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REGISTERED NUMBER: 01313672 (England and Wales)











GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

RELIANCE GARAGE (RYEDALE) LIMITED

RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 7

Consolidated Statement of Income and Retained Earnings 11

Consolidated Statement of Financial Position 12

Company Statement of Financial Position 13

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash Flows 15

Notes to the Consolidated Financial Statements 17


RELIANCE GARAGE (RYEDALE) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: R Chapman
F S Chapman
D R Chapman
N J R Chapman





SECRETARY: F S Chapman





REGISTERED OFFICE: Medina House
2 Station Avenue
Bridlington
East Yorkshire
YO16 4LZ





REGISTERED NUMBER: 01313672 (England and Wales)





AUDITORS: Cooper Parry Group Limited
St James Building
79 Oxford Street
Manchester
M1 6HT

RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

The principal activity in the year under review was that of the sale, servicing and maintenance of new and used vehicles, through the operation of four Volvo motor dealerships.

REVIEW OF BUSINESS
The group reports a profit before taxation for the year of £3,335,425 (2023: £2,098,729). Given the challenging trading conditions, rising inflation, energy costs and wage demands, the directors are pleased with the financial results.

In June 2023 Volvo moved from a wholesale model to an agency model resulting in a drop in turnover from 2023 to 2024.

The Volvo brand retains a high level of desirability in the UK market, and customer satisfaction and loyalty to the business remains strong. We are confident that the group is well placed to continue to operate successfully.

KEY PERFORMANCE INDICATORS
The board of directors use numerous financial key performance indicators to monitor the performance of the business, the most important of which are:

31.12.24 31.12.23
£ £
EBITDA* 5,603,267 3,839,854
Revenue 114,480,699 180,436,183
Operating profit 5,025,090 3,414,200

*EBITDA: Earnings before interest, tax, depreciation and amortisation.

PRINCIPAL RISKS AND UNCERTAINTIES
The group is subject to a number of trading and operational risks including employment, health & safety, legal compliance and public liability risks. The board mitigates these risks by ensuring that good practice is always followed, and by maintaining adequate insurance cover where necessary.

The car market in the UK is highly competitive and margins continue to be tight. We face competition from rival brands, the import market and in particular from 'car supermarkets'. We are of course also subject to consumer spending patterns and consumers overall level of disposable income within our local economies. With these risks and uncertainties in mind, we are aware that any plans for the future development of our business may be subject to unforeseen future events outside of our control.

The directors constantly monitor the industry and the actions of competitors and target customer base in order to be able to react quickly to changing economic conditions when necessary.


RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

SECTION 172(1) STATEMENT
The board of directors consider that they have at all times acted in a way they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in Section 172 (1) (a-f) of the Companies Act 2006) when performing their duty as directors during the year.

The group's strategy has continued to focus on providing excellent customer service and nurture brand loyalty. We strive to maintain high levels of customer satisfaction by maintaining regular and open lines of communication with customers, seeking customer feedback and making improvements to the customer experience where necessary. The group has an experienced administrative team which customers can rely on to discuss any concerns or issues. The group endeavours to resolve any issues arising in a timely and suitable manner.

This has helped ensure that the group's customer base has continued to grow and developed and strengthened the group's position as one of the leading Volvo retailers in the United Kingdom.

The group seeks to maintain good working relationships with its suppliers by maintaining close and regular contact, and by paying invoices within agreed supplier terms. Outstanding invoices are monitored on a weekly basis to ensure that supplier invoices are being settled on a timely basis.

The group's employees are fundamental to the delivery of our strategy. We aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and well-being of our employees is one of our primary considerations in the way in which we do business.

Our strategy considers the impact of the group's operations on the environment, and our wider social responsibilities, and how we impact on our local community. We seek to support our local communities through sponsorship of various community and charitable activities.

As a board of directors, our intention is to behave responsibly and ensure that management operate the business in a responsible manner, operating with the high standards of business conduct and governance expected for a business such as ours. In doing so, we believe these behaviours will contribute to the delivery of our plans. The intention is to nurture our reputation, through the development and delivery of our strategy, reflecting our responsible behaviour.

As a board of directors, our intention is to behave responsibly and fairly towards our shareholders, so they may benefit from the successful delivery of our strategy.

