1.
General Information
Shelbourne Motors Limited
is a private company, limited by shares, incorporated in Northern Ireland, registered number
NI019993
. The registered office is 334 Tandragee Road, Portadown, Co Armagh, BT62 3RB.
There is no single principal place of business.
The presentational currency of the financial statements is Pound Sterling (£).
Amounts in these financial statements are rounded to the nearest £.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2.
Financial Reporting Standard 102 - Reduced Disclosure Exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
-
the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d);
-
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48 (a) (iii), 11.48 (a) (iv), 11.48 (b) and 11.48 (c);
-
the requirements of Section 12 Other Financial Instruments Issues paragraphs 12.27, 12.29 (a), 12.29 (b), 12.29A and 12.30;
2.3.
Exemption From Preparing Consolidated Financial Statements
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
2.4.
Going Concern Disclosure
The directors have identified no material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.5.
Significant judgements and estimations
2.5.
Significant judgements and estimations - continued
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes might differ from those estimates.
The following judgements have been made by the directors in applying the company's and group's accounting policies:
Property, plant and equipment
At each reporting date property, plant and equipment is assessed for any indication of impairment. If such an indication exists, the recoverable amount of the asset is determined based on value in use calculations which require estimates to be made of future cash flows. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Stock valuation
Stock valuation is regularly monitored against age profile and market demand. Management use a number of market tools during the appraisal process including CAP valuation guides. The directors perform regular reviews to assess if any provision is required.
Consignment stock
Consignment stock has been included within the Statement of Financial Position on the grounds that the company considerably bears the risks and rewards of ownership attached to these vehicles. As such, the consignment stock is considered to be under control of the company.
...CONTINUED
Shelbourne Motors Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
Brand incentives
The company receives income in the form of various incentives which are determined by the company's brand partners. The amount receivable is generally based on achieving specific objectives such as a specified sales volume, as well as other objectives including maintaining brand partner standards which may include, but are not limited to, retail centre image and design requirements, customer satisfaction survey results and training standards. Objectives are generally set and measured on either a quarterly or annual basis.
Where incentives are based on a specific sales volume or number of registrations, the related income is recognised as a reduction in cost of sales when it is reasonably certain that the income has been earned. This is generally the later of the date the related vehicles are sold or registered or when it is reasonably certain that the related target will be met. Where incentives are linked to retail centre image and design requirements, customer satisfaction survey results or training standards, they are recognised as a reduction in cost of sales when it is reasonably certain that the incentive will be received for the relevant period.
The company may also receive contributions towards advertising and promotional expenditure. Where such contributions are received they are recognised as a reduction in the related expenditure in the period to which they relate.
2.6.
Turnover
Turnover from the sale of goods is recognised in the Statement of Comprehensive Income, net of discounts and value added tax, when the significant risks and rewards of ownership have been transferred to the buyer. In general this occurs when vehicles or parts have been supplied or when a service has been completed.
Turnover from the hire of vehicles is recognised in the Statement of Comprehensive Income, net of discount and value added tax, over the hire period.
Rental income and management charge income is accounted for on an accruals basis.
Commission income is accounted for on a receivable basis.
2.7.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
|
| Plant & Machinery |
|
| Motor Vehicles |
|
| Fixtures & Fittings |
|
| Computer Equipment |
|
The assets' residual values, useful lives and depreciation methods are reviewed, amd adjusted prospectively of appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
2.8.
Investments
Investments in subsidiary undertakings are stated at cost less provision for impairment where necessary.
2.9.
Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.
Consignment vehicles are regarded as being under the control of the company, and in accordance with FRS 102 are included in stocks on the Statement of Financial Position, although legal title has not passed to the company. The corresponding liability is included in trade creditors and is secured directly on these vehicles.
2.10.
Financial Instruments
The company only has basic financial instruments, which are recognised at amortised cost.
Shelbourne Motors Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.11.
Taxation
Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
2.12.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
2.13.
Borrowing costs
Borrowing costs are charged to the Statement of Comprehensive Income on an accruals basis.
2.14.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
3.
Turnover
Analysis of turnover by class of business is as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Commissions receivable | 396,896 | - | |
| Management charge income | - | 612,000 | |
| Rendering of services | 3,998,934 | - | |
| Rental income | - | 612,000 | |
| Sale of goods | 109,020,704 | - | |
| Vehicle hire | 402,987 | - | |
| 113,819,521 | 1,224,000 | ||
Analysis of turnover by geographical market is as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| United Kingdom |
|
|
|
| Europe |
|
|
|
| 113,819,521 | 1,224,000 | ||
Shelbourne Motors Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
4.
Other Operating Income
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Commission income |
|
|
|
| Other operating income |
|
|
|
| 240,218 | 722,693 | ||
5.
Operating Profit/(loss)
The operating profit/(loss) is stated after charging:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Bad debts | 11,230 | 3,292 | |
| Depreciation of tangible fixed assets |
|
|
|
6.
Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
| Other Services | |||
| Other non-audit services |
|
|
|
7.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other pension costs |
|
|
|
|
|
|
||
8.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| Sales |
|
|
|
| Administration |
|
|
|
| Directors |
|
|
|
|
|
|
||
Shelbourne Motors Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
9.
Directors' remuneration
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
| Company contributions to money purchase pension schemes |
|
|
|
|
|
|
||
The number of directors to whom retirement benefits were accruing was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| Money purchase pension schemes |
|
|
|
Information regarding the highest paid director was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments | - |
|
|
| Company contributions to money purchase pension schemes | - |
|
|
| - |
|
||
10.
Interest Receivable and Similar Income
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Dividends from subsidiaries | - |
|
|
11.
Interest Payable and Similar Charges
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Interest payable on other loans |
|
|
|
| Other finance charges |
|
|
|
| 273,530 | - | ||
12.
Tax on Profit
|
The tax charge/(credit) on the profit for the year was as follows:
|
|||||
| Tax Rate | 2024 | 2023 | |||
|---|---|---|---|---|---|
| 2024 | 2023 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | 25.0% | 23.5% |
|
|
|
| Prior period adjustment |
|
|
|||
|
|
|
||||
| Deferred Tax | |||||
| Deferred taxation |
|
( |
|||
| Total tax charge for the period |
|
( |
|||
...CONTINUED
Shelbourne Motors Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
|
The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
|
|||||
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Profit before tax | 425,643 | 5,483,493 | |||
| Tax on profit at 25% (UK standard rate) |
|
|
|||
| Expenses not deductible for tax purposes |
|
|
|||
| Capital allowances |
( |
( |
|||
| Short term timing differences |
|
|
|||
| Prior period adjustment |
|
|
|||
| Difference in tax rates |
|
( |
|||
| Deferred tax from unrecognised tax loss or credit |
|
( |
|||
| Dividends from companies |
|
( |
|||
| Group relief |
|
|
|||
| Total tax charge for the period | 106,582 | (894,114) | |||
13.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Cost | |||||
| As at 1 January 2024 |
|
|
|
|
|
| Additions |
|
|
|
|
|
| Disposals |
|
( |
|
|
( |
| As at 31 December 2024 |
|
|
|
|
|
| Depreciation | |||||
| As at 1 January 2024 |
|
|
|
|
|
| Provided during the period |
|
|
|
|
|
| Disposals |
|
( |
|
|
( |
| As at 31 December 2024 |
|
|
|
|
|
| Net Book Value | |||||
| As at 31 December 2024 |
|
|
|
|
|
| As at 1 January 2024 |
|
|
|
|
|
14.
Investments
| Subsidiaries | |
|---|---|
| £ | |
| Cost | |
| As at 1 January 2024 |
|
| As at 31 December 2024 |
|
| Provision | |
| As at 1 January 2024 |
|
| As at 31 December 2024 |
|
...CONTINUED
Shelbourne Motors Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
| Net Book Value | |
| As at 31 December 2024 |
|
| As at 1 January 2024 |
|
Subsidiaries
Details of the company's subsidiaries as at 31 December 2024 are as follows:
| Name of undertaking | Registered Office | Class of shares held | Direct holding | Indirect holding |
|---|---|---|---|---|
|
|
334 Tandragee Road, Portadown, Co. Armagh, BT62 3RB |
|
|
- |
|
|
334 Tandragee Road, Portadown, Co. Armagh, BT62 3RB |
|
|
- |
|
|
334 Tandragee Road, Portadown, Co. Armagh, BT62 3RB |
|
|
- |
|
|
334 Tandragee Road, Portadown, Co. Armagh, BT62 3RB |
|
|
- |
|
|
334 Tandragee Road, Portadown, Co. Armagh, BT62 3RB |
|
|
- |
The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:
All five subsidiaries were dormant during the year ended 31 December 2024 and had zero balance sheet totals at that date.
15.
Stocks
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Vehicle stock |
|
|
|
| Parts and accessories |
|
|
|
|
|
|
||
The movement on the stock provision during the year was as follows:-
|
2024
|
2023
|
||
|
£
|
£
|
||
|
Balance at 1 January
|
969,496
|
-
|
|
|
Released in the year
|
(228,843)
|
-
|
|
|
Provided in the year
|
38,194
|
-
|
|
|
Transferred from subsidiaries
|
-
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none">
<line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/>
</svg>){kind=small}
|
969,496
|
|
|
Balance at 31 December
|
778,847
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
<line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/>
<line x1="0" y1="4" x2="80" y2="4" stroke="black" shape-rendering="crispEdges"/>
</svg>){kind=small}
|
969,496
|
16.
Debtors
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Other debtors | 1,790,710 | 1,482,152 | |
|
|
|
||
There were no bad debt provisions at either 31 December 2024 or 31 December 2023.
Shelbourne Motors Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
17.
Creditors: Amounts Falling Due Within One Year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Other loans |
|
|
|
| Amounts owed to group undertakings |
|
|
|
| Other creditors | 7,211,473 | 7,896,254 | |
| Corporation tax |
|
|
|
| Taxation and social security | 120,440 | 324,241 | |
| Accruals and deferred income |
|
|
|
|
|
|
||
18.
