Company registration number 07143241 (England and Wales)
J B TUSTAIN MOTORS HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
J B TUSTAIN MOTORS HOLDINGS LIMITED
COMPANY INFORMATION
Directors
D. Storey
B. Baxter
Company number
07143241
Registered office
13 Freeman Way
North Seaton Industrial Estate
Ashington
Northumberland
NE63 0YB
Auditor
Azets Audit Services
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
J B TUSTAIN MOTORS HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group income statement
8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
J B TUSTAIN MOTORS HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Principal activities
The principal activity of the group continued to be that of the operation of motor dealerships.
Review of the business
The directors are pleased with the overall performance of the business during the year.
The financial statements report the results of trade from motor dealerships acquired since 2010. The group structure has been set up to facilitate the acquisition of further dealerships providing the geographical location of potential targets is beneficial to the running and welfare of the group.
As a motor dealer, the group deals in new vehicles, used vehicles, mechanical service and repair, accident damage and repair and sells spare vehicle parts. The group perfomed well this year resulting in a good level of turnover and increased profitability .Turnover has increased from 2023 rising from £38.1m to £40.9m. Operating profit increased from £0.5m in 2023 to £1.1m in 2024.
The group's key financial and other performance indicators during the year were as follows:
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Return on capital employed | | | |
Principal risks and uncertainties
As for many businesses of our size, the business environment in which we operate continues to be challenging. The used vehicle car market in the UK continues to be highly competitive with tightening supply of ICE vehicles because of the increase in BEV new registrations driven by government policy and manufacturers. The business is subject to consumer spending patterns and consumers overall level of disposable income. The directors, however, remain confident that the business will continue to progress throughout 2025.
D. Storey
Director
19 May 2025
J B TUSTAIN MOTORS HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £80,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
D. Storey
B. Baxter
Financial instruments
Objectives and Policies
The group finances its activities with a combination of bank loans, cash and short term deposits, overdrafts are used to satisfy short term cash flow requirements. Other financial assets and liabilities, such as trade debtors and trade creditors, arise directly from the group's operating activities.
Cash flow and liquidity risk is the risk that a company's available cash will not be sufficient to meet its financial obligations. The group actively manages its cash flow position including collection of debts and timely payment of creditors. This is deemed sufficient to minimise the group's exposure to cash flow and liquidity risk.
Post reporting date events
On 1 April 2025, following a group reconstruction, the company's interest in Tustain Motors Limited transferred to Minhoco 92 Limited and J B Tustain Motors Holdings Limited's immediate and ultimate parent became Minhoco 91 Limited.
Future developments
The directors aim to maintain the management policies which have resulted in the group's growth in recent years. They consider that the next year will show a further significant growth in sales from continuing operations. In addition, the group's directors continue to review and consider further growth through acquisitions of other motor dealerships.
Auditor
In accordance with section 485 of the Companies Act, a resolution for the re-appointment of Azets Audit Services as auditor of the group is the be proposed at the forthcoming Annual General Meeting.
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 auditor of the company 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 auditor of the company is aware of that information.
J B TUSTAIN MOTORS HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
On behalf of the board
D. Storey
Director
19 May 2025
J B TUSTAIN MOTORS HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
J B TUSTAIN MOTORS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J B TUSTAIN MOTORS HOLDINGS LIMITED
- 5 -
Opinion
We have audited the financial statements of J B Tustain Motors Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
J B TUSTAIN MOTORS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J B TUSTAIN MOTORS HOLDINGS LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
J B TUSTAIN MOTORS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J B TUSTAIN MOTORS HOLDINGS LIMITED
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
We identified the following applicable laws and regulations as those most likely to have a material impact on the financial statements: Health and Safety; employment law (including the Working Time Directive); anti-bribery and corruption; and compliance with the UK Companies Act.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Claire Hinshaw ACCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
19 May 2025
Chartered Accountants
Statutory Auditor
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
J B TUSTAIN MOTORS HOLDINGS LIMITED
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
40,912,265
38,072,921
Cost of sales
(35,433,172)
(33,387,127)
Gross profit
5,479,093
4,685,794
Administrative expenses
(4,239,096)
(4,048,325)
Other operating income
6,000
6,000
Operating profit
4
1,245,997
643,469
Interest receivable and similar income
8
790
Interest payable and similar expenses
9
(175,887)
(189,274)
Profit before taxation
1,070,900
454,195
Tax on profit
10
(290,477)
(136,191)
Profit for the financial year
780,423
318,004
Profit for the financial year is all attributable to the owners of the parent company.