ON BEHALF OF THE BOARD:





D R Chapman - Director


7 August 2025

RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

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

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

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

R Chapman
F S Chapman
D R Chapman

Other changes in directors holding office are as follows:

N J R Chapman - appointed 1 January 2024

FINANCIAL INSTRUMENTS
The group's principal financial instruments are bank balances, bank loans, stocking loans, directors' loans, trade creditors and trade debtors. The main purpose of these instruments are to ensure sufficient funds are available to finance the group's day to day operations.

Vehicle stocking loans are utilised to enable the group to carry a large amount of vehicle stocks at the group's showrooms in order to give customers a wide choice of vehicles to view.

Bank loans are used to finance capital expenditure planned by the group. Before a capital project is committed to and funds borrowed, each such project is carefully planned using the board's industry knowledge and experience, and a full risk assessment conducted alongside financial forecasting covering a range of possible scenarios.

Loans from director/shareholders are used to provide adequate working capital for the group.

Due to the nature of the financial instruments used by the group there is no exposure to currency risk.

Price risk is managed by negotiating volumes and terms in advance with key suppliers to ensure that the group's products are priced correctly in order to achieve target margins, whilst still ensuring that the group remains competitive in its chosen markets.

The group manages liquidity risk by critically analysing cash flow forecasts and the timing of expected receipts and payments, to ensure that the group always has sufficient cash to meet its obligations.

Trade creditor liquidity risk is managed by agreeing payment terms with suppliers in advance of ordering goods and services and ensuring that payments are made in line with those agreed terms to foster good relationships with suppliers and strengthening those relationships. The group aims to match outgoing payments to suppliers with expected income for the business, therefore ensuring sufficient funds are available to meet liabilities as they fall due.

Credit and cash flow risks are managed by assessing the credit terms offered to customers and the regular monitoring of trade debtor balances to ensure that payment is made in line with agreed terms.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The directors are confident that the banking facilities currently in place are more than adequate for the group's working capital requirements. All of the group's transactions are conducted in sterling, therefore there is no currency risk.

The directors are satisfied that credit risk is adequately managed and the recoverability of trade debtors is regularly monitored to ensure that the possibility of non-recovery is minimised. The group has no significant concentration of credit risk, with exposure spread over a large number of customers.


RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

BUSINESS RELATIONSHIPS
The development and maintenance of good business relationships with customers, suppliers, employees, the environment and our local communities is of strategic importance to the company, and the ways in which the board nurture these relationships are described in more detail within the board's 'Section 172(1) Statement' in the Strategic Report.

STREAMLINED ENERGY AND CARBON REPORTING
This section includes our mandatory reporting of energy and greenhouse gas emissions for the period 1 January 2024 to 31 December 2024, pursuant to the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, implementing the government's Streamlined Energy and Carbon Reporting (SECR) policy.

Our methodology to calculate our greenhouse gas emissions is based on the 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance (March 2019)', using DESNZ's 2023 and 2024 conversion factors as appropriate. In some cases, consumption has been extrapolated from available data or direct comparison made to a comparable period.

We report using a financial control approach to define our organisational boundary. We have reported all material emission sources required by the regulations for which we deem ourselves to be responsible and have maintained records of all source data and calculations.

During the reporting period, we have continued to focus on our travel policy and encourage car sharing and assisting in vehicle logistics where travel is necessary. We have installed more EV chargers and continue to prioritise electric and hybrid vehicles wherever possible. The table below includes total energy consumption (reported as kWh) and greenhouse gas emissions for the sources required by the regulations, along with our intensity ratio.


1 January 2024 -31
December 2024
1 January 2023 -31
December 2023
Total Energy Consumption - used for Emissions Calculation (kWh) 1,647,753 1,275,579
Oil & Gas Combustion Emissions, Scope 1 (tCO2e) 139.1 94.3
Vehicle Fuel Combustion Emissions, Scope 1 (tCO2e) 49.7 70.4
Total, Scope 1 (tCO2e) 188.8 164.7
Purchased Electricity Emissions, Scope 2 (tCO2e) 153.1 108.5
Vehicle Electric Emissions, Scope 2 (tCO2e) 2.0 0
Total, Scope 2 (tCO2e) 155.1 108.5
Vehicle Fuel Combustion Emissions, Scope 3 (tCO2e) 0 0
Total Gross Reported Emissions (tCO2e) 343.9 273.2
Turnover (£m) 114.5 180.4
Intensity Ratio: Turnover (tc's / £m) 3.00 1.51

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, 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), 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 and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable 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.


RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS
The audit business of UHY Hacker Young Manchester LLP was acquired by Cooper Parry Group Limited on 30 September 2024. UHY Hacker Young Manchester LLP has resigned as auditor and Cooper Parry Group Limited has been appointed in its place. The auditor, Cooper Parry Group Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





D R Chapman - Director


7 August 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RELIANCE GARAGE (RYEDALE) LIMITED

Opinion
We have audited the financial statements of Reliance Garage (Ryedale) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company 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 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 group's and 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RELIANCE GARAGE (RYEDALE) LIMITED


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 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 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 Statement of Directors' Responsibilities set out on pages five and six, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RELIANCE GARAGE (RYEDALE) LIMITED


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.

Extent to which the audit was considered capable of detecting irregularities, including fraud
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.

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, we considered the following:

- the nature of the industry and sector, control environment and business performance.
- any matters we identified having obtained and reviewed the group's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax, and industry specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: valuation of used vehicle stocks and recognition of supplier incentives. In common with all audits under the ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks the group operates in, focussing 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 and 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 group's ability to operate or to avoid a material penalty. These included the group's FCA regulatory requirements.

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 and those charged with governance concerning actual and potential litigation claims;
- in addressing the risk of fraud through inappropriate valuation of used vehicle inventory, assessing net realisable value of stock items sold after the year end was above cost or assessing their value with reference to third party data sources if unsold.
- in addressing the risk of fraud through inappropriate recording of supplier incentives, ensuring amounts recorded as due were then subsequently acknowledged as such by the supplier;
- in assessing the risk of fraud through management override of controls, testing the appropriateness of journal entries and assessing whether judgements made in making accounting estimates are indicative of potential bias.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RELIANCE GARAGE (RYEDALE) LIMITED

There are inherent limitations in the audit procedures described above 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. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

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.




Ryan Wear BSc ACA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited
St James Building
79 Oxford Street
Manchester
M1 6HT

7 August 2025

RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

CONSOLIDATED
STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £   

REVENUE 3 114,480,699 180,436,183

Cost of sales 98,975,691 167,130,410
GROSS PROFIT 15,505,008 13,305,773

Administrative expenses 10,707,449 10,124,706
4,797,559 3,181,067

Other operating income 227,531 233,133
OPERATING PROFIT 5 5,025,090 3,414,200


Interest payable and similar expenses 6 1,689,665 1,315,471
PROFIT BEFORE TAXATION 3,335,425 2,098,729

Tax on profit 7 881,498 370,873
PROFIT FOR THE FINANCIAL YEAR 2,453,927 1,727,856

Retained earnings at beginning of year 10,738,582 9,010,726

RETAINED EARNINGS FOR THE
GROUP AT END OF YEAR

13,192,509

10,738,582

Profit attributable to:
Owners of the parent 2,453,927 1,727,856

RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 660,141 741,808
Property, plant and equipment 10 20,048,768 14,768,181
Investments 11 10,000 10,000
20,718,909 15,519,989

CURRENT ASSETS
Inventories 12 18,031,458 18,813,886
Debtors 13 4,139,653 4,055,829
Cash and cash equivalents 148,063 933,983
22,319,174 23,803,698
CREDITORS
Amounts falling due within one year 14 19,057,649 19,289,711
NET CURRENT ASSETS 3,261,525 4,513,987
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,980,434

20,033,976

CREDITORS
Amounts falling due after more than one
year

15

(9,205,528

)

(7,813,223

)

PROVISIONS FOR LIABILITIES 19 (991,399 ) (891,173 )
NET ASSETS 13,783,507 11,329,580

CAPITAL AND RESERVES
Called up share capital 20 100 100
Revaluation reserve 21 590,898 590,898
Retained earnings 21 13,192,509 10,738,582
SHAREHOLDERS' FUNDS 13,783,507 11,329,580

The financial statements were approved by the Board of Directors and authorised for issue on 7 August 2025 and were signed on its behalf by:





D R Chapman - Director


RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

COMPANY STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Property, plant and equipment 10 20,049,731 14,769,144
Investments 11 10,100 3,823,046
20,059,831 18,592,190

CURRENT ASSETS
Inventories 12 18,031,458 18,813,886
Debtors 13 4,138,690 3,946,693
Cash at bank and in hand 148,063 933,983
22,318,211 23,694,562
CREDITORS
Amounts falling due within one year 14 19,057,749 22,759,430
NET CURRENT ASSETS 3,260,462 935,132
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,320,293

