (ROF) was created in 2023. The ROF template now forms part of our operational and strategic review within the Governance Framework detailed above.
The “risk” element of the framework incorporates:
o
“transitional” (legal, technology, market, reputation) and “physical” (acute, chronic) risks
o
the potential financial impact of the risks identified
o
risk assessment (High / Low / Medium)
o
Dick Lovett mitigation actions
The “opportunity” element of the framework incorporates:
o
resource, energy, product & services, markets and resilience opportunities
o
the potential financial impact of the opportunities identified
o
opportunity assessment (High / Low / Medium)
o
Dick Lovett enabling actions
The ROF is updated on a periodic basis (minimum quarterly) to reflect environmental incidents that happen across the Group or within the industry and identify changes to operational and strategic direction.
Strategy:
The use of the “High, Low, Medium” assessment if the ROF, enables the Management Board to determine, and prioritise, strategies for the Group, communicate to the General Managers and develop an investment programme.
The principle “High level” risk that the Group has needed to address over the past few years is the change from internal combustion engines (ICE) to electric vehicles (EV). The regulatory requirements set by Government regarding future new car sales has driven the manufacturers to change technology and changed customer perceptions. Dick Lovett has responded to this change with specific marketing campaigns, on-going EV training of sales employees and expansion of our EV charging network.
The financial impact of the change in customer behaviour, investment in charging infrastructure and transition to all new car sales being EVs is incorporated in financial analysis and planning.
Dick Lovett Companies Limited
Directors' report (continued)
For the year ended 31 December 2024
8
The key “acute” physical risks identified for the Group is potential flooding at four sites. The Management Board and local management teams have adopted the strategy to invest in any suitable flood defences and make specific insurance arrangements. The ROF is updated after any “extreme” weather conditions are experienced across our area, identifying if any Group wide initiatives or changes to facilities management need to be implemented. For example, in response to some localised flooding at two dealerships, a change to our storm drain and gutter maintenance programmes have been introduced.
To maximise the financial benefits in a high-cost energy market, the Management Board has adopted an investment strategy for energy saving devices and self-generation solar PV systems (cross reference SECR). Similar investment will continue going forward.
Dick Lovett has not yet devised nor implemented a “scenario” planning approach to risk management and strategy planning. Our belief is that the organisation and automotive industry is resilient to climate change in the near and medium term.
Metrics and Targets:
From the information now captured in our Energy Monitoring System (EMS), the Company can now evidence the impact of our management actions that have been taken, and the investment made into improving our energy and resource usage (cross reference SECR). The EMS underpinned the carbon emission target reductions that Dick Lovett has committed in our Energy Saving Opportunities Scheme – Phase 3 Action Plan that was submitted to the Environment Agency in December 2024.
The EMS provides the base data for carbon emission metrics and targets for future years. Further utilisation of the EMS will provide the necessary foundations for the Company to build a comprehensive carbon reduction strategy going forward, with the ultimate aim of being a “net zero” organisation by 2040.
Corporate Social Responsibility
The Lovett Foundation
The Lovett Foundation charity (No. 1182450) has a mission to support children in care and young adults transitioning from care within the communities that we operate. We recognise that by working together with local councils and charities we can maximise our impact and reach those who need our help.
Most notably this year, the Lovett Foundation pledged £20,000 pa for 5 years to the Wiltshire Community Foundation Care Leavers Programme. This funding will help to increase opportunities for care leavers entering higher and further education and vocational training, leading to greater employment opportunities and overall improving the lives of care leavers in our communities.
On opening our new Porsche Newport facility in 2024, the Lovett Foundation hosted a Business Networking Event, bringing together local businesses, council members, other members of the community and local charities. Subsequent to the event, the Foundation has developed new partnerships with two local charities Homewards Newport and Newport Live. The Lovett Foundation team have attended many events for these charities and continue to have regular meetings to ensure we are doing everything we can in a way that is most helpful to them.
