Year Ended
Registration number:
Somerset County Cars Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Somerset County Cars Limited
Company Information
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Directors |
Mr N D Burke Mr J M Lafferty Mr W R Campsie Mr P A Thomas Ms D A Jenkins |
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Registered office |
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Auditors |
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Somerset County Cars Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is the sale, servicing and repair of vehicles and the sale of spares and accessories.
Fair review of the business
The directors are pleased to report an increase in turnover from £40.8 to £44m reflecting a strong order pipleine and improved availability of supply of new cars. The cash position has decreased from £0.9 to £0.7m due to the company's loss making position in the year as well as increase in finance lease payments due to the Taunton refit in the prior year.
Principal risks and uncertainties
The main risks and uncertainties facing the company come from the economic climate and general competition.
The main financial risk facing the business continues to be linked to working capital, and the impact of economic conditions on the motor industry. The company manages these risks through controlling the level of stock and cash and by closely working with key suppliers.
Approved and authorised by the
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Somerset County Cars Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
The company’s principal financial instruments comprise bank balances, liquid investments, trade debtors, trade creditors, and loans to the company.
Principal financial risks
The company's activities expose it to a number of financial risks. The company'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 auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Somerset County Cars Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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:
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• |
select suitable accounting policies and apply them consistently; |
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• |
make judgements and accounting estimates that are reasonable and prudent; |
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• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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.
Somerset County Cars Limited
Independent Auditor's Report to the Members of Somerset County Cars Limited
Opinion
We have audited the financial statements of Somerset County Cars Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, 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 company's affairs as at 31 December 2024 and of its 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 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 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 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 directors 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.
We have nothing to report in this regard.
Somerset County Cars Limited
Independent Auditor's Report to the Members of Somerset County Cars Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and Directors' 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 Directors' 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, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the 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 Statement of Directors' Responsibilities set out on page 4, 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 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.
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:
Somerset County Cars Limited
Independent Auditor's Report to the Members of Somerset County Cars Limited
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, claims made under the Corornavirus Job Retention Scheme 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;
• Evaluation 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.
Somerset County Cars Limited
Independent Auditor's Report to the Members of Somerset County Cars 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.
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Centenary House
Peninsula Park
Rydon Lane
EX2 7XE
Somerset County Cars Limited
Profit and Loss Account
Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
|
|
|
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Distribution costs |
( |
( |
|
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Administrative expenses |
( |
( |
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Other operating income |
- |
|
|
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Operating (loss)/profit |
(523,254) |
322,735 |
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Gain on financial assets at fair value through profit and loss |
|
|
|
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Other interest receivable and similar income |
|
|
|
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Interest payable and similar expenses |
( |
- |
|
|
(4,885) |
14,959 |
||
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(Loss)/profit before tax |
( |
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Tax on (loss)/profit |
|
( |
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(Loss)/profit for the financial year |
( |
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Somerset County Cars Limited
Balance Sheet
31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Other financial assets |
45,969 |
204,623 |
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Cash at bank and in hand |
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Shareholders' funds |
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Approved and authorised by the
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Company Registration Number: 04170008
Somerset County Cars Limited
Statement of Changes in Equity
Year Ended 31 December 2024
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Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
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At 1 January 2024 |
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|
|
|
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Loss for the year |
- |
- |
( |
( |
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At 31 December 2024 |
|
|
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Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
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At 1 January 2023 |
|
|
|
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Profit for the year |
- |
- |
|
|
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At 31 December 2023 |
99,990 |
10 |
1,581,769 |
1,681,769 |
Somerset County Cars Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England.
The principal place of business is:
142 Priorswood Road
Taunton
TA2 8DN
These financial statements were authorised for issue by the
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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. These policies have been consistently applied to all the years presented, unless otherwise stated.
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
The financial statements have been prepared under the historic cost convention, modified to include certain items at fair value, and in accordance with the Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council. There are no material departures from FRS 102.
The functional currency of Somerset County Cars Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates.
Summary of disclosure exemptions
Somerset County Cars Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of certain disclosure exemptions available to it in respect of its individual financial statements. Exemptions have been taken in relation to the presentation of a cash flow statement, compensation of key management personnel and certain disclosure requirements in relation to financial instruments.
Group accounts not prepared
Somerset County Cars Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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2 |
Accounting policies (continued) |
Going concern
The directors have considered the longer term impact of wider world events on the business, including its anticipated impact on cash flow and working capital requirements. Based on this review, as well as the forecasts prepared, the directors are satisfied that the company 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 company 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.
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 company 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 balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Somerset County Cars Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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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 |
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Leasehold Improvements |
3 to 6 years straight line |
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Plant and Machinery |
3 to 6 years straight line |
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Fixtures, fittings and Office equipment |
3 to 6 years straight line |
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Motor Vehicles |
3 to 4 years straight line |
Investment property
Stocks
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.
