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SCC (Holdings) Limited

Annual Report and Consolidated Financial Statements
Year Ended 31 December 2024

Registration number: 09408865

 

SCC (Holdings) Limited

Contents

Company Information

1

Strategic Report

2

Director's Report

3

Statement of Director's Responsibilities

4

Independent Auditor's Report

5 to 8

Consolidated Profit and Loss Account

9

Consolidated Balance Sheet

10

Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Notes to the Financial Statements

15 to 32

 

SCC (Holdings) Limited

Company Information

Director

Mr N D Burke

Registered office

Francis Clark LLP
Centenary House
Peninsula Park, Rydon Lane
Exeter
EX2 7XE

Auditors

PKF Francis Clark
Statutory AuditorCentenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

 

SCC (Holdings) Limited

Strategic Report

Year Ended 31 December 2024

The director presents his strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the group is the sale, servicing and repair of vehicles and the sale of spares and accessories. The principal activity of the company is that of a holding company.

Fair review of the business

The Director considers turnover and gross margin as key performance indicators.

The director is pleased to report an increase in group turnover from £40.8m to £44m reflecting a strong order pipeline and improved availability of supply of new cars. The cash position has decreased from £0.9m to £0.7m due to the group being loss making in the year as well as due to increased finance lease payments for the Taunton refit completed in the prior year.

Principal risks and uncertainties

The main risks and uncertainties facing the group come from the economic climate and general competition.

The main financial risk facing the business conitnues to be linked to working capital, and the impact of economic conditions on the motor industry. The group manages these risks through controlling the level of stock and cash and by closely working with key suppliers.

Approved by the director on 15 July 2025

.........................................
Mr N D Burke
Director

 

SCC (Holdings) Limited

Director's Report

Year Ended 31 December 2024

The director presents his report and the consolidated financial statements for the year ended 31 December 2024.

Director of the group

The director who held office during the year was as follows:

Mr N D Burke

Financial Instruments

The group’s principal financial instruments comprise bank balances, liquid investments, trade debtors, trade creditors, and loans to the group.

Principal financial risks

The group's activities expose it to a number of financial risks. The group's approach to dealing with these risks are detailed in the strategic report, which can be found on page 2.

Disclosure of information to the auditor

The director has taken steps that ought to have taken as a director in order to make aware of any relevant audit information and to establish that the company's auditor is aware of that information. The director confirms that there is no relevant information that of and of which the auditor is unaware.

Approved and authorised by the director on 15 July 2025
 

.........................................
Mr N D Burke
Director

 

SCC (Holdings) Limited

Statement of Director's Responsibilities

The responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable to ensure that the financial statements comply with the Companies Act 2006. also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

SCC (Holdings) Limited

Independent Auditor's Report to the Members of SCC (Holdings) Limited

Opinion

We have audited the financial statements of SCC (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of 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 loss 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.

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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

SCC (Holdings) Limited

Independent Auditor's Report to the Members of SCC (Holdings) Limited

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Director's Report.

We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities set out on page 4, the director is 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 director determines 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 director is responsible for assessing the group’s and 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 director either intends to liquidate the group or 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.

 

SCC (Holdings) Limited

Independent Auditor's Report to the Members of SCC (Holdings) Limited

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations as relating to breaches around health and safety regulations and breaches of The General Data Protection Regulation (“GDPR”). We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as The Companies Act 2006, and relevant tax legislation (Corporation Tax, VAT etc.). We considered the extent to which non-compliance with these laws and regulations may have a material effect on the financial statements.

We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks were related to the overstatement of profit, either through overstating revenue, understating expenditure or management bias in accounting estimates

Based on this understanding we designed our audit procedures to identify irregularities. Our procedures involved the following:

• Enquiries to members of Senior Management, regarding their knowledge of any non-compliance or potential non-compliance with laws and regulations that could affect the financial statements;

• Inspection of documents in relation to any health and safety incidents which have been reported under The Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 2013 (“RIDDOR”) during the period;

• Evaluations of the group’s controls in relation to GDPR and enquiries to Senior Management as to the occurrence and outcome of any reportable breaches;

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

• Evaluation and testing of the design and implementation of management’s controls designed to prevent and detect irregularities;

• Testing the recognition of revenue and costs, in particular around the year end date;

• Reviewing draft tax computations and involving the use of our specialists as required (e.g. VAT);

• Testing on a sample basis of the accuracy of claims submitted under the Coronavirus Job Retention Scheme;

• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

 

SCC (Holdings) Limited

Independent Auditor's Report to the Members of SCC (Holdings) Limited

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. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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.