Not forgetting our long-term partners, The Lovett Foundation continued to support Empire Fighting Chance and SMASH throughout 2024.
The Foundation organised many Dick Lovett employee fundraising events throughout the year, including Valentines Day bake sale, row the sites, five a side football tournament, company golf day, cars and coffee meets, summer dress day, along with Easter and Christmas foodbank collections. Our staff are passionate about engaging in these events and go above and beyond in engaging with the fun. In total, the employees contributed more than £6,000 to “Just Giving” causes.
This year we have continued to hold specialist skills workshops for young people who are soon to be seeking employment. These workshops are tailored to give young people a new confidence and provide standout skills inclusion on their CVs and aid them during the interview process.
Dick Lovett Companies Limited
Directors' report (continued)
For the year ended 31 December 2024
9
The Lovett Foundation is very grateful to the members of the team, that volunteer and dedicate their time in the planning and organisation of the many events we hold throughout the year.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report 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 group and company, 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 UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Strategic report
The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of business review, principal risk and uncertainties and key performance indicators.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
Julian Winterburn
Director
20 May 2025
Dick Lovett Companies Limited
Independent auditor's report
To the members of Dick Lovett Companies Limited
10
Opinion
We have audited the financial statements of Dick Lovett Companies Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 and of the parent company's 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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.
The directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report 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.
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 course of 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.
Dick Lovett Companies Limited
Independent auditor's report (continued)
To the members of Dick Lovett Companies Limited
11
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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which 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 directors' responsibilities statement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor's report 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.
Dick Lovett Companies Limited
Independent auditor's report (continued)
To the members of Dick Lovett Companies Limited
12
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.
Laws and regulations of direct significance in the context of the company include The Companies Act 2006, UK Tax legislation and The Financial Services and Markets Act 2000, on which The Financial Conduct Authority (FCA) Handbook is based.
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Dick Lovett Companies Limited
Independent auditor's report (continued)
To the members of Dick Lovett Companies Limited
13
This report is made solely to the company’s member, 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 member those matters we are required to state to them in an auditor's report 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 member as a body, for our audit work, for this report, or for the opinions we have formed.
Neil Davies (Senior Statutory Auditor)
For and on behalf of Saffery LLP
20 May 2025
Chartered Accountants
Statutory Auditors
St Catherine's Court
Berkeley Place
Clifton
Bristol
BS8 1BQ
Dick Lovett Companies Limited
Group statement of comprehensive income
For the year ended 31 December 2024
14
2024
2023
Notes
£000
£000
Turnover
3
810,496
822,064
Cost of sales
(745,884)
(747,081)
Gross profit
64,612
74,983
Distribution costs
(24,254)
(22,999)
Administrative expenses
(28,568)
(27,181)
Other operating income
1,056
667
Operating profit
4
12,846
25,470
Interest receivable and similar income
8
1,473
1,812
Interest payable and similar expenses
9
(3,705)
(2,929)
Profit before taxation
10,614
24,353
Tax on profit
10
(2,764)
(6,084)
Profit for the financial year
7,850
18,269
Profit for the financial year is all attributable to the owner of the parent company.
Total comprehensive income for the year is all attributable to the owner of the parent company.
