Caseware UK (AP4) 2023.0.135 2023.0.135 2025-05-142025-05-142025-05-14463012730falsefalsetruevehicle dealership2024-01-01 00525874 2024-01-01 2024-12-31 00525874 2023-01-01 2023-12-31 00525874 2024-12-31 00525874 2023-12-31 00525874 2023-01-01 00525874 1 2024-01-01 2024-12-31 00525874 1 2023-01-01 2023-12-31 00525874 5 2024-01-01 2024-12-31 00525874 5 2023-01-01 2023-12-31 00525874 6 2024-01-01 2024-12-31 00525874 6 2023-01-01 2023-12-31 00525874 d:CompanySecretary1 2024-01-01 2024-12-31 00525874 d:Director1 2024-01-01 2024-12-31 00525874 d:Director2 2024-01-01 2024-12-31 00525874 d:Director3 2024-01-01 2024-12-31 00525874 d:Director4 2024-01-01 2024-12-31 00525874 d:Director5 2024-01-01 2024-12-31 00525874 d:RegisteredOffice 2024-01-01 2024-12-31 00525874 e:Buildings e:ShortLeaseholdAssets 2024-01-01 2024-12-31 00525874 e:Buildings e:ShortLeaseholdAssets 2024-12-31 00525874 e:Buildings e:ShortLeaseholdAssets 2023-12-31 00525874 e:PlantMachinery 2024-01-01 2024-12-31 00525874 e:PlantMachinery 2024-12-31 00525874 e:PlantMachinery 2023-12-31 00525874 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00525874 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 00525874 e:MotorVehicles 2024-01-01 2024-12-31 00525874 e:MotorVehicles 2024-12-31 00525874 e:MotorVehicles 2023-12-31 00525874 e:MotorVehicles e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00525874 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 00525874 e:OfficeEquipment 2024-01-01 2024-12-31 00525874 e:OfficeEquipment 2024-12-31 00525874 e:OfficeEquipment 2023-12-31 00525874 e:OfficeEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00525874 e:OfficeEquipment e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 00525874 e:ComputerEquipment 2024-01-01 2024-12-31 00525874 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00525874 e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 00525874 e:CurrentFinancialInstruments 2024-12-31 00525874 e:CurrentFinancialInstruments 2023-12-31 00525874 e:Non-currentFinancialInstruments 2024-12-31 00525874 e:Non-currentFinancialInstruments 2023-12-31 00525874 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 00525874 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 00525874 e:Non-currentFinancialInstruments e:AfterOneYear 2024-12-31 00525874 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 00525874 e:UKTax 2024-01-01 2024-12-31 00525874 e:UKTax 2023-01-01 2023-12-31 00525874 e:ShareCapital 2024-12-31 00525874 e:ShareCapital 2023-12-31 00525874 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 00525874 e:RetainedEarningsAccumulatedLosses 2024-12-31 00525874 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 00525874 e:RetainedEarningsAccumulatedLosses 2023-12-31 00525874 e:RetainedEarningsAccumulatedLosses 2023-01-01 00525874 d:FRS102 2024-01-01 2024-12-31 00525874 d:Audited 2024-01-01 2024-12-31 00525874 d:FullAccounts 2024-01-01 2024-12-31 00525874 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 00525874 e:Subsidiary1 2024-01-01 2024-12-31 00525874 e:Subsidiary1 1 2024-01-01 2024-12-31 00525874 e:HirePurchaseContracts e:WithinOneYear 2024-12-31 00525874 e:HirePurchaseContracts e:WithinOneYear 2023-12-31 00525874 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-12-31 00525874 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-12-31 00525874 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 00525874 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 00525874 6 2024-01-01 2024-12-31 00525874 f:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure
Registered number: 00525874





 
Perkins Garages Limited          
 
Annual report and financial statements          

For the year ended 31 December 2024          

 
Perkins Garages Limited
 
 
Company information


Directors
Mr I H Terry 
Mrs J I Terry 
Mr P C Terry 
Mr A G Paine 
Mr S Terry 




Company secretary
G F Ellis



Registered number
00525874



Registered office
Rigg Approach
Lea Bridge Road

Leyton

London

E10 7QN





 
Perkins Garages Limited
 

Contents



Page
Directors' report
 
1 - 2
Strategic report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of income and retained earnings
 
9
Balance sheet
 
10
Statement of cash flows
 
11 - 12
Analysis of net debt
 
13
Notes to the financial statements
 
14 - 25


 
Perkins Garages Limited
 
 
Directors' report
For the year ended 31 December 2024

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

Results

The profit for the year, after taxation, amounted to £5,591 (2023 - £1,516).