......................................
NEIL HITCHINGS (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

17 July 2025

 

SCC (Holdings) Limited

Consolidated Profit and Loss Account

Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

3

44,069,140

40,846,159

Cost of sales

 

(40,536,096)

(36,734,299)

Gross profit

 

3,533,044

4,111,860

Distribution costs

 

(1,461,333)

(1,594,567)

Administrative expenses

 

(2,516,005)

(2,166,600)

Other operating income

4

-

4,800

Operating (loss)/profit

5

(444,294)

355,493

Gain on financial assets at fair value through profit and loss

 

21,346

14,955

Other interest receivable and similar income

9

5

4

Interest payable and similar expenses

10

(102,258)

(66,550)

   

(80,907)

(51,591)

(Loss)/profit before tax

 

(525,201)

303,902

Tax on (loss)/profit

11

78,213

(103,240)

(Loss)/profit for the financial year

 

(446,988)

200,662

Profit/(loss) attributable to:

 

Owners of the company

 

(401,995)

215,522

Minority interests

 

(44,993)

(14,860)

 

(446,988)

200,662

 

SCC (Holdings) Limited

Consolidated Balance Sheet

31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

12

5,712

40,005

Tangible assets

13

2,681,910

2,752,575

 

2,687,622

2,792,580

Current assets

 

Stocks

15

3,621,620

4,151,846

Debtors

16

672,515

695,183

Other financial assets

17

45,969

204,623

Cash at bank and in hand

 

703,497

866,782

 

5,043,601

5,918,434

Creditors: Amounts falling due within one year

19

(5,232,813)

(5,866,745)

Net current (liabilities)/assets

 

(189,212)

51,689

Total assets less current liabilities

 

2,498,410

2,844,269

Creditors: Amounts falling due after more than one year

19

(1,232,886)

(980,544)

Provisions for liabilities

21

(67,787)

(146,000)

Net assets

 

1,197,737

1,717,725

Capital and reserves

 

Called up share capital

23

100,000

100,000

Other reserves

135,000

135,000

Profit and loss account

839,553

1,314,548

Equity attributable to owners of the company

 

1,074,553

1,549,548

Minority interests

 

123,184

168,177

Shareholders' funds

 

1,197,737

1,717,725

Approved and authorised by the director on 15 July 2025
 

.........................................
Mr N D Burke
Director

Company Registration Number: 09408865

 

SCC (Holdings) Limited

Balance Sheet

31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

13

1,670,613

1,705,990

Investments

14

301,500

301,500

 

1,972,113

2,007,490

Current assets

 

Cash at bank and in hand

 

14,530

5,119

Creditors: Amounts falling due within one year

19

(870,876)

(801,073)

Net current liabilities

 

(856,346)

(795,954)

Total assets less current liabilities

 

1,115,767

1,211,536

Creditors: Amounts falling due after more than one year

19

(854,086)

(914,086)

Net assets

 

261,681

297,450

Capital and reserves

 

Called up share capital

23

100,000

100,000

Profit and loss account

161,681

197,450

Shareholders' funds

 

261,681

297,450

The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a profit after tax for the financial year of £37,231 (2023 - profit of £37,377).

Approved and authorised by the director on 15 July 2025
 

.........................................
Mr N D Burke
Director

Company Registration Number: 09408865

 

SCC (Holdings) Limited

Consolidated Statement of Changes in Equity

Year Ended 31 December 2024

Share capital
£

Merger reserve
£

Profit and loss account
£

Non-controlling interests
£

Total
£

At 1 January 2024

100,000

135,000

1,314,548

168,177

1,717,725

Loss for the year

-

-

(401,995)

(44,993)

(446,988)

Total comprehensive income

-

-

(401,995)

(44,993)

(446,988)

Dividends

-

-

(73,000)

-

(73,000)

At 31 December 2024

100,000

135,000

839,553

123,184

1,197,737

Share capital
£

Merger reserve
£

Profit and loss account
£

Non-controlling interests
£

Total
£

At 1 January 2023

100,000

135,000

1,288,063

-

1,523,063

Profit/(loss) for the year

-

-

215,522

(14,860)

