| 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 |
| 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: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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. |
| 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: |
| 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. |
| for and on behalf of |
| 10 Stadium Business Court |
| Millennium way |
| Pride Park |
| Derby |
| DE24 8HP. |
| 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 |
| 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 |
| Investments | 11 |
| CURRENT ASSETS |
| Stocks | 12 |
| Debtors | 13 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 14 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 15 | ( |
) |
| PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 20 |
| Share premium | 21 |
| Retained earnings | 21 |
| SHAREHOLDERS' FUNDS |
| 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 |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31 October 2023 |
| Changes in equity |
| Total comprehensive income | - | - |
| Balance at 31 October 2024 |
| 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 |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 class | Depreciation 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 |
| 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 |
| Additions |
| Disposals |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Eliminated on disposal |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 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 - continued |
| Company |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 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 |
| Additions |
| Disposals | ( |
) |
| Reclassification/transfer |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| Reclassification/transfer |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 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 |
| 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 |
| Registered office: 6 Duke Street, Whittington Moor, Chesterfield, Derbyshire, S41 9AD |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| 12. | STOCKS |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Stocks | 4,817,856 | 4,887,399 |
| 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 |
| Other debtors | 133,139 | 144,147 |
| VAT | - | - |
| Prepayments and accrued income | 138,914 | 56,452 |
| 544,956 | 488,385 |
| 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 |
| Other loans (see note 16) | 528,201 | 318,485 |
| Hire purchase contracts and finance leases (see note 17) | 18,360 |
25,617 |
| Trade creditors | 4,350,371 | 4,461,158 |
| Amounts owed to group undertakings | - | - |
| Corporation tax | 12,731 | 120,551 |
| Social security and other taxes | 34,776 | 108,621 |
| VAT | 41,884 | - | - | - |
| Other creditors | 1,758 | 147,836 |
| Directors' current accounts | - | 4,500 | - | 4,500 |
| Accruals and deferred income | 124,704 | 90,645 |
| 5,112,785 | 5,401,337 |
| 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 |
- |
| 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 |
| Other loans | 528,201 | 318,485 |
| 528,201 | 442,409 |
| 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 |
| Between one and five years |
| 18. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans | - | 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 |
| 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 |
| Accelerated capital allowances | 31,000 |
| Balance at 31 October 2024 |
| 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: | £ | £ |
| Ordinary | 1 | 90,000 | 90,000 |
| Ordinary B | 1 | 1,000 | 1,000 |
| 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 | 3,020,969 |
| Profit for the year |
| At 31 October 2024 | 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. |