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Registered number:
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Sailhouse Cars Limited
Company Information
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Sailhouse Cars Limited
Contents
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Sailhouse Cars Limited
Strategic Report
for the year ended 31 December 2024
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:
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.
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Sailhouse Cars Limited
Strategic Report (continued)
for the year ended 31 December 2024
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.
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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.
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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.
The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
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 2006. He 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.
The profit for the year, after taxation, amounted to £291,801 (2023 - £90,854).
The director who served during the year was:
There have been no significant events affecting the Company since the year end.
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Sailhouse Cars Limited
Director's Report (continued)
for the year ended 31 December 2024
The auditors, Hurst Accountants Limited, will 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.
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Sailhouse Cars Limited
Independent Auditors' Report to the Members of Sailhouse Cars Limited
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 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).
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.
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.
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 Report. 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.
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Sailhouse Cars Limited
Independent Auditors' Report to the Members of Sailhouse Cars Limited (continued)
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.
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.
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:
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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.
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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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
SK1 3GG
22 May 2025
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Sailhouse Cars Limited
Statement of Income and Retained Earnings
for the year ended 31 December 2024
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Sailhouse Cars Limited
Registered number: 10908749
Balance Sheet
as at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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Sailhouse Cars Limited
Statement of Cash Flows
for the year ended 31 December 2024
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Sailhouse Cars Limited
Analysis of Net Debt
for the year ended 31 December 2024
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Sailhouse Cars Limited
Notes to the Financial Statements
for the year ended 31 December 2024
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
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:
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.
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Sailhouse Cars Limited
Notes to the Financial Statements
for the year ended 31 December 2024
2.Accounting policies (continued)
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
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Sailhouse Cars Limited
Notes to the Financial Statements
for the year ended 31 December 2024
2.Accounting policies (continued)
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:
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.
Short term debtors are measured at transaction price, less impariment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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Sailhouse Cars Limited
Notes to the Financial Statements
for the year ended 31 December 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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Sailhouse Cars Limited
Notes to the Financial Statements
for the year ended 31 December 2024
2.Accounting policies (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.
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.
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Sailhouse Cars Limited
Notes to the Financial Statements
for the year ended 31 December 2024
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Sailhouse Cars Limited
Notes to the Financial Statements
for the year ended 31 December 2024
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Sailhouse Cars Limited
Notes to the Financial Statements
for the year ended 31 December 2024
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Sailhouse Cars Limited
Notes to the Financial Statements
for the year ended 31 December 2024
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Sailhouse Cars Limited
Notes to the Financial Statements
for the year ended 31 December 2024
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Sailhouse Cars Limited
Notes to the Financial Statements
for the year ended 31 December 2024
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Sailhouse Cars Limited
Notes to the Financial Statements
for the year ended 31 December 2024
17.Creditors: Amounts falling due within one year (continued)
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Sailhouse Cars Limited
Notes to the Financial Statements
for the year ended 31 December 2024
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Sailhouse Cars Limited
Notes to the Financial Statements
for the year ended 31 December 2024
Profit and loss account
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.
The ultimate controlling party is C J Carr, by virtue of his ownership of 100% of the issued share capital of the company.
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