Company registration number 01982336 (England and Wales)
BEVAN MOTOR BODIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
BEVAN MOTOR BODIES LIMITED
COMPANY INFORMATION
Directors
Mr P J Bevan
Mr A S Bevan
Mr L F Dimmock
Mr R Shelton
Secretary
Mr P J Bevan
Company number
01982336
Registered office
Wednesbury One
Black Country New Road
Wednesbury
West Midlands
WS10 7NZ
Auditor
CK Audit
No 4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH
Business address
Wednesbury One
Black Country New Road
Wednesbury
West Midlands
WS10 7NZ
BEVAN MOTOR BODIES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 21
BEVAN MOTOR BODIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

We aim to present a balanced and comprehensive review of the development and performance of the business and its position at the year end. The review is consistent with the size and complexity of the business and in the context of the risks and uncertainty it faces.

The Company manufactures standard and specialist commercial vehicle bodies mainly for the dry freight market.

The company has seen an increase in sales of ~16% from £25,684,768 to £29,977,072. The increase is as a result of additional sales to new and existing customers.

Pre-tax profits increased during the year from £974,776 to £1,059,096 in line with increased sales.

Shareholder funds have increased from £5,567,776 to £6,351,767.

The KPI’s of the business are sales, profit and liquidity and the company uses these KPI’s to determine profit between the divisions.

The main risk for the company is the wider conditions in the market and demand which can fluctuate depending on business cycles.

The Company is a wholly owned subsidiary of Bevan Group Ltd. Consolidated Accounts are now prepared for the holding company, PAB Group Holdings Limited.

Sales in the have performed stronger than expected for 2024 resulting in increased profitability. The company is expected to perform well during the first half of 2025 however the second half is expected to be challenging because of a general downturn in the industry. Sales are expected to return to 2024 levels in 2026.

On behalf of the board

Mr P J Bevan
Director
5 June 2025
BEVAN MOTOR BODIES 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.

Principal activities

The principal activity of the company is commercial vehicle body construction, repairs, livery and finishing.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P J Bevan
Mr A S Bevan
Mr L F Dimmock
Mr R Shelton
Auditor

The auditor, CK Audit, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company and of the profit or loss of the company for that period.

BEVAN MOTOR BODIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr P J Bevan
Director
5 June 2025
BEVAN MOTOR BODIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BEVAN MOTOR BODIES LIMITED
- 4 -
Opinion

We have audited the financial statements of Bevan Motor Bodies Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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:

Basis for opinion

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 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 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.

Other information

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:

BEVAN MOTOR BODIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BEVAN MOTOR BODIES LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its 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:

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 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We identified and assessed the risks of material misstatement of the financial statements, in respect of irregularities whether due to fraud or error, or non compliance with laws and regulations and then designed and performed audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company by discussion and enquiry with the directors and management team and our general knowledge and experience of the manufacturing and supply sector.

We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, employment, and health and safety legislation;

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing correspondence with relevant regulators and reviewing board minutes;

BEVAN MOTOR BODIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BEVAN MOTOR BODIES LIMITED (CONTINUED)
- 6 -

We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed included but were not limited to:

Discussions with directors and management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

Confirming our understanding of controls by performing a walk through test or observation and enquiry

Performing analytical procedures to identify any unusual or unexpected relationships;

Challenging assumptions and judgements made by management in its significant accounting estimates;

Identifying and testing journal entries;

Reviewing unusual or unexpected transactions; and

Agreeing the financial statement disclosures to underlying supporting documentation.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Use of our report

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.

Mark Nicholls (Senior Statutory Auditor)
For and on behalf of CK Audit, Statutory Auditor
Chartered Accountants
No 4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH
5 June 2025
BEVAN MOTOR BODIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
29,977,072
25,684,768
Cost of sales
(22,752,255)
(19,421,010)
Gross profit
7,224,817
6,263,758
Administrative expenses
(6,155,606)
(5,279,026)
Operating profit
4
1,069,211
984,732
Interest receivable and similar income
7
3,412
-
0
Interest payable and similar expenses
8
(13,527)
(9,956)
Profit before taxation
1,059,096
974,776
Tax on profit
9
(275,103)
(238,272)
Profit for the financial year
783,993
736,504

The profit and loss account has been prepared on the basis that all operations are continuing operations.