19,527,322

CREDITORS
Amounts falling due after more than one
year

15

(9,205,528

)

(7,813,223

)

PROVISIONS FOR LIABILITIES 19 (904,115 ) (803,889 )
NET ASSETS 13,210,650 10,910,210

CAPITAL AND RESERVES
Called up share capital 20 100 100
Revaluation reserve 21 590,898 590,898
Retained earnings 21 12,619,652 10,319,212
SHAREHOLDERS' FUNDS 13,210,650 10,910,210

Company's profit for the financial year 2,300,440 1,308,486

The financial statements were approved by the Board of Directors and authorised for issue on 7 August 2025 and were signed on its behalf by:





D R Chapman - Director


RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

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

31.12.24 31.12.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 5,000,998 4,537,183
Interest paid (1,689,665 ) (1,315,471 )
Tax paid (538,029 ) (97,823 )
Net cash from operating activities 2,773,304 3,123,889

Cash flows from investing activities
Purchase of intangible fixed assets - (816,670 )
Purchase of tangible fixed assets (5,793,605 ) (6,847,729 )
Purchase of fixed asset investments - (10,000 )
Sale of tangible fixed assets 1,600 1,569,408
Net cash from investing activities (5,792,005 ) (6,104,991 )

Cash flows from financing activities
New loans in year 2,930,000 5,900,000
Loan repayments in year (580,430 ) (140,001 )
Hire purchase capital repayments in year (19,587 ) (34,617 )
Amount withdrawn by directors (503,604 ) (275,094 )
Net cash from financing activities 1,826,379 5,450,288

(Decrease)/increase in cash and cash equivalents (1,192,322 ) 2,469,186
Cash and cash equivalents at beginning of
year

2

933,983

(1,535,203

)

Cash and cash equivalents at end of year 2 (258,339 ) 933,983

RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

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

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.12.24 31.12.23
£    £   
Profit before taxation 3,335,425 2,098,729
Depreciation charges 593,520 495,062
Profit on disposal of fixed assets (435 ) (69,408 )
Finance costs 1,689,665 1,315,471
5,618,175 3,839,854
Decrease/(increase) in inventories 782,428 (2,938,454 )
(Increase)/decrease in trade and other debtors (179,377 ) 4,061,009
Decrease in trade and other creditors (1,220,228 ) (425,226 )
Cash generated from operations 5,000,998 4,537,183

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 148,063 933,983
Bank overdrafts (406,402 ) -
(258,339 ) 933,983
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 933,983 22,168
Bank overdrafts - (1,557,371 )
933,983 (1,535,203 )


RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

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

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash and cash equivalents 933,983 (785,920 ) 148,063
Bank overdrafts - (406,402 ) (406,402 )
933,983 (1,192,322 ) (258,339 )
Debt
Finance leases (48,017 ) 19,587 (28,430 )
Debts falling due within 1 year (327,653 ) (444,548 ) (772,201 )
Debts falling due after 1 year (5,514,013 ) (1,905,022 ) (7,419,035 )
(5,889,683 ) (2,329,983 ) (8,219,666 )
Total (4,955,700 ) (3,522,305 ) (8,478,005 )

RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

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

1. STATUTORY INFORMATION

Reliance Garage (Ryedale) Limited 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 General Information page.

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


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of freehold properties.

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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the group's accounting policies, which are described further in this note, management are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Key sources of estimation and uncertainty
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

Useful economic lives of tangible assets
The annual amortisation and depreciation charges for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See the notes to the financial statements for the carrying amount of the property, plant and equipment and the useful economic lives of each class of assets.

Valuation of used vehicle stocks
Stocks are stated at the lower of cost and net realisable value. The value of all used cars as well as the provision for obsolete, slow moving or defective stock can have a significant influence on the stock valuation in the financial statements. A comprehensive review of the stock held is carried out with reference to independent market valuation data.

RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

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

2. ACCOUNTING POLICIES - continued

Revenue
Revenue represents income generated from the retail sale of new and used motor vehicles, and from the service and repair of motor vehicles, measured at the fair value of the consideration receivable, excluding direct sales taxes.

Revenue is recognised from the sale of motor vehicles when the vehicle has been 'handed over' to the buyer, as that is the point when the risks and rewards of ownership of the vehicle are considered to have been transferred.