J B TUSTAIN MOTORS HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
£
£
Profit for the year
780,423
318,004
Other comprehensive income
-
-
Total comprehensive income for the year
780,423
318,004
Total comprehensive income for the year is all attributable to the owners of the parent company.
J B TUSTAIN MOTORS HOLDINGS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
91,433
127,677
Tangible assets
13
4,515,512
4,277,028
Investment property
14
20,000
20,000
4,626,945
4,424,705
Current assets
Stocks
17
5,959,479
4,900,255
Debtors
18
342,088
392,253
Cash at bank and in hand
156,692
232,108
6,458,259
5,524,616
Creditors: amounts falling due within one year
19
(7,265,400)
(5,012,724)
Net current (liabilities)/assets
(807,141)
511,892
Total assets less current liabilities
3,819,804
4,936,597
Creditors: amounts falling due after more than one year
20
-
(1,820,000)
Provisions for liabilities
Deferred tax liability
22
183,502
180,718
(183,502)
(180,718)
Net assets
3,636,302
2,935,879
Capital and reserves
Called up share capital
24
60,000
60,000
Revaluation reserve
119,330
119,330
Capital redemption reserve
30,000
30,000
Profit and loss reserves
3,426,972
2,726,549
Total equity
3,636,302
2,935,879
The financial statements were approved by the board of directors and authorised for issue on 19 May 2025 and are signed on its behalf by:
19 May 2025
D. Storey
Director
Company registration number 07143241 (England and Wales)
J B TUSTAIN MOTORS HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1
183
Investment property
14
4,455,000
4,455,000
Investments
15
709,343
709,343
5,164,344
5,164,526
Current assets
Debtors
18
50,000
64,402
Cash at bank and in hand
53,923
87,963
103,923
152,365
Creditors: amounts falling due within one year
19
(1,974,634)
(292,285)
Net current liabilities
(1,870,711)
(139,920)
Total assets less current liabilities
3,293,633
5,024,606
Creditors: amounts falling due after more than one year
20
-
(1,820,000)
Provisions for liabilities
Deferred tax liability
22
63,115
62,838
(63,115)
(62,838)
Net assets
3,230,518
3,141,768
Capital and reserves
Called up share capital
24
60,000
60,000
Revaluation reserve
119,330
119,330
Capital redemption reserve
30,000
30,000
Profit and loss reserves
3,021,188
2,932,438
Total equity
3,230,518
3,141,768
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £168,751 (2023 - £697,642 profit).