Dick Lovett Companies Limited
Group statement of financial position
As at 31 December 2024
15
2024
2023
Notes
£000
£000
£000
£000
Fixed assets
Intangible assets
11
416
438
Tangible assets
12
118,726
101,707
119,142
102,145
Current assets
Stocks
15
121,284
131,620
Debtors
16
36,475
30,364
Cash at bank and in hand
33,609
39,888
191,368
201,872
Creditors: amounts falling due within one year
17
(120,414)
(123,705)
Net current assets
70,954
78,167
Total assets less current liabilities
190,096
180,312
Provisions for liabilities
Deferred tax liability
20
11,312
9,378
(11,312)
(9,378)
Net assets
178,784
170,934
Capital and reserves
Called up share capital
22
204
204
Revaluation reserve
779
793
Capital redemption reserve
46
46
Profit and loss reserves
177,755
169,891
Total equity
178,784
170,934
The financial statements were approved by the board of directors and authorised for issue on 20 May 2025 and are signed on its behalf by:
Peter Lovett
Director
Company Registration No. 01101960 (England and Wales)
Dick Lovett Companies Limited
Company statement of financial position
As at 31 December 2024
16
2024
2023
Notes
£000
£000
£000
£000
Fixed assets
Intangible assets
11
416
438
Tangible assets
12
107,122
93,897
Investments
13
9,828
9,828
117,366
104,163
Current assets
Debtors
16
3,329
3,496
Cash at bank and in hand
18,656
16,000
21,985
19,496
Creditors: amounts falling due within one year
17
(1,652)
(3,543)
Net current assets
20,333
15,953
Total assets less current liabilities
137,699
120,116
Creditors: amounts falling due after more than one year
18
(256)
(256)
Provisions for liabilities
Deferred tax liability
20
8,816
7,917
(8,816)
(7,917)
Net assets
128,627
111,943
Capital and reserves
Called up share capital
22
204
204
Revaluation reserve
779
793
Capital redemption reserve
46
46
Profit and loss reserves
127,598
110,900
Total equity
128,627
111,943
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £16,684,000 (2023 - £16,097,000 profit).
The financial statements were approved by the board of directors and authorised for issue on 20 May 2025 and are signed on its behalf by:
Peter Lovett
Director
Company Registration No. 01101960 (England and Wales)
Dick Lovett Companies Limited
Group statement of changes in equity
For the year ended 31 December 2024
17
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£000
£000
£000
£000
£000
Balance at 1 January 2023
204
809
46
151,606
152,665
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
18,269
18,269
Transfers
-
(16)
-
16
-
Balance at 31 December 2023
204
793
46
169,891
170,934
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
7,850
7,850
Transfers
-
(14)
-
14
-
Balance at 31 December 2024
204
779
46
177,755
178,784
Dick Lovett Companies Limited
Company statement of changes in equity
For the year ended 31 December 2024
18
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£000
£000
£000
£000
£000
Balance at 1 January 2023
204
809
46
94,787
95,846
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
16,097
16,097
Transfers
-
(16)
-
16
-
Balance at 31 December 2023
204
793
46
110,900
111,943
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
16,684
16,684
Transfers
-
(14)
-
14
-
Balance at 31 December 2024
204
779
46
127,598
128,627
Dick Lovett Companies Limited
Group statement of cash flows
For the year ended 31 December 2024
19
2024
2023
Notes
£000
£000
£000
£000
Cash flows from operating activities
Cash generated from operations
27
16,584
26,848
Interest paid
(3,705)
(2,929)
Income taxes paid
(2,363)
(5,144)
Net cash inflow from operating activities
10,516
18,775
Investing activities
Purchase of tangible fixed assets
(21,767)
(24,532)
Proceeds on disposal of tangible fixed assets
98
160
Interest received
1,473
1,812
Net cash used in investing activities
(20,196)
(22,560)
Financing activities
(Repayment)/Inflow of borrowings
4,131
(3,313)
Net cash generated from/(used in) financing activities
4,131
(3,313)
Net decrease in cash and cash equivalents
(5,549)
(7,098)
Cash and cash equivalents at beginning of year
26,866
33,964
Cash and cash equivalents at end of year
21,317
26,866
Relating to:
Cash at bank and in hand
33,609
39,888
Bank overdrafts included in creditors payable within one year
(12,292)
(13,022)
Dick Lovett Companies Limited
Notes to the group financial statements
For the year ended 31 December 2024
20
1
Accounting policies
Company information
Dick Lovett Companies Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is The Copse, Frankland Road, Swindon, Wiltshire, SN5 8YW.
