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Registered number: 08268173
















DE VAN AUTOMOTIVE LIMITED



ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


































img4623.png


DE VAN AUTOMOTIVE LIMITED

 
COMPANY INFORMATION


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




COMPANY SECRETARY
Mr I P Phillips



REGISTERED NUMBER
08268173



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






DE VAN AUTOMOTIVE LIMITED


CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Directors' Responsibilities Statement
 
6
Independent Auditors' Report
 
7 - 10
Consolidated Statement of Comprehensive Income
 
11
Consolidated Statement of Financial Position
 
12
Company Statement of Financial Position
 
13
Consolidated Statement of Changes in Equity
 
14
Company Statement of Changes in Equity
 
15
Consolidated Statement of Cash Flows
 
16
Consolidated Analysis of Net Debt
 
17
Notes to the Financial Statements
 
18 - 36



DE VAN AUTOMOTIVE LIMITED

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report for the year ended 31 December 2024.  
The principal activity of the Group in the year was the operation of motor retail franchises, incorporating vehicle sales, servicing and parts sales. For 2024 the Group 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.
Group 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 Group continually strives to manage its cost base by on-going reviews of systems and processes.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The principal challenges facing the Group continue to be the vagaries of the economy and the competition from other dealerships and manufacturers.
Additionally, as 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 and balanced supply levels 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


DE VAN AUTOMOTIVE LIMITED


GROUP 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:
img593b.png

DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE GROUP
 
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 Group for the benefit of its shareholders, which includes having regard to other stakeholders.
The Board considers it crucial that the Group 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 Group. 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 Group to ensure that our obligations to the Group’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 17 July 2025 and signed on its behalf.



Mr G De Val
Director

Page 2

1
DE VAN AUTOMOTIVE 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.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £76,304 (2023: £567,695).

No dividends were declared in respect of the year ended 31 December 2024 (2022: £nil).

DIRECTORS

The directors who served during the year were:

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

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.

Page 3


DE VAN AUTOMOTIVE LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION

The Group's greenhouse gas emissions and energy consumption for the year are:

ole55c5.pngData is provided as tonnes of carbon dioxide equivalent (CO2e) for all operations. Scope 1 and 2 emissions are from our showrooms, PDI centres and Bodyshop. The companies chosen intensity measure is emissions per vehicle sold.

The report data has been collated internally and CO2e have been calculated using average prices per kWh of energy and price per litre of fuel taken from supplier invoices and consumed in the course of trading activities. CO2e has been calculated using the National Energy Foundation Carbon Calculator. We do not consider refrigerant losses on our air conditioning units to be material and as such these are not reported in our emissions data. 
We have reported on the emissions sources required under the Companies Act 2006 (Strategic Report and Directors' Reports) Regulations 2013 apart from the exclusion noted. The reported sources fall within our Consolidated Financial Statements and are for emissions over which we have financial control. We do not have responsibility for any emission sources that are not included in our Consolidated Financial Statements. 
The Group considers the environmental impact of its operations and has continued to take the following actions in the current year: 
 
To remove excess heat and light consumption by improving efficiencies and turning off heat and lighting when not specifically required 
Increased the use of video conference calls to reduce travel emissions



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 and the Group'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 and the Group'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 Group renewing its banking facilities for a further twelve months until March 2026.

Page 4


DE VAN AUTOMOTIVE LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

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 De Val
Director

Date: 17 July 2025

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

Page 5


DE VAN AUTOMOTIVE LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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

select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 6


DE VAN AUTOMOTIVE LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DE VAN AUTOMOTIVE LIMITED
OPINION


We have audited the financial statements of De Van Automotive Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, Consolidated Analysis of Net Debt,  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 Group's and of the Parent Company's affairs as at 31 December 2024 and of the Group's 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 Group 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 Group's or the Parent 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 7


DE VAN AUTOMOTIVE LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DE VAN AUTOMOTIVE 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 Group 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 Group 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the Parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 6, 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 Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.


Page 8


DE VAN AUTOMOTIVE LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DE VAN AUTOMOTIVE 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 Group 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 9


DE VAN AUTOMOTIVE LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DE VAN AUTOMOTIVE 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 Parent 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 Parent 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 Parent Company and the Parent 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

18 July 2025
Page 10


DE VAN AUTOMOTIVE LIMITED

 
CONSOLIDATED 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
  
(14,634,356)
(14,191,197)

Other operating income
 5 
143,866
3,854

Fair value movements
  
-
28,811

Operating (loss)/profit
 6 
(306,334)
2,064,071

Interest payable and similar expenses
 10 
(223,309)
(265,922)

(Loss)/profit before taxation
  
(529,643)
1,798,149

Tax on (loss)/profit
 11 
605,947
(1,230,454)

Profit for the financial year
  
76,304
567,695

  

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
  
76,304
1,801,140

Profit for the year attributable to:
  

Owners of the parent Company
  
76,304
567,695

  
76,304
567,695

The notes on pages 18 to 36 form part of these financial statements.