In respect of the service and repair of motor vehicles, revenue is recognised when work has been completed to a satisfactory standard and the sales invoice has been issued to the customer.

Agency commission revenue from manufacturers is recognised at the point the customer takes delivery of the new vehicle and the company becomes entitled to the commission payment.

Intangible assets - goodwill
Goodwill, being amounts paid in connection with business acquisitions, is amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost and 1% on cost or valuation, excluding land
Short leasehold property - 10% on cost and over the lease term
Showroom fittings - 15% on reducing balance
Tools and equipment - 15% on reducing balance and Over 5 to 10 years
Office equipment - 25% on reducing balance and Over 5 years
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance and Over 2 to 3 years

Freehold property is shown at most recent valuation. Any aggregate surplus arising from changes in valuation is recognised in the revaluation reserve, and reported in the Statement of Other Comprehensive Income for the year. Any deficits arising on revaluations are debited against the revaluation reserve, unless there is insufficient reserve to do so in which case the excess is charged to the Income Statement for the year.

Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of the cash generating unit to which the asset belongs.

Fixed asset investments
Shares in unlisted companies are valued at cost less impairment.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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

Financial instruments
Financial assets and liabilities are recognised on the balance sheet when the group becomes a party to the contractual provisions of the instrument. Borrowings, which include interest bearing loans and overdrafts, are recorded at their initial value less any repayments. Subsequently, these are stated at amortised cost, reflecting the applicable interest rate on each loan.

Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

Provisions
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

Rents receivable
Property rents are recorded on a rent receivable basis.

RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

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

3. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the group.

An analysis of revenue by class of business is given below:

31.12.24 31.12.23
£    £   
Sale of goods 102,314,081 175,633,255
Sale of services 4,055,307 3,510,646
Agency commissions 8,111,311 1,292,282
114,480,699 180,436,183

All turnover arose from business conducted in the United Kingdom.

4. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 8,212,719 7,207,498
Social security costs 831,311 749,321
Other pension costs 365,150 169,906
9,409,180 8,126,725

The average number of employees during the year was as follows:
31.12.24 31.12.23

Productive and technicians 55 80
Operations and administration 139 110
Sales 39 50
233 240

31.12.24 31.12.23
£    £   
Directors' remuneration 206,427 34,750
Directors' pension contributions to money purchase schemes 8,782 1,390

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 1

Information regarding the highest paid director for the year ended 31 December 2024 is as follows:
31.12.24
£   
Emoluments etc 171,678
Pension contributions to money purchase schemes 6,233

RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

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

5. OPERATING PROFIT

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

31.12.24 31.12.23
£    £   
Hire of plant and machinery 22,749 20,369
Depreciation - owned assets 501,217 414,691
Depreciation - assets on hire purchase contracts 10,636 5,509
Profit on disposal of fixed assets (435 ) (69,408 )
Goodwill amortisation 81,667 74,862
Auditors' remuneration 35,700 39,380

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Bank interest 10,048 15,389
Stocking loan interest 871,354 763,299
Corporation tax interest 439 -
Bank loan interest 577,515 286,776
Other loan interest 230,309 248,548
Other interest - 1,459
1,689,665 1,315,471

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
UK corporation tax 836,833 288,839
Adjustment to prior years tax (55,561 ) -
Total current tax 781,272 288,839

Deferred tax:
Advanced capital allowances 100,226 82,034
Tax on profit 881,498 370,873

RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

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

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24 31.12.23
£    £   
Profit before tax 3,335,425 2,098,729
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 23.520 %)

833,856

493,621

Effects of:
Expenses not deductible for tax purposes - 9,266
Capital allowances in excess of depreciation - (116,098 )
Depreciation in excess of capital allowances 103,203 -
Adjustments to tax charge in respect of previous periods (55,561 ) -
Profit on asset disposals - (15,916 )
Total tax charge 881,498 370,873

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 854,170
AMORTISATION
At 1 January 2024 112,362
Amortisation for year 81,667
At 31 December 2024 194,029
NET BOOK VALUE
At 31 December 2024 660,141
At 31 December 2023 741,808

RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

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

9. INTANGIBLE FIXED ASSETS - continued

Company
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 37,500
AMORTISATION
At 1 January 2024
and 31 December 2024 37,500
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 -

