Company registration number 13623007 (England and Wales)
ALTON CARS HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ALTON CARS HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr Rofique Ali
Mrs Sophie Braithwaite
Mr Thomas Butterworth
Mr Graham Connell
Mr Wesley Greaves
(Appointed 8 August 2024)
Mr Neilson Jones
Mr Thomas Jones
Mr Julian Milner
Secretary
Mrs Sophie Braithwaite
Company number
13623007
Registered office
Alton Cars
Cross Green Approach
Cross Green Industrial Estate
Leeds
West Yorkshire
England
LS9 0SG
Auditor
BHP LLP
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
ALTON CARS HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 34
ALTON CARS HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

The group is a provider of accident repair services, in the insurance, accident management and fleet sectors. It operates in the UK, and currently has 16 accident repair centres in Yorkshire, Humberside, Derbyshire, Nottinghamshire and the North West. Its supply chain includes paint and parts suppliers and manufacturers.

 

The Directors are pleased to report that the group is reporting profit before tax for 2024 of £83,378 (2023: £1,722,860). This year the repair sector was subjected to inconsistent peaks and troughs in volume, coupled with the increase in the minimum wage the Directors made the decision to increase the middle band of employees’ wages within the business to underpin the continued staff retention that the success of the group is based upon.

 

The Directors are pleased to report a substantial increase in both turnover and profitability for the first quarter of 2025 with the expected turnover projected to rise by a further £1.2 million to £66.5 million, this increase will be driven by inflationary rises and continued improved efficiencies.

Principal risks and uncertainties

The principal risks and uncertainties for the group arise from the economic climate and competition with other accident repair groups in our market.

 

The accident repair industry continues to be in a state of flux. The ongoing economic climate is having a direct impact on the number of accident claims being reported to insurers. The main reason for this is that comparison websites allow for customers to increase their policy excess enabling them to reduce their insurance premium and coupled with higher interest rates and living costs, this impacts on the consumer being able to afford to have their car repaired.

 

The group has strong working relationships with key work providers. This is allowing the group to minimise the impact of reduced sales volumes that others within the industry are experiencing. Working closer than ever with our suppliers, we are confident that the business is on a firm footing and set to continue to improve both turnover and profitability.

 

The process of risk acceptance and risk management is addressed through a framework of policies, procedures, and internal controls. All policies are subject to management approval and ongoing review.

 

The group has developed a framework for identifying the risks that it is exposed to and their impact on economic capital. This process is risk-based and uses individual capital assessment principles to manage our capital requirements and to ensure that we have the financial strength and capital adequacy to support the growth of the business.

Strategy and future developments

The group's continued success is based upon providing the very highest levels of service to work providers, policyholders, and its key partners, as well as securing the best prices for parts and paint, based on continued growth. The group continues to work very closely with both insurers and accident management companies, offering a one stop solution through its central deployment centre. Having this relationship with our partners allows the group to continue to grow and meet its own strategic

business plan and also to support its partners in offering the same high standard of service across the group.

 

The group continues to hold 26 vehicle manufacturer approvals, which includes Mercedes, Audi, VW and Ford. Coupled with the approvals, the group continues to invest heavily in training, technology and its trainee program, with 23 trainee technicians and 5 trainee VDA's.

 

The group is well placed from a strong financial base for the coming years. A 5-year business plan is in place to ensure the group reaches its maximum potential.

Key performance indicators

The directors consider turnover and operating profit to be the key performance indicators for the business and they are reported monthly.

ALTON CARS HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Corporate and social responsiblity

Employee engagement

The group is an equal opportunities employer, allows its employees to identify their chosen gender, including non-binary, and has taken action to provide employees with information on matters of concern to them and to regularly consult to allow employee views to be considered. It has a zero-tolerance policy towards slavery and human trafficking, please refer to the group's website for its policy on modern slavery. Its gender pay report, also published on its website, makes it clear the progress being made to ensure equal pay.

 

Suppliers

Group policy is to set terms of payment when agreeing each transaction with suppliers, clearly explain payment procedures, consistently settle bills within contract terms and extend terms only with prior agreement. The group operates systems for promptly advising suppliers of, and resolving, queried and contested items.