Defined contribution pension obligation
The company operates a money purchase pension scheme for certain employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
Somerset County Cars Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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2 |
Accounting policies (continued) |
Financial instruments
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.
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.
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Revenue |
The analysis of the company's Turnover for the year by market is as follows:
|
2024 |
2023 |
|
|
UK |
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2024 |
2023 |
|
|
Miscellaneous other operating income |
- |
|
Somerset County Cars Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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Operating (loss)/profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - other |
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2024 |
2023 |
|
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Wages and salaries |
|
|
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Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Number of staff |
|
|
|
|
|
Somerset County Cars Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
304,567 |
412,852 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2024 |
2023 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
Auditor's remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
- |
Somerset County Cars Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax adjustment to prior periods |
( |
( |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Arising from changes in tax rates and laws |
|
- |
|
Total deferred taxation |
( |
|
|
Tax (receipt)/expense in the income statement |
( |
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
(Loss)/profit before tax |
( |
|
|
Corporation tax at standard rate |
( |
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
- |
( |
|
Tax increase from effect of capital allowances and depreciation |
|
- |
|
Effect of revenues exempt from taxation |
- |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax increase arising from group relief |
|
- |
|
Other tax effects for reconciliation between accounting profit and tax expense (income) |
(112) |
35,149 |
|
UK deferred tax expense (credit) relating to changes in tax rates or laws |
10,089 |
(8,695) |
|
Total tax (credit)/charge |
( |
|
Somerset County Cars Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Tangible assets |
|
Leasehold improvements |
Plant and Machinery |
Fixtures, fittings and |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||||
|
At 1 January 2024 |
|
|
|
|
|
|
Additions |
|
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 January 2024 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 December 2024 |
|
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
|
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 & Office equipment |
- |
18,060 |
|
Leasehold Improvements |
444,974 |
15,730 |
|
444,974 |
33,790 |
Somerset County Cars Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Investments in subsidiaries |
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2024 |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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|
2024 |
2023 |
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|
Subsidiary undertakings |
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|
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Centenary House, Peninsula Park, Rydon House, Exeter, EX2 7XE England |
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Subsidiary undertakings |
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Motor Animations Limited The principal activity of Motor Animations Limited is |
Somerset County Cars Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Stocks |
|
2024 |
2023 |
|
|
Other inventories |
|
|
|
Debtors |
|
Note |
2024 |
2023 |
|
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Income tax asset |
|
- |
|
|
|
|
|
Other investments |
|
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 |
|
Fair value adjustments |
21,346 |
21,346 |
|
Additions |
320,000 |
320,000 |
|
Withdrawals |
(500,000) |
(500,000) |
|
At 31 December 2024 |
45,969 |
45,969 |
|
At 31 December 2023 |
|
204,623 |
Somerset County Cars Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Creditors |
|
2024 |
2023 |
|
|
Due within one year |
||
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Other creditors |
|
|
|
Accruals |
|
|
|
Obligations under Finance Lease and Hire Purchase contracts |
|
|
|
|
|
|
|
Due after one year |
||
|
Other creditors |
|
|
|
Obligations under Finance Lease and Hire Purchase contracts |
|
|
|
|
|
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. Other loans are secured on trade debtors.
|
Financial commitments |
Obligations under finance lease and hire purchase contracts
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
In one year or less on demand |
|
|
|
Between two and five years |
|
|
|
|
|
Somerset County Cars Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
18 |
Financial commitments (continued) |
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
- |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Contingent liabilities |
The company is party to a cross guarantee in respect of a loan advanced to the parent company. The amount outstanding on the loan at 31 December 2024 was £430,000.
|
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from Companies House.
The ultimate controlling party is
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
89,991 |
|
89,991 |
|
|
|
9,999 |
|
9,999 |
|
|
- |
- |
- |
- |
|
|
|
|
|
|
Somerset County Cars Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Commitments |
Capital commitments
The total amount contracted for but not provided in the financial statements was £Nil (2023 - £Nil).
|
Provisions - deferred tax |
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
Increase (decrease) in existing provisions |
( |
( |
|
At 31 December 2024 |
|
|
|
|
||
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Liability |
|
Fixed asset timing differences |
|
|
|
|
2023 |
Liability |
|
Fixed asset timing differences |
|
|
|
Somerset County Cars Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Related party transactions |
|
Transactions with directors |
|
2024 |
At 1 January 2024 |
At 31 December 2024 |
|
Mr J M Lafferty |
||
|
Director |
|
|
|
2023 |
At 1 January 2023 |
Advances to director |
At 31 December 2023 |
|
Mr J M Lafferty |
|||
|
Director |
- |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Employer contributions totalling £5,439 (2023 - £4,627) were payable to the scheme at the end of the year and are included in creditors.