200,662

Total comprehensive income

-

-

215,522

(14,860)

200,662

Dividends

-

-

(76,000)

-

(76,000)

Decrease in ownership interests in subsidiaries that do not result in a loss of control

-

-

(113,037)

183,037

70,000

At 31 December 2023

100,000

135,000

1,314,548

168,177

1,717,725

 

SCC (Holdings) Limited

Statement of Changes in Equity

Year Ended 31 December 2024

Share capital
£

Profit and loss account
£

Total
£

At 1 January 2024

100,000

197,450

297,450

Profit for the year

-

37,231

37,231

Total comprehensive income

-

37,231

37,231

Dividends

-

(73,000)

(73,000)

At 31 December 2024

100,000

161,681

261,681



 

Share capital
£

Profit and loss account
£

Total
£

At 1 January 2023

100,000

236,073

336,073

Profit for the year

-

37,377

37,377

Total comprehensive income

-

37,377

37,377

Dividends

-

(76,000)

(76,000)

At 31 December 2023

100,000

197,450

297,450

 

SCC (Holdings) Limited

Consolidated Statement of Cash Flows

Year Ended 31 December 2024

Note

2024
£

2023
£

Cash flows from operating activities

(Loss)/profit for the year

 

(446,988)

200,662

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

311,855

193,509

Financial instrument net gains (losses) through profit and loss

 

(21,346)

(14,955)

Finance income

9

(5)

(4)

Finance costs

10

102,258

66,550

Income tax expense

11

(78,213)

103,240

 

(132,439)

549,002

Working capital adjustments

 

Decrease/(increase) in stocks

15

530,226

(430,475)

Decrease in trade debtors

16

46,293

74,243

(Decrease)/increase in trade creditors

19

(736,031)

1,142,474

Cash generated from operations

 

(291,951)

1,335,244

Income taxes paid

11

(23,625)

(164,726)

Net cash flow from operating activities

 

(315,576)

1,170,518

Cash flows from investing activities

 

Interest received

5

4

Acquisitions of tangible assets

(206,897)

(846,799)

Net withdrawal from investments

 

180,000

35,000

Net cash flows from investing activities

 

(26,892)

(811,795)

Cash flows from financing activities

 

Interest paid

10

(102,258)

(86,550)

Repayment of other borrowing

 

(80,000)

(8,000)

Receipts/(payments) from/(to) finance lease creditors

 

434,441

(22,461)

Dividends paid

(73,000)

(76,000)

Net cash flows from financing activities

 

179,183

(193,011)

Net (decrease)/increase in cash and cash equivalents

 

(163,285)

165,712

Cash and cash equivalents at 1 January

 

866,782

701,070

Cash and cash equivalents at 31 December

 

703,497

866,782

 

SCC (Holdings) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

1

General information

The company is a incorporated in England. The address of its registered office is detailed on page 1.

The principal place of business is:
142 Priorswood Road
Taunton
TA2 8DN

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. There are no material departures from FRS102.

Basis of preparation

These financial statements have been prepared using the historical cost convention, modified to include certain items at fair value.

The functional currency of SCC (Holdings) Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the group operates.

Basis of consolidation

The Group financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31 December 2024.

The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill. Inter-company transactions, balances and unrealised gains on transactions between the Company and its subsidiaries, which are related parties, are eliminated in full.

 

SCC (Holdings) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

2

Accounting policies (continued)

Going concern

The directors have considered the main risks and uncertainties faciing the group including the economic climate and general competition, and the anticipated impact on cash flow and working capital requirements. Based on this review, as well as the forecasts prepared, the directors are satisfied that, based on information available to date, the group has adequate resources available to enable it to discharge its obligations as they fall due for a period of at least 12 months from the date of approval of these financial statements. The directors therefore continue to adopt the going concern basis in preparing its financial statements.

Key sources of estimation uncertainty

The group makes estimates and judgements concerning the future and the resulting estimates may, by definition vary from the actual results. The Directors considered the critical accounting estimates and judgements used in the financial statements and concluded that the main areas of judgement are:

Used Stock Valuation:
Used Vehicle stock is valued at cost or, if lower, trade price valuation based upon the age, mileage and condition of the vehicle.