Page 11


DE VAN AUTOMOTIVE LIMITED
REGISTERED NUMBER:08268173

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
11,629,949
10,769,680

Investment property
 14 
2,261,083
2,261,083

  
13,891,032
13,030,763

Current assets
  

Stocks
 15 
27,206,324
21,965,303

Debtors: amounts falling due within one year
 16 
4,934,165
4,717,707

Cash at bank and in hand
 17 
9,309
9,701

  
32,149,798
26,692,711

Creditors: amounts falling due within one year
 18 
(34,740,745)
(29,120,589)

Net current liabilities
  
 
 
(2,590,947)
 
 
(2,427,878)

Total assets less current liabilities
  
11,300,085
10,602,885

Creditors: amounts falling due after more than one year
 19 
(2,380,860)
(1,473,730)

Provisions for liabilities
  

Deferred taxation
 22 
(1,181,030)
(1,467,264)

  
 
 
(1,181,030)
 
 
(1,467,264)

Net assets
  
7,738,195
7,661,891


Capital and reserves
  

Called up share capital 
 23 
100,000
100,000

Revaluation reserve
 24 
2,355,824
2,430,356

Profit and loss account
 24 
5,282,371
5,131,535

Equity attributable to owners of the parent Company
  
7,738,195
7,661,891


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





Mr G De Val
Director

Date: 17 July 2025

Page 12


DE VAN AUTOMOTIVE LIMITED
REGISTERED NUMBER:08268173

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 13 
7,511,838
7,511,838

  
7,511,838
7,511,838

Current assets
  

Debtors: amounts falling due within one year
 16 
26,000
-

Cash at bank and in hand
 17 
2,577
2,578

  
28,577
2,578

Creditors: amounts falling due within one year
 18 
(3,228,771)
(3,136,462)

Net current liabilities
  
 
 
(3,200,194)
 
 
(3,133,884)

Total assets less current liabilities
  
4,311,644
4,377,954

  

  

Net assets
  
4,311,644
4,377,954


Capital and reserves
  

Called up share capital 
 23 
100,000
100,000

Profit and loss account
 24 
4,211,644
4,277,954

  
4,311,644
4,377,954


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





Mr G De Val
Director

Date: 17 July 2025

Page 13


DE VAN AUTOMOTIVE LIMITED


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


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

£
£
£
£


At 1 January 2023
100,000
1,271,443
4,489,308
5,860,751



Profit for the year
-
-
567,695
567,695

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
100,000
2,430,356
5,131,535
7,661,891



Profit for the year
-
-
76,304
76,304

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


At 31 December 2024
100,000
2,355,824
5,282,371
7,738,195


The notes on pages 18 to 36 form part of these financial statements.

Page 14


DE VAN AUTOMOTIVE LIMITED


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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
100,000
4,355,436
4,455,436



Loss for the year
-
(77,482)
(77,482)



At 1 January 2024
100,000
4,277,954
4,377,954



Loss for the year
-
(66,310)
(66,310)


At 31 December 2024
100,000
4,211,644
4,311,644


The notes on pages 18 to 36 form part of these financial statements.

Page 15


DE VAN AUTOMOTIVE LIMITED


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
76,304
567,695

Adjustments for:

Depreciation of tangible assets
374,482
384,924

Loss on disposal of tangible assets
-
187,122

Interest paid
226,309
265,922

Taxation charge/(credit)
(605,947)
1,230,454

(Increase)/decrease in stocks
(5,241,023)
1,875,723

Decrease/(increase) in debtors
756,931
(924,129)

Increase/(decrease) in creditors
5,554,268
(2,407,193)

Increase/(decrease) in provisions
-
(73,250)

Net fair value losses/(gains) recognised in P&L
-
(28,811)

Corporation tax (paid)
(226,683)
(778,641)

Net cash generated from operating activities

914,641
299,816


Cash flows from investing activities

Purchase of tangible fixed assets
(1,234,750)
(537,454)

Sale of tangible fixed assets
-
10,000

Net cash from investing activities

(1,234,750)
(527,454)

