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REGISTERED NUMBER: 02619098 (England and Wales)















Triangle of Chesterfield Limited

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the year ended

31 October 2024






Triangle of Chesterfield Limited (Registered number: 02619098)

Contents of the Consolidated Financial Statements
for the year ended 31 October 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4 to 6

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15 to 25


Triangle of Chesterfield Limited

Company Information
for the year ended 31 October 2024







DIRECTORS: D J Dench
M A Ellis
S A Harrison
S V Paine





SECRETARY: S V Paine





REGISTERED OFFICE: 6 Duke Street
Whittington Moor
Chesterfield
Derbyshire
S41 9AD





REGISTERED NUMBER: 02619098 (England and Wales)





AUDITORS: TC Group
10 Stadium Business Court
Millennium way
Pride Park
Derby
DE24 8HP.

Triangle of Chesterfield Limited (Registered number: 02619098)

Group Strategic Report
for the year ended 31 October 2024


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

The principal activity of the Group continues to be that of a Franchised Kia Motor Dealership.

REVIEW OF BUSINESS
The results for the year ended 31 October 2024 show a consistent turnover compared to the previous year. However, the group encountered a difficult trading market in used vehicles during the year with the average selling price of a used vehicle falling in 2024 compared in 2023. Whilst this was offset by a positive volume increase in the number of used vehicles sold, the group's overall gross profit percentage fell by 1% compared to 2023 as a result.

The group's performance in new car sales remains strong with all of our sales volume targets being achieved in the year and our gross profit per unit consistent with 2023.

After sales performance in the year to 2024 was strong returning an increase in both turnover and gross profit.

We have returned a profit before tax of £50,772 which is down on the previous year. The impact of the fall in used vehicle profits impacted this result. The group is expanding its Kia franchised operations in 2025. In order to provide funding for the development of its trading properties in this regard, the group made a significant contribution during the year to the Triangle of Chesterfield Limited Directors Pension Scheme. The pension scheme is the landlord of two of the groups trading properties. This expenditure is shown as part of overhead expenditure.

The groups liquidity is strong with healthy bank balances, and our interest coverage remains positive.

PRINCIPAL RISKS AND UNCERTAINTIES
We have an established risk management process to identify, assess, and monitor the principal risks that we face as a business.

The principal risks identified this year were the fall in used vehicle profit margins and inflationary pressures within the economy. We have kept a close eye on our cost base and have taken appropriate decisions to ensure we deliver strong performance in a challenging economic climate.

It is our intention to continue to improve all aspects of our business over the coming years and to maintain profitability, whilst ensuring that our customers continue to enjoy the highest level of service available.

The Group's activities expose it to a number of financial risks including price risk, credit risk, liquidity, and cash flow risk.

Price risk

The Group's principal activity is that of a Franchised Kia Motor Dealership with new vehicle pricing set by the manufacturer and UK distributor. As a main dealer the Group is given a set margin deduction against retail price, either fixed or as fixed percentage of retail price when we purchase new vehicles from the UK distributor. We work within these margins in determining the prices that we sell new vehicles onto customers. Used vehicle pricing is guided by the marketplace, this is taken into account when taking in part exchange vehicles and buying vehicles into stock.

Credit risk

The Group's principal credit risk relates to vehicles held on stocking plans with Hyundai Capital and Lloyds UDT which are secured against the vehicles on each stocking plan. This is constantly monitored by the directors and vehicle assets are always maintained at level in excess of liability.

Liquidity and cash flow risk

In order to maintain liquidity and ensure that funds are available for ongoing operations and future development, the Group maintains a healthy bank balance. The cash flow performance of the company is monitored on a regular basis with the directors monitoring longer term requirements to ensure that all obligations and financial liabilities will be met.

ON BEHALF OF THE BOARD:





D J Dench - Director


4 August 2025

Triangle of Chesterfield Limited (Registered number: 02619098)

Report of the Directors
for the year ended 31 October 2024


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

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

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2023 to the date of this report.

D J Dench
M A Ellis
S A Harrison
S V Paine

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). 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;
- 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 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 auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D J Dench - Director


4 August 2025

Report of the Independent Auditors to the Members of
Triangle of Chesterfield Limited


Opinion
We have audited the financial statements of Triangle of Chesterfield Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 October 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.

