| REGISTERED NUMBER: |
| ALL ELECTRIC GARAGES GROUP PLC |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| REGISTERED NUMBER: |
| ALL ELECTRIC GARAGES GROUP PLC |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| ALL ELECTRIC GARAGES GROUP PLC (REGISTERED NUMBER: 00896825) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Profit and Loss Account | 10 |
| Other Comprehensive Income | 12 |
| Balance Sheet | 13 |
| Statement of Changes in Equity | 14 |
| Cash Flow Statement | 15 |
| Notes to the Cash Flow Statement | 16 |
| Notes to the Financial Statements | 18 |
| ALL ELECTRIC GARAGES GROUP PLC |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTORS: |
| SECRETARIES: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditor |
| 9-11 Vittoria Street |
| Birmingham |
| B1 3ND |
| SOLICITORS: |
| 138 Edmund Street |
| Birmingham |
| B3 2ES |
| ALL ELECTRIC GARAGES GROUP PLC (REGISTERED NUMBER: 00896825) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The directors present their strategic report for the year ended 31 December 2024. |
| REVIEW OF BUSINESS |
| The Company's turnover is £42.5million which is 10% down from 2023 at £47.4million. The company made an operating loss in 2024 of £476k. |
| DURING 2024 |
| * Used vehicles has been a success in the group with volume being up 180 units on 2023 (966 vs 786) this represents a 23% increase, gross margin was (£1.8 million vs £1.7 million) this represents a 6% increase. |
| * The Hyundai dealership based in Stourbridge which opened in August 2021, continues to be a successful part of the business delivering a profit of £194k in its third full year of trading. |
| * New vehicle volumes were down 69 in our continuing operations (434 vs 503), the new market was highly competitive with gross margin being down £235k (£818k vs £1,053k). |
| * Omnichannel sales developed during Covid-19 lockdowns are continuing to benefit the company allowing the sales departments to transact 24/7. |
| * New Motorhome supply from Swift improved during 2024, with 57 units delivered (57 vs 20) with the increase supply from all motorhome manufacturers gross margin fell from £7,812 per unit to £5,255 per units. |
| * As the Bank of England attempt to control inflation with interest rates, All Electric’s interest servicing on vehicle stock has increased by £80k vs 2023. |
| FUTURE DEVELOPMENTS |
| * Company has increased labour rates to counteract the increase in national insurance and the reduction of the discounted business rates on retail properties. |
| * Motorhomes facility capital investment continues from 2022, which will improve site capacity and internal efficiencies. |
| * The motor trade environment has experienced rapid change over the last few years with EV becoming more prominent and more traditional brands losing market share to challenger brands our vision is to represent these and bring value to the end customer to this end the company is in ongoing discussions with challenger brands to represent them in the UK market. . |
| INTELLECTUAL PROPERTY |
| The companies' main brand All Electric is a registered trade mark with the Intellectual Property Office. This is protected under UK class 35, 36, 37 and 39. |
| With the current trajectory of the motor industry towards renewables, this could potentially have considerable value along with the 58 website URLs owned. |
| ALL ELECTRIC GARAGES GROUP PLC (REGISTERED NUMBER: 00896825) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The company has an established, structured approach to risk management. The company's activities expose it to a variety of financial risks, including the effects of vehicle manufacturer's market campaigns, and to a lesser extent its after sales credit customers, liquidity and cash flow. Financial liabilities that expose the company to financial risk consist of a bank overdraft. The company is not significantly exposed to credit risk as customers usually pay for motor vehicles in advance. |
| The policies set by the board of directors are implemented by the company's finance department. |
| ON BEHALF OF THE BOARD: |
| ALL ELECTRIC GARAGES GROUP PLC (REGISTERED NUMBER: 00896825) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
| PRINCIPAL ACTIVITY |
| The principal activities of the Group are the sale of motor vehicles, their maintenance and repair and allied products. |
| DIVIDENDS |
| An interim dividend of . |
| The total distribution of dividends for the year ended 31 December 2024 will be £ |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| FINANCIAL INSTRUMENTS |
| The company is funded by way of an external bank current account, and vehicle manufacturers' stocking loans. |