10. PROPERTY, PLANT AND EQUIPMENT

Group
Short
Freehold leasehold Showroom Tools and
property property fittings equipment
£    £    £    £   
COST
At 1 January 2024 11,120,354 2,285,685 652,553 1,776,985
Additions 5,395,300 - 39,242 256,728
Disposals - - - -
Reclassification/transfer 2,194,328 (2,194,328 ) - -
At 31 December 2024 18,709,982 91,357 691,795 2,033,713
DEPRECIATION
At 1 January 2024 185,383 81,694 432,865 838,000
Charge for year 131,168 62,916 38,579 178,797
Eliminated on disposal - - - -
Reclassification/transfer 109,862 (109,862 ) - -
At 31 December 2024 426,413 34,748 471,444 1,016,797
NET BOOK VALUE
At 31 December 2024 18,283,569 56,609 220,351 1,016,916
At 31 December 2023 10,934,971 2,203,991 219,688 938,985

RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

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

10. PROPERTY, PLANT AND EQUIPMENT - continued

Group

Office Motor Computer
equipment vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2024 434,647 138,381 584,271 16,992,876
Additions 31,228 7,099 64,008 5,793,605
Disposals - (15,513 ) - (15,513 )
Reclassification/transfer - - - -
At 31 December 2024 465,875 129,967 648,279 22,770,968
DEPRECIATION
At 1 January 2024 190,172 39,486 457,095 2,224,695
Charge for year 23,811 23,893 52,689 511,853
Eliminated on disposal - (14,348 ) - (14,348 )
Reclassification/transfer - - - -
At 31 December 2024 213,983 49,031 509,784 2,722,200
NET BOOK VALUE
At 31 December 2024 251,892 80,936 138,495 20,048,768
At 31 December 2023 244,475 98,895 127,176 14,768,181

Included in cost of land and buildings is freehold land of £6,345,713 (2023 - £4,345,713) which is not depreciated.

The net book value of property, plant and equipment includes £ 31,907 (2023 - £ 42,543 ) in respect of assets held under hire purchase contracts.

RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

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

10. PROPERTY, PLANT AND EQUIPMENT - continued

Company
Short
Freehold leasehold Showroom Tools and
property property fittings equipment
£    £    £    £   
COST OR VALUATION
At 1 January 2024 11,111,701 2,285,685 652,553 1,771,273
Additions 5,395,300 - 39,242 256,728
Disposals - - - -
Reclassification/transfer 2,194,328 (2,194,328 ) - -
At 31 December 2024 18,701,329 91,357 691,795 2,028,001
DEPRECIATION
At 1 January 2024 175,766 81,694 432,865 824,029
Charge for year 131,168 62,916 38,579 178,797
Eliminated on disposal - - - -
Reclassification/transfer 109,862 (109,862 ) - -
At 31 December 2024 416,796 34,748 471,444 1,002,826
NET BOOK VALUE
At 31 December 2024 18,284,533 56,609 220,351 1,025,175
At 31 December 2023 10,935,935 2,203,991 219,688 947,244

Office Motor Computer
equipment vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2024 412,166 138,381 567,860 16,939,619
Additions 31,228 7,099 64,008 5,793,605
Disposals - (15,513 ) - (15,513 )
Reclassification/transfer - - - -
At 31 December 2024 443,394 129,967 631,868 22,717,711
DEPRECIATION
At 1 January 2024 175,951 39,486 440,684 2,170,475
Charge for year 23,811 23,893 52,689 511,853
Eliminated on disposal - (14,348 ) - (14,348 )
Reclassification/transfer - - - -
At 31 December 2024 199,762 49,031 493,373 2,667,980
NET BOOK VALUE
At 31 December 2024 243,632 80,936 138,495 20,049,731
At 31 December 2023 236,215 98,895 127,176 14,769,144

Included in cost or valuation of land and buildings is freehold land of £ 6,345,713 (2023 - £ 4,345,713 ) which is not depreciated.

RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

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

10. PROPERTY, PLANT AND EQUIPMENT - continued

Company

Cost or valuation at 31 December 2024 is represented by:

Short
Freehold leasehold Showroom Tools and
property property fittings equipment
£    £    £    £   
Valuation in 2016 303,493 - - -
Valuation in 2020 (429,796 ) - - -
Cost 18,827,632 91,357 691,795 2,028,001
18,701,329 91,357 691,795 2,028,001

Office Motor Computer
equipment vehicles equipment Totals
£    £    £    £   
Valuation in 2016 - - - 303,493
Valuation in 2020 - - - (429,796 )
Cost 443,394 129,967 631,868 22,844,014
443,394 129,967 631,868 22,717,711

If freehold properties had not been revalued they would have been included at the following historical cost:

31.12.24 31.12.23
£    £   
Cost 18,784,422 11,238,004
Aggregate depreciation 723,842 488,496

Value of land in freehold land and buildings 6,377,906 4,377,906

Property owned at 12 May 2021 was valued on an existing use value basis on 12 May 2021 by McBeath Property Consultancy Limited .

The directors consider the valuation to be a fair reflection of the property values at 31 December 2024. Certain properties were acquired in the year and these are considered to be at a fair market value.

The net book value of property, plant and equipment includes £ 31,907 (2023 - £ 42,543 ) in respect of assets held under hire purchase contracts.

RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

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

11. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 10,000
NET BOOK VALUE
At 31 December 2024 10,000
At 31 December 2023 10,000
Company
Shares in
group
undertakings
£   
COST
At 1 January 2024 3,823,046
Impairments (196,758 )
Dividends received (3,616,188 )
At 31 December 2024 10,100
NET BOOK VALUE
At 31 December 2024 10,100
At 31 December 2023 3,823,046


During the previous year, the company acquired the entire share capital of Clive Brook Limited. As part of a group consolidation exercise, the trade and net assets of that company were transferred to the company with a value of £3,616,188 being recognised as a distribution to the company. Due to this distribution, and given that Clive Brook Limited is no longer trading, the carrying value of the investment was written down to its nominal value.

12. INVENTORIES

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
New vehicles 81,772 2,718,140 81,772 2,718,140
Used vehicles 17,184,080 15,538,893 17,184,080 15,538,893
Vehicle parts 765,606 556,853 765,606 556,853
18,031,458 18,813,886 18,031,458 18,813,886

RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

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

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Trade debtors 3,253,675 3,244,495 3,253,675 3,244,495
Other debtors 202,171 473,238 202,171 365,065
Tax - 95,553 - 95,553
VAT 432,886 - 432,886 -
Prepayments and accrued income 250,921 242,543 249,958 241,580
4,139,653 4,055,829 4,138,690 3,946,693

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Bank loans and overdrafts (see note 16) 1,178,603 327,653 1,178,603 327,653
Hire purchase contracts (see note 17) 19,118 19,587 19,118 19,587
Trade creditors 922,311 946,694 922,311 946,694
Amounts owed to group undertakings - - 100 4,179,402
Corporation tax 506,382 358,692 506,382 -
Social security and other taxes 228,787 243,418 228,787 243,418
VAT - 2,338,798 - 2,009,808
Other creditors 1,538,731 1,305,936 1,538,731 1,305,936
Vehicle stock funding 14,133,140 13,270,546 14,133,140 13,270,546
Accrued expenses 530,577 478,387 530,577 456,386
19,057,649 19,289,711 19,057,749 22,759,430

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Bank loans (see note 16) 7,419,035 5,514,013 7,419,035 5,514,013
Hire purchase contracts (see note 17) 9,312 28,430 9,312 28,430
Shareholder loans 420,629 410,624 420,629 410,624
Directors' loan accounts 1,356,552 1,860,156 1,356,552 1,860,156
9,205,528 7,813,223 9,205,528 7,813,223

RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

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

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 406,402 - 406,402 -
Bank loans 772,201 327,653 772,201 327,653
1,178,603 327,653 1,178,603 327,653
Amounts falling due between one and two years:
Bank loans - 1-2 years 775,356 366,432 775,356 366,432
Amounts falling due between two and five years:
Bank loans - 2-5 years 6,643,679 1,137,846 6,643,679 1,137,846
Amounts falling due in more than five years:
Repayable by instalments
Bank loans - due over 5 years - 4,009,735 - 4,009,735

Details of the above loans are as follows:

Lender Initial Loan Date Purpose Term
Barclays Bank Plc £5,200,000 January 2023 Acquisition & working capital 5 years
Barclays Bank Plc £1,950,000 March 2024 Property purchase 5 years
Close Brothers Commercial £980,000 April 2024 Premises refurbishment 3 years
Volvo Car Financial Services UK £350,000 March 2023 Capital expenditure 5 years
Volvo Car Financial Services UK £350,000 September 2023 Capital expenditure 5 years

The 2023 loan from Barclays Bank Plc is repayable by monthly instalments which commenced in February 2024, after a 12 month interest-only period. Interest is paid monthly at a margin of 2.75% per annum over the Bank of England Base Rate.

