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REGISTERED NUMBER: 11404746 (England and Wales)







REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

FAINTREE SEAT LTD

FAINTREE SEAT LTD (REGISTERED NUMBER: 11404746)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Income Statement 7

Balance Sheet 8

Notes to the Financial Statements 9


FAINTREE SEAT LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2024







DIRECTORS: P G Wedgbury
Mrs K J Wedgbury





REGISTERED OFFICE: Vanguard Way
Battlefield Enterprise Park
Shrewsbury
SY1 3TG





REGISTERED NUMBER: 11404746 (England and Wales)





AUDITORS: Stanton Ralph & Co Limited
Chartered Accountants
Statutory Auditor
The Old Police Station
Whitburn Street
Bridgnorth
Shropshire
WV16 4QP

FAINTREE SEAT LTD (REGISTERED NUMBER: 11404746)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2024

The directors present their report with the financial statements of the company for the year ended 31st December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of vehicle sales and vehicle repairs and servicing.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report.

P G Wedgbury
Mrs K J Wedgbury

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





P G Wedgbury - Director


22nd July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FAINTREE SEAT LTD

Opinion
We have audited the financial statements of Faintree SEAT Ltd (the 'company') for the year ended 31st December 2024 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31st 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FAINTREE SEAT LTD


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FAINTREE SEAT LTD


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, as outlined above, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and its likely future developments, including in relation to the legal and regulatory framework applicable and how the entity and is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we
designed procedures which included:
- enquiry of management and those charged with governance around actual and potential litigation and
claims as well as actual, suspected and alleged fraud;
- reviewing minutes of meetings of those charged with governance;
- assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with laws and regulations; and
- performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FAINTREE SEAT LTD


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.




Darren Foot FCA (Senior Statutory Auditor)
for and on behalf of Stanton Ralph & Co Limited
Chartered Accountants
Statutory Auditor
The Old Police Station
Whitburn Street
Bridgnorth
Shropshire
WV16 4QP

22nd July 2025

FAINTREE SEAT LTD (REGISTERED NUMBER: 11404746)

INCOME STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2024

31.12.23 31.12.24
£    Notes £   

8,917,711 TURNOVER 11,677,679

8,551,536 Cost of sales 11,090,671
366,175 GROSS PROFIT 587,008

424,324 Administrative expenses 352,055
(58,149 ) 234,953

16,031 Other operating income 3,593
(42,118 ) OPERATING PROFIT/(LOSS) 4 238,546


177,506 Interest payable and similar expenses 173,831
(219,624 ) PROFIT/(LOSS) BEFORE TAXATION 64,715

(10,134 ) Tax on profit/(loss) 16,290
(209,490 ) PROFIT/(LOSS) FOR THE FINANCIAL YEAR 48,425

FAINTREE SEAT LTD (REGISTERED NUMBER: 11404746)

BALANCE SHEET
31ST DECEMBER 2024

31.12.23 31.12.24
£    £    Notes £    £   
FIXED ASSETS
2,158,942 Tangible assets 5 2,075,830

CURRENT ASSETS
1,454,465 Stocks 6 1,760,084
296,861 Debtors 7 205,582
422,790 Cash at bank and in hand 251,204
2,174,116 2,216,870
CREDITORS
3,389,372 Amounts falling due within one year 8 3,441,026
(1,215,256 ) NET CURRENT LIABILITIES (1,224,156 )
943,686 TOTAL ASSETS LESS CURRENT LIABILITIES 851,674

CREDITORS
(1,230,316 ) Amounts falling due after more than one
year

9

(1,102,121

)

(120,244 ) PROVISIONS FOR LIABILITIES 11 (108,002 )
(406,874 ) NET LIABILITIES (358,449 )

CAPITAL AND RESERVES
100 Called up share capital 12 100
(406,974 ) Retained earnings (358,549 )
(406,874 ) SHAREHOLDERS' FUNDS (358,449 )

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 22nd July 2025 and were signed on its behalf by:





P G Wedgbury - Director


FAINTREE SEAT LTD (REGISTERED NUMBER: 11404746)

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

1. STATUTORY INFORMATION

Faintree SEAT Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The values have been presented to the nearest one pound (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company continues to have an insolvent balance sheet at the year end. Subsequent to the year end trading levels at the company's dealership have significantly increased and the directors anticipate that the company will be profitable for the year ended 31st December 2025.