| POLICY AND PRACTICE ON THE PAYMENT OF CREDITORS |
| The company honours its contractual and other legal obligations and will continue to honour all terms of payment agreed with its suppliers. |
| The number of average days purchases of the company represented by trade creditors at 31 December 2024 was 66 (2023: 56). |
| CONSIGNMENT STOCK |
| In line with FRS 102 consignment stock creditors in note 12 are recorded under Finance House creditors (secured against new vehicle stocks) of £6.08 million (2023: £4.43 million). |
| These vehicles are supplied by the manufacturers on a sale or return basis with varying free stock periods, for which the title does not pass until the vehicle is sold. |
| ALL ELECTRIC GARAGES GROUP PLC (REGISTERED NUMBER: 00896825) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| The auditors UHY Hacker Young (Birmingham) LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| ALL ELECTRIC GARAGES GROUP PLC |
| Opinion |
| We have audited the financial statements of All Electric Garages Group PLC (the 'company') for the year ended 31 December 2024 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| ALL ELECTRIC GARAGES GROUP PLC |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| ALL ELECTRIC GARAGES GROUP PLC |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud |
| or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is |
| sufficient an appropriate to provide a basis for our opinion. The risk of not detecting a material |
| misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve |
| collusion, forgery, intentional omissions, misrepresentations or the override of internal control. |
| - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that |
| are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness |
| of the internal control. |
| - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates |
| and related disclosures made by the directors. |
| - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based |
| on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that |
| may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a |
| material uncertainty exists, we are required to draw attention in our auditor's report to the related |
| disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our |
| conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, |
| future events or conditions may cause the company to cease to continue as a going concern. |
| - Evaluate the overall presentation, structure and content of the financial statements, including the |
| disclosures, and whether the financial statements represent the underlying transactions and events in a |
| manner that achieves fair presentation. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| ALL ELECTRIC GARAGES GROUP PLC |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Statutory Auditor |
| 9-11 Vittoria Street |
| Birmingham |
| B1 3ND |
| ALL ELECTRIC GARAGES GROUP PLC (REGISTERED NUMBER: 00896825) |
| PROFIT AND LOSS ACCOUNT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2024 | 2024 |
| Continuing | Discontinued | Total |
| Notes | £ | £ | £ |
| TURNOVER |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| (532,285 | ) | - | (532,285 | ) |
| Other operating income |
| OPERATING LOSS | 4 | ( |
) | ( |
) |
| Interest receivable and similar income |
| Interest payable and similar expenses | 5 | ( |
) | ( |
) |
| LOSS BEFORE TAXATION | ( |
) | ( |
) |
| Tax on loss | 6 |
| LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
| ALL ELECTRIC GARAGES GROUP PLC (REGISTERED NUMBER: 00896825) |
| PROFIT AND LOSS ACCOUNT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2023 | 2023 | 2023 |
| Continuing | Discontinued | Total |
| Notes | £ | £ | £ |
| TURNOVER |
| Cost of sales | ( |
) | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) | ( |
) |
| 30,837 | 147,624 | 178,461 |
| Other operating income |
| OPERATING PROFIT | 4 |
| Interest receivable and similar income |
| Interest payable and similar expenses | 5 | ( |
) | ( |
) |
| PROFIT BEFORE TAXATION |
| Tax on profit | 6 |
| PROFIT FOR THE FINANCIAL YEAR |
| ALL ELECTRIC GARAGES GROUP PLC (REGISTERED NUMBER: 00896825) |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| (LOSS)/PROFIT FOR THE YEAR | ( |
) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
| ALL ELECTRIC GARAGES GROUP PLC (REGISTERED NUMBER: 00896825) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 8 |
| Investments | 9 |
| CURRENT ASSETS |
| Stocks | 10 |
| Debtors | 11 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 12 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
13 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 16 |