 

Environment

The Group is carbon neutral and is currently assessed against the PAS2060:2014 standard by ECA Energy.  The Group has a carbon management and offsetting plan and has a target to reduce emissions by 2% annually.  Our 2024 data has now been published, and we are pleased to report that we have continued to make further reductions in line with our plan.  Total energy used for 2024 fell to 7.1m kwh (2023 7.8m KWH), a reduction of 9%.  Some of this has been achieved by investing in more energy efficient equipment and some by introducing more air-drying paint products.  Air drying paints do not need to be baked using heat, so reducing gas consumption.  In addition, all electricity purchased is from renewable sources.

 

Total carbon emissions decreased from 1,561 tCO2e in 2023 to 1,416 tCO2e in 2024 which represents a 9% reduction in emissions.  Against the base year of 202, this is a 20% reduction.  In 2024, the Group continued to invest in the latest energy efficient equipment across Group, and continued our refurbishment plans across our sites ensuring that energy saving measures were considered throughout this process.

 

PAS2060:2014 is coming to an end this year, and the Group along with a number of key stakeholders in the industry have been key in writing a brand-new standard for our industry.  Alton are the first Bodyshop Group transitioning to the new standard called ARIES, and this is expected to be in place by June 2025.

Promoting the success of the company

The directors are aware of their duties to promote the success of the group for the benefit of the members with regard to the following factors:

 

On behalf of the board

Mr Neilson Jones
Director
29 May 2025
ALTON CARS HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of group continued to be that of providing accident repair services, in the insurance, accident management and fleet sectors.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

No preference dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr Rofique Ali
Mrs Sophie Braithwaite
Mr Thomas Butterworth
Mr Graham Connell
Mr Wesley Greaves
(Appointed 8 August 2024)
Mr Neilson Jones
Mr Thomas Jones
Mr Julian Milner
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

Alton Cars Holdings Limited have two EMI schemes in place which gives 5 of our Directors the option to exercise their rights to shares.  At the time of writing this report, none of these have yet been exercised.  The scheme has been established to further encourage the involvement of our senior team in the ongoing performance of the company, and as a means to reward them for their continued hard work and dedication.

 

Auditor

BHP LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

The company set out below their energy consumption and emissions for the financial year.

ALTON CARS HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
7,156,799
7,870,261
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
817.00
936.00
- Fuel consumed for owned transport
229.00
255.00
1,046.00
1,191.00
Scope 2 - indirect emissions
- Electricity purchased
370.00
371.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
-
-
Total gross emissions
1,416.00
1,562.00
Intensity ratio
Tonnes CO2e per £1million turnover
21.7
24.3
Quantification and reporting methodology

The Group has followed the 2019 HM Government Environmental Reporting Guidelines. They have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Group Reporting.

 

Intensity measurement

The Group has used turnover to calculate the intensity metric. The formula used to calculate this is tCO2/£1m turnover (£).

 

Measures taken to improve energy efficiency

The Group have replaced twelve trucks in the year with newer, more efficient models and continued to upgrade on site equipment such as compressors, heating systems and dust extraction units.

 

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

ALTON CARS HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
On behalf of the board
Mr Neilson Jones
Director
29 May 2025
ALTON CARS HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

ALTON CARS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALTON CARS HOLDINGS LIMITED
- 7 -
Opinion

We have audited the financial statements of Alton Cars Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

ALTON CARS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALTON CARS HOLDINGS LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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.

We focused on laws and regulations, relevant to the company, which could give rise to a material misstatement in the financial statements. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management, review of client's operation of controls within the year (in particular; treatment of revenue within the accounts and the posting of manual journals affecting the balances within the accounts) and review of expenses, such as legal costs. There are inherent limitations in the audit procedures described 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.