The group consists of Dick Lovett Companies Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1,000.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available group financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the group financial statements:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
Dick Lovett Companies Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
21
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Dick Lovett Companies Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and
services provided including finance commission earned, in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts and settlement discounts.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on full payment of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the rendering of services is recognised when the service has been completed. All trading income received or receivable from the manufacturer has been included within revenue or cost of sales depending on the contractual arrangement. This income is recognised when the group has fulfilled its related contractual obligations.
1.6
Intangible fixed assets - goodwill
Goodwill arising on the acquisition of subsidiary undertakings represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 75 months.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
Dick Lovett Companies Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
22
1.7
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Electricity capacity enhancement arises on the acquisition of enhanced electricity supply to the sites. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised, commencing when the asset is in use and so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Electricity capacity enhancement
10 years
1.8
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
50 years
Assets under construction
No depreciation is charged
Leasehold land, buildings and improvements
10 years or the life of the refurbishment if shorter
Plant. equipment & vehicles
3 to 10 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.
As with the prior period, depreciation on freehold property held at one of the dealerships was accelerated to leave a residual six month useful economic life. This is because the freehold property became obsolete after this point, and was demolished in the period, being replaced with a new dealership site.
Assets under construction are capitalised costs in relation to the construction of dealership sites.
1.9
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Dick Lovett Companies Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
23
1.10
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.11
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Cost is calculated using the FIFO (first-in, first-out) method.
Consignment stock is considered to be under control of the group and is included in stock as the group has the significant risk and rewards of ownership even though legal title has not yet passed to the group. A corresponding liability is recognised in creditors.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.12
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Dick Lovett Companies Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
24
1.13
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Dick Lovett Companies Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
25
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.14
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.15
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Dick Lovett Companies Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
26
1.16
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.17
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.18
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.19
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Stock provision
Stock is valued at the lower cost and net realisable value. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends.
Dick Lovett Companies Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
27
3
Turnover and other revenue
2024
2023
£000
£000
Turnover analysed by class of business
Sale of goods
766,572
779,550
Rendering of services
34,795
32,348
Commission
9,129
10,166
810,496
822,064
2024
2023
£000
£000
Other revenue
Interest income
1,473
1,812
Commissions received
169
290
4
Operating profit
2024
2023
£000
£000
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
4,658
4,214
Profit on disposal of tangible fixed assets
(8)
(7)
Amortisation of intangible assets
22
-
Operating lease charges
1,211
1,240
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£000
£000
For audit services
Audit of the financial statements of the group and company
30
21
Audit of the financial statements of the company's subsidiaries
132
105
162
126
For other services
Taxation compliance services
25
24
Other taxation services