| Retained earnings | 17 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ALL ELECTRIC GARAGES GROUP PLC (REGISTERED NUMBER: 00896825) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 December 2024 |
| ALL ELECTRIC GARAGES GROUP PLC (REGISTERED NUMBER: 00896825) |
| CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | ( |
) |
| Interest paid | ( |
) | ( |
) |
| Net cash from operating activities | ( |
) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Interest received |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Amount introduced by directors | 2,231 | 38,741 |
| Amount withdrawn by directors | (47,408 | ) | - |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
(412,278 |
) |
55,353 |
| Cash and cash equivalents at end of year |
2 |
( |
) |
( |
) |
| ALL ELECTRIC GARAGES GROUP PLC (REGISTERED NUMBER: 00896825) |
| NOTES TO THE CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| (Loss)/profit before taxation | ( |
) |
| Depreciation charges |
| Finance costs | 16,950 | 3,000 |
| Finance income | (4,155 | ) | (3,460 | ) |
| (263,907 | ) | 421,070 |
| Decrease/(increase) in stocks | ( |
) |
| (Increase)/decrease in trade and other debtors | ( |
) |
| Increase in trade and other creditors |
| Cash generated from operations | ( |
) |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 December 2024 |
| 31.12.24 | 1.1.24 |
| £ | £ |
| Cash and cash equivalents | 28,397 | 32,826 |
| Bank overdrafts | ( |
) | ( |
) |
| (219,210 | ) | (412,278 | ) |
| Year ended 31 December 2023 |
| 31.12.23 | 1.1.23 |
| £ | £ |
| Cash and cash equivalents | 32,826 | 55,353 |
| Bank overdrafts | ( |
) |
| (412,278 | ) | 55,353 |
| ALL ELECTRIC GARAGES GROUP PLC (REGISTERED NUMBER: 00896825) |
| NOTES TO THE CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.1.24 | Cash flow | At 31.12.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 32,826 | (4,429 | ) | 28,397 |
| Bank overdrafts | (445,104 | ) | 197,497 | (247,607 | ) |
| (412,278 | ) | (219,210 | ) |
| Total | (412,278 | ) | 193,068 | (219,210 | ) |
| ALL ELECTRIC GARAGES GROUP PLC (REGISTERED NUMBER: 00896825) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| All Electric Garages Group PLC is a private company , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with The Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| Preparation of consolidated financial statements and dormant subsidiary exemptions |
| The company is exempt under section 402 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as the directors consider that all of the company's subsidiaries may be excluded from consolidation for the reasons set out in note 9. These financial statements therefore present information about the company as an individual undertaking and not about its group. |
| The following dormant subsidiaries are exempt from audit under Section 480 of the Companies Act 2006, as they have been dormant throughout the financial year: |
| - Savoy Motors Limited |
| - HMC Cars Limited |
| Going Concern |
| The company's business activities together with the factors likely to affect its future development, performance and position are set out in the Strategic Report on page 2. It also describes how the company manages its capital, and the principal risks and uncertainties facing the company and its exposure to credit and liquidity risk. |
| As described in the Strategic Report on page 2, the current economic environment is challenging. The company's forecast and projections up to 30 June 2026 show that the company should be able to operate within the level of its current facilities. No matter has been brought to the directors attention to suggest that facilities will not continue to be made available to the company for the foreseeable future. The directors have not prepared forecasts past this date due to the challenging economic environment resulting in forecasts past this date becoming unreliable. |
| After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the accounts. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| ALL ELECTRIC GARAGES GROUP PLC (REGISTERED NUMBER: 00896825) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Short leasehold | - |
| Plant and machinery | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that the company anticipates making sufficient taxable profits in the future to absorb the reversal of the underlying timing differences. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Operating leases |
| Annual rentals are charged to the profit and loss account on a straight-line basis over the term of the lease. |
| Pension costs |
| Contributions to the company's defined contribution pension scheme are charged to the profit and loss account in the year in which they become payable. |
