Caseware UK (AP4) 2024.0.164 2024.0.164 2025-05-222025-05-222025-05-2238falsefalse2024-01-0140falsefalse 10908749 2024-01-01 2024-12-31 10908749 2023-01-01 2023-12-31 10908749 2024-12-31 10908749 2023-12-31 10908749 2023-01-01 10908749 1 2024-01-01 2024-12-31 10908749 1 2023-01-01 2023-12-31 10908749 5 2024-01-01 2024-12-31 10908749 5 2023-01-01 2023-12-31 10908749 6 2024-01-01 2024-12-31 10908749 6 2023-01-01 2023-12-31 10908749 d:Director1 2024-01-01 2024-12-31 10908749 d:RegisteredOffice 2024-01-01 2024-12-31 10908749 d:Agent1 2024-01-01 2024-12-31 10908749 e:Buildings e:ShortLeaseholdAssets 2024-01-01 2024-12-31 10908749 e:Buildings e:ShortLeaseholdAssets 2024-12-31 10908749 e:Buildings e:ShortLeaseholdAssets 2023-12-31 10908749 e:PlantMachinery 2024-01-01 2024-12-31 10908749 e:PlantMachinery 2024-12-31 10908749 e:PlantMachinery 2023-12-31 10908749 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 10908749 e:MotorVehicles 2024-01-01 2024-12-31 10908749 e:MotorVehicles 2024-12-31 10908749 e:MotorVehicles 2023-12-31 10908749 e:MotorVehicles e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 10908749 e:FurnitureFittings 2024-01-01 2024-12-31 10908749 e:FurnitureFittings 2024-12-31 10908749 e:FurnitureFittings 2023-12-31 10908749 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 10908749 e:ComputerEquipment 2024-01-01 2024-12-31 10908749 e:ComputerEquipment 2024-12-31 10908749 e:ComputerEquipment 2023-12-31 10908749 e:ComputerEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 10908749 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 10908749 e:Goodwill 2024-12-31 10908749 e:Goodwill 2023-12-31 10908749 e:CurrentFinancialInstruments 2024-12-31 10908749 e:CurrentFinancialInstruments 2023-12-31 10908749 e:Non-currentFinancialInstruments 2024-12-31 10908749 e:Non-currentFinancialInstruments 2023-12-31 10908749 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 10908749 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 10908749 e:Non-currentFinancialInstruments e:AfterOneYear 2024-12-31 10908749 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 10908749 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-12-31 10908749 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-12-31 10908749 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-12-31 10908749 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-12-31 10908749 e:ReportableOperatingSegment1 2024-01-01 2024-12-31 10908749 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 10908749 e:ReportableOperatingSegment3 2024-01-01 2024-12-31 10908749 e:ReportableOperatingSegment3 2023-01-01 2023-12-31 10908749 e:ReportableOperatingSegment5 2024-01-01 2024-12-31 10908749 e:ReportableOperatingSegment5 2023-01-01 2023-12-31 10908749 e:UKTax 2024-01-01 2024-12-31 10908749 e:UKTax 2023-01-01 2023-12-31 10908749 e:ShareCapital 2024-12-31 10908749 e:ShareCapital 2023-12-31 10908749 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 10908749 e:RetainedEarningsAccumulatedLosses 2024-12-31 10908749 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10908749 e:RetainedEarningsAccumulatedLosses 2023-12-31 10908749 e:RetainedEarningsAccumulatedLosses 2023-01-01 10908749 d:OrdinaryShareClass1 2024-01-01 2024-12-31 10908749 d:OrdinaryShareClass1 2024-12-31 10908749 d:OrdinaryShareClass1 2023-12-31 10908749 d:FRS102 2024-01-01 2024-12-31 10908749 d:Audited 2024-01-01 2024-12-31 10908749 d:FullAccounts 2024-01-01 2024-12-31 10908749 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 10908749 e:WithinOneYear 2024-12-31 10908749 e:WithinOneYear 2023-12-31 10908749 e:BetweenOneFiveYears 2024-12-31 10908749 e:BetweenOneFiveYears 2023-12-31 10908749 e:MoreThanFiveYears 2024-12-31 10908749 e:MoreThanFiveYears 2023-12-31 10908749 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 10908749 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 10908749 e:TaxLossesCarry-forwardsDeferredTax 2024-12-31 10908749 e:TaxLossesCarry-forwardsDeferredTax 2023-12-31 10908749 e:Goodwill e:OwnedIntangibleAssets 2024-01-01 2024-12-31 10908749 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10908749