30
16
All other non-audit services
19
16
74
56
Dick Lovett Companies Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
28
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Sales
290
291
-
-
Parts
70
64
-
-
Servicing
416
392
-
-
Bodyshop
67
62
-
-
Admin
157
155
5
5
Total
1,000
964
5
5
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£000
£000
£000
£000
Wages and salaries
36,339
33,700
769
1,244
Social security costs
3,866
3,561
102
169
Pension costs
3,529
3,270
41
144
43,734
40,531
912
1,557
7
Directors' remuneration
2024
2023
£000
£000
Remuneration for qualifying services
696
1,184
Company pension contributions to defined contribution schemes
19
17
715
1,201
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£000
£000
Remuneration for qualifying services
497
996
Dick Lovett Companies Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
29
8
Interest receivable and similar income
2024
2023
£000
£000
Interest income
Interest on bank deposits
1,473
1,812
9
Interest payable and similar expenses
2024
2023
£000
£000
Interest on bank overdrafts and loans
338
458
Other interest on financial liabilities
3,367
2,471
Total finance costs
3,705
2,929
10
Taxation
2024
2023
£000
£000
Current tax
UK corporation tax on profits for the current period
849
5,476
Adjustments in respect of prior periods
(45)
Group tax relief
(1)
Total current tax
848
5,431
Deferred tax
Origination and reversal of timing differences
1,916
610
Adjustment in respect of prior periods
43
Total deferred tax
1,916
653
Total tax charge
2,764
6,084
Dick Lovett Companies Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
10
Taxation (continued)
30
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£000
£000
Profit before taxation
10,614
24,353
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
2,654
5,728
Tax effect of expenses that are not deductible in determining taxable profit
136
128
Tax effect of income not taxable in determining taxable profit
(10)
Adjustments in respect of prior years
(20)
Effect of change in corporation tax rate
-
(1)
Permanent capital allowances in excess of depreciation
126
187
Other permanent differences
1
1
Deferred tax adjustments in respect of prior years
17
Change in deferred tax rate
37
Chargeable gains/(losses)
(144)
Exceptional tax cost
1
7
Taxation charge
2,764
6,084
11
Intangible fixed assets
Group
Goodwill
Electricity capacity enhancement
Total
£000
£000
£000
Cost
At 1 January 2024 and 31 December 2024
1,757
438
2,195
Amortisation and impairment
At 1 January 2024
1,757
1,757
Amortisation charged for the year
22
22
At 31 December 2024
1,757
22
1,779
Carrying amount
At 31 December 2024
416
416
At 31 December 2023
438
438
Dick Lovett Companies Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
11
Intangible fixed assets (continued)
31
Company
Electricity capacity enhancement
£000
Cost
At 1 January 2024 and 31 December 2024
438
Amortisation and impairment
Amortisation charged for the year
22
At 31 December 2024
22
Carrying amount
At 31 December 2024
416
At 31 December 2023
438
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land, buildings and improvements
Assets under construction
Plant. equipment & vehicles
Total
£000
£000
£000
£000
£000
Cost or valuation
At 1 January 2024
96,015
2,671
14,961
20,935
134,582
Additions
1,720
1,671
14,079
4,297
21,767
Disposals
(484)
(317)
(1,917)
(2,718)
Transfers
26,144
22
(27,158)
990
(2)
At 31 December 2024
123,395
4,047
1,882
24,305
153,629
Depreciation and impairment
At 1 January 2024
15,241
2,072
15,562
32,875
Depreciation charged in the year
2,495
137
2,026
4,658
Eliminated in respect of disposals
(429)
(309)
(1,890)
(2,628)
Transfers
(2)
(2)
At 31 December 2024
17,307
1,900
15,696
34,903
Carrying amount
At 31 December 2024
106,088
2,147
1,882
8,609
118,726
At 31 December 2023
80,774
599
14,961
5,373
101,707
Dick Lovett Companies Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
12
Tangible fixed assets (continued)
32
Company
Freehold land and buildings
Assets under construction
Plant. equipment & vehicles
Total
£000
£000
£000
£000
Cost or valuation
At 1 January 2024
91,484
13,947
4,246
109,677
Additions
1,221
14,079
447
15,747
Disposals
(419)
(1,273)
(1,692)
Transfers
26,162
(26,144)
81
99
At 31 December 2024
118,448
1,882
3,501
123,831
Depreciation and impairment
At 1 January 2024
12,261
3,519
15,780
Depreciation charged in the year
2,060
443
2,503
Eliminated in respect of disposals
(385)
(1,272)
(1,657)
Transfers
15
68
83
At 31 December 2024
13,951
2,758
16,709
Carrying amount
At 31 December 2024
104,497
1,882
743
107,122
At 31 December 2023
79,223
13,947
727
93,897
The freehold property which is included at valuation is included at an open market valuation for existing use by King Sturge (now Jones Lang LaSalle), chartered surveyors, on 1 December 1998. The valuation was done in accordance with the RICS appraisal and valuation manual.