Further information on the performance of the company during the year and the company's state of affairs at the balance sheet date are noted within the Strategic report on pages 3 to 4.
 

Dividends

The directors do not recommend the payment of a dividend (2023 - £Nil).
 

Future developments

The directors are not aware of any likely future developments which would have a significant effect on the company. 
 

Fixed assets

Details of the movements in fixed assets are set out in the notes to the accounts.
 

Directors

The directors who served during the year were:

Mr I H Terry 
Mrs J I Terry 
Mr P C Terry 
Mr A G Paine 
Mr S Terry 

 
Events since the end of the year

There have been no events subsequent to the year end which materially affect the results for the year or the company's state of affairs at 31 December 2024.
 

Research and development activities

The company is not involved in any major research and development projects.
 

Close company

The company is a close company within the meaning of S.439 CTA 2010.
 

Page 1

 
Perkins Garages Limited
 
 
Directors' report (continued)
For the year ended 31 December 2024

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

 
Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

 
Auditors

Under section 487(2) of the Companies Act 2006Clay Ratnage Strevens & Hills will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 14 May 2025 and signed on its behalf.
 



Grahame Ellis
Secretary

Page 2

 
Perkins Garages Limited
 
 
Strategic report
For the year ended 31 December 2024

Introduction
 
The company’s principal activity continues to be that of motor dealing, servicing and associated activity and there was no change in this activity during the year.
 

Business review
 
The directors are satisfied with the overall performance of the company, considering the market conditions prevailing during the year under review. The company saw a decline in turnover from £17,364,722 in 2023 down to £12,957,743 in 2024. However, this decrease was expected due to the directors taking the decision to cease the sale of new vehicles in the middle of the year. This decision was in part due to the uncertainty surrounding the Government’s implementation of their policy on electric vehicles and the effect this was having on new car sales and electric car values. The cessation of the sale of new vehicles has allowed the directors to refocus their energy on the used car market and to make use of their extensive knowledge and experience to target areas of growth within that market.
 
The company also continues to utilise an online selling platform which brings in significant regular trade and allows Perkins Garages Limited to reach a national customer base. 

The gross profit achieved during the year increased from 3.4% in 2023 to 4.3% in 2024, which returns the margin to the level achieved in 2022. The decrease in margin last year was partly due to  stock valuation downturns in the final quarter of year, with some used vehicles falling as much as 10.5% and the value of electric vehicles reducing following the Government deciding to delay the date from which the ban on new diesel and petrol cars will take effect. The directors are satisfied with the margin achieved for 2024 and would confirm that the improvement in the margin is partly due to the cessation of the sale of new vehicles.

Principal risks and uncertainties
 
The principal risks and uncertainties identified by the directors of the company relate to factors concerning the overall state of the UK economy; in particular the effects on consumers' attitudes towards spending. The state of the economy affects the ability of both individuals and businesses to purchase vehicles and their willingness to make such purchases. 

The government's policy on electric vehicles also has had a significant effect on the business as it influences the type of vehicle a consumer is looking to purchase. In addition, government incentives can have an impact on the level of vehicle sales in any given year. The company does, however, have a good reputation established through its long trading history and is in a good position, both financially and operationally, to adapt to these continuing challenges.  
 

Financial key performance indicators
 
The directors consider that the key financial performance indicators are as follows:
Unit sales - the directors report that unit sales totalled 584 
(2023 - 814) for the year, with the reduction being attributable to new car sales. The directors focus is now on growing the company by making use of  its online platform as well as continuing to service its traditional customer base.
Gross Profit Percentage - The directors confirm that the gross profit percentage has increased to 4.3% from 3.4%, which, as discussed, resulted partly from the directors decision to cease the sale of new vehicles. The directors expect to see a slight improvement in gross profit margins moving forward.
The Company's Net Value - the directors are pleased to report that the net value of the company has increased by £5,591 
(2023 - £1,516) during the year. The directors are confident that the company will continue to increase its net asset value in the coming years.
 

