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Registered number: 01852806
















GREVAN CARS LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


































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GREVAN CARS LIMITED

 
COMPANY INFORMATION


DIRECTORS
Mr M E Evans (resigned 6 November 2024)
Mr G P De Val 
Mrs C Jacob (resigned 30 September 2024)
Mrs S Jones (resigned 30 September 2024)
Mr I P Phillips 




COMPANY SECRETARY
Mr I P Phillips



REGISTERED NUMBER
01852806



REGISTERED OFFICE
St Modwen House, Longbridge Road
Marsh Mills

Plymouth

Devon

PL6 8LD




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

Salt Quay House

4 North East Quay

Sutton Harbour

Plymouth

PL4 0BN




SOLICITORS
Nash and Co
Beaumont House

Beaumont Park

Plymouth

PL4 9BD






GREVAN CARS LIMITED


CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 27


GREVAN CARS LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

INTRODUCTION
 
The directors present their strategic report for the year ended 31 December 2024.  
The principal activity of the Company in the year was the operation of motor retail franchises, incorporating vehicle sales, servicing and parts sales. For 2024 the Company held franchises to sell and service BMW, MINI, Motorrad and INEOS vehicles from locations in Cornwall and Devon. 

BUSINESS REVIEW
 
The Directors consider the 2024 result to be somewhat disappointing. Performance impaired by a combined number of factors; increased operating costs due to rising advertising, delivery and introductory commission fees as well as minimum wage increases, wage inflationary pressure.
Additionally with customer safety clearly the main focus for all, some vehicle deliveries were delayed in order to check and upgrade components where necessary.
This process affected both new and used vehicles across the range.
BMW Group UK has reported combined registrations for BMW and MINI totalling 172,240 units in 2024, with over a quarter of these being fully electric. The BMW brand recorded 125,265 registrations (+12 per cent), securing its position as the UK’s leading premium automotive brand with a 22.6 per cent share of the premium sector. Battery electric vehicles (BEV) accounted for 26.9 per cent of BMW registrations and the brand registered more plug-in hybrid vehicles than any competitor in the premium segment, marking another year of
strong growth in electrified models. MINI registered 46,975 units in the UK, with BEV registrations up 55 per cent on 2023, reflecting the successful launch of the new MINI product family.
Company turnover decreased by £6.1m (4.6%) to £127.2m in 2024, primarily driven by suppressed deliverable retail volumes of both new and used vehicles affected by safety related recalls/delivery stops.
Property costs year on year were static, other overheads saw a small increase of 3% driven largely by increase legal and professional fees. Other increases include demonstrator depreciation charges and increased business rates. The Company continually strives to manage its cost base by on-going reviews of systems and processes.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The principal challenges facing the Company continue to be the vagaries of the economy and the competition from other dealerships and manufacturers.
Additionally, as with with other manufacturers, planned changes to transition new vehicles sales to an agency model starting with MINI in March 2025 create uncertainty and planning difficulties for the Group. 
The Company has a reliance on new vehicle products from its manufacturer partners. This exposes the Company to risks in a number of areas as the Company is dependent upon:
 
Availability of new vehicle products
Quality of new vehicle products
Pricing of new vehicle products
 
The directors are confident that future new products from its manufacturer/suppliers will continue to be competitively priced and high quality and therefore consider that this risk is minimal.

Page 1


GREVAN CARS LIMITED


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

FINANCIAL KEY PERFORMANCE INDICATORS
 
The directors use the following key indicators to measure the Group's performance: 
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DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE COMPANY
 
S.172 of the Companies Act 2006 Statement
The directors are aware of their duty under s.172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its shareholders, which includes having regard to other stakeholders. 
The Board considers it crucial that the Company maintains a reputation for high standards of business conduct. The Board is responsible for setting, monitoring and upholding the culture, values, standards, ethics, brand and reputation of the Company. Management drives the embedding of the desired culture throughout the organisation. The Board has sought to balance the needs of its members with the s.172 matters throughout the year in the policies and practices which run through the Company to ensure that our obligations to the Company’s shareholders, employees, suppliers and others are met.

