1.
General Information
Shelbourne Motors Holdings Ltd
is a private company, limited by shares, incorporated in Northern Ireland, registered number
NI687638
. The registered office, and principal place of business, is 334 Tandragee Road, Portadown, Craigavon, BT62 3RB.
The trading subsidiary has 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.
Basis Of Consolidation
The Consolidated Statement of Comprehensive Income and Consolidated Statement of Financial Position include the financial statements of the company and its subsidiary undertakings made up to 31 December 2024. The consolidated financial statements have been drawn up under the merger accounting method. Intra group balances, transactions and profits are eliminated fully on consolidation.
2.3.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the group and parent company's ability to continue as a going concern.
2.4.
Significant judgements and estimations
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 Consolidated Statement of Financial Position on the grounds that the group 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 group.
Brand incentives
The group receives income in the form of various incentives which are determined by the group'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 group 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.
Shelbourne Motors Holdings Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.5.
Turnover
Turnover from the sale of goods is recognised in the Consolidated 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 Consolidated 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.
2.6.
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, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. The group took advantage of the transitional exemption set out in the triennial review of FRS 102 to record certain freehold property at a deemed cost of £5,529,868.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Comprehensive Income.
2.7.
Investments
Investments in subsidiary undertakings are stated at cost less provision for impairment where necessary.
2.8.
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 Consolidated Statement of Comprehensive Income.
Consignment vehicles are regarded as being under the control of the group, and in accordance with FRS 102 are included in stocks on the Consolidated Statement of Financial Position, although legal title has not passed to the group. The corresponding liability is included in trade creditors and is secured directly on these vehicles.
2.9.
Financial Instruments
The company and group only have basic financial instruments, which are recognised at amortised cost.
2.10.
Taxation
2.10.
Taxation - continued
Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.
...CONTINUED
Shelbourne Motors Holdings Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
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.
2.11.
Pensions
The group operates a defined pension contribution scheme. Contributions are charged to the Consolidated Statement of Comprehensive Income as they become payable in accordance with the rules of the scheme.
2.12.
Borrowing costs
Borrowing costs are charged to the Consolidated Statement of Comprehensive Income on an accruals basis.
2.13.
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 | 396,896 | 484,684 | |
| Management charge income | 36,000 | 24,000 | |
| Rendering of services | 3,998,934 | 3,743,700 | |
| Rental income | 36,000 | 24,000 | |
| Sale of goods | 109,020,704 | 96,205,979 | |
| Vehicle hire | 402,987 | 354,536 | |
| 113,891,521 | 100,836,899 | ||
Analysis of turnover by geographical market is as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| United Kingdom |
|
|
|
| Europe |
|
|
|
| 113,891,521 | 100,836,899 | ||
4.
Other Operating Income
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Commission income |
|
|
|
| Other operating income |
|
|
|
| 1,143,768 | 721,166 | ||
Shelbourne Motors Holdings Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
5.
Operating Profit/(loss)
The operating profit/(loss) is stated after charging:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Bad debts | 11,230 | 14,392 | |
| Depreciation of tangible fixed assets |
|
|
|
| Profit on disposal 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 group and company's financial statements |
|
|
|
| Other Services | |||
| Other non-audit services |
|
|
|
7.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 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:
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||||
| Sales |
|
|
|
|
|||
| Administration |
|
|
|
|
|||
| Directors |
|
|
|
|
|||
|
|
|
|
|
||||
Shelbourne Motors Holdings Ltd
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 Payable and Similar Charges
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Interest payable on other loans |
|
|
|
| Other finance charges |
|
|
|
| 453,387 | 456,625 | ||
Shelbourne Motors Holdings Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
11.
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 tax credit |
( |
( |
|||
| Total tax charge for the period |
|
( |
|||
|
The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit and the standard rate of corporation tax as follows:
|
|||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Profit before tax | 379,841 | (1,771,003) | |||
| 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 |
( |
( |
|||
| Revenue exempt from taxation |
|
( |
|||
| Total tax charge for the period | 96,660 | (700,745) | |||
12.
Tangible Assets
Group
Company
| Land & Property | ||||
|---|---|---|---|---|
| Freehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | |
| £ | £ | £ | £ | |
| Cost | ||||
| As at 1 January 2024 |
|
|
|
|
| Additions |
|
|
|
|
| Disposals |
|
|
( |
|
| As at 31 December 2024 |
|
|
|
|
...CONTINUED
Shelbourne Motors Holdings Ltd
Notes to the Financial Statements (continued)
For The Year Ended 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 |
|
|
|
|
| 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 |
|
|
Included in cost of land and buildings is freehold land of £821,833 (2023: £821,833) which is not depreciated.
| Land & Property | ||||
|---|---|---|---|---|
| Freehold | Motor Vehicles | Fixtures & Fittings | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| As at 1 January 2024 |
|
|
|
|
| Additions |
|
|
|
|
| As at 31 December 2024 |
|
|
|
|
| Depreciation | ||||
| As at 1 January 2024 |
|
|
|
|
| Provided during the period |
|
|
|
|
| As at 31 December 2024 |
|
|
|
|
| Net Book Value | ||||
| As at 31 December 2024 |
|
|
|
|
| As at 1 January 2024 |
|
|
|
|
Shelbourne Motors Holdings Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
Included in cost of land and buildings is freehold land of £821,833 (2023: £821,833) which is not depreciated.