BEVAN MOTOR BODIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
151,034
206,763
Current assets
Stocks
11
1,981,524
3,459,604
Debtors
12
6,554,020
9,270,739
Cash at bank and in hand
5,501,066
1,424,723
14,036,610
14,155,066
Creditors: amounts falling due within one year
13
(7,751,565)
(8,549,281)
Net current assets
6,285,045
5,605,785
Total assets less current liabilities
6,436,079
5,812,548
Creditors: amounts falling due after more than one year
14
(84,310)
(244,772)
Net assets
6,351,769
5,567,776
Capital and reserves
Called up share capital
19
2
2
Profit and loss reserves
6,351,767
5,567,774
Total equity
6,351,769
5,567,776

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 5 June 2025 and are signed on its behalf by:
Mr P J Bevan
Director
Company registration number 01982336 (England and Wales)
BEVAN MOTOR BODIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
2
4,831,270
4,831,272
Year ended 31 December 2023:
Profit and total comprehensive income
-
736,504
736,504
Balance at 31 December 2023
2
5,567,774
5,567,776
Year ended 31 December 2024:
Profit and total comprehensive income
-
783,993
783,993
Balance at 31 December 2024
2
6,351,767
6,351,769
BEVAN MOTOR BODIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
1
Accounting policies
Company information

Bevan Motor Bodies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wednesbury One, Black Country New Road, Wednesbury, West Midlands, WS10 7NZ.

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 has taken advantage of the reduced disclosure exemptions for subsidiaries as follows:

- The requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17(d).

- The requirements of Section 11 paragraphs 11.39 to 11.48A and Section 12 paragraphs 12.26 to 12.29A providing the equivalent disclosures required by this FRS are included in the consolidated financial statements of the group in which the entity is consolidated.

- The requirement of Section 33 Related Party Disclosures paragraph 33.7.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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 (usually on dispatch of the goods).

Revenue from contracts for the provision of construction of commercial vehicle bodies is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.4
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.

BEVAN MOTOR BODIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -

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:

Land and buildings Leasehold
over 10 or 25 years
Plant and machinery
10%/33% straight line
Motor vehicles
25% reducing balance

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 credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.7
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.

1.8
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

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.

BEVAN MOTOR BODIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
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 company 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 company 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
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 profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

BEVAN MOTOR BODIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
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.

1.10
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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 leases asset are consumed.

BEVAN MOTOR BODIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock

Inventories are valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic lives of non-current assets

The useful economic lives of non-current assets have been derived from the judgement of the Directors, using their best estimate of write-down period.

Revenue recognition

Revenue for commercial body building reflects management's best estimate of the outcome and stage of completion of each contract. This includes the assessment of the profitability of each ongoing contract and estimates of costs to complete.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Sale of goods
29,977,072
25,594,768
Inter group management charge
-
90,000
29,977,072
25,684,768
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
29,977,072
25,684,768
BEVAN MOTOR BODIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 15 -
2024
2023
£
£
Other revenue
Interest income
3,412
-
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
9,605
9,300
Depreciation of owned tangible fixed assets
65,785
96,576
Loss on disposal of tangible fixed assets
1,320
-
Operating lease charges
373,917
331,724
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Administration staff
25
23
Works
103
90
Total
128
113

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
5,241,985
4,400,320
Social security costs
535,472
455,436
Pension costs
226,061
295,153
6,003,518
5,150,909
BEVAN MOTOR BODIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
142,947
144,701
Company pension contributions to defined contribution schemes
159,321
118,522
Pensions to former directors
30,000
30,000
332,268
293,223

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023-2)