The financial statements were approved by the board of directors and authorised for issue on 19 May 2025 and are signed on its behalf by:
19 May 2025
D. Storey
Director
Company registration number 07143241 (England and Wales)
J B TUSTAIN MOTORS HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
60,000
119,330
30,000
2,408,545
2,617,875
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
318,004
318,004
Balance at 31 December 2023
60,000
119,330
30,000
2,726,549
2,935,879
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
780,423
780,423
Dividends
11
-
-
-
(80,000)
(80,000)
Balance at 31 December 2024
60,000
119,330
30,000
3,426,972
3,636,302
J B TUSTAIN MOTORS HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
60,000
119,330
30,000
2,234,796
2,444,126
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
697,642
697,642
Balance at 31 December 2023
60,000
119,330
30,000
2,932,438
3,141,768
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
168,750
168,750
Dividends
11
-
-
-
(80,000)
(80,000)
Balance at 31 December 2024
60,000
119,330
30,000
3,021,188
3,230,518
J B TUSTAIN MOTORS HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,106,594
876,166
Interest paid
(175,887)
(189,274)
Income taxes paid
(168,670)
(184,627)
Net cash inflow from operating activities
762,037
502,265
Investing activities
Purchase of tangible fixed assets
(498,243)
(147,216)
Proceeds from disposal of tangible fixed assets
-
3,001
Interest received
790
Net cash used in investing activities
(497,453)
(144,215)
Financing activities
Repayment of bank loans
(260,000)
(294,441)
Dividends paid to equity shareholders
(80,000)
Net cash used in financing activities
(340,000)
(294,441)
Net (decrease)/increase in cash and cash equivalents
(75,416)
63,609
Cash and cash equivalents at beginning of year
232,108
168,499
Cash and cash equivalents at end of year
156,692
232,108
J B TUSTAIN MOTORS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Company information
J B Tustain Motors Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 13 Freeman Way, North Seaton Industrial Estate, Ashington, Northumberland, NE63 0YB.
The group consists of J B Tustain Motors Holdings Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
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 under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
J B TUSTAIN MOTORS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company J B Tustain Motors Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.4
Going concern
The financial statements have been prepared on a going concern basis.
The group meets its day to day working capital requirements through cash generated from operations, group banking facilities and bank loans. The group also has the continued financial support of its shareholders.
The group had bank borrowings of £1,820,000 as at 31 December 2024.
As at the balance sheet date, the group was in breach of a financial covenant relating to these borrowings, primarily due the stocking of a new trading location just prior to the financial year end with deferred vehicle funding receipts and significant one-off capital expenditure during the year. In accordance with FRS 102, the full amount of the related borrowing has been classified as a current liability within these financial statements. This has resulted in the balance sheet reporting net current liabilities of £807,141.
Subsequent to the year end, the lender issued a formal waiver in respect of the covenant breach, and the group has not breached any covenants measured post year end. The group maintains a strong and constructive relationship with the bank, and continues to meet all other obligations under the loan agreement.
The group’s forecasts and projections for the next twelve months show that the group should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance.
The forecasts support the ability of the group to remain a going concern and be able to trade and meet its debts as they fall due.
Taking the above into consideration, the directors consider it appropriate to prepare the financial statements on a going concern basis.
1.5
Turnover
Turnover 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, 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.
J B TUSTAIN MOTORS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.7
Tangible fixed assets
Tangible fixed assets 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:
Freehold land and buildings
2% straight line
Leasehold land and buildings
10% straight line
Plant and equipment
10%-50% straight line
Fixtures and fittings
10%-20% straight line
Computers
25%-50% straight line
Motor vehicles
11%-20% straight line
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.
1.8
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
The group took advantage of transitional exemptions under FRS102 and utilised the fair value of the investment properties at the date of transition as their deemed cost going forward. This has resulted in the revaluation reserve in the group financial statements.
