Company registration number 02670208 (England and Wales)
HATFIELDS GARAGES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
HATFIELDS GARAGES LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
HATFIELDS GARAGES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 JANUARY 2025
31 January 2025
- 1 -
2025
2024
Notes
£
£
£
£
Current assets
Inventories
5
1,515,188
-
Trade and other receivables
6
323,769
10,529
Cash and cash equivalents
389,980
1,168
2,228,937
11,697
Current liabilities
7
(2,288,467)
(109,463)
Net current liabilities
(59,530)
(97,766)
Total assets less current liabilities
(59,530)
(97,766)
Equity
Called up share capital
10
100
100
Retained earnings
(59,630)
(97,866)
Total equity
(59,530)
(97,766)
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.
The financial statements were approved by the board of directors and authorised for issue on 6 June 2025 and are signed on its behalf by:
Mr G S Williams
Director
Company registration number 02670208 (England and Wales)
HATFIELDS GARAGES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
- 2 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 February 2023
100
(95,726)
(95,626)
Year ended 31 January 2024:
Loss and total comprehensive income
-
(2,140)
(2,140)
Balance at 31 January 2024
100
(97,866)
(97,766)
Year ended 31 January 2025:
Profit and total comprehensive income
-
38,236
38,236
Balance at 31 January 2025
100
(59,630)
(59,530)
HATFIELDS GARAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -
1
Accounting policies
Company information
Hatfields Garages Limited is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is Hatfields, Thornton Road, Pickering, North Yorkshire.
1.1
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
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 on the historical cost convention. The principal accounting policies adopted are set out below.
The following exemptions from the requirements of IFRS have been applied in the preparation of these financial statements, in accordance with FRS 101:
Cash flow statement and related notes
Comparative period reconciliations for property and equipment under operating leases, other property and equipment and intangible assets
Disclosures in respect of transactions with wholly owned subsidiaries
Disclosures in respect of capital management
The effects of new but not yet effective IFRSs
Disclosures in respect of the compensation of Key Management Personnel
Disclosures of key assumptions (including sensitivities) and valuation technique used in the determination of recoverable amount for impairment purposes
As the consolidated financial statements of the ultimate parent undertaking include the equivalent disclosures, the Company has also taken the exemptions under FRS 101 available in respect of the following disclosures:
Hatfields Garages Limited is a wholly owned subsidiary of McLean & Appleton Limited which is under the ultimate control of McLean & Appleton (Holdings) Limited. The results of Hatfields Garages Limited are included in the consolidated financial statements of McLean & Appleton (Holdings) Limited which are available from their registered office, Hatfields, Thornton Road, Pickering, North Yorkshire.
1.2
Going concern
The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany 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.
1.3
Revenue
Revenue 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (when the vehicle or parts have been supplied to the customer) and from services is recognised when the service has been completed. For both goods and services recognition of revenue also requires that 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.
HATFIELDS GARAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 4 -
1.4
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Provision is made where necessary for obsolete, slow moving and defective inventory.
1.5
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks.
1.6
Financial instruments
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially recognised at their fair value plus directly attributable transaction costs for all financial assets or financial liabilities not classified at fair value through profit or loss.
Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when the company has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when the contractual rights to the cash flows from the financial assets expire or when the entity transfers the financial asset and the transfer qualifies for derecognition. Financial liabilities are derecognised when they are extinguished. This occurs when the obligation specified in the contract is discharged, cancelled or expires.
Financial assets held at amortised cost
Classification of financial assets
All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value.
Debt instruments that meet the following conditions are subsequently measured at amortised cost:
the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and
the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
The business model
An assessment of business models for managing financial assets is fundamental to the classification of a financial asset. The company determines the business models at a level that reflects how the group of financial assets are managed together to achieve a particular business objective.
The company’s business model does not depend on management’s intentions for an individual instrument, therefore the business model assessment is performed at a higher level of aggregation rather than on an instrument-by-instrument basis.
Debt instruments measured at amortised cost
The following financial assets are classified within this category - other receivables and cash at bank. Appropriate allowances for expected credit losses (‘ECLs’) are recognised in profit or loss.
Financial liabilities and equity
Trade and other payables are classified with current liabilities and are stated at their nominal value.
Borrowings are initially measured at fair value and subsequently measured at amortised cost using the effective interest method, with interest recognised on an effective yield basis.
Ordinary shares issued by the company are classified as equity instruments.
HATFIELDS GARAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 5 -
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Critical accounting estimates and judgements
In the application of the company’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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
HATFIELDS GARAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Sales
1
-
Administration
3
3
Total
4
3
In the current year, staff costs include amounts recharged from a fellow subsidiary, Warrington Garages Limited, in relation to an average of 1 employee providing services to Hatfields Garages Limited. No amounts were recharged in the prior year.
4
Auditor's remuneration
2025
2024
Fees payable to the company's auditor:
£
£
For audit services
Audit of the financial statements of the company
10,000
2,000
5
Inventories
2025
2024
£
£
New vehicle stock
706,661
-
Used vehicle stock
808,527
-
1,515,188
-
A corresponding liability amounting to £1,073,038 (2024: £nil) is held in trade payables in respect of vehicle stocks invoiced not yet paid.
HATFIELDS GARAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 7 -
6
Trade and other receivables
2025
2024
£
£
Trade receivables
184,148
-
VAT recoverable
139,621
-
Amounts owed by fellow group undertakings
10,529
323,769
10,529
Trade receivables disclosed above are classified as loans and receivables and are therefore measured at amortised cost.
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
The company has reviewed trade receivables and does not consider there to be any expected credit losses that need to be accounted for.
7
Liabilities
2025
2024
Notes
£
£
Trade and other payables
8
2,275,322
107,376
Corporation tax
13,145
2,087
2,288,467
109,463
8
Trade and other payables
2025
2024
£
£
Trade payables
1,096,510
Amounts owed to fellow group undertakings
1,178,812
107,376
2,275,322
107,376
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
9
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
550
-
The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. The charge above represents amounts recharged from other group companies.
HATFIELDS GARAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 8 -
10
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
The holders of ordinary shares are entitled to receive dividends and are entitled to one vote per share at meetings of the Company. All ordinary shares rank equally with regard to the Company's residual assets.
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Emma Woods
Statutory Auditor:
Barlow Andrews LLP
Date of audit report:
6 June 2025
12
Contingent liabilities
The company is party to composite guarantees in respect of the directors' and other loan accounts included within McLean & Appleton Limited. The maximum involved under these guarantees at 31 January 2025 was £0.5m (2024: £0.8m).
13
Controlling party
The company's immediate parent is McLean & Appleton Limited.
Its ultimate parent undertaking is McLean & Appleton (Holdings) Limited and it is under the ultimate control of Mr G S Williams.
The company is included in the consolidated accounts of McLean & Appleton (Holdings) Limited which are available from its registered office, Hatfields, Thornton Road, Pickering, North Yorkshire.
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