Revenue recognition

Turnover is measured at invoice price, excluding discounts and Value Added Tax, and principally comprises external vehicle sales, parts and servicing sales. Vehicle and parts sales are recognised at the time of delivery to the customer. Service sales are recognised in line with the work performed.

Tax

Income tax expense for the period represents the sum of the current tax currently payable and deferred tax. Tax is recognised in profit of loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

Tangible Assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

 

SCC (Holdings) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold Improvements

3 to 6 years straight line

Plant and Machinery

3 to 6 years straight line

Fixtures, fittings and office equipment

3 to 6 years straight line

Motor Vehicles

3 to 4 years straight line

Freehold land and buildings

50 years straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable properties determined annually by the directors. Changes in valuation are recognised through profit and loss.

Intangible assets

Franchise Relationships are recorded at cost, capitalised, and written off on a straight line basis over a presumed maximum life of 10 years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Franchise Relationships

10 years straight line

Stock

Stock has been valued on the following basis:

New Vehicles - at cost.

Used Vehicles - at cost or, if lower, at trade price valuation based on the age, mileage and condition of the vehicle.

Parts - at cost, less provision for obsolescence.

Consignment stock - not recognised as an asset of the company as the risks and rewards of the stock have not significantly transferred to the company.

Leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest charged is charged to the profit and loss account on a straight line basis.

 

SCC (Holdings) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

2

Accounting policies (continued)

Defined contribution pension obligation

The group operates a money purchase pension scheme for certain employees. The assets of the scheme are held separately from those of the group. The annual contributions payable are charged to the profit and loss account.

Financial instruments

Financial assets and liabilities are recognised/(derecognised)when the group becomes/(ceases to become) party to the contractual provisions of the instrument. the group holds the following financial assets and liabilities:

Short term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment (doubtful debts) are recognised in the profit and loss account before operating profit.

Other loans
Other loans are initially recorded at transaction price and subsequently measured at amortised cost using the effective interest method.

Current asset investments - Managed funds
Current asset investments are initially recorded at cost, and are measured subsequently at fair value through the profit and loss account.

3

Turnover

The analysis of the group's turnover for the year by market is as follows:

2024
 £

2023
 £

UK

44,069,140

40,846,159

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Miscellaneous other operating income

-

4,800

 

SCC (Holdings) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

5

Operating (loss)/profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

277,562

159,216

Amortisation expense

34,293

34,293

Operating lease expense - property

147,942

139,921

6

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

2024
£

2023
£

Wages and salaries

2,951,084

2,858,798

Social security costs

284,116

281,453

Pension costs, defined contribution scheme

76,999

73,620

3,312,199

3,213,871

The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:

2024
No.

2023
No.

Number of staff

86

86

86

86

 

SCC (Holdings) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

7

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

-

13,750

8

Auditors' remuneration

2024
 £

2023
 £

Audit of these financial statements

5,000

5,000

Audit of the financial statements of subsidiaries of the company pursuant to legislation

23,400

20,000

28,400

25,000


 

The audit costs of the parent company have been borne by the subsidiary.

9

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

5

4

10

Interest payable and similar expenses

2024
£

2023
£

Interest on obligations under finance leases and hire purchase contracts

26,236

-

Interest expense on other loans held at amortised cost

76,022

66,550

102,258

66,550

 

SCC (Holdings) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

11

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax adjustment to prior periods

(441)

(4,760)

Deferred taxation

Arising from origination and reversal of timing differences

(88,302)

108,000

Arising from changes in tax rates and laws

10,530

-

Total deferred taxation

(77,772)

108,000

Tax (receipt)/expense in the income statement

(78,213)

103,240

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 23.52%).