OTHER KEY PERFORMANCE INDICATORS
 
Other key aspects that are measured and reviewed on a regular basis are customer satisfaction indices, staff turnover, staff attitude and marketing effectiveness.


This report was approved by the board on 2 July 2025 and signed on its behalf.



Mr G P De Val
Director
Page 2

1
GREVAN 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' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then 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;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £142,614 (2023: £645,177).

No dividends were paid during the year.

DIRECTORS

The directors who served during the year were:

Mr M E Evans (resigned 6 November 2024)
Mr G P De Val 
Mrs C Jacob (resigned 30 September 2024)
Mrs S Jones (resigned 30 September 2024)
Mr I P Phillips 

FUTURE DEVELOPMENTS

The directors are cautiously optimistic about the forthcoming year given the challenges faced by the industry.

Page 3


GREVAN CARS LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
ENGAGEMENT WITH EMPLOYEES

At Ocean Group our people are central to our success and the teams are committed to excellence. We aim to be the automotive retail employer of choice in our territory and this is reflected in our approach to recruitment, reward, retention, training and development. Our people are kept informed of all aspects of performance through the variety of meetings, reviews and structured communications they receive. 

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

We engage with our core brand partners regularly and will continue to strengthen and expand those relationships further. Throughout the current challenging period our communication with other key suppliers and customers has focused on ensuring we maintained continuity of service where possible. We are committed to having clear, transparent and professional relationships with all of our customers and suppliers.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as The director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

The director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

POST BALANCE SHEET EVENTS

The 2024 financial year, 2025 quarter 1 performance and 2025 forecasts resulted in the Company renewing its banking facilities for a further twelve months until March 2026.

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 






Mr G P De Val
Director

Date: 2 July 2025

St Modwen House, Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LD
Page 4


GREVAN CARS LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREVAN CARS LIMITED
OPINION


We have audited the financial statements of Grevan Cars Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5


GREVAN CARS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREVAN CARS LIMITED (CONTINUED)

OPINION ON OTHER MATTERS 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 the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


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 Directors' Responsibilities Statement set out on page 3, 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.


Page 6


GREVAN CARS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREVAN CARS LIMITED (CONTINUED)

AUDITORS' 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 Auditors' 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:

we have considered the nature of the industry and sector, control environment, business performance, bonus levels and performance targets;
we have considered the results of our enquiries of management and the directors about their own identification and assessment of the risks of irregularities;
we have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation;
we have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off, as well as stock provisioning in relation to used vehicles. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or avoid a material penalty. These included compliance with the Financial Conduct Authority, data protection legislation, health and safety regulations, and employment law.
Our procedures to respond to risks identified included the following:
 
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
enquiring of management in relation to actual and potential claims or litigation;
performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
performing detailed transactional testing in relation to the recognition of revenue with a particular focus around the year-end cut off;
performing sample testing in respect of stock items to test the accuracy of year end stock provisions; and
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.

We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.
 
Page 7


GREVAN CARS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREVAN CARS LIMITED (CONTINUED)

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement or irregularity due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 2006Our 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 Auditors' 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.






Nathan Coughlin FCA (Senior Statutory Auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
Salt Quay House
4 North East Quay
Sutton Harbour
Plymouth
PL4 0BN

17 July 2025
Page 8


GREVAN CARS LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
127,178,455
133,309,740

Cost of sales
  
(112,994,299)
(117,087,137)

Gross profit
  
14,184,156
16,222,603

Administrative expenses
  
(14,629,826)
(14,186,667)

Other operating income
 5 
143,866
3,854

Fair value movements
  
-
28,811

Operating (loss)/profit
 6 
(301,804)
2,068,601

Interest payable and similar expenses
 9 
(161,529)
(192,970)

(Loss)/profit before tax
  
(463,333)
1,875,631

Tax on (loss)/profit
 10 
605,947
(1,230,454)

Profit for the financial year
  
142,614
645,177

Other comprehensive income for the year
  

Unrealised surplus on revaluation of tangible fixed assets
  
-
1,233,445

Other comprehensive income for the year
  
-
1,233,445

Total comprehensive income for the year
  
142,614
1,878,622

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

The notes on pages 12 to 27 form part of these financial statements.