| Consignment stocks |
| Stocks held on consignment are accounted for in the balance sheet when the terms of a consignment agreement, and commercial practice indicate that principal benefit of owning the stock (the ability to sell it) and principal risks of ownership (stock holding cost, responsibility for safe-keeping and some risk of obsolescence) rest with the company. |
| 3. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Other pension costs |
| ALL ELECTRIC GARAGES GROUP PLC (REGISTERED NUMBER: 00896825) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | EMPLOYEES AND DIRECTORS - continued |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Vehicle sales | 34 | 35 |
| Service | 31 | 33 |
| Parts | 4 | 4 |
| General administration and accounts | 18 | 18 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| 4. | OPERATING (LOSS)/PROFIT |
| The operating loss (2023 - operating profit) is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| Auditors' remuneration |
| Operating lease rentals |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank interest |
| 6. | TAXATION |
| Analysis of the tax charge |
| No liability to UK corporation tax arose for the year ended 31 December 2024 nor for the year ended 31 December 2023. |
| ALL ELECTRIC GARAGES GROUP PLC (REGISTERED NUMBER: 00896825) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 6. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| (Loss)/profit before tax | ( |
) |
| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of |
( |
) |
| Effects of: |
| Expenses not deductible for tax purposes |
| Depreciation in excess of capital allowances |
| General stock provision | 3,764 | 3,716 |
| (Decrease)/Increase in tax losses | 75,808 | (93,993 | ) |
| capitalised |
| General bad debt provision | 281 | (378 | ) |
| Total tax charge | - | - |
| 7. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary shares of £1 each |
| Final |
| Interim |
| ALL ELECTRIC GARAGES GROUP PLC (REGISTERED NUMBER: 00896825) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 8. | TANGIBLE FIXED ASSETS |
| Short | Plant and |
| leasehold | machinery | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Cost or valuation at 31 December 2024 is represented by: |
| Short | Plant and | Motor |
| leasehold | machinery | vehicles | Totals |
| £ | £ | £ | £ |
| Valuation in 2015 | 296,286 | 605,332 | - | 901,618 |
| Valuation in 2016 | 3,719 | 27,914 | 52,444 | 84,077 |
| Valuation in 2017 | 39,653 | 71,648 | - | 111,301 |
| Valuation in 2018 | 24,816 | 207,967 | - | 232,783 |
| Valuation in 2019 | 302,464 | 114,718 | - | 417,182 |
| Valuation in 2020 | 9,294 | 33,625 | - | 42,919 |
| Valuation in 2021 | 84,605 | 93,599 | - | 178,204 |
| Valuation in 2022 | 196,676 | (85,599 | ) | (52,444 | ) | 58,633 |
| Valuation in 2023 | 92,988 | 31,270 | - | 124,258 |
| Valuation in 2024 | 99,500 | 43,165 | - | 142,665 |
| 1,150,001 | 1,143,639 | - | 2,293,640 |
| ALL ELECTRIC GARAGES GROUP PLC (REGISTERED NUMBER: 00896825) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 9. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| PROVISIONS |
| At 1 January 2024 |
| and 31 December 2024 | 100 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| The company owns the entire issued share capital of Savoy Motors Limited and HMC Cars Limited both of which are dormant. The capital and reserves of Savoy Motors Limited at the beginning and end of the period is a deficit of £3,454 and the capital and reserves of HMC Cars Limited at the beginning and end of the period is £111,667. |
| A provision for this amount is included within note 12 creditors: amounts falling due within one year. |
| These financial statements present information about the company as an individual undertaking and not about its group, as both subsidiaries are dormant and amounts that would be included in the consolidation accounts are immaterial. |
| 10. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| New vehicles | 3,340,539 | 2,779,170 |
| Used vehicles |
| Spares and sundries |
| There is no material difference between the replacement cost of stocks and the amounts stated above. |
| ALL ELECTRIC GARAGES GROUP PLC (REGISTERED NUMBER: 00896825) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 11. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| Directors' current accounts | 668 | - |
| VAT |
| Prepayments and accrued income |
| Amounts falling due after more than one year: |
| Directors' loan accounts | - | 1,889 |
| Aggregate amounts |
| All amounts shown under debtors fall due for payment within one year. |