Group
Company
2024
2023
2024
2023
£000
£000
£000
£000
Cost
2,581
2,581
2,581
2,581
Accumulated depreciation
(697)
(658)
(697)
(658)
Carrying value
1,884
1,923
1,884
1,923
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£000
£000
£000
£000
Investments in subsidiaries
14
9,828
9,828
Dick Lovett Companies Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
13
Fixed asset investments (continued)
33
Fixed asset investments not carried at market value
Investments held by the company are all 100% interests in group subsidiary companies. These companies are not listed and are therefore carried at historical cost.
Movements in fixed asset investments
Company
Shares in group undertakings
£000
Cost or valuation
At 1 January 2024 and 31 December 2024
9,828
Carrying amount
At 31 December 2024
9,828
At 31 December 2023
9,828
14
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Nature of business
Class of
% Held
shares held
Direct
Indirect
Dick Lovett (Avon) Limited
Sale and maintenance of motor vehicles
Ordinary
-
100.00
Dick Lovett (Bath) Limited
Sale and maintenance of motor vehicles
Ordinary
-
100.00
Dick Lovett (Bristol) Limited
Sale and maintenance of motor vehicles
Ordinary
-
100.00
Dick Lovett (Hungerford) Limited
Sale and maintenance of motor vehicles
Ordinary
-
100.00
Dick Lovett (Specialist Cars) Limited
Sale and maintenance of motor vehicles
Ordinary
-
100.00
Dick Lovett (SV) Limited
Dormant
Ordinary
-
100.00
Dick Lovett (Swindon) Limited
Dormant
Ordinary
-
100.00
Dick Lovett Limited
Sale and maintenance of motor vehicles
Ordinary
-
100.00
Dick Lovett Sporting Limited
Sale and maintenance of motor vehicles
Ordinary
-
100.00
Dick Lovett Sports Cars Limited
Sale and maintenance of motor vehicles
Ordinary
-
100.00
PLR Limited
Dormant
Ordinary
-
100.00
Spraymaster Limited
Dormant
Ordinary
-
100.00
Dick Lovett Automobile Limited (previously Western Counties Automobile Company Limited)
Holding company
Ordinary
100.00
0
100 PL Limited
Dormant
Ordinary
100.00
0
Dick Lovett Companies Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
14
Subsidiaries (continued)
34
The registered office of all of the company's subsidiaries is The Copse Frankland Road, Blagrove, Swindon, Wiltshire, England, SN5 8YW.
15
Stocks
Group
Company
2024
2023
2024
2023
£000
£000
£000
£000
Finished goods and goods for resale
121,284
131,620
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£000
£000
£000
£000
Trade debtors
21,525
20,505
1
Corporation tax recoverable
1,749
232
390
36
Amounts owed by group undertakings
-
-
1,448
757
Other debtors
10,969
7,855
1,360
2,682
Prepayments and accrued income
2,216
1,772
130
21
36,459
30,364
3,329
3,496
Deferred tax asset (note 20)
16
36,475
30,364
3,329
3,496
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£000
£000
£000
£000
Bank loans and overdrafts
19
12,292
13,022
1,652
Manufacturers' stocking loans
19
15,009
10,878
Consignment vehicle liabilities
36,569
37,144
Trade creditors
36,209
45,245
741
165
Amounts due to group undertakings
176
346
Other taxation and social security
4,683
757
37
37
Other creditors
8,988
9,749
100
101
Accruals and deferred income
6,664
6,910
598
1,242
120,414
123,705
1,652
3,543
Dick Lovett Companies Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
35
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£000
£000
£000
£000
Amounts owed to group undertakings
256
256
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£000
£000
£000
£000
Bank overdrafts
12,292
13,022
1,652
Manufacturers' stocking loans
15,009
10,878
27,301
23,900
-
1,652
Payable within one year
27,301
23,900
1,652
All bank loans and overdrafts are secured by a floating charge over the assets of Dick Lovett Companies and its subsidiaries. Manufacturers' stocking loans are secured on the vehicles financed and bear commercial rates of interest.