1.9
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
J B TUSTAIN MOTORS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.10
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
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.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.11
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.12
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.13
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
J B TUSTAIN MOTORS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
J B TUSTAIN MOTORS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.14
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.15
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 group’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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.16
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.17
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.18
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
J B TUSTAIN MOTORS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The directors do not consider there to be any judgements, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
37,202,663
35,035,587
Rendering of services
3,591,626
2,979,852
Other revenue
117,976
57,482
40,912,265
38,072,921
2024
2023
£
£
Turnover analysed by geographical market
UK
40,912,265
38,072,921
2024
2023
£
£
Other revenue
Interest income
790
-
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
256,962
267,192
Loss on disposal of tangible fixed assets
2,797
45,174
Amortisation of intangible assets
36,244
37,540
Stocks impairment losses recognised or reversed
(156,468)
(15,743)
Operating lease charges
10,926
49,149
J B TUSTAIN MOTORS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
7,000
4,840
Audit of the financial statements of the company's subsidiaries
18,900
20,435
25,900
25,275
For other services
Taxation compliance services
5,615
5,885
All other non-audit services
2,260
480
7,875
6,365
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management
13
13
-
-
Sales
32
30
-
-
Administration and support
15
15
-
-
Parts and Servicing
36
34
-
-
Directors
4
4
4
4
Total
100
96
4
4
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,996,181
2,739,140
313,978
273,000
Social security costs
344,312
298,413
37,055
31,398
Pension costs
154,083
86,236
71,836
10,675
3,494,576
3,123,789
422,869
315,073
J B TUSTAIN MOTORS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
164,000
164,000
Company pension contributions to defined contribution schemes
67,589
6,777
231,589
170,777
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
82,000
82,000
Company pension contributions to defined contribution schemes
33,794
3,389
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
790
-
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
175,887
189,274
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
287,693
144,448
Deferred tax
Origination and reversal of timing differences
2,784
(8,257)
Total tax charge
290,477
136,191
J B TUSTAIN MOTORS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
(Continued)
- 24 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,070,900
454,195
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
267,725
106,827
Tax effect of expenses that are not deductible in determining taxable profit
18,452
17,740
Tax effect of income not taxable in determining taxable profit
(1,500)
(62,733)
Effect of change in corporation tax rate
-
(488)
Depreciation on assets not qualifying for tax allowances
6,710
14,548
Effect of revaluations of investments
61,322
Marginal relief
(910)
(1,025)
Taxation charge
290,477
136,191
11
Dividends
2024
2023
2024
2023
Recognised as distributions to equity holders:
Per share
Per share
Total
Total
£
£
£
£
Ordinary shares
Interim paid
1.33
-
80,000
-
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
839,240
Amortisation and impairment
At 1 January 2024
711,563
Amortisation charged for the year
36,244
At 31 December 2024
747,807
Carrying amount
At 31 December 2024
91,433
At 31 December 2023
127,677
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
J B TUSTAIN MOTORS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2024
4,174,274
515,405
1,022,735
461,352
113,518
60,583
6,347,867
Additions
394,603
49,828
44,959
8,853
498,243
Disposals
(4,776)
(709)
(5,485)
At 31 December 2024
4,174,274
910,008
1,067,787
506,311
121,662
60,583
6,840,625
Depreciation and impairment
At 1 January 2024
606,406
332,253
749,335
266,053
97,759
19,033
2,070,839
Depreciation charged in the year
65,832
57,991
72,761
45,328
10,100
4,950
256,962
Eliminated in respect of disposals
(1,980)
(708)
(2,688)
At 31 December 2024
672,238
390,244
820,116
311,381
107,151
23,983
2,325,113
Carrying amount
At 31 December 2024
3,502,036
519,764
247,671
194,930
14,511
36,600
4,515,512
At 31 December 2023
3,567,868
183,152
273,400
195,299
15,759
41,550
4,277,028
J B TUSTAIN MOTORS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
Company
Computers
£
Cost
At 1 January 2024 and 31 December 2024
2,835
Depreciation and impairment
At 1 January 2024
2,652
Depreciation charged in the year
182
At 31 December 2024
2,834
Carrying amount
At 31 December 2024
1
At 31 December 2023
183
Included in freehold property for the group is freehold land at a cost of £979,275 (2022 - £979,275) which is not depreciated.
14
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 January 2024 and 31 December 2024
20,000
4,455,000
The investment property comprises business premises' rented by the parent company for use within the group. The fair value of the investment property has been arrived at on the basis of valuations carried out in June 2024 by Lambert Smith Hampton Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and is considered by the directors to not be materially different to the valuation of the investment property at the reporting date.
The carrying amount of investment property rented to another group entity was £4,435,000 (2023 - 4.435,000).