Page 9


GREVAN CARS LIMITED
REGISTERED NUMBER:01852806

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
11,629,949
10,769,680

Investment property
 12 
2,261,083
2,261,083

  
13,891,032
13,030,763

Current assets
  

Stocks
 13 
27,206,324
21,965,303

Debtors: amounts falling due within one year
 14 
8,132,406
7,010,603

Cash at bank and in hand
 15 
6,732
7,124

  
35,345,462
28,983,030

Creditors: amounts falling due within one year
 16 
(34,736,215)
(28,277,024)

Net current assets
  
 
 
609,247
 
 
706,006

Total assets less current liabilities
  
14,500,279
13,736,769

Creditors: amounts falling due after more than one year
 17 
(2,380,860)
(1,473,730)

Provisions for liabilities
  

Deferred tax
 20 
(1,181,030)
(1,467,264)

  
 
 
(1,181,030)
 
 
(1,467,264)

Net assets
  
10,938,389
10,795,775


Capital and reserves
  

Called up share capital 
 21 
125,500
125,500

Revaluation reserve
 22 
2,706,770
2,781,302

Capital redemption reserve
 22 
703,268
703,268

Profit and loss account
 22 
7,402,851
7,185,705

  
10,938,389
10,795,775


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





Mr G P De Val
Director

Date: 2 July 2025

Page 10


GREVAN CARS LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2023
125,500
703,268
1,622,389
6,465,996
8,917,153



Profit for the year
-
-
-
645,177
645,177

Surplus on revaluation of freehold property
-
-
1,233,445
-
1,233,445

Transfer to/from profit and loss account
-
-
(74,532)
74,532
-



At 1 January 2024
125,500
703,268
2,781,302
7,185,705
10,795,775



Profit for the year
-
-
-
142,614
142,614

Transfer to/from profit and loss account
-
-
(74,532)
74,532
-


At 31 December 2024
125,500
703,268
2,706,770
7,402,851
10,938,389


The notes on pages 12 to 27 form part of these financial statements.
Page 11


GREVAN CARS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


GENERAL INFORMATION

Grevan Cars Limited is a private company, limited by shares incorporated in England and Wales in the United Kingdom. The address of its registered office is disclosed on the Company information page. The principal activity of the Company is the sale of motor vehicles.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The Company, being a subsidiary undertaking where 90% or more of the voting rights are controlled within the group whose consolidated financial statements are publicly available, is exempt from the requirement to draw up a cash flow statement in accordance with FRS 102.

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of De Van Automotive Limited as at 31 December 2023 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

 
2.3

GOING CONCERN

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors continue to adopt the going concern basis of accounting in the preparation of the financial statements. 

Page 12


GREVAN CARS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction;
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably, and;
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

OPERATING LEASES

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the period of the lease.
The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.6

LEASING AND HIRE PURCHASE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 13


GREVAN CARS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates two defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further obligations.
The contributions are recognised as an expense in the Income statement when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.10

TANGIBLE FIXED ASSETS

Tangible fixed assets are stated at cost or deemed cost less accumulated depreciation and any accumulated impairment losses, with the exception of Freehold property which is held at fair value determined annually. Where an asset is stated at the revalued amount all tangible fixed assets within that class are also stated at valuation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value over their expected useful lives. Land is not depreciated.

Page 14


GREVAN CARS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.10
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is provided on the following basis:

Freehold property
-
2% straight line basis
Leasehold property
-
over the period of the lease
Plant and machinery
-
10% - 33% straight line basis
Motor vehicles
-
20% straight line basis
Fixtures and fittings
-
10% - 20% straight line basis
Computer equipment
-
33% straight line basis
Assets under construction
-
not yet depreciated

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the Statement of Comprehensive Income.

 
2.11

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by suitably experienced and qualified valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.12

STOCKS

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Consignment stocks are recognised in the balance sheet as the substance of the arrangement is such that the Company has access to the benefits of ownership, and is also exposed to the risk of ownership as if it were owned outright.