Creditors: Amounts Falling Due After More Than One Year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Other loans |
|
|
|
Of the creditors the following amounts are secured.
|
2024
|
2023
|
||
|
£
|
£
|
||
|
Stock funding
|
18,252,830
|
17,671,713
|
Stock funding is secured over the vehicles financed and over the freehold property at Portadown.
19.
Loans
An analysis of the maturity of loans is given below:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Amounts falling due within one year or on demand: | |||
| Other loans |
|
|
|
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Amounts falling due between one and five years: | |||
| Other loans |
|
|
|
(1) £1,000,000 (2023: £nil) which is repayable over 5 years with an equal annual instalment of £267,175 including a fixed interest charge of £67,175 per annum;
(2) £nil (2023: £140,000) which is repayable over 5 years with an equal annual instalment of £152,848 including a fixed interest charge of £12,848 per annum;
(3) £6,100,000 (2023: £5,080,000) which is on a rolling basis at an interest rate of 2.15% above Bank of England base rate.
(4) £180,000 (2023: £180,000) which is on a rolling basis at an interest rate of nil%.
Shelbourne Motors Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
20.
Deferred Taxation
The provision for deferred tax is made up as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 42,282 | 14,529 | |
Deferred taxation is analysed below:
|
2024
|
2023
|
||
|
£
|
£
|
||
|
Accelerated capital allowances
|
48,522
|
14,529
|
|
|
Short term timing differences
|
(6,240)
|
-
|
|
|
42,282
|
14,529
|
21.
Provisions for Liabilities
| Deferred Tax | Total | |
|---|---|---|
| £ | £ | |
| As at 1 January 2024 |
|
14,529 |
| Additions |
|
27,753 |
| Balance at 31 December 2024 |
|
42,282 |
23.
Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to the Statement of Comprehensive Income in respect of defined contribution schemes was £95,957 (2023: £94,647).
At the statement of financial position date contributions of £24,961 (2023: £0) were due to the fund and are included in creditors.
24.
Dividends
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Interim dividend paid | - |
|
|
Shelbourne Motors Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
25.
Reserves
Capital redemption reserve
This reserve comprises the nominal value of shares repurchased by the company in 2017.
Retained earnings
This reserve comprises all current and prior period retained profits and losses less dividends and other distributions.
Revaluation reserve
This reserve comprised prior year fixed asset revaluation gains. These gains were realised as part of the group restructure in 2023 and have been transferred to retained earnings.
26.
Post Balance Sheet Events
On 3 April 2025 the company issued 100 £1 Ordinary E shares at a premium of £99 per share.
27.
Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
At the year end the company owed £875,303 (2023: £nil) to group companies.
Shelbourne Motors Limited Pension Scheme
The directors of the company have an interest in Shelbourne Motors Limited Pension Scheme.
During the year the company had two loans with the pension scheme. In respect of the first loan, at the year end, the company owed the scheme £nil (2023: £140,000) and interest charged on this loan during the year amounted to £2,141 (2023: £nil). In respect of the second loan the company owed the scheme £1,000,000 (2023: £nil) and interest charged on this loan during the year amounted to £44,784 (2023: £nil).
Ricapa Holdings Ltd
The directors of the company control Ricapa Holdings Ltd. At the year end the company was owed £28,708 (2023: £28,708) by Ricapa Holdings Ltd. During the prior year, as part of the group restructure, the company made an advance of £500,000 to Ricapa Holdings Ltd on 31 December 2023 which was written off to profit on the same day. The loan was interest free, repayable on demand and the company held no security in its respect.
SVR Go Holdings Ltd
The directors of the company control SVR Go Holdings Ltd. At the year end the company was owed £1,352,276 (2023: £1,242,967) by, and owed £718,607 (2023: £nil) to, SVR Go Holdings Ltd.
During the year the company made purchases of £1,630,969 (2023: £nil) from, and sales of £2,046,361 (2023: £57,600) to, SVR Go Holdings Ltd.
During the year management charges of £nil (2023: £24,000), payroll recharges of £45,000 (2023:£38,500), and rent recharges of £nil (2023: £24,000) were raised to SVR Go Holdings Ltd.
During the year the company recharged vehicle costs of £234,771 (2023: £nil) to SVR Go Holdings Ltd.
During the prior year, as part of the group restructure, the company made an advance of £500,000 to SVR Go Holdings Ltd on 31 December 2023 which was written off to profit on the same day. The loan was interest free, repayable on demand and the company held no security in its respect.
28.
Controlling Parties
The immediate and ultimate parent undertaking is Shelbourne Motors Holdings Limited, a company registered in Northern Ireland. Shelbourne Motors Holdings Limited prepares consolidated financial statements which include those of Shelbourne Motors Limited and are available from Companies House, Second Floor, The Linehall, 32-38 Linehall Street, Belfast, BT2 8DG.
There is no single ultimate controlling party.