The differences are reconciled below:

2024
£

2023
£

(Loss)/profit before tax

(525,201)

303,902

Corporation tax at standard rate

(131,300)

71,478

Increase/(decrease) in UK and foreign current tax from adjustment for prior periods

10,089

(4,760)

Tax increase from effect of capital allowances and depreciation

14,347

-

Effect of revenues exempt from taxation

-

3,972

Effect of expense not deductible in determining taxable profit (tax loss)

18,915

(11,694)

Tax increase arising from group relief

-

9,850

Other tax effects for reconciliation between accounting profit and tax expense (income)

9,736

34,394

Total tax (credit)/charge

(78,213)

103,240

 

SCC (Holdings) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

12

Intangible assets

Group

Franchise Relationships
 £

Total
£

Cost

At 1 January 2024

342,926

342,926

At 31 December 2024

342,926

342,926

Amortisation

At 1 January 2024

302,921

302,921

Amortisation charge

34,293

34,293

At 31 December 2024

337,214

337,214

Carrying amount

At 31 December 2024

5,712

5,712

At 31 December 2023

40,005

40,005

 

SCC (Holdings) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

13

Tangible Assets

Group

Land and buildings
£

Fixtures, fittings and office equipment
 £

Plant and Machinery
£

Motor vehicles
 £

Total
£

Cost

At 1 January 2024

2,686,743

967,332

561,387

62,897

4,278,359

Additions

102,957

65,473

36,716

1,751

206,897

At 31 December 2024

2,789,700

1,032,805

598,103

64,648

4,485,256

Depreciation

At 1 January 2024

288,511

846,286

367,280

23,707

1,525,784

Charge for the year

163,157

50,134

52,635

11,636

277,562

At 31 December 2024

451,668

896,420

419,915

35,343

1,803,346

Carrying amount

At 31 December 2024

2,338,032

136,385

178,188

29,305

2,681,910

At 31 December 2023

2,398,232

121,046

194,107

39,190

2,752,575

Included within the net book value of land and buildings above is £1,670,613 (2023 - £1,705,990) in respect of freehold land and buildings and £667,419 (2023 - £692,242) in respect of leasehold improvements.
 

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

2024
£

2023
£

Fixtures, fittings and office equipment

-

18,060

Leasehold Improvements

444,974

15,730

 

444,974

33,790

 

SCC (Holdings) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

13

Tangible Assets (continued)

Company

Land and buildings
£

Total
£

Cost or valuation

At 1 January 2024

1,771,965

1,771,965

At 31 December 2024

1,771,965

1,771,965

Depreciation

At 1 January 2024

65,975

65,975

Charge for the year

35,377

35,377

At 31 December 2024

101,352

101,352

Carrying amount

At 31 December 2024

1,670,613

1,670,613

At 31 December 2023

1,705,990

1,705,990

Included within the net book value of land and buildings above is £1,670,613 (2023 - £1,705,990) in respect of freehold land and buildings.
 

 

SCC (Holdings) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

14

Investments

Company

2024
£

2023
£

Investments in subsidiaries

301,500

301,500

Subsidiaries

£

Cost

At 1 January 2024

301,500

Carrying amount

At 31 December 2024

301,500

At 31 December 2023

301,500

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company and its subsidiary hold any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Somerset County Cars Limited

Centenary House
Peninsula park
Rydon Lane
Exeter
EX2 7XE

Ordinary

90%

90%

 

England

     

Motor Animations Limited (*)

Centenary House, Peninsula Park, Rydon Lane, Exeter, EX2 7XE

Ordinary

100%

100%

 

England

     
 

SCC (Holdings) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

14

Investments (continued)

Subsidiary undertakings

Somerset County Cars Limited

The principal activity of Somerset County Cars Limited is sale, servicing and repair of vehicles and the sale of spares and accessories..

Motor Animations Limited (*)

The principal activity of Motor Animations Limited (*) is Dormant.

(*) held by Somerset County Cars Limited

15

Stock

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Other inventories

3,621,620

4,151,846

-

-

16

Debtors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

472,505

470,599

-

-

Other debtors

 

69,997

134,540

-

-

Prepayments

 

106,388

90,044

-

-

Income tax asset

11

23,625

-

-

-

 

672,515

695,183

-

-

 

SCC (Holdings) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

17

Other financial assets

Group

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets - managed funds

Cost or valuation

At 1 January 2024

204,623

204,623

Additions

320,000

320,000

Fair value adjustments

21,346

21,346

Disposals

(500,000)

(500,000)

At 31 December 2024

45,969

45,969

Carrying amount

At 31 December 2024

45,969

45,969

18

Cash and cash equivalents and net funds/(debt)

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash at bank

703,497

866,782

14,530

5,119

Analysis of cash and cash equivalents and net debt

At 1 January 2024

Cash flow

Other

31 December 2024

£

£

£

£

Cash and cash equivalents

866,782

(163,285)