Turnover
Turnover represents net invoiced sales of vehicles excluding value added tax. Vehicle sales are recognised once the customer has an unconditional obligation to pay.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - over the period of the lease
Plant and machinery etc - 25% on cost

Freehold land with a cost of £371,370 is not depreciated. Assets are depreciated from the date that they are brought into use.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Where demonstrator vehicles are held for resale they're depreciated on a monthly basis to reflect the reduced value from usage.

Consignment stocks and the related vehicle creditors payment obligations are included in the financial statements once the company becomes unconditionally obligated to acquire the stocks from the manufacturer under the terms of the supply agreement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


FAINTREE SEAT LTD (REGISTERED NUMBER: 11404746)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Grants received
Capital grants received are included as deferred income and released to the income statement over the life of the relevant asset. Revenue grants received are released to the profit and loss account so as to match the related expenditure.

Finance costs
Finance costs are charged to the income statement over the capital repayment term of the debt so that the amount charged is at a constant rate on the carrying amount.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administration expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 13 ) .

4. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

31.12.24 31.12.23
£    £   
Depreciation - owned assets 91,175 86,079

FAINTREE SEAT LTD (REGISTERED NUMBER: 11404746)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
Totals buildings etc
£    £    £   
COST
At 1st January 2024 2,273,124 1,982,129 290,995
Additions 8,063 241 7,822
At 31st December 2024 2,281,187 1,982,370 298,817
DEPRECIATION
At 1st January 2024 114,182 29,881 84,301
Charge for year 91,175 19,829 71,346
At 31st December 2024 205,357 49,710 155,647
NET BOOK VALUE
At 31st December 2024 2,075,830 1,932,660 143,170
At 31st December 2023 2,158,942 1,952,248 206,694

6. STOCKS
31.12.24 31.12.23
£    £   
New vehicle stock 750,824 484,048
Used vehicle stock 949,154 899,752
Parts stock 60,106 70,665
1,760,084 1,454,465

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 181,956 281,857
Other debtors 23,626 15,004
205,582 296,861

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts 109,185 99,059
Trade creditors 1,725,647 1,614,914
Amounts owed to group undertakings 994,397 1,008,298
Taxation and social security 65,804 75,612
Other creditors 545,993 591,489
3,441,026 3,389,372

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans 1,102,121 1,230,316

FAINTREE SEAT LTD (REGISTERED NUMBER: 11404746)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.12.24 31.12.23
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 666,172 798,924

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.24 31.12.23
£    £   
Bank loans 1,211,108 1,329,177
Stocking loans 414,225 410,653
1,625,333 1,739,830

Stocking loans are secured against vehicle stocks.

The company is party to a cross guarantee in respect of certain bank indebtedness of its fellow group company, Faintree Garage Limited. At the period end the total liabilities subject to the guarantee were £1,211,108 (2023: £1,329,177).

11. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
£    £   
Deferred tax 108,002 120,244

Deferred
tax
£   
Balance at 1st January 2024 120,244
Movement (12,242 )
Balance at 31st December 2024 108,002

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
100 Ordinary £1 100 100

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

FAINTREE SEAT LTD (REGISTERED NUMBER: 11404746)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

14. PARENT UNDERTAKING

The controlling party is Faintree Holdings Limited (Address: Mercury House, Stafford Park 1, Telford, Shropshire, United Kingdom, TF3 3BD) by virtue of its majority shareholding. Faintree Holdings Limited prepare group accounts which are available from its registered office.

Mr P G Wedgbury is considered the ultimate controlling party of the company by virtue of his majority share holding in Faintree Holdings Limited.