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.

Report of the Independent Auditors to the Members of
Triangle of Chesterfield Limited


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

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:

We have performed our own assessment of the susceptibility of the financial statements to material misstatement, including how fraud might occur, and concentrated our audit work in these areas in order to detect any material misstatements which may exist.

We have performed substantive testing of all material year end balances, and also performed substantive testing of a sample of other transactions during the year and of other year end balances.

We have performed preliminary analytical procedures to identify any unusual or unexpected relationships that may indicate an increased risk of material misstatement as a result of fraud.

We have selected a sample of journal entries made in the period for substantive testing, in order to address the risk of fraud due to management override of controls.

We have made enquiries of management of any known instances of non-compliance or suspected non-compliance with laws and regulation.

We performed walk-through tests of sales. purchases, payroll, VAT and bank systems to ensure that systems operated as documented.

The engagement team was selected to ensure that they collectively had the appropriate competences and capabilities to identify and recognise non-compliance with laws and regulations. We have communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We have tested amounts recorded as owed to and receivable from other group companies and agreed these amounts to the corresponding accounting records of those other group companies.

Our audit did not identify any matters relating to the detection of irregularities including fraud.

However, 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
Triangle of Chesterfield Limited


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.




James Liptrott (Senior Statutory Auditor)
for and on behalf of TC Group
10 Stadium Business Court
Millennium way
Pride Park
Derby
DE24 8HP.

4 August 2025

Triangle of Chesterfield Limited (Registered number: 02619098)

Consolidated Income Statement
for the year ended 31 October 2024

2024 2023
Notes £    £   

TURNOVER 23,460,576 23,263,978

Cost of sales 21,566,791 21,094,602
GROSS PROFIT 1,893,785 2,169,376

Administrative expenses 1,541,762 1,308,204
OPERATING PROFIT 4 352,023 861,172

Interest receivable and similar income 30,094 6,102
382,117 867,274

Interest payable and similar expenses 5 331,344 276,716
PROFIT BEFORE TAXATION 50,773 590,558

Tax on profit 6 30,060 129,909
PROFIT FOR THE FINANCIAL YEAR 20,713 460,649
Profit attributable to:
Owners of the parent 20,713 460,649

Triangle of Chesterfield Limited (Registered number: 02619098)

Consolidated Other Comprehensive Income
for the year ended 31 October 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 20,713 460,649


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 20,713 460,649

Total comprehensive income attributable to:
Owners of the parent 20,713 460,649

Triangle of Chesterfield Limited (Registered number: 02619098)

Consolidated Balance Sheet
31 October 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 10 292,919 237,483
Investments 11 - -
292,919 237,483

CURRENT ASSETS
Stocks 12 4,817,856 4,887,399
Debtors 13 544,956 488,385
Cash at bank and in hand 2,967,164 3,157,504
8,329,976 8,533,288
CREDITORS
Amounts falling due within one year 14 (5,112,785 ) (5,401,337 )
NET CURRENT ASSETS 3,217,191 3,131,951
TOTAL ASSETS LESS CURRENT LIABILITIES 3,510,110 3,369,434

CREDITORS
Amounts falling due after more than one year 15 (101,963 ) -

PROVISIONS FOR LIABILITIES 19 (50,000 ) (32,000 )
NET ASSETS 3,358,147 3,337,434

CAPITAL AND RESERVES
Called up share capital 20 181,000 181,000
Share premium 21 15,000 15,000
Retained earnings 21 3,162,147 3,141,434
SHAREHOLDERS' FUNDS 3,358,147 3,337,434

The financial statements were approved by the Board of Directors and authorised for issue on 4 August 2025 and were signed on its behalf by:





D J Dench - Director


Triangle of Chesterfield Limited (Registered number: 02619098)

Company Balance Sheet
31 October 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 10 292,919 169,718
Investments 11 - -
292,919 169,718

CURRENT ASSETS
Stocks 12 4,635,866 4,523,758
Debtors 13 544,198 481,766
Cash at bank and in hand 2,905,033 3,088,551
8,085,097 8,094,075
CREDITORS
Amounts falling due within one year 14 (5,014,138 ) (5,042,824 )
NET CURRENT ASSETS 3,070,959 3,051,251
TOTAL ASSETS LESS CURRENT LIABILITIES 3,363,878 3,220,969