Sailhouse Cars Limited









Annual Report and Financial Statements

for the year ended 31 December 2024

 
Sailhouse Cars Limited
 
 
Company Information


Director
C J Carr 




Registered number
10908749



Registered office
The Pinnacle
170 Midsummer Boulevard

Milton Keynes

Buckinghamshire

MK9 1FE




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

SK1 3GG




Bankers
HSBC
Princess House

33 High Street

Shrewsbury

SY1 1SL




Solicitors
Dentons UK and Middle East LLP
The Pinnacle

70 Midsummer Boulevard

Milton Keynes

MK9 1FE





 
Sailhouse Cars Limited
 

Contents



Page
Strategic report
 
1 - 3
Director's report
 
4 - 5
Independent auditors' report
 
6 - 9
Statement of income and retained earnings
 
10
Balance sheet
 
11
Statement of cash flows
 
12
Analysis of net debt
 
13
Notes to the financial statements
 
14 - 27


 
Sailhouse Cars Limited
 
 
Strategic Report
for the year ended 31 December 2024

Business review
 
During the year the company’s activities continued to be the operation of Volvo Cars Shrewsbury as a franchised retailer of Volvo Car UK.
The director reports that in the year ended 31st December 2024 this business generated a profit before taxation of £402,201 (2023: £104,294).
Key performance indicators for the year are set out below:


2024
2023
Year-on-year movement %
Turnover (£)
16,941,334
20,615,192
(17.9)%
Gross profit (£)
1,622,513
1,493,601
4.7%
Gross profit percentage (%)
9.6%
7.2%

Profit before taxation (£)



°Volvo Cars Shrewsbury
402,201
161,504
149.7%
°Sailhouse Cars Used Car Centre
0
(56,760)
(100.0)%
°Total
402,201
104,294
285.6%




Return on sales (%)
2.4%
0.5%

EBITDA
832,796
587,886
41.7%




New vehicle units sold
359
201
78.6%
Used vehicle retail units sold - Volvo Cars Shrewsbury
385
365
5.5%
Used vehicle retail units sold - Sailhouse Cars Used Car Centre
0
54
(100.0)%
Labour sales
1,133,412
1,007,860
26.2%





The reduction in turnover was in line with expectations in the first full year operating under Volvo Car UK’s agency “Direct to Customer” distribution model for new cars that was introduced in June 2023.  Volvo Cars Shrewsbury continues to be fully engaged with this supply model maximising the opportunity to fully realise the benefits for existing and potential Volvo customers in the Shropshire area.
Customer demand for new and used cars continued to remain strong in 2024 and improved supply of both new and used cars facilitated year-on-year increases in new and use car volumes of 78.6% and 5.5% respectively.  
Our aftersales operations continued to grow in mechanical service and parts activity with service labour sales for the year growing by 12.5%.
Looking to the future, after a strong first quarter in 2025, the director is mindful that from April 2025 operating costs will increase as a result of increases in National Living Wage and Employer’s National Insurance and the reduction in Retail Relief for Business Rates.  The business continues to operate in a difficult economic climate with national and global political uncertainties potentially impacting consumer and business confidence.  In addition, whilst there have been reductions in interest rates in recent months those reductions have been smaller and slower than might have been expected twelve months ago.
However, our continued investment in our people and premises, together with our strong local profile and loyal customer base, means that Volvo Cars Shrewsbury continues to be well placed to maximise the opportunities available to it during 2025.


