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FOR THE YEAR ENDED 31 DECEMBER 2024
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GREVAN CARS LIMITED
COMPANY INFORMATION
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GREVAN CARS LIMITED
CONTENTS
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GREVAN CARS LIMITED
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 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.
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.
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.
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GREVAN CARS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors use the following key indicators to measure the Group's performance:
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 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.
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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.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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.
The profit for the year, after taxation, amounted to £142,614 (2023: £645,177).
No dividends were paid during the year.
The directors who served during the year were:
The directors are cautiously optimistic about the forthcoming year given the challenges faced by the industry.
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GREVAN CARS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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.
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.
The auditors, Bishop Fleming LLP, will 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.
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GREVAN CARS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREVAN CARS LIMITED
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.
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GREVAN CARS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREVAN CARS LIMITED (CONTINUED)
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.
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.
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GREVAN CARS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREVAN CARS LIMITED (CONTINUED)
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.
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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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Salt Quay House
4 North East Quay
Sutton Harbour
PL4 0BN
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GREVAN CARS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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GREVAN CARS LIMITED
REGISTERED NUMBER:01852806
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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GREVAN CARS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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GREVAN CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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
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:
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.
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.
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GREVAN CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: 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 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.
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GREVAN CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
DEFINED CONTRIBUTION PENSION PLAN
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.
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.
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GREVAN CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Depreciation is provided on the following 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. 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. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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GREVAN CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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.
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GREVAN CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GREVAN CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GREVAN CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10.TAXATION (CONTINUED)
There were no factors that may affect future tax charges.
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