CREDITORS
Amounts falling due after more than one year 15 (101,963 ) -

PROVISIONS FOR LIABILITIES 19 (50,000 ) (19,000 )
NET ASSETS 3,211,915 3,201,969

CAPITAL AND RESERVES
Called up share capital 20 181,000 181,000
Share premium 21 15,000 15,000
Retained earnings 21 3,015,915 3,005,969
SHAREHOLDERS' FUNDS 3,211,915 3,201,969

Company's profit for the financial year 9,946 403,974

The financial statements were approved by the Board of Directors and authorised for issue on 4 August 2025 and were signed on its behalf by:





D J Dench - Director


Triangle of Chesterfield Limited (Registered number: 02619098)

Consolidated Statement of Changes in Equity
for the year ended 31 October 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 November 2022 181,000 2,846,245 15,000 3,042,245

Changes in equity
Dividends - (165,460 ) - (165,460 )
Total comprehensive income - 460,649 - 460,649
Balance at 31 October 2023 181,000 3,141,434 15,000 3,337,434

Changes in equity
Total comprehensive income - 20,713 - 20,713
Balance at 31 October 2024 181,000 3,162,147 15,000 3,358,147

Triangle of Chesterfield Limited (Registered number: 02619098)

Company Statement of Changes in Equity
for the year ended 31 October 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 November 2022 181,000 2,767,455 15,000 2,963,455

Changes in equity
Dividends - (165,460 ) - (165,460 )
Total comprehensive income - 403,974 - 403,974
Balance at 31 October 2023 181,000 3,005,969 15,000 3,201,969

Changes in equity
Total comprehensive income - 9,946 - 9,946
Balance at 31 October 2024 181,000 3,015,915 15,000 3,211,915

Triangle of Chesterfield Limited (Registered number: 02619098)

Consolidated Cash Flow Statement
for the year ended 31 October 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 167,191 (4,866 )
Tax paid (119,880 ) (138,170 )
Net cash from operating activities 47,311 (143,036 )

Cash flows from investing activities
Purchase of tangible fixed assets (182,245 ) (119,094 )
Sale of tangible fixed assets 69,846 16,707
Interest received 30,094 6,102
Net cash from investing activities (82,305 ) (96,285 )

Cash flows from financing activities
New loans in year 414,760 25,371
Loan repayments in year (328,968 ) (166,667 )
Interest paid (331,344 ) (276,716 )
Capital introduced / (repaid) in year 94,706 (51,638 )
Amount introduced by directors - 4,500
Amount withdrawn by directors (4,500 ) -
Equity dividends paid - (165,460 )
Net cash from financing activities (155,346 ) (630,610 )

Decrease in cash and cash equivalents (190,340 ) (869,931 )
Cash and cash equivalents at beginning of year 2 3,157,504 4,027,435

Cash and cash equivalents at end of year 2 2,967,164 3,157,504

Triangle of Chesterfield Limited (Registered number: 02619098)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 October 2024


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

2024 2023
£    £   
Profit before taxation 50,773 590,558
Depreciation charges 56,963 33,998
Finance costs 331,344 276,716
Finance income (30,094 ) (6,102 )
408,986 895,170
Decrease/(increase) in stocks 69,543 (2,013,121 )
Increase in trade and other debtors (56,571 ) (110,127 )
(Decrease)/increase in trade and other creditors (254,767 ) 1,223,212
Cash generated from operations 167,191 (4,866 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2024
31.10.24 1.11.23
£    £   
Cash and cash equivalents 2,967,164 3,157,504
Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 3,157,504 4,027,435


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.23 Cash flow At 31.10.24
£    £    £   
Net cash
Cash at bank and in hand 3,157,504 (190,340 ) 2,967,164
3,157,504 (190,340 ) 2,967,164
Debt
Hire purchase and finance leases (25,617 ) (94,706 ) (120,323 )
Debts falling due within 1 year (442,409 ) (85,792 ) (528,201 )
(468,026 ) (180,498 ) (648,524 )
Total 2,689,478 (370,838 ) 2,318,640

Triangle of Chesterfield Limited (Registered number: 02619098)

Notes to the Consolidated Financial Statements
for the year ended 31 October 2024


1. STATUTORY INFORMATION

Triangle of Chesterfield 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.