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
709,343
709,343
J B TUSTAIN MOTORS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
709,343
Carrying amount
At 31 December 2024
709,343
At 31 December 2023
709,343
16
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Tustain Motors Limited
13 Freeman Way, North Seaton Industrial Estate, Ashington, Northumberland, NE63 0YB.
Motor dealership
Ordinary
100.00
-
Tustain Motors Northumberland Limited
13 Freeman Way, North Seaton Industrial Estate, Ashington, Northumberland, NE63 0YB
Dormant
Ordinary
100.00
-
Prestige Cars Northumberland Limited
13 Freeman Way, North Seaton Industrial Estate, Ashington, Northumberland, NE63 0YB
Dormant
Ordinary
100.00
-
Good Egg Car Buying Limited
13 Freeman Way, North Seaton Industrial Estate, Ashington, Northumberland, NE63 0YB
Dormant
Ordinary
100.00
-
Outrams Garage Ltd
13 Freeman Way, North Seaton Industrial Estate, Ashington, Northumberland, NE63 0YB
Dormant
Ordinary
0
100.00
Dennis Common Ltd
13 Freeman Way, North Seaton Industrial Estate, Ashington, Northumberland, NE63 0YB
Dormant
Ordinary
0
100.00
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
5,959,479
4,900,255
The carrying amount of stocks pledged as security for liabilities amounted to £33,445 (2023 - £63,018).
J B TUSTAIN MOTORS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
177,767
240,548
Amounts owed by group undertakings
-
-
50,000
64,402
Other debtors
8,624
13,798
Prepayments and accrued income
155,697
137,907
342,088
392,253
50,000
64,402
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
21
1,820,000
260,000
1,820,000
260,000
Trade creditors
1,063,000
625,688
Amounts owed to group undertakings
51,931
1,001
Corporation tax payable
173,905
54,882
4,760
12,667
Other taxation and social security
359,775
334,222
29,716
8,132
Other creditors
2,759,942
2,593,079
Accruals and deferred income
1,088,778
1,144,853
68,227
10,485
7,265,400
5,012,724
1,974,634
292,285
The company and group had bank borrowings of £1,820,000 as at 31 December 2024.
As at the balance sheet date, the Company was in breach of a financial covenant relating to these borrowings, primarily due to significant capital expenditure and the timing of funding receipts. In accordance with FRS 102, the full amount of the related borrowing has been classified as a current liability within these financial statements.
Upon waiver of the covenant breach the original terms of the loan should revert, with £260,000 repayable per annum until November 2026 when the remaining balance will become due.
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
1,820,000
1,820,000
J B TUSTAIN MOTORS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,820,000
2,080,000
1,820,000
2,080,000
Payable within one year
1,820,000
260,000
1,820,000
260,000
Payable after one year
1,820,000
1,820,000
The bank loans are secured by fixed charges over the freehold properties.
Interest is charged at Bank of England base rate plus 2.75% margin per annum.
22
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
183,502
180,718
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
63,115
62,838
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
180,718
62,838
Charge to profit or loss
2,784
277
Liability at 31 December 2024
183,502
63,115
J B TUSTAIN MOTORS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
154,083
86,236
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
60,000
60,000
60,000
60,000
25
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
63,093
11,491
-
-
Between two and five years
579,609
7,582
-
-
In over five years
114,839
-
-
-
757,541
19,073
-
-
26
Controlling party
During the year, in the opinion of the directors, there was no ultimate controlling party.
On 1 April 2025 the company's immediate and ultimate parent became Minhoco 91 Limited.
J B TUSTAIN MOTORS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
27
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
780,423
318,004
Adjustments for:
Taxation charged
290,477
136,191
Finance costs
175,887
189,274
Investment income
(790)
Loss on disposal of tangible fixed assets
2,797
45,174
Amortisation and impairment of intangible assets
36,244
37,540
Depreciation and impairment of tangible fixed assets
256,962
267,192
Movements in working capital:
(Increase)/decrease in stocks
(1,059,224)
176,868
Decrease/(increase) in debtors
50,165
(4,784)
Increase/(decrease) in creditors
573,653
(289,293)
Cash generated from operations
1,106,594
876,166
28
Analysis of changes in net debt - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
232,108
(75,416)
156,692
Borrowings excluding overdrafts
(2,080,000)
260,000
(1,820,000)
(1,847,892)
184,584
(1,663,308)
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