Company registration number 02016098 (England and Wales)
NATIONWIDE MOTOR CONTRACTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
NATIONWIDE MOTOR CONTRACTS LIMITED
COMPANY INFORMATION
Directors
Mr G S Williams
Mr P Bennett
Secretary
Mr J S Williams Jnr
Company number
02016098
Registered office
Hatfields
Thornton Road
Pickering
North Yorkshire
England
Independent Auditor
Barlow Andrews LLP
Carlyle House
78 Chorley New Road
Bolton
Bankers
Barclays Bank Plc
Leicester
NATIONWIDE MOTOR CONTRACTS LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
Statement of financial position
2
Statement of changes in equity
3
Notes to the financial statements
4 - 13
NATIONWIDE MOTOR CONTRACTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
- 1 -
The directors present their annual report and financial statements for the year ended 31 January 2025.
Principal activities
The principal activity of the company is that of the administration of the Employee Car Ownership Scheme.
Results and dividends
The results for the year are set out on .
No ordinary 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 G S Williams
Mr J S Williams Snr
(Deceased 19 August 2024)
Mr P Bennett
Auditor
In accordance with the company's articles, a resolution proposing that Barlow Andrews LLP be reappointed as auditor of the company will be put at a General Meeting.
Energy and carbon report
This company is a qualifying entity for the purposes of FRS 101, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company. The company has therefore taken advantage of exemptions from the disclosure requirements relating to energy and carbon reporting.
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 company’s auditor 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 company’s auditor is aware of that information.
Small companies exemption
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
On behalf of the board
Mr G S Williams
Director
6 June 2025
NATIONWIDE MOTOR CONTRACTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 JANUARY 2025
31 January 2025
- 2 -
2025
2024
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
8
501,838
Current assets
Trade and other receivables
9
3,640,796
5,665,253
Cash and cash equivalents
3,058,387
716,513
6,699,183
6,381,766
Current liabilities
10
(6,376,462)
(5,781,046)
Net current assets
322,721
600,720
Total assets less current liabilities
824,559
600,720
Non-current liabilities
10
(190,947)
Net assets
633,612
600,720
Equity
Called up share capital
15
100
100
Retained earnings
633,512
600,620
Total equity
633,612
600,720
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
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 No. 02016098
NATIONWIDE MOTOR CONTRACTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 February 2023
100
586,505
586,605
Year ended 31 January 2024:
Profit and total comprehensive income
-
14,115
14,115
Balance at 31 January 2024
100
600,620
600,720
Year ended 31 January 2025:
Profit and total comprehensive income
-
32,892
32,892
Balance at 31 January 2025
100
633,512
633,612
NATIONWIDE MOTOR CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 4 -
1
Accounting policies
Company information
Nationwide Motor Contracts 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:
A cash flow statement and related notes
Disclosures in respect of transactions with wholly owned subsidiaries
Disclosures in respect of capital management
The effects of new but not yet effective IFRSs
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:
Nationwide Motor Contracts Limited is a wholly owned subsidiary of McLean & Appleton Limited which is under the ultimate control of McLean & Appleton (Holdings) Limited. The results of Nationwide Motor Contract 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 measured based on the consideration specified in the contract with a customer. The company recognises revenue when (or as) it satisfies a performance obligation by providing a service to the Employee Car Ownership Scheme.
Interest income is recognised using the effective interest method.
NATIONWIDE MOTOR CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 5 -
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Right-of-use asset
Straight line over the term of the lease
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 income statement.
1.5
Impairment of tangible and intangible assets
At each reporting end date, the company reviews the carrying amounts of its tangible 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.
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.
1.6
Cash and cash equivalents
Cash and cash equivalents include cash in hand and bank.
1.7
Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a 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.
NATIONWIDE MOTOR CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 6 -
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 - trade receivables and cash at bank. Appropriate allowances for expected credit losses (‘ECLs’) are recognised in profit or loss.
Financial liabilities and equity
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
NATIONWIDE MOTOR CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 7 -
1.12
Leases
At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.
NATIONWIDE MOTOR CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 8 -
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.