Page 1

 
Sailhouse Cars Limited
 

Strategic Report (continued)
for the year ended 31 December 2024

Principal risks and uncertainties
 
The management of the business and the company’s strategy is subject to a number of risks. The factors described below highlight risks and uncertainties which affect the company, but they are not intended to be an exhaustive analysis of all the potential risks which may arise in the ordinary course of business. 
The director is of the opinion that sufficient internal controls have been implemented to monitor these factors and to enable timely management action to be taken to mitigate the risks. 
Financial and business risks
The key financial risks faced by the company remain that of interest rate risk and ongoing adequacy of funding. 
Interest rate risk
With regards to interest rate risk the director is of the opinion that the increases in Bank of England Base Rate experienced in recent have now peaked at rates which have been factored into the budgets for 2025.  In the light of this, the use of financial instruments to mitigate potential financial exposure would not be appropriate at this time. 
Adequacy of funding
The director is confident that the current banking and finance facilities are adequate for the company’s anticipated working capital requirements. The Group manages its cash flow on a long term, medium term and daily basis to ensure that there is sufficient liquidity to meet foreseeable day-to-day trading and the long-term requirements of the business, including expected capital investment. Short-term flexibility can be managed by the availability of overdraft facilities. 
Credit risk
The company has low credit risk in relation to its trade debts. Vehicles are not released to retail customers until cleared funds have been received or confirmation that a customer's application for finance has been accepted and paid out by the finance house. 
Where customers are granted credit terms in respect of vehicle repairs and parts supplied, credit checks are carried out and credit limits set which are reviewed on a regular basis in conjunction with debt ageing and collection experience.
The director is satisfied that credit risk is adequately managed and the level of bad debts is consistent with the nature of the industry. 
Regulatory and compliance risk
The company is subject to a regulatory compliance risk which can arise from failing to comply with applicable laws, regulations and codes set out by, amongst others, the Financial Conduct Authority ("FCA"), Trading Standards, the Driver & Vehicle Standards Agency (''DVSA''), Information Commissioner's Office ("ICO"), local authorities and the manufacturers it represents. Non-compliance can lead to financial penalties, enforced suspension from sales of finance and insurance products or, in the extreme, closure of parts of the business. 
The company is fully aware of these risks and its policies are designed to ensure that all members of staff are aware of the risks, which are mitigated by appropriate training and the correct application of policies. With regards to FCA requirements, the company is an Appointed Representative of ITC Compliance Limited which is authorised and regulated by the Financial Conduct Authority. The company also engages an internal Compliance Officer to monitor compliance. 

Competition risk
The company competes for the sale of new and used vehicles, the performance of repairs, routine maintenance business and the supply of spare parts with other franchised and independent motor retailers, suppliers of parts and internet-based suppliers.
 
Page 2

 
Sailhouse Cars Limited
 

Strategic Report (continued)
for the year ended 31 December 2024


The principal competitive factors are customer service, product price and brand reputation. Continued investment in people, brands, facilities and systems enables the company to maintain its competitive advantage by implementing industry-leading initiatives. 
Manufacturer risk
 
The company depends upon the ability of its manufacturer partner to respond to changes in consumer tastes, technological developments and methods of delivery of products and services. The timing, frequency and efficiency of managing the new product life-cycle can materially affect the company’s business.
The company works closely with its manufacturing partner to maintain a mutually beneficial long-term relationship.
Employee risk
The company is dependent on all team members, both management and other skilled individuals. The company’s future financial performance depends on its ability to recruit and retain skilled members who embody the company’s culture and values.
Information systems risk
The company is dependent on its information technology and computer systems and those of its manufacturer partners, as any disruption to their operation could have a detrimental effect on the business. A robust business continuity planning process is followed with alternative conduits for data and communications in the event of business disruption.


This report was approved by the board and signed on its behalf.



C J Carr
Director

Date: 22 May 2025

Page 3

 
Sailhouse Cars Limited
 
 
 
Director's Report
for the year ended 31 December 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company during the year was that of a motor retailer operating the Volvo Cars UK franchise in Shrewsbury.

Results

The profit for the year, after taxation, amounted to £291,801 (2023 - £90,854).

Director

The director who served during the year was:

C J Carr 

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 4

 
Sailhouse Cars Limited
 
 
 
Director's Report (continued)
for the year ended 31 December 2024

Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 


C J Carr
Director

Date: 22 May 2025

Page 5

 
Sailhouse Cars Limited
 
 
 
Independent Auditors' Report to the Members of Sailhouse Cars Limited
 

Opinion


We have audited the financial statements of Sailhouse Cars Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur 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.