The financial statements have been prepared on the going concern basis, on the basis that the directors consider the group will have sufficient cash flow and available resources to continue to operate for at least 12 months from the approved date of these financial statements.

Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertaking drawn up to 31 October 2024.

The subsidiary undertaking is included using the acquisitions method of accounting. Under this method the group profit and loss account and statement of cashflows include the results and cashflows of subsidiary from the date of acquisition up to the date of sale outside the group in the case of disposals of subsidiary. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sales of goods are recognised when cars are delivered to customers or collected by customers.

Sales of services are recognised when the services have been performed for the customer.

Tangible fixed assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life, as follows:

Asset classDepreciation method and rate
Land and buildings-4% to 10% on cost
Plant and machinery-25% reducing balance and 20 - 33% on cost
Fixtures and fittings-25% reducing balance and 20 - 25% on cost
Motor vehicles-20 - 25% on cost
Computer equipment-25% reducing balance and 25% to 100% on cost

Land is not depreciated.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

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

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.

Triangle of Chesterfield Limited (Registered number: 02619098)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 October 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 balance sheet date.

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.

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.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,289,928 1,230,459
Social security costs 134,386 126,208
Other pension costs 366,005 42,505
1,790,319 1,399,172

The average number of employees during the year was as follows:
2024 2023

Directors 4 4
Administrative 3 3
Sales 7 7
Service, parts & valet 19 19
33 33

2024 2023
£    £   
Directors' remuneration 338,431 298,417
Directors' pension contributions to money purchase schemes 184,201 14,322

Triangle of Chesterfield Limited (Registered number: 02619098)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 October 2024


3. EMPLOYEES AND DIRECTORS - continued

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

Money purchase schemes 4 4

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 105,713 102,982
Pension contributions to money purchase schemes 152,700 8,468

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 289,499 262,382
Other operating leases 110,567 164,442
Depreciation - owned assets 36,409 33,998
Depreciation - assets on hire purchase contracts and finance leases 20,554 -
Auditors' remuneration 14,000 14,500
Stock expense 20,411,323 20,039,273

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 12,065 19,011
Other interest 297,070 234,899
Loan interest 22,209 22,806
331,344 276,716

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 12,060 120,551
Tax under/(over) provision - (3,642 )
Total current tax 12,060 116,909

Deferred tax 18,000 13,000
Tax on profit 30,060 129,909

Triangle of Chesterfield Limited (Registered number: 02619098)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 October 2024


6. 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:

2024 2023
£    £   
Profit before tax 50,773 590,558
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 22.100 %) 12,693 130,513

Effects of:
Expenses not deductible for tax purposes 10,321 3,206
Income not taxable for tax purposes - (18 )
Capital allowances in excess of depreciation (10,954 ) -
Adjustments to tax charge in respect of previous periods - (3,642 )
Decrease from effect of different UK tax rates on some earnings - (150 )
Increase in deferred tax 18,000 -
Total tax charge 30,060 129,909

7. INDIVIDUAL INCOME STATEMENT

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


8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of 1 each
Interim - 165,460

9. PRIOR YEAR ADJUSTMENT

During the year the parent company identified an error in the accounting treatment of revenue recognition relating to internal sales. The error has been corrected by reducing the comparative sales by £5,117,857 and the comparative cost of sales by £5,117,857. This adjustment has had no impact on overall profit for 2023.

The comparatives of the subsidiary have been restated to disclose all wages as costs of sales, which in the opinion of the director reflects the nature of these costs.

Accordingly the comparative Administrative expenses have been reduced by £204,697, the comparative Cost of sales has been increased by £204,697 and the comparative Gross profit has been reduced by £204,697.

The subsidiary comparatives have also been restated to disclose the vehicle stock loan within other creditors, which in the opinion of the director reflects the nature of the loan. In 2023 the vehicle stocking loan was disclosed within trade creditors. This has no impact upon overall creditors in 2023.