Critical judgements
Sales to employees
The company is required to assess the substance of the contracts that are in place with group employees. Management judgement is required to determine whether the performance obligations have been satisfied in full to the employees. As this requirement has not been satisfied the revenue from sales to employees has not been accounted for in the financial statements.
Sales to group dealerships
The company is required to assess the substance of the contracts that are in place with group companies. Management judgement is required to determine whether the performance obligations have been satisfied to the dealerships and whether the revenue should be recognised in the financial statements. They have assessed the treatment for the recognition of the revenue and concluded that the performance obligations have not been satisfied. Additionally, interest received is deemed to be in relation to the main trade of the company and as such has been treated as revenue.
Interest rate on leased assets
The lease payments have been discounted using the incremental borrowing rate. The company has used a rate of 5% for motor vehicle leases. These are the rates that management have assessed to be secured if funds were borrowed for assets of a similar nature with similar terms, security and conditions.
In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not to exercise a termination option. Extension and termination options are only included in the lease term if the lease is reasonably certain to be extended or not terminated.
3
Revenue
2025
2024
£
£
Revenue analysed by class of business
Interest
265,037
259,669
Administration fee income
13,750
23,158
278,787
282,827
All turnover has been derived within the UK.
NATIONWIDE MOTOR CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 9 -
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Management charge receivable from group companies
(138,971)
-
Depreciation of right-of-use assets
129,202
-
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
6,300
6,000
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Administration
3
3
Staff costs include amounts recharged from a fellow subsidiary, Warrington Garages Limited, in relation to 1 (2024: 1) employee providing services to Nationwide Motor Contracts Limited.
7
Finance costs
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on lease liabilities
12,920
-
Interest on overdue taxation
169
8
Property, plant and equipment
Right-of-use asset
£
Cost
At 1 February 2024
Additions
631,040
At 31 January 2025
631,040
Accumulated depreciation and impairment
At 1 February 2024
Charge for the year
129,202
At 31 January 2025
129,202
NATIONWIDE MOTOR CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
8
Property, plant and equipment
Right-of-use asset
£
(Continued)
- 10 -
Carrying amount
At 31 January 2025
501,838
9
Trade and other receivables
2025
2024
£
£
Trade receivables
3,473,481
5,500,264
Amounts owed by fellow group undertakings
167,315
164,989
3,640,796
5,665,253
Trade receivables disclosed above are classified as loans and receivables and are therefore measured at amortised cost. The trade receivables are secured against the vehicles to which they relate.
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
10
Liabilities
Current
Non-current
2025
2024
2025
2024
Notes
£
£
£
£
Trade and other payables
12
6,041,744
5,764,382
Corporation tax
18,124
13,891
-
-
Other taxation and social security
2,552
2,773
-
-
Lease liabilities
13
314,042
190,947
6,376,462
5,781,046
190,947
-
11
Fair value of financial liabilities
The directors consider that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.
12
Trade and other payables
2025
2024
£
£
Trade payables
20
Amount owed to parent undertaking
6,041,445
5,762,608
Accruals and deferred income
279
1,774
6,041,744
5,764,382
NATIONWIDE MOTOR CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
12
Trade and other payables
(Continued)
- 11 -
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
NATIONWIDE MOTOR CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 12 -
13
Lease liabilities
Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
2025
2024
£
£
Current liabilities
314,042
Non-current liabilities
190,947
504,989
-
2025
2024
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
12,920
-
The total cash outflow during the year in relation to lease liabilities was £138,971 (2024: £nil).
Lease liabilities relate to rental payments under lease agreements for motor vehicles used by the company. The leases have an average term of two years and are repayable on a fixed basis, with no provisions for contingent rental payments. Each vehicle is subject to an annual mileage restriction of 12,000 miles.
All finance leases are secured under the assets to which they relate.
14
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
997
947
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.
15
Share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
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.
NATIONWIDE MOTOR CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 13 -
16
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
17
Contingent liabilities
The company is party to composite guarantees between Hatfields Garages Limited, Mclean & Appleton (Holdings) Limited, Mclean & Appleton Limited and Warrington Garages Limited in respect of the directors' and other loan accounts. The maximum involved under these guarantees at 31 January 2025 was £0.5m (2024: £0.8m)
18
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.
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