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Somerset County Cars Limited

Annual Report and Financial Statements
Year Ended 31 December 2024

Registration number: 04170008

 

Somerset County Cars Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12 to 25

 

Somerset County Cars Limited

Company Information

Directors

Mr N D Burke

Mr J M Lafferty

Mr W R Campsie

Mr P A Thomas

Ms D A Jenkins

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

 

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 Board on 15 July 2025 and signed on its behalf by:
 

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

 

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:

Mr N D Burke

Mr J M Lafferty

Mr W R Campsie

Mr P A Thomas

Mr T C Tregaskes (ceased 15 August 2024)

Ms D A Jenkins (appointed 1 October 2024)

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 Board on 15 July 2025 and signed on its behalf by:
 

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

 

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:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom 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 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:

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

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.

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

Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

17 July 2025

 

Somerset County Cars Limited

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)

(36,681,206)

Gross profit

 

3,533,044

4,164,953

Distribution costs

 

(1,461,333)

(1,594,567)

Administrative expenses

 

(2,594,965)

(2,252,451)

Other operating income

4

-

4,800

Operating (loss)/profit

5

(523,254)

322,735

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

(26,236)

-

   

(4,885)

14,959

(Loss)/profit before tax

 

(528,139)

337,694

Tax on (loss)/profit

11

78,213

(103,616)

(Loss)/profit for the financial year

 

(449,926)

234,078

 

Somerset County Cars Limited

Balance Sheet

31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

12

1,011,297

1,046,585

Investments

13

2

2

 

1,011,299

1,046,587

Current assets

 

Stocks

14

3,621,620

4,151,846

Debtors

15

1,471,603

1,427,495

Other financial assets

16

45,969

204,623

Cash at bank and in hand

 

688,967

861,663

 

5,828,159

6,645,627

Creditors: Amounts falling due within one year

17

(5,161,028)

(5,797,987)

Net current assets

 

667,131

847,640

Total assets less current liabilities

 

1,678,430

1,894,227

Creditors: Amounts falling due after more than one year

17

(378,800)

(66,458)

Provisions for liabilities

23

(67,787)

(146,000)

Net assets

 

1,231,843

1,681,769

Capital and reserves

 

Called up share capital

99,990

99,990

Capital redemption reserve

10

10

Profit and loss account

1,131,843

1,581,769

Shareholders' funds

 

1,231,843

1,681,769

Approved and authorised by the Board on 15 July 2025 and signed on its behalf by:
 

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

Company Registration Number: 04170008

 

Somerset County Cars Limited

Statement of Changes in Equity

Year Ended 31 December 2024

Share capital
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 January 2024

99,990

10

1,581,769

1,681,769

Loss for the year

-

-

(449,926)

(449,926)

At 31 December 2024

99,990

10

1,131,843

1,231,843

Share capital
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 January 2023

99,990

10

1,347,691

1,447,691

Profit for the year

-

-

234,078

234,078

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

1

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 Board on 15 July 2025.

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. 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

The company is exempt under section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its immediate and ultimate parent, SCC (Holdings) Limited, a company registered in England and Wales. Accordingly these financial statements present information about the Company as an individual undertaking and not as a group.

 

Somerset County Cars Limited

Notes to the Financial Statements

Year Ended 31 December 2024

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

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

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.

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

2

Accounting policies (continued)

Financial instruments

Financial assets and liabilities are recognised/(derecognised)when the company becomes/(ceases to become) party to the contractual provisions of the instrument. the company 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.

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.

3

Revenue

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

2024
£

2023
£

Miscellaneous other operating income

-

4,800


 

 

Somerset County Cars Limited

Notes to the Financial Statements

Year Ended 31 December 2024

5

Operating (loss)/profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

242,185

123,839

Operating lease expense - other

301,692

256,921

6

Staff costs

The aggregate payroll costs (including directors' 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 company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Number of staff

86

86

86

86

 

Somerset County Cars Limited

Notes to the Financial Statements

Year Ended 31 December 2024

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

295,740

402,471

Contributions paid to money purchase schemes

8,827

10,381

304,567

412,852

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

5

4

In respect of the highest paid director:

2024
£

2023
£

Remuneration

100,000

113,329

Company contributions to money purchase pension schemes

2,955

2,567

8

Auditor's remuneration

2024
 £

2023
 £

Audit of the financial statements

23,400

20,000


 

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

-

 

Somerset County Cars Limited

Notes to the Financial Statements

Year Ended 31 December 2024

11

Taxation

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

2024
£

2023
£

Current taxation

UK corporation tax adjustment to prior periods

(441)

(4,384)

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)

103,616

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 25% (2023 - 23.52%).