Triangle of Chesterfield Limited (Registered number: 02619098)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 October 2024


10. TANGIBLE FIXED ASSETS

Group
Fixtures
Land and Plant and and
buildings machinery fittings
£    £    £   
COST
At 1 November 2023 415,616 282,687 167,216
Additions - 28,796 -
Disposals - - -
At 31 October 2024 415,616 311,483 167,216
DEPRECIATION
At 1 November 2023 325,616 250,531 167,216
Charge for year - 18,847 -
Eliminated on disposal - - -
At 31 October 2024 325,616 269,378 167,216
NET BOOK VALUE
At 31 October 2024 90,000 42,105 -
At 31 October 2023 90,000 32,156 -

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2023 126,748 116,848 1,109,115
Additions 150,949 2,500 182,245
Disposals (93,525 ) - (93,525 )
At 31 October 2024 184,172 119,348 1,197,835
DEPRECIATION
At 1 November 2023 12,979 115,290 871,632
Charge for year 34,059 4,057 56,963
Eliminated on disposal (23,679 ) - (23,679 )
At 31 October 2024 23,359 119,347 904,916
NET BOOK VALUE
At 31 October 2024 160,813 1 292,919
At 31 October 2023 113,769 1,558 237,483

Triangle of Chesterfield Limited (Registered number: 02619098)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 October 2024


10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:
Motor
vehicles
£   
COST
At 1 November 2023 25,760
Additions 96,607
Disposals (25,760 )
Reclassification/transfer 33,223
At 31 October 2024 129,830
DEPRECIATION
At 1 November 2023 10,174
Charge for year 20,554
Eliminated on disposal (10,174 )
Reclassification/transfer 2,805
At 31 October 2024 23,359
NET BOOK VALUE
At 31 October 2024 106,471
At 31 October 2023 15,586

Company
Fixtures
Land and Plant and and
buildings machinery fittings
£    £    £   
COST
At 1 November 2023 415,616 240,208 152,715
Additions - 28,796 -
Disposals - - -
At 31 October 2024 415,616 269,004 152,715
DEPRECIATION
At 1 November 2023 325,616 208,052 152,715
Charge for year - 18,847 -
Eliminated on disposal - - -
At 31 October 2024 325,616 226,899 152,715
NET BOOK VALUE
At 31 October 2024 90,000 42,105 -
At 31 October 2023 90,000 32,156 -

Triangle of Chesterfield Limited (Registered number: 02619098)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 October 2024


10. TANGIBLE FIXED ASSETS - continued

Company

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2023 58,983 116,848 984,370
Additions 150,949 2,500 182,245
Disposals (25,760 ) - (25,760 )
At 31 October 2024 184,172 119,348 1,140,855
DEPRECIATION
At 1 November 2023 12,979 115,290 814,652
Charge for year 20,553 4,058 43,458
Eliminated on disposal (10,174 ) - (10,174 )
At 31 October 2024 23,358 119,348 847,936
NET BOOK VALUE
At 31 October 2024 160,814 - 292,919
At 31 October 2023 46,004 1,558 169,718

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:
Motor
vehicles
£   
COST
At 1 November 2023 25,760
Additions 96,607
Disposals (25,760 )
Reclassification/transfer 33,223
At 31 October 2024 129,830
DEPRECIATION
At 1 November 2023 10,174
Charge for year 20,553
Eliminated on disposal (10,174 )
Reclassification/transfer 2,805
At 31 October 2024 23,358
NET BOOK VALUE
At 31 October 2024 106,472
At 31 October 2023 15,586

Triangle of Chesterfield Limited (Registered number: 02619098)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 October 2024


11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 November 2023
and 31 October 2024 1
PROVISIONS
At 1 November 2023
and 31 October 2024 1
NET BOOK VALUE
At 31 October 2024 -
At 31 October 2023 -

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Triangle of Chesterfield (CDJ) Limited
Registered office: 6 Duke Street, Whittington Moor, Chesterfield, Derbyshire, S41 9AD
Nature of business: Car dealership
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 146,231 135,465
Profit for the year 10,766 56,675


12. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Stocks 4,817,856 4,887,399 4,635,866 4,523,758

The company holds consignment stock which is legally owned by the distributor.

The value of the consignment stock at 31 October 2024 was £380,210 (2023 - £487,153). The transfer of title has not crystallised and consequently this amount is not included in the balance sheet.