Cash flows from financing activities

Repayment of loans
-
(501,661)

Other new loans
1,500,000
-

Repayment of other loans
(589,956)
(489,996)

Repayment of finance leases
(11,655)
(11,655)

Loans from other participating interests repaid
(2,261,882)
(41,187)

Interest paid
(226,309)
(265,922)

Net cash used in financing activities
(1,589,802)
(1,310,421)

Net (decrease) in cash and cash equivalents
(1,909,911)
(1,538,059)

Cash and cash equivalents at beginning of year
(1,846,022)
(307,963)

Cash and cash equivalents at the end of year
(3,755,933)
(1,846,022)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
9,309
9,701

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

(3,755,933)
(1,846,022)


Page 16


DE VAN AUTOMOTIVE LIMITED


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

9,701

(392)

9,309

Bank overdrafts

(1,855,723)

(1,909,519)

(3,765,242)

Debt due after 1 year

(1,470,816)

(910,044)

(2,380,860)

Debt due within 1 year

(2,751,878)

2,161,922

(589,956)

Finance leases

(14,569)

11,655

(2,914)



(6,083,285)
(646,378)
(6,729,663)

The notes on pages 18 to 36 form part of these financial statements.

Page 17


DE VAN AUTOMOTIVE LIMITED

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

1.


GENERAL INFORMATION

De Van Automotive 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 Group was principally engaged in the retail of motor vehicles and accessories and in performing related repair and maintenance services within the United Kingdom.

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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the parent company and its own subsidiaries ("the Group"). Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Changes in Equity from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

GOING CONCERN

At the time of approving the financial statements, the directors have a reasonable expectation that the Group 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 18


DE VAN AUTOMOTIVE 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 Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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 Group 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: LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
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

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

BORROWING COSTS

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

Page 19


DE VAN AUTOMOTIVE LIMITED

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

PENSIONS

The Group operates two defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.10

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.


 
2.11

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.

Page 20


DE VAN AUTOMOTIVE LIMITED

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

2.ACCOUNTING POLICIES (CONTINUED)


2.11
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% - 33.3% straight line
Motor vehicles
-
20% straight line basis
Fixtures and fittings
-
10% - 20% straight line basis
Computer equipment
-
33% straight line basis

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.

 
2.12

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.

 
2.13

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

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.

 
2.15

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 21


DE VAN AUTOMOTIVE 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, which the directors have then assessed at year-end to determine if the valuation remains unchanged.
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 22


DE VAN AUTOMOTIVE 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 group
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
32,700
31,450

Defined contribution pension cost
213,996
322,903

Other operating lease rentals
433,967
318,683


7.


AUDITORS' REMUNERATION

2024
2023
£
£

Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements
32,700
31,450

Fees payable to the Group's auditor and its associates in respect of:

All other services
4,200
13,740


8.


EMPLOYEES

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


Group
Group
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 23


DE VAN AUTOMOTIVE LIMITED

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

9.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
383,000
365,225

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

454,581
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 Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £70,000 (2023: £90,000).


10.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Other loan interest payable
223,309
265,922

223,309
265,922


11.


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 24


DE VAN AUTOMOTIVE LIMITED

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


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2023: higher 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
(529,643)
1,798,149


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 23.52%)
(132,411)
422,925

EFFECTS OF:


Fixed asset differences
34,060
84,922

Expenses not deductible for tax purposes
28,373
8,420

Capital allowances for year in excess of depreciation
-
(6,777)

Capital gains/(losses)
(43,084)
682,864

Adjustments to tax charge in respect of prior periods
(319,713)
(10,012)

Adjustments to tax charge in respect of prior 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 25
 

DE VAN AUTOMOTIVE LIMITED
 
 
 

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


12.


TANGIBLE FIXED ASSETS


Group







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 26

 

DE VAN AUTOMOTIVE LIMITED
 
 
 

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

           12.TANGIBLE FIXED ASSETS (CONTINUED)


Page 27

DE VAN AUTOMOTIVE LIMITED

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

           12.TANGIBLE FIXED ASSETS (CONTINUED)

Freehold Property is held at fair value determined by the 2023 valuation undertaken by Monk and Partners. All other assets are held at cost.





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



Page 28


DE VAN AUTOMOTIVE LIMITED

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

13.