 
2.13

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 15


GREVAN CARS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had the most significant effect on amounts recognised in the financial statements.

STOCK WRITE DOWN PROVISION:
Included in the financial statements are provisions against used car stock to align the book value to the net realisable value. These provisions are created by used car and demonstration managers based on their assumptions of the local market with consideration also given to national used car values supplied by BMW (UK) Limited.

USEFUL ECONOMIC LIVES:
Included in the financial statements is the depreciation of tangible fixed assets. This is based upon the useful economic lives assigned to those assets. The useful economic lives are based upon management's assessment of the length of time an asset is expected to be useful and derive economic benefits.

INVESTMENT PROPERTY AND FREEHOLD PROPERTY VALUATIONS:
Included in the financial statements are investment and freehold properties. These are stated at fair value as derived from the current market rents and investment property yields for comparable real estate. The investment property valuation is determined with reference to a 2023 valuation undertaken by Monk and Partners.
CONSIGNMENT STOCKS:
Included in the financial statements are consignment stocks. Consignment stocks are recognised in the balance sheet as the substance of the arrangement is such that the Company has access to the benefits of ownership, and is also exposed to the risk of ownership as if it were owned outright.


4.


TURNOVER

The whole of the turnover is attributable to the sale and servicing of new and used motor vehicles as a BMW, MINI and INEOS retailer.

All turnover arose within the United Kingdom.


5.


OTHER OPERATING INCOME

2024
2023
£
£

Other operating income
118,817
(22,170)

Net rents receivable
25,049
26,024

143,866
3,854


Page 16


GREVAN CARS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


OPERATING (LOSS)/PROFIT

The operating (loss)/profit is stated after charging:

2024
2023
£
£

Depreciation of fixed assets owned by the Company
350,662
366,047

Depreciation of fixed assets held under finance leases
9,739
18,877

Fees payable to the Company's auditors and its associates for the audit of the Company's annual accounts
28,775
27,640

Defined contribution pension cost
213,996
322,903

Other operating lease rentals
433,967
318,683

The Company has taken advantage of the exemption not to disclose the specific amounts paid for non-audit services as these are disclosed in the group accounts of the parent Company.


7.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
8,191,707
7,755,569

Social security costs
884,040
823,125

Cost of defined contribution scheme
213,996
322,903

9,289,743
8,901,597


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Management
25
23



Administration
19
17



Sales
77
75



Workshop and parts
114
104

235
219

Page 17


GREVAN CARS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
396,331
365,225

Company contributions to defined contribution pension schemes
71,581
91,554

467,912
456,779


During the year retirement benefits were accruing to 3 directors (2023: 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £240,000 (2023: £220,710).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £70,000 (2023: £90,000).


9.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Other loan interest payable
161,529
192,970

161,529
192,970


10.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
(319,713)
477,253


(319,713)
477,253


TOTAL CURRENT TAX
(319,713)
477,253

DEFERRED TAX


Origination and reversal of timing differences
123,881
749,439

Adjustments in respect of prior periods
(410,115)
3,762

TOTAL DEFERRED TAX
(286,234)
753,201


(605,947)
1,230,454
Page 18


GREVAN CARS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25% (2023: 23.52%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(463,333)
1,875,631


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 23.52%)
(115,833)
441,148

EFFECTS OF:


Fixed asset differences
34,060
84,922

Capital allowances for year in excess of depreciation
-
8,420

Chargeable gains/(losses)
(43,084)
682,875

Income not taxable for tax purposes
-
(6,777)

Group relief surrendered/(claimed)
-
(18,224)

Expenses not deductible for tax purposes
11,795
-

Adjustments to tax charge in respect of previous periods
(319,713)
(10,022)

Adjustments to tax charge in respect of previous periods - deferred tax
(410,115)
3,762

Remeasurement of deferred tax for changes in tax rates
-
44,350

Losses carried back
339,824
-

Other permanent differences
(102,881)
-

TOTAL TAX CHARGE FOR THE YEAR
(605,947)
1,230,454


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 19
 

GREVAN CARS LIMITED
 
 
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


11.