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£000
£000
£000
£000
Accelerated capital allowances
6,356
4,894
16
-
Capital gains
4,956
5,100
-
-
Other timing differences
-
(616)
-
-
11,312
9,378
16
-
Dick Lovett Companies Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
20
Deferred taxation (continued)
36
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£000
£000
£000
£000
Accelerated capital allowances
3,860
3,433
-
-
Capital gains
4,956
5,100
-
-
Other timing differences
-
(616)
-
-
8,816
7,917
-
-
Group
Company
2024
2024
Movements in the year:
£000
£000
Liability at 1 January 2024
9,378
7,917
Charge to profit or loss
1,918
899
Liability at 31 December 2024
11,296
8,816
The deferred tax liability set out above is expected to reverse over the life of assets to which they relate.
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£000
£000
Charge to profit or loss in respect of defined contribution schemes
3,529
3,270
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
22
Share capital
Group and company
2024
2023
Ordinary share capital
£000
£000
Issued and fully paid
204,000 Ordinary shares of £1 each
204
204
Dick Lovett Companies Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
22
Share capital (continued)
37
The company has one class of ordinary shares which carry no right to fixed income.
The capital redemption reserve as created when the company purchased some of its own shares. It is not distributable.
The revaluation reserve represents the effect of the revaluation of one property in 1998.
The profit and loss account represents cumulative profits or losses net of dividends paid and other adjustments.
23
Financial commitments, guarantees and contingent liabilities
The company has given guarantees to the group's bankers in respect of overdrafts of subsidiary companies which at 31 December 2024 amounted to £12,290,000 (2023: £13,014,000 ).
24
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£000
£000
£000
£000
Within one year
1,227
1,260
-
-
Between two and five years
4,640
4,955
-
-
In over five years
8,836
10,165
-
-
14,703
16,380
-
-
25
Capital commitments
Amounts contracted for but not provided in the financial statements:
Group
Company
2024
2023
2024
2023
£000
£000
£000
£000
Acquisition of tangible fixed assets
14,846
14,100
12,613
13,330
Dick Lovett Companies Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
38
26
Related party transactions
Controlling party
The company is controlled by Peter Lovett, a director who is the sole shareholder.
As at the balance sheet date, the group owed £100,000 (2023: £100,000) to the director. The amount is unsecured, interest free and repayable on demand.
Pension scheme
The self-administered pension scheme of the ultimate controlling party owns land and buildings from which a number of the subsidiary companies operate from. The rental charges in the year amounted to £1,210,000 (2023: £1,159,000) and no amounts were outstanding as at the year end (2023 - £Nil). These transactions are at arm's length.
There was a purchase of freehold land and buildings by the self-administered pension scheme from Dick Lovett Companies Limited during the year of £22,000 (2023: £nil).
27
Cash generated from group operations
2024
2023
£000
£000
Profit for the year after tax
7,850
18,269
Adjustments for:
Taxation charged
2,764
6,084
Finance costs
3,705
2,929
Investment income
(1,473)
(1,812)
Gain on disposal of tangible fixed assets
(8)
(7)
Amortisation and impairment of intangible assets
22
-
Depreciation and impairment of tangible fixed assets
4,658
4,214
Movements in working capital:
Decrease/(increase) in stocks
10,336
(25,587)
(Increase)/decrease in debtors
(4,578)
4,781
(Decrease)/increase in creditors
(6,692)
17,977
Cash generated from operations
16,584
26,848
28
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£000
£000
£000
Cash at bank and in hand
39,888
(6,279)
33,609
Bank overdrafts
(13,022)
730
(12,292)
26,866
(5,549)
21,317
Borrowings excluding overdrafts
(10,878)
(4,131)
(15,009)
15,988
(9,680)
6,308
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