FIXED ASSET INVESTMENTS

Company





Investments in subsidiary companies

£



COST


At 1 January 2024
7,511,838



At 31 December 2024
7,511,838





SUBSIDIARY UNDERTAKING


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Grevan Cars Limited
  St Modwen House,
Longbridge Road,
Plymouth,
Devon,
PL6 8LD
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Grevan Cars Limited
10,332,442
(463,333)

Page 29


DE VAN AUTOMOTIVE LIMITED

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

14.


INVESTMENT PROPERTY

Group


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.








15.


STOCKS

Group
Group
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 Group's suppliers. The directors are of the opinion that the stock held under these agreements are in substance assets of the Group as the Group has access to the benefits of holding the stock and is also exposed to the risks of ownership as if it were owned outright.


16.


DEBTORS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


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

Other debtors
1,175,021
706,212
26,000
-

Prepayments and accrued income
302,437
298,257
-
-

4,934,165
4,717,707
26,000
-


Page 30


DE VAN AUTOMOTIVE LIMITED

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

17.


CASH AND CASH EQUIVALENTS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
9,309
9,701
2,577
2,578

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

(3,755,933)
(1,846,022)
2,577
2,578



18.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
Company
Company
2024
2023
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
-
-

Amounts owed to group undertakings
-
-
3,224,241
2,292,896

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
2,511,882
-
826,200

Accruals and deferred income
1,078,318
822,419
4,530
17,366

34,740,745
29,120,589
3,228,771
3,136,462


Secured loans
Bank overdraft and loans are secured by first legal charges over specific Group freehold land and buildings.
Other loans are secured against specific property assets of the Group. Further details of the Other loans can be found in Note 20.
Amounts owed to other participating interests are secured against specific property assets of the Group.
The stocking loan is secured over the funded vehicle stock.

Page 31


DE VAN AUTOMOTIVE LIMITED

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

19.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
Group
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 32


DE VAN AUTOMOTIVE LIMITED

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

20.


LOANS


Analysis of the maturity of loans is given below:


Group
Group
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 installments of £8,330.


21.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
2,914
11,655

Between 1-5 years
-
2,914

2,914
14,569

Page 33


DE VAN AUTOMOTIVE LIMITED

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

22.


DEFERRED TAXATION


Group



2024
2023


£

£






At beginning of year
(1,467,264)
(714,063)


Charged to the profit or loss
286,234
(753,201)



AT END OF YEAR
(1,181,030)
(1,467,264)

The provision for deferred taxation is made up as follows:

Group
Group
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)


23.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



26,000 (2023: 26,000) Ordinary A shares of £1.00 each
26,000
26,000
74,000 (2023: 74,000) Ordinary B shares of £1.00 each
74,000
74,000

100,000

100,000



24.


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.

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 34


DE VAN AUTOMOTIVE LIMITED

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

25.


CONTINGENT LIABILITIES

At the balance sheet date the Group has a contingent liability of £Nil (2023: £92,172) 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.


26.


PENSION COMMITMENTS

The Company operates two defined contribution pension schemes. The assets of the scheme are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group 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.


27.


COMMITMENTS UNDER OPERATING LEASES

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


Group
Group
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
1,546,000
2,088,300

2,906,000
3,448,300

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

Page 35


DE VAN AUTOMOTIVE LIMITED

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

28.


RELATED PARTY TRANSACTIONS

Group
At the prior year-end a balance of £1,000,682 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.
Additionally, at the prior year-end, an amount of £342,500 was due to one other 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 (2023: £220,000).
Group and Company
At the prior year-end total loan notes of £525,400 were outstanding with one director. Interest was charged at 4% above the base rate. The loan notes were fully repaid during the year, and the director resigned during the year.
At the prior year-end total loan notes of £150,400 were outstanding with one director. Interest was charged at 4% above the base rate. The loan notes were fully repaid during the year, and the director resigned during the year. 
At the prior year-end total loan notes of £150,400 were outstanding with one director. Interest was charged at 4% above the base rate. The loan notes were fully repaid during the year, and the director resigned during the year.
Company
During the year, the company transferred shares with a fair value of £23,500 to Mr G De Val, a shareholder and director of the company. This transaction has been accounted for as a loan which is unsecured, interest-free, and repayable on demand. The balance outstanding at 31 December 2024 was £23,500 (2023: £nil). No amounts were written off or forgiven during the year and the amount is still outstanding as at the financial statements signing date. 
Key management personnel
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 (2023: £812,899).
The Company has taken advantage of exemptions within FRS102 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.


29.


CONTROLLING PARTY

During the year, the Group was under the ultimate control of Mr G De Val by virtue of his controlling shareholding. 

 
Page 36