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
3,412
-
0
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
8,530
5,792
Interest on finance leases and hire purchase contracts
4,997
4,164
13,527
9,956
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
266,586
279,437
Deferred tax
Origination and reversal of timing differences
8,517
(41,165)
Total tax charge
275,103
238,272
BEVAN MOTOR BODIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 17 -

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
1,059,096
974,776
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
264,774
229,267
Tax effect of expenses that are not deductible in determining taxable profit
7,386
6,991
Depreciation on assets not qualifying for tax allowances
2,943
4,512
Other permanent differences
-
0
(67)
Increase in rate of deferred tax
-
0
(2,431)
Taxation charge for the year
275,103
238,272
10
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
351,712
580,301
217,967
1,149,980
Additions
-
0
2,070
9,306
11,376
Disposals
-
0
-
0
(12,239)
(12,239)
At 31 December 2024
351,712
582,371
215,034
1,149,117
Depreciation and impairment
At 1 January 2024
331,513
486,513
125,191
943,217
Depreciation charged in the year
11,773
30,973
23,039
65,785
Eliminated in respect of disposals
-
0
-
0
(10,919)
(10,919)
At 31 December 2024
343,286
517,486
137,311
998,083
Carrying amount
At 31 December 2024
8,426
64,885
77,723
151,034
At 31 December 2023
20,199
93,788
92,776
206,763
11
Stocks
2024
2023
£
£
Raw materials and consumables
1,981,524
3,459,604
BEVAN MOTOR BODIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,063,875
7,331,638
Gross amounts owed by contract customers
2,424,232
688,876
Other debtors
-
0
1,126,610
Prepayments and accrued income
61,013
110,198
6,549,120
9,257,322
Deferred tax asset (note 17)
4,900
13,417
6,554,020
9,270,739
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
15
130,000
130,000
Obligations under finance leases
16
14,638
14,638
Trade creditors
2,982,811
4,731,473
Amounts owed to group undertakings
2,434,059
1,593,661
Corporation tax
66,703
209,525
Other taxation and social security
634,373
844,011
Other creditors
93,050
115,686
Accruals and deferred income
1,395,931
910,287
7,751,565
8,549,281
14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
15
40,833
170,833
Obligations under finance leases
16
43,477
73,939
84,310
244,772
15
Loans and overdrafts
2024
2023
£
£
Bank loans
170,833
300,833
Payable within one year
130,000
130,000
Payable after one year
40,833
170,833
BEVAN MOTOR BODIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Loans and overdrafts
(Continued)
- 19 -

 

16
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
14,638
14,638
In two to five years
43,477
73,939
58,115
88,577

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

17
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Assets
Assets
2024
2023
Balances:
£
£
ACAs
(35,345)
(46,640)
Retirement benefit obligations
40,245
60,057
4,900
13,417
2024
Movements in the year:
£
Asset at 1 January 2024
(13,417)
Charge to profit or loss
8,517
Asset at 31 December 2024
(4,900)
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
226,061
295,153

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

BEVAN MOTOR BODIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
20
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the company in respect of property, vans and cars.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
26,700
165,333
Between two and five years
18,392
203,571
45,092
368,904
BEVAN MOTOR BODIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
21
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sale of goods
Purchase of goods
2024
2023
2024
2023
£
£
£
£
Other related parties
38,003
38,064
260,511
260,511
Entities with common control
-
335,844
-
101,848

 

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts owed to related parties
£
£
Other related parties
35,060
74,400

The following amounts were outstanding at the reporting end date:

Entities with common control
1,126,610
22
Ultimate controlling party

The parent company of Bevan Motor Bodies Limited is Bevan Group Limited, a company registered in England and Wales.

The ultimate holding company is PAB Group Holdings Limited. PAB Group Holdings Limited prepares group financial statements and copies can be obtained from the Company's registered office.

The parents of the largest and smallest groups to include the entity in their group financial statements are as follows:

Largest group
PAB Group Holdings Limited
Smallest group
PAB Group Holdings Limited
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