13.
Investments
Company
| Subsidiaries | |
|---|---|
| £ | |
| Cost | |
| As at 1 January 2024 |
|
| As at 31 December 2024 |
|
| Provision | |
| As at 1 January 2024 |
|
| As at 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, County Armagh, BT62 3RB |
|
|
- |
|
|
334 Tandragee Road, Portadown, County Armagh, BT62 3RB |
|
|
100.00% |
|
|
334 Tandragee Road, Portadown, County Armagh, BT62 3RB |
|
|
100.00% |
|
|
334 Tandragee Road, Portadown, County Armagh, BT62 3RB |
|
|
100.00% |
|
|
334 Tandragee Road, Portadown, County Armagh, BT62 3RB |
|
|
100.00% |
|
|
334 Tandragee Road, Portadown, County Armagh, BT62 3RB |
|
|
100.00% |
The principal activities of Shelbourne Motors Limited were those of operating motor dealerships and vehicle rental.
All other subsidiaries were dormant during the year ended 31 December 2024 and had zero balance sheet totals at that date.
14.
Stocks
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Vehicle stock |
|
|
|
| Parts and accessories |
|
|
|
|
|
|
||
Shelbourne Motors Holdings Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
The movement on the group stock provision during the year was as follows:-
|
2024
|
2023
|
||
|
£
|
£
|
||
|
Balance at 1 January
|
969,496
|
661,342
|
|
|
Released in the year
|
(228,843)
|
(22,645)
|
|
|
Provided in the year
|
38,194
![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}
|
330,799
|
|
|
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
|
15.
Debtors
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||||
| £ | £ | £ | £ | ||||
| Due within one year | |||||||
| Trade debtors |
|
|
|
|
|||
| Amounts owed by group undertakings | - | - | 872,687 | - | |||
| Other debtors | 1,866,545 | 1,894,348 | 145,371 | 426,956 | |||
|
|
|
|
|
||||
There were no bad debt provisions at either 31 December 2024 or 31 December 2023 for either the group or the company.
16.
Creditors: Amounts Falling Due Within One Year
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||||
| £ | £ | £ | £ | ||||
| Trade creditors |
|
|
|
|
|||
| Bank loans and overdrafts |
|
|
|
|
|||
| Other loans |
|
|
|
|
|||
| Other creditors | 8,603,573 | 8,430,781 | 1,392,100 | 534,527 | |||
| Corporation tax |
|
|
|
|
|||
| Taxation and social security | 190,891 | 378,991 | 139,988 | 69,511 | |||
| Accruals and deferred income |
|
|
|
|
|||
|
|
|
|
|
||||
17.
Creditors: Amounts Falling Due After More Than One Year
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||||
| £ | £ | £ | £ | ||||
| Other loans |
|
|
|
|
|||
Shelbourne Motors Holdings Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
Of the creditors the following amounts are secured.
|
Group
|
Company
|
|||
|
2024
|
2023
|
2024
|
2023
|
|
|
£
|
£
|
£
|
£
|
|
|
Bank overdrafts
|
498,728
|
433,791
|
6,046,148
|
5,707,579
|
|
Other loans
|
2,348,953
|
2,576,271
|
2,348,953
|
2,576,271
|
|
Stock funding
|
18,252,830
|
17,671,713
|
-
|
-
|
|
21,100,511 |
20,681,775 |
8,395,101 |
8,283,850 |
|
|
|
|
|
|
|
The bank overdrafts are secured by way of a fixed charge over the book debts of the group and by a floating charge over the assets of the group.
The stock funding is secured over the vehicles financed and over the freehold propert at Portadown.
The other loan is secured over the freehold property at Newry.
18.
Loans
An analysis of the maturity of loans is given below:
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||||
| £ | £ | £ | £ | ||||
| Amounts falling due within one year or on demand: | |||||||
| Other loans |
|
|
|
|
|||
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||||
| £ | £ | £ | £ | ||||
| Amounts falling due between one and five years: | |||||||
| Other loans |
|
|
|
|
|||
(1) £2,348,953 (2023: £2,576,271) which is repayable over 15 years, ending in December 2034, with equal monthly instalments of £18,943 at an interest rate of 2.1% above Bank of England base rate;
(2) £nil (2023: £140,000) which is repayable over 5 years, ending in December 2024, with an equal annual instalment of £152,848 including a fixed interest charge of £12,848 per annum;
(3) £1,000,000 (2023: £nil) which is repayable over 5 years with an equal instalment of £267,175 including a fixed interest charge of £67,175 per annum;
(4) £6,100,000 (2023: £4,900,000) which is on a rolling basis at an interest rate of 2.15% above Bank of England base rate;
(5) £180,000 (2023: £180,000) which is on a rolling basis at an interest rate of nil.