As part of our audit, we addressed the risk of management override of internal controls, including testing of journals and review of nominal ledger. We evaluated whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

ALTON CARS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALTON CARS HOLDINGS LIMITED
- 9 -

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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Ann Brown (Senior Statutory Auditor)
For and on behalf of BHP LLP, Statutory Auditor
Chartered Accountants
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
29 May 2025
ALTON CARS HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
as restated
Notes
£
£
Turnover
3
65,259,490
64,160,909
Cost of sales
(47,131,779)
(44,882,257)
Gross profit
18,127,711
19,278,652
Administrative expenses
(17,616,337)
(17,091,921)
Other operating income
276,690
248,529
Share based payment charge
4
(196,516)
(144,043)
Operating profit
5
591,548
2,291,217
Interest receivable and similar income
8
9,704
2,163
Interest payable and similar expenses
9
(517,874)
(570,720)
Profit before taxation
83,378
1,722,660
Tax on profit
10
(383,805)
(724,233)
(Loss)/profit for the financial year
(300,427)
998,427
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
ALTON CARS HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
11
7,111,930
8,117,228
Tangible assets
12
1,919,092
1,800,186
9,031,022
9,917,414
Current assets
Stocks
15
2,201,705
2,840,874
Debtors
16
6,747,296
6,357,350
Cash at bank and in hand
974,575
320,394
9,923,576
9,518,618
Creditors: amounts falling due within one year
17
(12,134,614)
(10,996,973)
Net current liabilities
(2,211,038)
(1,478,355)
Total assets less current liabilities
6,819,984
8,439,059
Creditors: amounts falling due after more than one year
18
(2,681,685)
(4,285,982)
Provisions for liabilities
Deferred tax liability
21
281,296
192,163
(281,296)
(192,163)
Net assets
3,857,003
3,960,914
Capital and reserves
Called up share capital
24
721,818
721,818
Share premium account
1,939,062
1,939,062
Profit and loss reserves
1,196,123
1,300,034
Total equity
3,857,003
3,960,914
The financial statements were approved by the board of directors and authorised for issue on 29 May 2025 and are signed on its behalf by:
29 May 2025
Mr Neilson Jones
Director
Company registration number 13623007 (England and Wales)
ALTON CARS HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investments
13
15,740,801
15,544,285
Current assets
Cash at bank and in hand
84,529
392
Creditors: amounts falling due within one year
17
(9,474,768)
(8,256,268)
Net current liabilities
(9,390,239)
(8,255,876)
Total assets less current liabilities
6,350,562
7,288,409
Creditors: amounts falling due after more than one year
18
(2,291,667)
(4,031,000)
Net assets
4,058,895
3,257,409
Capital and reserves
Called up share capital
24
721,818
721,818
Share premium account
1,939,062
1,939,062
Profit and loss reserves
1,398,015
596,529
Total equity
4,058,895
3,257,409

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £604,970 (2023 - £396,079 profit).

The financial statements were approved by the board of directors and authorised for issue on 29 May 2025 and are signed on its behalf by:
29 May 2025
Mr Neilson Jones
Director
Company registration number 13623007 (England and Wales)
ALTON CARS HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
721,818
1,939,062
157,564
2,818,444
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
998,427
998,427
Credit to equity for equity settled share-based payments
23
-
-
144,043
144,043
Balance at 31 December 2023
721,818
1,939,062
1,300,034
3,960,914
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
(300,427)
(300,427)
Credit to equity for equity settled share-based payments
23
-
-
196,516
196,516
Balance at 31 December 2024
721,818
1,939,062
1,196,123
3,857,003
ALTON CARS HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
721,818
1,939,062
56,407
2,717,287
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
396,079
396,079
Credit to equity for equity settled share-based payments
23
-
-
144,043
144,043
Balance at 31 December 2023
721,818
1,939,062
596,529
3,257,409
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
604,970
604,970
Credit to equity for equity settled share-based payments
23
-
-
196,516
196,516
Balance at 31 December 2024
721,818
1,939,062
1,398,015
4,058,895
ALTON CARS HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
3,672,887
4,107,338
Interest paid
(517,874)
(570,720)
Income taxes paid
(806,298)
(895,747)
Net cash inflow from operating activities
2,348,715
2,640,871
Investing activities
Purchase of tangible fixed assets
(284,473)
(266,926)
Loan advances
-
25,000
Interest received
9,704
2,163
Net cash used in investing activities
(274,769)
(239,763)
Financing activities
Repayment of debentures
(5,247,000)
(1,688,000)
Proceeds from borrowings
1,150,321
-
Repayment of borrowings
-
(530,626)
Proceeds from new bank loans
4,400,000
-
Repayment of bank loans
(1,508,333)
-
Payment of finance leases obligations
(214,753)
(201,062)
Net cash used in financing activities
(1,419,765)
(2,419,688)
Net increase/(decrease) in cash and cash equivalents
654,181
(18,580)
Cash and cash equivalents at beginning of year
320,394
338,974
Cash and cash equivalents at end of year
974,575
320,394
ALTON CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
1
Accounting policies
Company information

Alton Cars Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Alton Cars, Cross Green Approach, Cross Green Industrial Estate, Leeds, West Yorkshire, England, LS9 0SG.