| Included in other debtors is amount totalling £100,000 (2023: £100,000), held with a bank security account for which the Company has assigned title rights and for which a legal charge, dated 4 January 2012, exists. |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 14) |
| Trade creditors |
| Finance house vehicle stocking |
| facilities (Secured) | 6,080,438 | 4,432,060 |
| Amounts owed to group undertakings |
| Social security and other taxes |
| VAT | - | 47,995 |
| Other creditors |
| Directors' current accounts | 342 | - |
| Accruals and deferred income |
| ALL ELECTRIC GARAGES GROUP PLC (REGISTERED NUMBER: 00896825) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
| New vehicles are supplied on a sales or return consignment basis by various manufacturers through their finance house and title does not pass until the vehicle is sold or paid for. At the period end the value of these vehicles is shown is stock and as a creditor, stocking charges are applied to vehicles after varying free stocking periods of up to 90 days and payments for vehicles not sold become due after 180 days or such extended periods as are often allowed. |
| Included in finance lease vehicle stocking facilities are amounts totalling £3,081,090 (2023: £2,604,570) to Hyundai and £Nil (2023: £531,140) to Skoda secured by way of a legal charge on property at Alcester Road South personally owned by the Director and shareholder John Leek. |
| 13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Directors' loan accounts | - | 46,740 |
| 14. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| The bank overdraft is secured by way of a legal charge against the leasehold property at Stourbridge. |
| 15. | LEASING AGREEMENTS |
| Minimum lease payments for land and buildings under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year | 266,500 | 266,500 |
| Between one and five years | 558,125 | 772,625 |
| In more than five years | 416,000 | 455,000 |
| 1,240,625 | 1,494,125 |
| 16. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 100,000 | 100,000 |
| ALL ELECTRIC GARAGES GROUP PLC (REGISTERED NUMBER: 00896825) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 17. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2024 |
| Deficit for the year | ( |
) |
| Dividends | ( |
) |
| At 31 December 2024 |
| 18. | RELATED PARTY DISCLOSURES |
| Controlling Parties |
| The company is controlled by its principal shareholder, Mr J S Leek. There is also significant influence from the minority shareholder and Managing Director, Mr J Pickerill. |
| Loans and transactions concerning directors and officers of the company |
| At 31 December 2024 there was a balance outstanding due to Mr J S Leek of £342 (2023: £46,740). The highest commercial balance outstanding in the year was £46,740 (2023: £52,989). This amount has been provided interest free. |
| During the year the company received vehicle funding from Earls Way Investments Ltd, a company in which Mr J S Leek holds a directorship. At 31 December there was a balance outstanding to Earls Way Investments Ltd of £55,000 (2023: £162,250) and the highest commercial balance outstanding in the year was £162,250. |
| The company also provides back office services to Earls Way Investments Ltd. During the year the company received income of £48,000 (2023: £48,000) in relation to these services and at the 31 December 2024 there was an outstanding balance of £Nil (2023: £Nil). |
| During the year the company received vehicle funding from Mr J S Leek. At 31 December there was a balance outstanding to Mr J S Leek of £148,419 (2023: £365,479) and the highest commercial balance outstanding in the year was £365,479. |
| Costs including the salary of one member of staff, are recharged to BHC Car Parks Limited, a company in which Mr J S Leek holds a directorship. During the period invoices were raised totalling £34,578 (2023: £34,666) in relation to this. At 31 December 2024 there was an outstanding balance of £Nil (2023: £Nil). |
| Balances with subsidiary entities |
| At 31 December 2024 an amount of £111,667 (2023: £111,667) is owed to the subsidiary undertaking HMC Cars Limited. An amount of £3,454 (2023: £3,454) is owed by Savoy Motors Limited to the company, however in both the current and previous period this balance was fully provided. |
| ALL ELECTRIC GARAGES GROUP PLC (REGISTERED NUMBER: 00896825) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 19. | PENSIONS |
| The company operates a money purchase pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge amounted to £57,914 (2023: £60,685). At the year end contributions totalling £9,137 (2023: £8,671) were outstanding and included in other creditors. |