Page 6

 
Sailhouse Cars Limited
 
 
 
Independent Auditors' Report to the Members of Sailhouse Cars Limited (continued)


Opinion 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 Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Director's 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Director's 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's 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 Director's responsibilities statement set out on page 4, the director is 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 director determines 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 director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


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 an Auditors' 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.


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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
Page 7

 
Sailhouse Cars Limited
 
 
 
Independent Auditors' Report to the Members of Sailhouse Cars Limited (continued)


Identifying and assessing potential risks related to irregularities
 
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
 
°The nature of the industry and sector, control environment and business performance including key drivers for directors' remuneration and bonus levels; 
°Enquiring of local management, including obtaining and reviewing supporting documentation, concerning the Company's policies and procedures relating to:  
Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;   
Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected of alleged fraud;  
The internal controls established to mitigate risks relate to fraud or non-compliance with laws and regulations. 
°Discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud; 
°Obtaining and understanding of the legal and regulatory frameworks that the Company operates in, focusing on those laws and regulations that had a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or that had a fundamental effect on the operations of the Company, including General Data Protection requirements, Anti bribery and corruption policy. 
°Revenue recognition gives rise to a risk of material misstatement due to fraud. Revenue may be recognised in the wrong period.

Audit response to risks identified
Our procedures to respond to the risk identified included the following:
 
°Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; 
°Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; 
°Evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities; 
°Enquiring of management concerning actual and potential litigation and claims; 
°Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; 
°Testing a sample of customer orders throughout the year and at the year end, ensuring the revenue has been recognised in line with the United Kingdom's Generally Accepted Accounting Practice.
 
We have also considered the risks noted above in addressing the risk of fraud through management override of controls:
°Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error; 
°Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in asking accounting estimates are indicative of a potential bias; and 
°Evaluation the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Page 8

 
Sailhouse Cars Limited
 
 
 
Independent Auditors' Report to the Members of Sailhouse Cars Limited (continued)


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 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 Auditors' report.


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 2006Our 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 an Auditors' 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.




John Glover (senior statutory auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
Stockport
SK1 3GG

22 May 2025
Page 9

 
Sailhouse Cars Limited
 
 
Statement of Income and Retained Earnings
for the year ended 31 December 2024

2024
2023
Note
£
£

  

Turnover
 4 
16,941,334
20,615,192

Cost of sales
  
(15,318,821)
(19,121,591)

Gross profit
  
1,622,513
1,493,601

Administrative expenses
  
(1,081,170)
(1,209,957)

Other operating income
  
78,001
74,000

Operating profit
 5 
619,344
357,644

Interest payable and similar expenses
 9 
(217,143)
(253,350)

Profit before tax
  
402,201
104,294

Tax on profit
 10 
(110,400)
(13,440)

Profit after tax
  
291,801
90,854

  

  

Retained earnings at the beginning of the year
  
778,881
688,027

Profit for the year
  
291,801
90,854

Dividends declared
  
(50,000)
-

Retained earnings at the end of the year
  
1,020,682
778,881
The notes on pages 14 to 27 form part of these financial statements.

Page 10

 
Sailhouse Cars Limited
Registered number: 10908749

Balance Sheet
as at 31 December 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
27,154
35,843

Tangible assets
 13 
1,592,699
1,764,535

  
1,619,853
1,800,378

Current assets
  

Stocks
 14 
2,459,563
2,111,197

Debtors: amounts falling due within one year
 15 
551,954
421,909

Cash at bank and in hand
 16 
567,675
455,319

  
3,579,192
2,988,425

Creditors: amounts falling due within one year
 17 
(3,368,952)
(2,977,964)

Net current assets
  
 
 
210,240
 
 
10,461

Total assets less current liabilities
  
1,830,093
1,810,839

Creditors: amounts falling due after more than one year
 18 
(559,738)
(867,847)

Provisions for liabilities
  

Deferred tax
 20 
(149,573)
(64,011)