The 2024 loan from Barclays Bank Plc is repayable by monthly instalments which commenced in October 2024, after a 6 month interest-only period. Interest is paid monthly at a margin of 3.05% per annum over the Bank of England Base Rate.

The loan from Close Brothers Commercial is repayable by monthly instalments which commenced in May 2024. Interest is paid monthly at a fixed rate of 9.5%.

The loans from Volvo Car Financial Services UK are repayable by monthly instalments in full over the 5 year term. Interest is charged at 1.55% per annum on these loans.

RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

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

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.12.24 31.12.23
£    £   
Net obligations repayable:
Within one year 19,118 19,587
Between one and five years 9,312 28,430
28,430 48,017

Company
Hire purchase contracts
31.12.24 31.12.23
£    £   
Net obligations repayable:
Within one year 19,118 19,587
Between one and five years 9,312 28,430
28,430 48,017

Group
Non-cancellable operating leases
31.12.24 31.12.23
£    £   
Within one year 143,050 312,256
Between one and five years 126,905 1,132,774
In more than five years 18,225 360,108
288,180 1,805,138

Company
Non-cancellable operating leases
31.12.24 31.12.23
£    £   
Within one year 143,050 312,256
Between one and five years 126,905 1,132,774
In more than five years 18,225 360,108
288,180 1,805,138

RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

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

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Bank overdraft 406,402 - 406,402 -
Bank loans 8,191,236 5,841,666 8,191,236 5,841,666
Hire purchase contracts 28,430 48,017 28,430 48,017
Vehicle stock funding 14,133,140 13,270,546 14,133,140 13,270,546
22,759,208 19,160,229 22,759,208 19,160,229

Bank loans and overdrafts are secured by legal charges over freehold properties owned by the company.

Hire purchase contract liabilities are secured by specific charges over the individual assets being financed.

Vehicle stock funding is secured by charges against specific stock items being funded, and over all other assets of the company not otherwise secured.

19. PROVISIONS FOR LIABILITIES

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Deferred tax 991,399 891,173 904,115 803,889

Group
Deferred
tax
£   
Balance at 1 January 2024 891,173
Provided during year 100,226
Balance at 31 December 2024 991,399

Company
Deferred
tax
£   
Balance at 1 January 2024 803,889
Provided during year 100,226
Balance at 31 December 2024 904,115

RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

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

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid

Number:

Class:

Nominal value:

31.12.24
£

31.12.23
£
26 Ordinary A £1 26 26
25 Ordinary B £1 25 25
19 Ordinary C £1 19 19
15 Ordinary D £1 15 15
15 Ordinary E £1 15 15
100 100

21. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2024 10,738,582 590,898 11,329,480
Profit for the year 2,453,927 - 2,453,927
At 31 December 2024 13,192,509 590,898 13,783,407

Company
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2024 10,319,212 590,898 10,910,110
Profit for the year 2,300,440 - 2,300,440
At 31 December 2024 12,619,652 590,898 13,210,550


22. CAPITAL COMMITMENTS
31.12.24 31.12.23
£    £   
Contracted but not provided for in the
financial statements - 3,195,000

RELIANCE GARAGE (RYEDALE) LIMITED (REGISTERED NUMBER: 01313672)

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

23. RELATED PARTY DISCLOSURES

The company is partially financed by loans from the directors and shareholders, being R Chapman, F S Chapman, D R Chapman, E Clayton and immediate family members of these parties. These loans are repayable with 13 months notice and so are included in creditors falling due after one year. During the year interest was paid at commercial rates on these loans totalling £230,309 (2023 - £248,548). As at 31 December 2024, the total amount outstanding on these loans was £1,777,181 (2023 - £2,270,780).

The company leases land from various pension schemes owned by the Chapman family. During the year, the total rent paid to these schemes was £63,050 (2023 - £63,050) under the terms of the leases.

All transactions were conducted on normal commercial terms. Interest payments in respect of director and shareholder loans were subject to income tax deductions in the normal manner.

24. ULTIMATE CONTROLLING PARTY

The company is under the joint control of R Chapman and F S Chapman.