TANGIBLE FIXED ASSETS






Freehold property
Leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£
£



COST OR VALUATION


At 1 January 2024
9,055,985
2,095,065
1,613,766
140,139
934,518
13,839,473


Additions
626,772
-
473,183
-
134,794
1,234,749


Disposals
-
-
(1,495)
-
-
(1,495)



At 31 December 2024

9,682,757
2,095,065
2,085,454
140,139
1,069,312
15,072,727



DEPRECIATION


At 1 January 2024
298,766
739,350
1,277,244
70,585
683,847
3,069,792


Charge for the year on owned assets
119,870
52,469
110,004
14,080
68,319
364,742


Charge for the year on financed assets
-
-
-
9,739
-
9,739


Disposals
-
-
(1,495)
-
-
(1,495)



At 31 December 2024

418,636
791,819
1,385,753
94,404
752,166
3,442,778



NET BOOK VALUE



At 31 December 2024
9,264,121
1,303,246
699,701
45,735
317,146
11,629,949



At 31 December 2023
8,757,219
1,355,715
336,522
69,554
250,671
10,769,681

Page 20

GREVAN CARS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           11.TANGIBLE FIXED ASSETS (CONTINUED)

Freehold Property is held at fair value determined by a 2023 valuation undertaken by Monk and Partners. 





The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
9,264,121
8,757,219

Short leasehold
1,303,246
1,355,715

10,567,367
10,112,934


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
2,435
12,174

2,435
12,174


12.


INVESTMENT PROPERTY


Freehold investment property

£



VALUATION


At 1 January 2024
2,261,083



AT 31 DECEMBER 2024
2,261,083

The property was revalued in 2023 by Monk and Partners, Independent Chartered Surveyors, on an open market value for existing use basis. There have been no movements in the valuation since this date.





Page 21


GREVAN CARS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


STOCKS

2024
2023
£
£

Finished goods and goods for resale
27,206,324
21,965,303

27,206,324
21,965,303


Included within goods for resale is consignment stock amounting to £8,925,162 (2023: £5,636,125).
The directors have considered the substance of the consignment and other stocking loan arrangements with the Company's suppliers. The directors are of the opinion that the stock held under these agreements are in substance assets of the Company as the Company has access to the benefits of holding the stock and is also exposed to the risks of ownership as if it were owned outright.


14.


DEBTORS

2024
2023
£
£


Trade debtors
3,456,707
3,713,238

Amounts owed by group undertakings
3,224,241
2,292,896

Other debtors
1,149,021
706,212

Prepayments and accrued income
302,437
298,257

8,132,406
7,010,603



15.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
6,732
7,124

Less: bank overdrafts
(3,765,242)
(1,855,723)

(3,758,510)
(1,848,599)


Page 22


GREVAN CARS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank overdrafts
3,765,242
1,855,723

Other loans
589,956
489,996

Payments received on account
365,594
197,469

Trade creditors
28,407,779
22,455,703

Corporation tax
-
124,796

Other taxation and social security
380,942
650,946

Obligations under finance lease and hire purchase contracts
2,914
11,655

Amounts owed to other participating interests
150,000
1,685,682

Accruals and deferred income
1,073,788
805,054

34,736,215
28,277,024


Secured loans
Bank overdraft and loans are secured by first legal charges over specific Company freehold land and buildings.
Other loans are secured against specific property assets of the Company. Further details of the Other loans can be found in Note 18.
Amounts owed to other participating interests are secured against specific property assets of the Company.
The stocking loan is secured over the funded vehicle stock.


17.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Other loans
2,380,860
1,470,816

Net obligations under finance leases and hire purchase contracts
-
2,914

2,380,860
1,473,730


Secured loans
Other loans aged greater than one year are secured against specific property assets of the Group. 