Net assets
  
1,120,782
878,981


Capital and reserves
  

Called up share capital 
 21 
100,100
100,100

Profit and loss account
 22 
1,020,682
778,881

  
1,120,782
878,981


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





C J Carr
Director

Date: 22 May 2025

Page 11

 
Sailhouse Cars Limited
 

Statement of Cash Flows
for the year ended 31 December 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
291,801
90,854

Adjustments for:

Amortisation of intangible assets
8,689
8,689

Depreciation of tangible assets
204,763
233,132

Loss on disposal of tangible assets
-
830

Interest paid
217,143
253,350

Taxation charge
110,400
13,440

(Increase)/decrease in stocks
(348,366)
1,919,422

(Increase) in debtors
(130,045)
(37,264)

Increase/(decrease) in creditors
238,095
(1,894,369)

Net cash generated from operating activities

592,480
588,084


Cash flows from investing activities

Purchase of tangible fixed assets
(32,927)
(150,262)

Sale of tangible fixed assets
-
1,500

Net cash used in investing activities

(32,927)
(148,762)

Cash flows from financing activities

Repayment of loans
(230,054)
(204,808)

Interest paid
(217,143)
(253,350)

Net cash used in financing activities
(447,197)
(458,158)

Net decrease in cash and cash equivalents
112,356
(18,836)

Cash and cash equivalents at beginning of year
455,319
474,155

Cash and cash equivalents at the end of year
567,675
455,319


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
567,675
455,319


The notes on pages 14 to 27 form part of these financial statements.

Page 12

 
Sailhouse Cars Limited
 

Analysis of Net Debt
for the year ended 31 December 2024





At 1 January 2024
Cash flows
Other non-cash changes
At 31 December 2024
£

£

£

£

Cash at bank and in hand

455,319

112,356

-

567,675

Debt due after 1 year

(656,547)

-

230,309

(426,238)

Debt due within 1 year

(230,056)

230,054

(230,309)

(230,311)


(431,284)
342,410
-
(88,874)

The notes on pages 14 to 27 form part of these financial statements.

Page 13

 
Sailhouse Cars Limited
 
 
 
Notes to the Financial Statements
for the year ended 31 December 2024

1.


General information

Sailhouse Cars Limited is a private company limited by shares, registered in England and Wales, and the company's registration number is 10908749. The address of the registered office is The Pinnacle, 170 Midsummer Boulevard, Milton Keynes, Buckinghamshire, MK9 1FE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company's functional and presentational currency is GBP.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods
Sales of vehicles are recognised when the customer has control of the goods. In practice this means that revenue is recognised when vehicles are invoiced, physically despatched and full payment has been received.
Rendering of services
Sales of parts and aftersales services are recognised when the customer has control of the goods and in the period in which the services are provided. In practice, this means that revenue is recognised when the parts are invoiced, or when the service has been undertaken.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 14

 
Sailhouse Cars Limited
 
 
 
Notes to the Financial Statements
for the year ended 31 December 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

  
2.7

Intangible assets

Goodwill 
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Profit and loss account over its useful economic life.
Amortisation is provided on the following basis: 
            Goodwill                                        -  10 years 
 

Page 15

 
Sailhouse Cars Limited
 
 
 
Notes to the Financial Statements
for the year ended 31 December 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
1 - 15 years
Plant and machinery
-
2 - 10 years
Motor vehicles
-
3 - 5 years
Fixtures and fittings
-
2 - 7 years
Computer equipment
-
1 - 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Vehicles on consignment from manufacturers that are subject to interest or other charges are included in stock at cost when there has been a substantial transfer of the risks and rewards of ownership. The associated liability is recorded in vehicle creditors. 

  
2.10

Debtors

Short term debtors are measured at transaction price, less impariment.

  
2.11

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.12

Creditors

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

Page 16

 
Sailhouse Cars Limited
 
 
 
Notes to the Financial Statements
for the year ended 31 December 2024

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Page 17

 
Sailhouse Cars Limited
 
 
 
Notes to the Financial Statements
for the year ended 31 December 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)


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

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make significant judgements and estimates that affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the period. Actual outcomes may differ from these judgements, estimates and assumptions.
The directors believe that judgements, estimates and assumptions do not have a significant risk of causing a material difference to the carrying amounts of the assets and liabilities within the next financial year.