The differences are reconciled below:

2024
£

2023
£

(Loss)/profit before tax

(528,139)

337,694

Corporation tax at standard rate

(132,035)

79,426

Decrease in UK and foreign current tax from adjustment for prior periods

-

(4,384)

Tax increase from effect of capital allowances and depreciation

5,503

-

Effect of revenues exempt from taxation

-

(3,202)

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

18,915

5,322

Tax increase arising from group relief

19,427

-

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

(78,213)

103,616

 

Somerset County Cars Limited

Notes to the Financial Statements

Year Ended 31 December 2024

12

Tangible assets

Leasehold improvements
£

Plant and Machinery
 £

Fixtures, fittings and
Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

914,778

561,387

967,332

62,897

2,506,394

Additions

102,957

36,716

65,473

1,751

206,897

At 31 December 2024

1,017,735

598,103

1,032,805

64,648

2,713,291

Depreciation

At 1 January 2024

222,536

367,280

846,286

23,707

1,459,809

Charge for the year

127,780

52,635

50,134

11,636

242,185

At 31 December 2024

350,316

419,915

896,420

35,343

1,701,994

Carrying amount

At 31 December 2024

667,419

178,188

136,385

29,305

1,011,297

At 31 December 2023

692,242

194,107

121,046

39,190

1,046,585


 

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

13

Investments in subsidiaries

2024
£

2023
£

Investments in subsidiaries

2

2

Subsidiaries

£

Cost or valuation

At 1 January 2024

2

Carrying amount

At 31 December 2024

2

At 31 December 2023

2

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

     

2024

2023

Subsidiary undertakings

Motor Animations Limited

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

England

Ordinary

100%

100%

Subsidiary undertakings

Motor Animations Limited

The principal activity of Motor Animations Limited is Dormant.

 

Somerset County Cars Limited

Notes to the Financial Statements

Year Ended 31 December 2024

14

Stocks

2024
£

2023
£

Other inventories

3,621,620

4,151,846

15

Debtors

Note

2024
£

2023
£

Trade debtors

 

472,505

470,599

Amounts owed by related parties

24

799,085

732,312

Other debtors

 

70,000

134,540

Prepayments

 

106,388

90,044

Income tax asset

11

23,625

-

 

1,471,603

1,427,495

16

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

204,623

 

Somerset County Cars Limited

Notes to the Financial Statements

Year Ended 31 December 2024

17

Creditors

2024
£

2023
£

Due within one year

Trade creditors

4,435,553

4,726,141

Social security and other taxes

158,028

72,007

Other creditors

16,659

20,505

Accruals

429,463

960,108

Obligations under Finance Lease and Hire Purchase contracts

121,325

19,226

5,161,028

5,797,987

Due after one year

Other creditors

12,000

32,000

Obligations under Finance Lease and Hire Purchase contracts

366,800

34,458

378,800

66,458

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.
 

18

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

121,325

17,978

Between two and five years

366,800

34,458

488,125

52,436

 

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

291,815

295,565

Later than one year and not later than five years

664,000

789,815

Later than five years

-

41,500

955,815

1,126,880

The amount of non-cancellable operating lease payments recognised as an expense during the year was £295,815 (2023 - £256,921).

19

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.

20

Parent and ultimate parent undertaking

The company's immediate parent is SCC (Holdings) Limited, incorporated in England & Wales.

  These financial statements are available upon request from Companies House.

 The ultimate controlling party is Mr N D Burke.

21

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary 'A' shares of £1

89,991

89,991

89,991

89,991

Ordinary 'B' shares of £1

9,999

9,999

9,999

9,999

Ordinary 'C' shares of £1

-

-

-

-

 

99,990

99,990

99,990

99,990

 

Somerset County Cars Limited

Notes to the Financial Statements

Year Ended 31 December 2024

22

Commitments

Capital commitments

The total amount contracted for but not provided in the financial statements was £Nil (2023 - £Nil).

23

Provisions - deferred tax

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

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

67,787

67,787

2023

Liability
£

Fixed asset timing differences

146,000

146,000

 

Somerset County Cars Limited

Notes to the Financial Statements

Year Ended 31 December 2024

24

Related party transactions

Transactions with directors

2024

At 1 January 2024
£

At 31 December 2024
£

Mr J M Lafferty

Director

70,000

70,000

2023

At 1 January 2023
£

Advances to director
£

At 31 December 2023
£

Mr J M Lafferty

Director

-

70,000

70,000

25

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 £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.