 

The group consists of Alton Cars Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

ALTON CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Alton Cars Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

ALTON CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Short leasehold
10% straight line
Plant and machinery
15% straight line
Fixtures and fittings
15% straight line
Motor vehicles
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

ALTON CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

ALTON CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

ALTON CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
Derecognition of financial liabilities

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

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

ALTON CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
1.17
Share-based payments

The company participates in a share-based payment arrangement granted to its employees and employees of its subsidiaries. The company has elected to recognise and measure its share-based payment expense on the basis of a reasonable allocation of the expense for the group recognised in its consolidated accounts. The directors consider the number of unvested options granted to the company’s employees compared to the total unvested options granted under the group plan to be a reasonable basis for allocating the expense.

 

The expense in relation to options over the company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Work in progress

An element of judgement is involved in the percentage used to calculate the work in progress at the reporting date. The work in progress calculated is based on actual costs up to the reporting date with a percentage relating to the progress then applied.

ALTON CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales
65,259,490
64,160,909
2024
2023
£
£
Turnover analysed by geographical market
UK
65,259,490
64,160,909
2024
2023
£
£
Other revenue
Interest income
9,704
2,163
4
Exceptional item
2024
2023
£
£
Expenditure
Share based payment charge
196,516
144,043
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
500,814
441,972
Depreciation of tangible fixed assets held under finance leases
63,545
83,629
Amortisation of intangible assets
1,005,298
1,005,300
Operating lease charges
1,933,315
1,949,302
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
30,000
25,350
Audit of the financial statements of the company's subsidiaries
22,500
23,100
52,500
48,450
ALTON CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Productive staff
173
161
-
-
Administrative staff
235
267
-
-
Management
12
12
-
-
Total
420
440
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
17,338,700
15,875,561
-
0
-
0
Social security costs
1,707,743
1,577,518
-
-
Pension costs
360,059
315,037
-
0
-
0
19,406,502
17,768,116
-
0
-
0
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
9,704
218
Other interest income
-
1,945
Total income
9,704
2,163
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
233,530
308,734
Other interest on financial liabilities
255,404
234,958
Interest on finance leases and hire purchase contracts
28,940
27,028
Total finance costs
517,874
570,720
ALTON CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
294,672
745,312
Deferred tax
Origination and reversal of timing differences
89,133
(21,079)
Total tax charge
383,805
724,233

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
83,378
1,722,660
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
20,845
430,665
Tax effect of expenses that are not deductible in determining taxable profit
15,347
318,418
Change in unrecognised deferred tax assets
(1,913)
-
0
Amortisation on assets not qualifying for tax allowances
251,323
-
0
Fixed asset differences
26,888
(26,120)
Under provision of deferred tax in prior year
71,315
-
0
Losses carried forward
-
0
1,270
Taxation charge
383,805
724,233
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
10,052,978
Amortisation and impairment
At 1 January 2024
1,935,750
Amortisation charged for the year
1,005,298
At 31 December 2024
2,941,048
Carrying amount
At 31 December 2024
7,111,930
At 31 December 2023
8,117,228
ALTON CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Intangible fixed assets
(Continued)
- 26 -
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.

 