Page 18

 
Sailhouse Cars Limited
 
 
 
Notes to the Financial Statements
for the year ended 31 December 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Vehicles income
14,166,255
18,140,784

Service income
1,172,858
1,052,453

Parts income
1,602,221
1,421,955

16,941,334
20,615,192


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation
204,763
233,132

Amortisation
8,689
8,689

Operating lease rentals
95,100
109,890


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
7,530
7,170

Fees payable to the Company's auditors in respect of:

Taxation compliance services
1,770
1,680

All non-audit services not included above
2,100
2,000
Page 19

 
Sailhouse Cars Limited
 
 
 
Notes to the Financial Statements
for the year ended 31 December 2024

7.


Employees

Staff costs, including director's remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,182,633
1,056,463

Social security costs
109,141
97,807

Cost of defined contribution scheme
34,102
35,079

1,325,876
1,189,349


The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
1
1



Employees
39
37

40
38


8.


Director's remuneration

2024
2023
£
£

Director's emoluments
81,120
80,000

Company contributions to defined contribution pension schemes
3,200
3,200

84,320
83,200


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
217,143
253,350

Page 20

 
Sailhouse Cars Limited
 
 
 
Notes to the Financial Statements
for the year ended 31 December 2024

10.


Taxation


2024
2023
£
£

Corporation Tax


Current tax on profits for the year
24,838
-


Deferred tax


Charged to profit or loss
85,562
37,332

Adjustments in respect of previous periods
-
(23,892)


Taxation on profit on ordinary activities
110,400
13,440

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25.00% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
402,201
104,294


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
100,550
24,530

Effects of:


Non-tax deductible amortisation of goodwill
2,172
2,043

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,668
943

Adjustments to tax charge in respect of prior periods
-
(23,892)

Changes in corporation tax rates
-
2,210

Marginal Relief
(2,132)
-

Depreciation of ineligible assets
8,142
7,660

Super deduction pool adjustment
-
(54)

Total tax charge for the year
110,400
13,440


11.


Dividends

2024
2023
£
£


Dividends
50,000
-

Page 21

 
Sailhouse Cars Limited
 
 
 
Notes to the Financial Statements
for the year ended 31 December 2024

12.


Intangible assets




Goodwill

£



Cost


At 1 January 2024
86,888



At 31 December 2024

86,888



Amortisation


At 1 January 2024
51,045


Charge for the year
8,689



At 31 December 2024

59,734



Net book value



At 31 December 2024
27,154



At 31 December 2023
35,843



Page 22

 
Sailhouse Cars Limited
 
 
 
Notes to the Financial Statements
for the year ended 31 December 2024

13.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost


At 1 January 2024
1,497,513
230,945
90,238
215,685
101,813
2,136,194


Additions
-
8,074
11,333
380
13,140
32,927



At 31 December 2024

1,497,513
239,019
101,571
216,065
114,953
2,169,121



Depreciation


At 1 January 2024
147,134
65,628
28,396
54,663
75,838
371,659


Charge for the year on owned assets
104,759
30,050
16,400
34,774
18,780
204,763



At 31 December 2024

251,893
95,678
44,796
89,437
94,618
576,422



Net book value



At 31 December 2024
1,245,620
143,341
56,775
126,628
20,335
1,592,699



At 31 December 2023
1,350,379
165,317
61,842
161,022
25,975
1,764,535




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Short leasehold
1,245,620
1,350,379



14.


Stocks

2024
2023
£
£

Parts
110,980
112,980

Vehicles
2,348,583
1,998,217

2,459,563
2,111,197


Page 23

 
Sailhouse Cars Limited
 
 
 
Notes to the Financial Statements
for the year ended 31 December 2024

15.


Debtors

2024
2023
£
£


Trade debtors
353,007
244,522

Other debtors
106,704
121,558

Prepayments
92,243
55,829

551,954
421,909



16.