-

703,497

Other loans

(1,006,086)

80,000

-

(926,086)

Finance leases and Hire Purchase

(53,684)

(434,441)

-

(488,125)

Net funds/(debt)

(192,988)

(517,726)

-

(710,714)

 

SCC (Holdings) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

19

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

60,000

60,000

60,000

60,000

Trade creditors

 

4,435,553

4,726,141

-

-

Amounts due to group undertakings

25

-

-

799,086

732,313

Social security and other taxes

 

166,617

78,266

8,589

6,259

Other creditors

 

17,654

21,503

1,000

1,000

Accruals

 

431,664

961,609

2,201

1,501

Obligations under Finance Lease and Hire Purchase contracts

 

121,325

19,226

-

-

 

5,232,813

5,866,745

870,876

801,073

Due after one year

 

Loans and borrowings

866,086

946,086

854,086

914,086

Obligations under Finance Lease and Hire Purchase contracts

 

366,800

34,458

-

-

 

1,232,886

980,544

854,086

914,086

Trade creditors of £1,729,256 (2023: £1,890,563) are secured on the stock of vehicles to which they relate. Obligations under finance lease and hire purchase contracts are secured on the related fixed assets.

Included in accruals in the prior year are costs relating to the new Taunton showroom refit for which a financing agreement was entered into during the year ended 31 December 2024.

Other loans comprise the following:-

£600,000 loan repayable in equal instalments over 10 years at an interest rate of 3% above the Bank of England base rate per annum , secured on certain freehold property of the company. £430,000 was outstanding at 31 December 2024 of which £60,000 was due within one year. £70,000 was due after more than five years.

£466,666 loan repayable in full by 31 December 2027 at an interest rate of 6.43% per annum, secured on certain freehold property of the company (see Related Party Transactions).

 

SCC (Holdings) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

20

Obligations under leases and hire purchase contracts

Group

Obligations under finance lease and hire purchase contracts

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

121,325

17,978

Later than one year and not later than five years

366,800

34,458

488,125

52,436

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

125,815

141,815

Later than one year and not later than five years

-

125,815

125,815

267,630

The amount of non-cancellable operating lease payments recognised as an expense during the year was £141,815 (2023 - £139,921).

 

SCC (Holdings) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

21

Deferred tax and other provisions

Group

Deferred tax
£

Total
£

At 1 January 2024

146,000

146,000

Increase (decrease) in existing provisions

(78,213)

(78,213)

At 31 December 2024

67,787

67,787

Deferred tax

Group

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Fixed asset timing diffeences

-

67,787

-

67,787

2023

Asset
£

Liability
£

Fixed asset timing diffeences

-

146,000

-

146,000

22

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £76,999 (2023 - £73,620).

Employer contributions totalling £5,439 (2023 - £4,627) were payable to the scheme at the end of the year and are included in creditors.

 

SCC (Holdings) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

23

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

100,000

100,000

100,000

100,000

         

24

Financial instruments

Group

2024
 £

2023
 £

Financial assets measured at fair value through profit or loss

45,969

204,623

Financial assets measured at fair value

Managed funds
The value of the managed investment fund is based on publicly available market prices as at the reporting date.

The fair value is £45,969 (2023 - £204,623) and the change in value included in profit or loss is £21,346 (2023 - £14,955).

25

Related party transactions

Group

Key management personnel are considered to be the directors of the subsidiary company Somerset County Cars Limited.

Key management compensation

2024
 £

2023
 £

Remuneration

295,740

402,471

Contributions paid to money purchase pension scheme

8,827

10,381

304,567

412,852


Summary of transactions with directors

During the year, the company received payments of £nil (2023: £1,000) from the director. The amount outstanding, owed to the director, at 31 December 2024 was £1,000 (2023: £1,000).

 

SCC (Holdings) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

25

Related party transactions (continued)

Summary of transactions with other related parties

The company received loans from close family of the director during 2022, secured on certain freehold property. Interest of £32,400 was expensed during the year (2023: £30,000) and the capital amount outstanding at 31 December 2024 was £466,666 (2023 - £466,666).

26

Dividends

2024

2023

£

£

Interim dividend of £0.73 (2023 - £0.76) per ordinary share

73,000

76,000

 

 

27

Controlling party

The ultimate controlling party is Mr N D Burke.