Page 23


GREVAN CARS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Other loans
589,956
489,996


589,956
489,996

AMOUNTS FALLING DUE 1-2 YEARS

Other loans
589,956
489,996


589,956
489,996

AMOUNTS FALLING DUE 2-5 YEARS

Other loans
790,704
927,488


790,704
927,488

AMOUNTS FALLING DUE AFTER MORE THAN 5 YEARS

Other loans
1,000,200
53,332

1,000,200
53,332

2,970,816
1,960,812


The other loans not wholly repayable within five years include a mortgage with BMW Financial Services (GB) Limited. The loan facility is £1,500,000 of which £1,500,000 was outstanding at 31 December 2024. The mortgage is secured against specific property assets of the company. Interest on the mortgage is being charged at 2.60% above the BMW base rate (which at 31 December 2024 was 5.41%). The balance is repayable in monthly instalments of £8,330.


19.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
2,914
11,655

Between 1-5 years
-
2,914

2,914
14,569
Page 24


GREVAN CARS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


DEFERRED TAXATION




2024


£






At beginning of year
(1,467,264)


Charged to the profit or loss
286,234



AT END OF YEAR
(1,181,030)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(433,619)
(266,760)

Short term timing differences
(32,984)
(32,878)

Capital gains/(losses)
(714,427)
(1,167,626)

(1,181,030)
(1,467,264)


21.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



125,500 (2023: 125,500) Ordinary shares of £1 each
125,500
125,500



22.


RESERVES

Revaluation reserve

This reserve records the cumulative historical surplus on the revaluation of freehold properties, less any associated deferred tax falling due on ultimate sale of the assets.
A transfer is made between the revaluation reserve and the profit and loss account for any depreciation charged on the revalued amount.

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the Company.

Profit and loss account

This reserve includes all current and prior period retained profits and losses. £449,766 (as restated 2023: £449,766) of the reserves relate to revalued investment properties and therefore remain non-distributable.

Page 25


GREVAN CARS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


CONTINGENT LIABILITIES

At the balance sheet date the Company has a contingent liability of £Nil (2023: £97,172) to repurchase vehicles from Car Benefit Solutions. The vehicles are provided to employees and they are not included in stock. The vehicles are only available to be used by the Company when an employee terminates their agreement with Car Benefit Solutions. The market value of these vehicles is expected to exceed the total liability.


24.


PENSION COMMITMENTS

The Company operates two defined contribution pension schemes. The assets of the scheme are held separately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the Company to the funds and amounted to £213,996 (2023: £322,903). Contributions totalling £40,487 (2023: £29,256) were payable to the funds at the year end and are included in creditors.


25.


COMMITMENTS UNDER OPERATING LEASES

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
272,000
272,000

Later than 1 year and not later than 5 years
1,088,000
1,088,000

Later than 5 years
1,816,300
2,088,300

3,176,300
3,448,300

Lease commitments include lease payments for the leasehold property used by the Company.

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GREVAN CARS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

26.


RELATED PARTY TRANSACTIONS

At the prior year-end a balance of £850,682 was due to one director. This balance was interest-free and £850,682 was repaid during the year. The director resigned during the year.
At the prior year-end, an amount of £342,500 was due to one director. Of this, £92,500 accrued interest at a rate of 5.41% per annum, while the remaining balance was interest-free. The loan was fully repaid during the year, and the director resigned during the year.
At the prior year-end, an amount of £342,500 was due to one director. Of this, £92,500 accrued interest at a rate of 5.41% per annum, while the remaining balance was interest-free. The loan was fully repaid during the year, and the director resigned during the year.
During the year, rent was paid to the Grevan Cars Executive Pension Fund (the directors are also trustees of the fund) totalling 220,000£220,000 (2023: £220,000).
Senior employees who have authority and responsibility for planning, directing and controlling the activities of the entity are considered to be Key Management Personnel. Total remuneration, including the value of the Company's contributions paid to a defined contribution pension scheme, in respect of these individuals is 882,713£882,713 (2023: £812,899).
The Company has taken advantage of exemptions within FRS 102 Section 33 Related Party Disclosures permitting non disclosure of transactions between members of a group, where any subsidiary which is a party to the transaction is wholly owned by such a member.


27.


CONTROLLING PARTY

At the year end the company was controlled by De Van Automotive Limited, who owned 100% of the ordinary share capital. The ultimate controlling party was Mr G De Val who owns 97.5% of the share capital in De Van Automotive Limited.
 
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