Cash

2024
2023
£
£

Cash at bank and in hand
567,675
455,319



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
230,311
230,056

Trade creditors
2,767,804
2,482,658

Corporation tax
24,838
-

Other taxation and social security
73,346
86,461

Other creditors
97,400
33,186

Accruals and deferred income
175,253
145,603

3,368,952
2,977,964


Page 24

 
Sailhouse Cars Limited
 
 
 
Notes to the Financial Statements
for the year ended 31 December 2024

17.Creditors: Amounts falling due within one year (continued)

Bank overdraft facilities are provided by HSBC Bank Plc and any borrowings are secured by debentures comprising fixed and floating charges over the Company’s assets and the undertakings. 
Trade creditors include amounts due of £2,275,605 to Volvo Financial Services UK Limited (2023:
 £1,810,330), £180,759 due to Next gear Capital UK Limited (2023: £89,023) and £Nil due to Santander Consumer UK Plc (2023: £223,520) effectively secured against the relevant vehicle stock and a floating charge against the Company's assets and undertakings. 
The Company entered into a loan agreement in respect of a loan totalling £50,000 with HSBC UK Bank Plc and this was drawn down during September 2020. The lending facility is supported by the Bounce Back Loan Scheme, with interest due during the first 12 months being payable by the UK Government under the terms of the Scheme. After the first 12 months, interest has been borne by the Company.
The Company is repaying the loan by monthly repayments of £887. The first instalment was due 13 months after the date on which the loan was drawn and the final instalment was due 72 months after the loan was drawn. 
An interest rate of 2.5% per annum is applicable. In relation to the first 12 months, the annual interest rate applicable during that period was, in effect 0%.
The Company entered into a loan agreement in respect of a loan totalling £750,000 with HSBC Bank Plc and which was drawn down during February 2022. The loan is supported by the Recovery Loan Scheme. 
The Company is repaying the loan by means of 60 consecutive monthly instalments of £12,500. The first instalment is due 13 months after the draw down date and the final instalment is due 72 months after the loan was drawn. An interest rate of 3.99% per annum over the Bank of England Base Rate is applicable.  
The Company entered into a loan agreement in respect of a loan totalling £350,000 with Volvo Car Financial Services UK Ltd and which was drawn down during April 2022.  The borrowings are secured by personal guarantee agreed between Christopher Carr and Volvo Car Financial Services UK Limited.
The Company is repaying the loan by means of 60 consecutive monthly instalments of £5,833.33. The first instalment was due one month after the draw down date. An interest rate of 1.54% per annum is applicable. 


18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
426,238
656,547

Accruals and deferred income
133,500
211,300

559,738
867,847


Note 16 provides detailed information regarding the loan security.

Page 25

 
Sailhouse Cars Limited
 
 
 
Notes to the Financial Statements
for the year ended 31 December 2024

19.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
230,311
230,056

Amounts falling due 1-2 years

Bank loans
227,904
230,311

Amounts falling due 2-5 years

Bank loans
198,334
426,236

656,549
886,603



20.


Deferred taxation




2024
2023


£

£






Liability at beginning of year
(64,011)
(50,570)


Charge to profit or loss
(85,562)
(13,441)



Liability at end of year
(149,573)
(64,011)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(152,426)
(179,465)

Other timing differences
2,853
115,454

(149,573)
(64,011)


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100,100 (2023 - 100,100) Ordinary shares shares of £1.00 each
100,100
100,100


Page 26

 
Sailhouse Cars Limited
 
 
 
Notes to the Financial Statements
for the year ended 31 December 2024

22.


Reserves

Profit and loss account

The profit and loss accounts represents the accumulated profit and losses.


23.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £34,102 (2023 - £35,079). Contributions totalling £6,146 (2023 – £6,185) were payable to the fund at the balance sheet date. 


24.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

As restated
2024
2023
£
£


Not later than 1 year
96,143
80,225

Later than 1 year and not later than 5 years
366,277
320,000

Later than 5 years
160,000
240,000

622,420
640,225


25.


Controlling party

The ultimate controlling party is C J Carr, by virtue of his ownership of 100% of the issued share capital of the company. 

Page 27