12
Tangible fixed assets
Group
Short leasehold
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
1,125,656
2,298,627
91,584
322,203
3,838,070
Additions
65,579
146,694
10,408
460,584
683,265
At 31 December 2024
1,191,235
2,445,321
101,992
782,787
4,521,335
Depreciation and impairment
At 1 January 2024
668,645
1,167,052
53,891
148,296
2,037,884
Depreciation charged in the year
106,105
359,017
15,913
83,324
564,359
At 31 December 2024
774,750
1,526,069
69,804
231,620
2,602,243
Carrying amount
At 31 December 2024
416,485
919,252
32,188
551,167
1,919,092
At 31 December 2023
457,011
1,131,575
37,693
173,907
1,800,186
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
15,400,242
15,400,242
Loans to subsidiaries
14
-
0
-
0
340,559
144,043
-
0
-
0
15,740,801
15,544,285
ALTON CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
Loans to subsidiaries
Total
£
£
£
Cost or valuation
At 1 January 2024
15,400,242
144,043
15,544,285
Additions
-
196,516
196,516
At 31 December 2024
15,400,242
340,559
15,740,801
Carrying amount
At 31 December 2024
15,400,242
340,559
15,740,801
At 31 December 2023
15,400,242
144,043
15,544,285
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Alton Cars Limited (01469019)
Cross Green Approach, Cross Green Industrial Estate, Leeds, West Yorkshire, LS9 0SG
Ordinary
100.00
Motowheel Limited (10329632)
As above
Ordinary
100.00

The investments in subsidiaries are all stated at cost.

 

All of the subsidiaries are consolidated.

 

For the year ended 31 December 2024, Motowheel Limited (company number 10329632) was exempt from audit under section 479A-479C of the Companies Act 2006.

15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
350,000
312,913
-
-
Work in progress
1,851,705
2,527,961
-
-
2,201,705
2,840,874
-
-
ALTON CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,206,341
6,007,855
-
0
-
0
Corporation tax recoverable
158,128
-
0
-
0
-
0
Other debtors
81,151
51,984
-
0
-
0
Prepayments and accrued income
301,676
297,511
-
0
-
0
6,747,296
6,357,350
-
-
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Debenture loans
19
-
0
1,716,000
-
0
1,716,000
Bank loans
19
1,100,000
-
0
1,100,000
-
0
Obligations under finance leases
20
238,059
189,056
-
0
-
0
Other borrowings
19
3,339,023
2,188,702
-
0
-
0
Trade creditors
4,525,894
4,722,454
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
8,372,155
6,537,655
Corporation tax payable
-
0
353,498
-
0
-
0
Other taxation and social security
1,010,198
1,235,464
-
-
Other creditors
1,622,757
234,321
362
362
Accruals and deferred income
298,683
357,478
2,251
2,251
12,134,614
10,996,973
9,474,768
8,256,268

The bank loan is secured by fixed and floating charges over the assets of the company.

 

Obligations under finance leases are secured on the assets to which they relate.

 

Other borrowings represents an invoice discounting facility. This balance is secured by fixed and floating charges over the assets of the subsidiary.

18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Debenture loans
19
-
0
3,531,000
-
0
3,531,000
Bank loans and overdrafts
19
2,291,667
500,000
2,291,667
500,000
Obligations under finance leases
20
390,018
254,982
-
0
-
0
2,681,685
4,285,982
2,291,667
4,031,000
ALTON CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Creditors: amounts falling due after more than one year
(Continued)
- 29 -

The bank loan is secured by fixed and floating charges over the assets of the company.

 

Obligations under finance leases are secured on the assets to which they relate.

19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Debenture loans
-
0
5,247,000
-
0
5,247,000
Bank loans
3,391,667
500,000
3,391,667
500,000
Other loans
3,339,023
2,188,702
-
0
-
0
6,730,690
7,935,702
3,391,667
5,747,000
Payable within one year
4,439,023
3,904,702
1,100,000
1,716,000
Payable after one year
2,291,667
4,031,000
2,291,667
4,031,000

The company received a bank loan of £4,400,000 during the year. This loan is repayable in monthly instalments over 5 years and attracts an interest rate of 3.25% over Bank of England base rate.

 

Other loans represent an invoice discounting facility.

20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
238,059
189,057
-
0
-
0
In two to five years
390,018
254,981
-
0
-
0
628,077
444,038
-
-

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. There are no restrictions placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

ALTON CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
366,436
228,174
Share based payments
(85,140)
(36,011)
281,296
192,163
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
192,163
-
Charge to profit or loss
89,133
-
Liability at 31 December 2024
281,296
-

The net reversal of deferred tax liabilities expected to occur in the next year is £46,000.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
360,059
315,037

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share-based payment transactions
Company
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 January 2024 and 31 December 2024
345
276
534.49
423.00
Exercisable at 31 December 2024
-
-
-
-
ALTON CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
23
Share-based payment transactions
(Continued)
- 31 -

The options outstanding at 31 December 2024 had an exercise price ranging from £423 to £980, and a remaining contractual life of 2 years.