Page 3

 
Perkins Garages Limited
 

Strategic report (continued)
For the year ended 31 December 2024


This report was approved by the board on 14 May 2025 and signed on its behalf.





Simon Terry
Director

Page 4

 
Perkins Garages Limited
 
 
Independent auditors' report to the members of Perkins Garages Limited
 

Opinion


We have audited the financial statements of Perkins Garages Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the annual report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the annual reportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 
Perkins Garages Limited
 
 
Independent auditors' report to the members of Perkins Garages Limited (continued)

Opinion 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
Perkins Garages Limited
 
 
Independent auditors' report to the members of Perkins Garages Limited (continued)

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 an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
  • Obtaining an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. 
  • Obtaining an understanding of how the company is complying with those legal and regulatory frameworks by making enquiries to the company's accounting department and management. 
  • Assessing the susceptibility of the company's financial statements to material misstatement caused by fraud or other irregularities, by undertaking the following procedures: 
         - Identifying and assessing the design effectiveness of controls which management have in place to prevent and detect
           fraud.
         - Understanding how those charged with governance consider and address the potential for override of controls and
            management bias.
         - Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
         - Assessing the extent of compliance with the relevant laws and regulations.
         - Assessing the extent to which pressures exist which may increase the risk of fraudulent revenue recognition.
Potential fraud risks that had been identified throughout the planning and commencement of the audit were communicated to the audit team.
The inherent limitations of audit present an unavoidable risk the we, the auditors, may not detect some material misstatements within the financial statements despite proper planning and performance of our duties as auditors. Equally,there remains a risk of the non-detection of fraud which could involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. The audit procedures carried out are designed to detect material misstatements within the financial statements. We take no responsibility for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 7

 
Perkins Garages Limited
 
 
Independent auditors' report to the members of Perkins Garages Limited (continued)

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 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.








Clay Ratnage Strevens & Hills 
Laura Main (Senior statutory auditor) 
  
for and on behalf of Clay Ratnage Strevens & Hills
 
Statutory Auditors 
  
Construction House 
Runwell Road 
Wickford 
Essex
SS11 7HQ
 


14 May 2025 
Page 8

 
Perkins Garages Limited
 
 
Statement of income and retained earnings
For the year ended 31 December 2024

2024
2023
                                                                                                                                      Note
£
£

  

Turnover
 3 
12,957,743
17,364,722

Cost of sales
  
(12,399,394)
(16,775,540)

Gross profit
  
558,349
589,182

Administrative expenses
  
(541,757)
(584,170)

Other operating income
 4 
-
7,000

Operating profit
  
16,592
12,012

Interest receivable and similar income
 7 
-
6,301

Interest payable and similar expenses
 8 
(5,859)
(1,927)

Profit before tax
  
10,733
16,386

Tax on profit
 9 
(5,142)
(14,870)

Profit after tax
  
5,591
1,516

  

  

Retained earnings at the beginning of the year
  
774,648
773,132

Profit for the year
  
5,591
1,516

Retained earnings at the end of the year
  
780,239
774,648

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.
 









The notes on pages 14 to 25 form part of these financial statements. 
Page 9

 
Perkins Garages Limited
Registered number:00525874

Balance sheet
As at 31 December 2024


2024 

2023 
                                                                                    Note 
£
£
£
£

Fixed assets
  

Tangible assets
 10 
388,536
472,668

Investments
 11 
1
1

  
388,537
472,669

Current assets
  

Stock
 12 
2,125,968
4,246,432

Debtors
 13 
143,777
745,720

Cash at bank and in hand
 14 
41,496
87,292

  
2,311,241
5,079,444

Creditors: amounts falling due within one year
 15 
(1,132,238)
(3,583,572)

Net current assets
  
 
 
1,179,003
 
 
1,495,872

Total assets less current liabilities
  
1,567,540
1,968,541

Creditors: amounts falling due after more than one year
 16 
(732,475)
(1,136,479)

Provisions for liabilities
  

Deferred tax
 18 
(4,826)
(7,414)

Net assets
  
830,239
824,648


Capital and reserves
  

Called up share capital 
  
50,000
50,000

Profit and loss account
  
780,239
774,648

  
830,239
824,648


The financial statements were approved and authorised for issue by the board; and were signed on its behalf on 14 May 2025.