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 272,903 287,786 271,685 287,006
Other debtors 133,139 144,147 133,139 140,160
VAT - - 2,826 -
Prepayments and accrued income 138,914 56,452 136,548 54,600
544,956 488,385 544,198 481,766

Triangle of Chesterfield Limited (Registered number: 02619098)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 October 2024


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16) - 123,924 - 123,924
Other loans (see note 16) 528,201 318,485 414,760 -
Hire purchase contracts and finance leases (see note 17)
18,360

25,617

18,360

25,617
Trade creditors 4,350,371 4,461,158 4,348,675 4,459,146
Amounts owed to group undertakings - - 90,482 19,613
Corporation tax 12,731 120,551 671 120,219
Social security and other taxes 34,776 108,621 24,740 97,445
VAT 41,884 - - -
Other creditors 1,758 147,836 1,314 115,068
Directors' current accounts - 4,500 - 4,500
Accruals and deferred income 124,704 90,645 115,136 77,292
5,112,785 5,401,337 5,014,138 5,042,824

Included in trade creditors are £3,969,676 relating to stocking loan balances which are secured on the vehicles concerned.

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

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts and finance leases (see note 17)
101,963

-

101,963

-

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans - 123,924 - 123,924
Other loans 528,201 318,485 414,760 -
528,201 442,409 414,760 123,924

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts Finance leases
2024 2023 2024 2023
£    £    £    £   
Net obligations repayable:
Within one year - 25,617 18,360 -
Between one and five years - - 101,963 -
- 25,617 120,323 -

Triangle of Chesterfield Limited (Registered number: 02619098)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 October 2024


17. LEASING AGREEMENTS - continued

Company
Hire purchase contracts Finance leases
2024 2023 2024 2023
£    £    £    £   
Net obligations repayable:
Within one year - 25,617 18,360 -
Between one and five years - - 101,963 -
- 25,617 120,323 -

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans - 123,924 - 123,924
Hire purchase contracts and finance leases 120,323 25,617 120,323 25,617
Other loans 528,201 318,485 414,760 123,924
648,524 468,026 535,083 273,465

Bank loans are secured by the Department for Business, Innovation and Skills as part of the CBILS loan scheme.

Other loans relates to a vehicle stocking plan and are secured on the vehicles concerned.

Obligations under finance leases and hire purchase are secured against the assets to which they relate.

19. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 50,000 32,000 50,000 19,000

Group
Deferred
tax
£   
Balance at 1 November 2023 32,000
Accelerated capital allowances 18,000
Balance at 31 October 2024 50,000

Company
Deferred
tax
£   
Balance at 1 November 2023 19,000
Accelerated capital allowances 31,000
Balance at 31 October 2024 50,000

Triangle of Chesterfield Limited (Registered number: 02619098)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 October 2024


20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
90,000 Ordinary 1 90,000 90,000
1,000 Ordinary B 1 1,000 1,000
90,000 Ordinary C 1 90,000 90,000
181,000 181,000

The Ordinary shares have full voting, dividend and capital distribution rights.

The Ordinary B and Ordinary C shares have no voting or rights to receive capital on sale of the business, but do have the right to receive dividends.

21. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 November 2023 3,141,434 15,000 3,156,434
Profit for the year 20,713 20,713
At 31 October 2024 3,162,147 15,000 3,177,147

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 November 2023 3,005,969 15,000 3,020,969
Profit for the year 9,946 9,946
At 31 October 2024 3,015,915 15,000 3,030,915

Retained earnings
The Profit and Loss Account represents cumulative profits and losses net of dividends and other adjustments.

Share Premium Account
Represents the excess over the nominal value of shares issued. Under the Companies Act 2006, this reserve is not distributable and may only be used for specific purposes such as issuing fully paid bonus shares or writing off expenses of issuing shares.

22. RELATED PARTY DISCLOSURES

During the year, the group made pension payments of £325,000 to related parties as follows:

£300,000 (2023 - £36,000) to the Trustees of the Triangle of Chesterfield Pension Scheme of which D Dench, a director, is a beneficiary. The spouse of D Dench is also a beneficiary of the pension scheme.

£25,000 as a pension contribution for S Paine, a director.

£30,000 Limited guarantee given by David Dench dated 08/08/2016.

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is D J Dench.