Company

During the year ended 31 December 2022, the company granted share options to certain employees for 276 ordinary shares in the company.

 

During the year ended 31 December 2024, the company granted further share options to an employee for 69 ordinary shares in the company.

The valuation of the shares was determined using the Black-Scholes option pricing model at the grant date and the charges are being spread over the vesting periods.

 

For the options granted on 16 December 2022, the key inputs into the model were:

 

For the options granted on 1 August 2024, the key inputs into the model were:

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,968
1,968
1,968
1,968
Ordinary A shares of £1 each
25
25
25
25
Ordinary B shares of £1 each
25
25
25
25
Ordinary C share of £1 each
100
100
100
100
2,118
2,118
2,118
2,118
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
719,700
719,700
719,700
719,700
Preference shares classified as equity
719,700
719,700
Total equity share capital
721,818
721,818
ALTON CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
24
Share capital
(Continued)
- 32 -

The ordinary C shares are issued to the former owners of the subsidiaries. They have no entitlement to dividends. If there is a breach of the sale agreement, their voting rights shall be 10 times the normal voting rights.

 

The preference shares have no voting rights and are non-redeemable except upon a liquidation or capital reduction, when the nominal value is repayable before a distribution to any other class of share.

25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
2,503,752
2,710,461
-
-
Between two and five years
5,780,593
6,882,100
-
-
In over five years
4,431,309
5,411,058
-
-
12,715,654
15,003,619
-
-
26
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
166,500
-
-
-
27
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Purchases
Purchases
2024
2023
£
£
Group
Other related parties
21,000
18,481
ALTON CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
28
Cash generated from group operations
2024
2023
£
£
(Loss)/profit after taxation
(300,427)
998,427
Adjustments for:
Taxation charged
383,805
724,233
Finance costs
517,874
570,720
Investment income
(9,704)
(2,163)
Amortisation and impairment of intangible assets
1,005,298
1,005,300
Depreciation and impairment of tangible fixed assets
564,359
525,601
Equity settled share based payment expense
196,516
144,043
Movements in working capital:
Decrease/(increase) in stocks
639,169
(261,484)
(Increase)/decrease in debtors
(231,818)
376,158
Increase in creditors
907,815
26,503
Cash generated from operations
3,672,887
4,107,338
29
Analysis of changes in net debt - group
1 January 2024
Cash flows
New finance leases
31 December 2024
£
£
£
£
Cash at bank and in hand
320,394
654,181
-
974,575
Borrowings excluding overdrafts
(7,935,702)
1,205,012
-
(6,730,690)
Obligations under finance leases
(444,038)
214,753
(398,792)
(628,077)
(8,059,346)
2,073,946
(398,792)
(6,384,192)
30
Prior period adjustment
Changes to the balance sheet - group
As previously reported
Adjustment
As restated at 31 Dec 2023
£
£
£
Provisions for liabilities
Deferred tax
(228,174)
36,011
(192,163)
Capital and reserves
Profit and loss reserves
1,264,023
36,011
1,300,034
ALTON CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
30
Prior period adjustment
(Continued)
- 34 -
Changes to the profit and loss account - group
As previously reported
Adjustment
As restated
Period ended 31 December 2023
£
£
£
Exceptional items
-
(144,043)
(144,043)
Taxation
(760,244)
36,011
(724,233)
Profit after taxation
1,106,459
(108,032)
998,427

EMI options were granted to certain employees of the subsidiary on 16 December 2022. The options were granted at a discounted rate compared to market value. This was not accounted for in the prior year financial statements.

 

The prior year adjustment made is to recognise a share based payment charge and the respective deferred tax movement.

Changes to the balance sheet - company
As previously reported
Adjustment
As restated at 31 Dec 2023
£
£
£
Fixed assets
Investments
15,400,242
144,043
15,544,285
Capital and reserves
Profit and loss reserves
452,486
144,043
596,529
Changes to the profit and loss account - company
As previously reported
Adjustment
As restated
Period ended 31 December 2023
£
£
£
Profit after taxation
396,079
-
396,079
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