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HILLCREST MOTOR COMPANY LIMITED

Unaudited Financial Statements

for the Year Ended 30th September 2024






HILLCREST MOTOR COMPANY LIMITED (REGISTERED NUMBER: 02722224)






Contents of the Financial Statements
for the year ended 30th September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HILLCREST MOTOR COMPANY LIMITED

Company Information
for the year ended 30th September 2024







DIRECTORS: B Jones
R M Thomas
Mrs C J Thomas





SECRETARY: B Jones





REGISTERED OFFICE: Nant Garage
Prestatyn Road
Prestatyn
Denbighshire
LL19 9LD





REGISTERED NUMBER: 02722224 (England and Wales)






HILLCREST MOTOR COMPANY LIMITED (REGISTERED NUMBER: 02722224)

Balance Sheet
30th September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 565,766 573,194
Investment property 6 648,040 -
1,213,806 573,194

CURRENT ASSETS
Stocks 164,486 212,098
Debtors 7 122,583 374,393
Cash at bank and in hand 172,217 152,036
459,286 738,527
CREDITORS
Amounts falling due within one year 8 466,884 217,939
NET CURRENT (LIABILITIES)/ASSETS (7,598 ) 520,588
TOTAL ASSETS LESS CURRENT LIABILITIES 1,206,208 1,093,782

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,206,108 1,093,682
SHAREHOLDERS' FUNDS 1,206,208 1,093,782

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

HILLCREST MOTOR COMPANY LIMITED (REGISTERED NUMBER: 02722224)

Balance Sheet - continued
30th September 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25th April 2025 and were signed on its behalf by:





R M Thomas - Director


HILLCREST MOTOR COMPANY LIMITED (REGISTERED NUMBER: 02722224)

Notes to the Financial Statements
for the year ended 30th September 2024

1. STATUTORY INFORMATION

Hillcrest Motor Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in Sterling (£).

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The areas in the financial statements where these judgements and estimates have been made include:

The useful economic lives and residual values of fixed assets are assessed by management on a timely basis.

Provisions against vehicle stock may be required to ensure amounts held in the balance sheet for such stock accurately record the stock value at the year end, with any reduction in value sent to the profit and loss account in the period the value reduction was incurred.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rental income is included in turnover and is accounted for on the accruals basis.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1992, has been amortised evenly over its estimated useful life of three years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

HILLCREST MOTOR COMPANY LIMITED (REGISTERED NUMBER: 02722224)

Notes to the Financial Statements - continued
for the year ended 30th September 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation of tangible fixed assets is provided on the basis that each asset is written off, to its residual value, over its estimated useful life at varying rates as deemed appropriate.

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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

Tangible fixed assets are reviewed for impairment if there is an indication that an impairment has occurred. Where there is evidence of impairment, fixed assets are written down to their recoverable amount. Any such write - down is charged to operating profit.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debtors, creditors, and intercompany loans (being repayable on demand) are measured at the undiscounted amount of cash or other consideration expected to be paid.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.


HILLCREST MOTOR COMPANY LIMITED (REGISTERED NUMBER: 02722224)

Notes to the Financial Statements - continued
for the year ended 30th September 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Finance costs
Finance costs are recognised in the period in which they are incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st October 2023
and 30th September 2024 30,000
AMORTISATION
At 1st October 2023
and 30th September 2024 30,000
NET BOOK VALUE
At 30th September 2024 -
At 30th September 2023 -

HILLCREST MOTOR COMPANY LIMITED (REGISTERED NUMBER: 02722224)

Notes to the Financial Statements - continued
for the year ended 30th September 2024

5. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1st October 2023 272,351 795,062 3,683 18,799 1,089,895
Additions - 37,465 - - 37,465
At 30th September 2024 272,351 832,527 3,683 18,799 1,127,360
DEPRECIATION
At 1st October 2023 52,292 448,287 - 16,122 516,701
Charge for year 2,179 41,625 - 1,089 44,893
At 30th September 2024 54,471 489,912 - 17,211 561,594
NET BOOK VALUE
At 30th September 2024 217,880 342,615 3,683 1,588 565,766
At 30th September 2023 220,059 346,775 3,683 2,677 573,194

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 648,040
At 30th September 2024 648,040
NET BOOK VALUE
At 30th September 2024 648,040

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 36,062 61,384
Other debtors 86,521 313,009
122,583 374,393

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 173,352 103,437
Taxation and social security 147,658 111,183
Other creditors 145,874 3,319
466,884 217,939

9. SECURED DEBTS

Bank loans, overdrafts and hire purchase contracts are secured on the company assets.

HILLCREST MOTOR COMPANY LIMITED (REGISTERED NUMBER: 02722224)

Notes to the Financial Statements - continued
for the year ended 30th September 2024

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30th September 2024 and 30th September 2023:

2024 2023
£    £   
R M Thomas
Balance outstanding at start of year 134,547 20,649
Amounts advanced - 134,547
Amounts repaid (134,547 ) (20,649 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 134,547

B Jones
Balance outstanding at start of year 105,388 -
Amounts advanced - 105,388
Amounts repaid (105,388 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 105,388

11. RELATED PARTY DISCLOSURES

Included in other debtors is an amount of £65,765 (2023 - £729 creditor) owing from Drivers of Prestatyn Ltd, the majority of whose shares are owned by the directors of the company.