19.
Deferred Taxation
The provision for deferred tax is made up as follows:
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||||
| £ | £ | £ | £ | ||||
| Other timing differences | 115,670 | 116,697 | 73,387 | 102,167 | |||
Shelbourne Motors Holdings Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
Deferred taxation is analysed below:
|
Group
|
Company
|
|||
|
2024
|
2023
|
2024
|
2023
|
|
|
£
|
£
|
£
|
£
|
|
|
Accelerated capital allowances
|
129,007
|
116,697
|
80,484
|
102,167
|
|
Short term timing differences
|
(6,240)
|
-
|
-
|
-
|
|
122,767
|
116,697
|
80,484
|
102,167
|
|
20.
Provisions for Liabilities
| Group | ||
|---|---|---|
| Deferred Tax | Total | |
| £ | £ | |
| As at 1 January 2024 |
|
116,697 |
| Reversals |
( |
(1,027) |
| Balance at 31 December 2024 |
|
115,670 |
| Company | ||
|---|---|---|
| Deferred Tax | Total | |
| £ | £ | |
| As at 1 January 2024 |
|
102,167 |
| Reversals |
( |
(28,780) |
| Balance at 31 December 2024 |
|
73,387 |
22.
Contingent Liabilities
Group
The group had no contingent liabilities at either 31 December 2024 or 31 December 2023.
Company
The company is subject to a cross guarantee over a manufacturer loan held by its subsidiary undertaking, Shelbourne Motors Limited. At the year end this loan amounted to £6,280,000 (2023: £5,080,000).
Shelbourne Motors Holdings Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
23.
Capital Commitments
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| At the end of the period | - |
|
|
24.
Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £95,957 (2023: £169,884).
At the statement of financial position date contributions of £24,961 (2023: £0) were due to the fund and are included in creditors.
25.
Reserves
Group
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.
Related Party Disclosures
26.
Related Party Disclosures - continued
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.
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.
At the year end the company was owed £872,687 (2023: £nil) by these companies.
Shelbourne Motors Limited Pension Scheme
The directors of the group have an interest in Shelbourne Motors Limited Pension Scheme.
During the year the group had two loans with the pension scheme. In respect of the first loan, at the year end, the group 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 group 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 group is also related to Ricapa Holdings Ltd through common directors/owners.
At the year end the group was owed £28,708 (2023: £nil) by, and owed £474,619 (2023: £nil) to, Ricapa Holdings Ltd.
At the start of previous year a loan of £1,354,500 was due from Ricapa Holdings Ltd. During the previous year a further loan of £500,000 was made to Ricapa Holdings Ltd and subsequently the entire loan of £1,854,500 was written off in the previous year. This loan was interest free, repayable on demand and the group held no security in its respect.
SVR Go Holdings Ltd
The company is also related to SVR Go Holdings Ltd through common directors/owners.
During the year management charges of £36,000 (2023: £24,000), payroll recharges of £45,000 (2023: £38,500), and rent recharges of £36,000 (2023: £24,000) were raised to SVR Go Holdings Ltd.
The group also made purchases of £1,630,969 (2023: £4,167,999) from, and sales of £2,046,361 (2023:£3,499,396) to, SVR Go Holdings Ltd.
...CONTINUED
Shelbourne Motors Holdings Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
During the year the group recharged vehicle costs of £234,771 (2023: £nil) to SVR Go Holdings Ltd.
At the year end the group was owed £1,352,276 (2023: £1,276,776) by, and owed £1,218,607 (2023: £852,774) to, SVR Go Holdings Ltd.
During the previous year the group made a loan of £500,000 to SVR Go Holdings Ltd. This loan was subsequently written off in the previous year. This loan was interest free, repayable on demand and the group held no security in its respect.
Directors
At the year end the company and group owed its directors £411,483 (2023: £471,091). These loans are interest free, repayable on demand and are secured by a charge dated 27 March 2024 over part of the land at 334 Tandragee Road.
During the year, the group sold vehicles for a total of £69,636 (2023: £114,385) to its directors on an arm's length basis.
27.
Controlling Parties
There is no single ultimate controlling party.
28.
Exceptional Items
|
2024
|
2023
|
||
|
£
|
£
|
||
|
Ricapa Holdings Ltd - loan written off
|
-
|
1,854,500
|
|
|
SVR Go Holdings Ltd - loan written off
|
-
|
500,000
|
|
|
|
|
||
|
-
|
2,354,500
|