Simon Terry
Director




The notes on pages 14 to 25 form part of these financial statements.
Page 10

 
Perkins Garages Limited
 

Statement of cash flows
For the year ended 31 December 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
5,591
1,516

Adjustments for:

Depreciation of tangible assets
66,842
78,628

Profit on disposal of tangible assets
(4,703)
(30)

Government grants
-
(7,000)

Interest paid
5,859
1,927

Interest received
-
(6,301)

Taxation charge
5,142
14,870

Decrease/(increase) in stock
2,120,464
(596,900)

Decrease in debtors
181,856
198,550

Decrease in amounts owed by groups
420,088
312,659

(Decrease)/increase in creditors
(122,684)
52,663

(Decrease)/increase in amounts owed to groups
(384,139)
64,904

Corporation tax paid
(17,353)
(15,200)

Net cash generated from operating activities

2,276,963
100,286


Cash flows from investing activities

Purchase of tangible fixed assets
(19,002)
(46,154)

Sale of tangible fixed assets
40,995
585

Government grants received
-
7,000

Interest received
-
6,301

HP interest paid
(5,859)
(1,927)

Net cash from investing activities

16,134
(34,195)
Page 11

 
Perkins Garages Limited
 

Statement of cash flows (continued)
For the year ended 31 December 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of stocking loans
(2,307,113)
(61,404)

New finance leases
(31,780)
13,912

Net cash used in financing activities
(2,338,893)
(47,492)

Net (decrease)/increase in cash and cash equivalents
(45,796)
18,599

Cash and cash equivalents at beginning of year
87,292
68,693

Cash and cash equivalents at the end of year
41,496
87,292


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
41,496
87,292

















The notes on pages 14 to 25 form part of these financial statements.
Page 12

 
Perkins Garages Limited
 

Analysis of Net Debt
For the year ended 31 December 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

87,292

(45,796)

41,496

Debt due within 1 year

(3,218,498)

2,307,113

(911,385)

Finance leases

(31,780)

31,780

-


(3,162,986)
2,293,097
(869,889)






















The notes on pages 14 to 25 form part of these financial statements.
Page 13

 
Perkins Garages Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

1.


General information

Perkins Garages Limited is a private company, limited by shares and incorporated in England and Wales (Registered number: 00525874). Its registered office is Rigg Approach, Lea Bridge Road, Leyton, London, E10 7QN and its principal place of business is Perkins Garages, Dunmow Road, Rayne, Braintree, Essex, CM77 6SA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The company is not required by the Companies Act 2006 to prepare group accounts on the basis that it is included in the accounts of a larger group. The company's ultimate parent undertaking is Crownfield Holdings Limited which is registered at Thurston Building, Hallsford Bridge Industrial Estate, Ongar, Essex, CM5 9RB.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 14

 
Perkins Garages Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, either using the straight-line method or on a reducing balance basis.

Depreciation is provided at the following rates:

Improvements to property
-
over the period of the lease
Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Furniture and equipment
-
20% reducing balance
Computer equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

Stock

Stock is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stock is assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Page 15

 
Perkins Garages Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.8

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
 

Page 16

 
Perkins Garages Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 17

 
Perkins Garages Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.13

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Turnover

The turnover for the year was derived solely from the company's principal activity which was carried out wholly within the United Kingdom.
 


4.


Other operating income

2024
2023
£
£

Government grants receivable
-
7,000


Page 18

 
Perkins Garages Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

5.


Employees

2024
2023
£
£

Wages and salaries
735,358
787,681

Social security costs
72,407
74,942

Cost of defined contribution scheme
27,627
29,348

835,392
891,971


The average monthly number of employees, including directors, during the year was 27 (2023 - 30).


6.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
115,726
124,730

Company contributions to defined contribution pension schemes
7,808
7,484

123,534
132,214


During the year retirement benefits were accruing to no directors (2023 - 2) in respect of defined contribution pension schemes.


7.


Interest receivable

2024
2023
£
£


Interest receivable on overdrawn director's loan account
-
6,301


8.


Interest payable and similar expenses

2024
2023
£
£


Finance leases and hire purchase contracts
5,859
1,927

Page 19

 
Perkins Garages Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
7,730
17,353


Deferred tax


Origination and reversal of timing differences
(2,588)
(2,483)


Tax on profit
5,142
14,870

Factors affecting tax charge for the year

The tax assessed for the year is higher than the standard rate of corporation tax in the UK of25% (2023 -25%). The differences are explained below:

2024
2023
£
£


Profit before tax
10,733
16,386


Profit multiplied by standard rate of corporation tax in the UK of 25%
2,683
4,097

Effects of:


Expenses not deductible for tax purposes
-
231

Timing difference between depreciation and capital allowances
7,507
11,635

Short term timing difference leading to a decrease in taxation
(103)
(1)

Change in rate of taxation in the year
-
(1,092)

Group relief of losses
(4,675)
-

Marginal relief
(270)
-

Total tax charge for the year
5,142
14,870


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

 
Perkins Garages Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

10.


Tangible fixed assets





Improvements to property and portable buildings
Plant and machinery
Motor vehicles
Furniture, equipment and computer equipment
Total

£
£
£
£
£



Cost


At 1 January 2024
693,450
396,763
70,819
174,644
1,335,676


Additions
16,274
1,717
-
1,011
19,002


Disposals
-
-
(70,819)
-
(70,819)



At 31 December 2024

709,724
398,480
-
175,655
1,283,859



Depreciation


At 1 January 2024
337,387
335,684
30,307
159,630
863,008


Charge for the year on owned assets
46,301
12,447
-
3,874
62,622


Charge for the year on financed assets
-
-
4,220
-
4,220


Disposals
-
-
(34,527)
-
(34,527)



At 31 December 2024

383,688
348,131
-
163,504
895,323



Net book value



At 31 December 2024
326,036
50,349
-
12,151
388,536



At 31 December 2023
356,063
61,079
40,512
15,014
472,668

:




Page 21

 
Perkins Garages Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

11.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2024
1



At 31 December 2024
1






Net book value



At 31 December 2024
1



At 31 December 2023
1


Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Registered office

Class of shares

Holding

I Want To Buy A Car Limited
Construction House, Runwell Road, Wickford, Essex, SS11 7HQ
Ordinary
100%


12.


Stock

2024
2023
£
£

Goods for resale
2,125,968
4,246,432


Page 22

 
Perkins Garages Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

13.


Debtors


2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
-
445,088

Due within one year

Trade debtors
51,622
113,848

Amounts owed by group undertakings
50,000
25,000

Other debtors
851
95,124

Prepayments and accrued income
41,304
66,660

143,777
745,720


Included within other debtors due within one year is a loan to A. Paine, a director, amounting to £Nil (2023 - £35,247). The maximum amount outstanding during the year was £35,247 (2023 - £343,336). The loan is subject to  interest at the official rate of interest.




14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
41,496
87,292


Page 23

 
Perkins Garages Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Stocking loans
911,386
3,218,498

Trade creditors
114,180
229,177

Amounts owed to group undertakings
1
1

Corporation tax
7,730
17,353

Other taxation and social security
45,398
65,530

Obligations under finance lease and hire purchase contracts
-
11,916

Other creditors
5,711
12,083

Accruals and deferred income
47,832
29,014

1,132,238
3,583,572


Loans of £911,386 (2023 - £3,218,498) are secured by way of legal charge on the vehicle stock held at any time.


16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
19,865

Amounts owed to group undertakings
585,475
969,614

Other creditors
147,000
147,000

732,475
1,136,479





17.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
-
11,916

Between 1-5 years
-
19,865

-
31,781

Page 24

 
Perkins Garages Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

18.


Deferred taxation




2024
2023


£

£






At beginning of year
7,414
9,897


Released during the year
(2,588)
(2,483)



At end of year
4,826
7,414

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
4,826
7,414


19.


Related party transactions

The directors have elected to take advantage of the exemption as set out in paragraph 33.1A of FRS 102, and have therefore not disclosed transactions with wholly owned members of the group.


20.


Ultimate parent undertaking and controlling party

The ultimate parent undertaking is Crownfield Holdings Limited, a company incorporated in England and Wales. Its registered office is Thurston Building, Hallsford Bridge Industrial Estate, Ongar, Essex, CM5 9RB. 
The ultimate controlling parties are I H Terry and J I Terry who are directors of the company.


21.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
The total contributions paid in the year amounted to £27,627 
(2023 - £29,348).  Contributions totalling £4,711 (2023 - £5,583) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 25