Company registration number 13075733 (England and Wales)
PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
COMPANY INFORMATION
Directors
R N Williams
T M Williams
M P Williams
R S Williams
Company number
13075733
Registered office
9 Lower Brook Street
Oswestry
SY11 2HJ
Auditor
Cooper Parry Group Limited
St James Building
79 Oxford Street
Manchester
M1 6HT
PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 29
PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

Perthy Properties Limited is a property holding company with additional interests in the motor trade through a subsidiary company, J P Arthur & Sons Limited, which operates from three car and van dealerships in Newtown Oswestry, and Wrexham. A further subsidiary company is Perthy Properties (VR) Limited.

J P Arthur & Sons Limited represents the following brands;-

Newtown, Powys

Ford Passenger Car – Service

Ford Light Commercial Vehicle – Service

Peugeot Passenger Car – Service

Peugeot Light Commercial Vehicles – Service

Vauxhall Passenger Car – Service

Vauxhall Light Commercial Vehicles – Service

 

Oswestry Shropshire

Peugeot Passenger Car – Service

Peugeot Light Commercial Vehicles - Service

Vauxhall Passenger Car – Service

Vauxhall Light Commercial Vehicles – Service

 

Wrexham, North Wales

Peugeot Passenger Car – New Car Sales

Peugeot Light Commercial Vehicles – New LCV Sales

Peugeot Passenger Car – Service

Peugeot Light Commercial Vehicles – Service

 

Perthy Properties Limited consolidated sales for the year ending 31 December 2024 were £31,648,415 and profit before tax was £871,543.

The directors expect the general level of business to continue for the foreseeable future.

 

The Group are pleased to have received the ultimate accolade in the Peugeot UK dealer network by being named as the ‘Guild of Gold Lion Dealer of the Year in 2024’. This achievement was due to a great performance across a number of areas, including new car sales and customer satisfaction.

 

At the date of signing these accounts the group is in a great position to challenge for this award again in 2025.

Principal risks and uncertainties

The management of the business and the nature of the group's strategy are subject to a number of risks. The directors are of the opinion that a thorough risk management process is adopted which involves the formal review of all the risks identified below. Where possible, processes are in place to monitor and mitigate such risks.

PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

Manufacturers supply of new and improved products

The group is reliant on new vehicle products from Peugeot. This exposes the group to risks in a number of areas as the company is dependent on its manufacturer in respect of:

 

- availability of new vehicle products

- quality of new vehicle products

- pricing of new vehicle products

 

The directors are confident that future new products from its manufacturer will continue to be competitively priced and of high quality and therefore consider that this "manufacturer risk" is minimal.

 

Economic downturn

The success of the business is reliant on consumer spending. An economic downturn, resulting in reduction of consumer spending power will have a direct impact on the income achieved by the group.

 

In response to this risk, senior management aim to keep abreast of economic conditions. In cases of severe economic downturn, marketing and pricing strategies are modified to reflect new market conditions.

Development and performance

The group monitors its performance using key performance indicators. The primary key performance indicators used by the group are standard motor industry recognised figures.

 

The business continues its relentless pursuit of offering the highest levels of customer satisfaction.

 

The group’s major stakeholders continue to be supportive of the group.

Key performance indicators

Key performance indicators are considered to be turnover, net profit, and the level of funds within the business.

On behalf of the board

R N Williams
Director
10 July 2025
PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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

Principal activities

The principal activity of the company is that of a holding company and of property rental.

 

The principal activity of the group is that of a motor vehicle retailer.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £288,000. The directors do not recommend payment of a further dividend.

No preference dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

R N Williams
T M Williams
M P Williams
R S Williams
Financial instruments
Interest rate cash flow risk

The group has both interest bearing assets and interest bearing liabilities. Interest bearing assets include only cash balances which earn interest at a variable rate. Interest bearing liabilities are at variable rates.

Credit risk

The group has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual counterparty is subject to a limit, which is reassessed annually by the board.

Future developments

There are no significant developments to report.

Auditor

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

PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
R N Williams
Director
10 July 2025
PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
- 5 -
Opinion

We have audited the financial statements of Perthy Properties Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
- 6 -
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 their 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Identifying and assessing potential risks related to irregularities

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

 

PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
- 7 -

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

 

We also obtained an understanding of the legal and regulatory frameworks the group operates in, focussing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group's ability to operate or to avoid a material penalty. These included the company's FCA regulatory requirements.

 

Our procedures to respond to risks identified included the following:

 

 

Our procedures to respond to subsidiary risks identified included the following:

 

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's 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.

PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
- 8 -
Paul Daly BEng FCA (Senior Statutory Auditor)
For and on behalf of Cooper Parry Group Limited, Statutory Auditor
St James Building
79 Oxford Street
Manchester
M1 6HT
10 July 2025
PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
31,648,416
32,289,133
Cost of sales
(28,055,410)
(28,880,213)
Gross profit
3,593,006
3,408,920
Administrative expenses
(2,907,318)
(2,864,780)
Other operating income
183,767
34,433
Operating profit
4
869,455
578,573
Interest receivable and similar income
8,313
-
0
Interest payable and similar expenses
(6,225)
(81,839)
Profit before taxation
871,543
496,734
Tax on profit
7
(210,957)
(110,843)
Profit for the financial year
19
660,586
385,891
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
4,070,486
4,404,711
Investment property
10
560,747
202,621
4,631,233
4,607,332
Current assets
Stocks
13
3,850,284
2,768,495
Debtors
14
804,491
942,875
Cash at bank and in hand
564,731
681,913
5,219,506
4,393,283
Creditors: amounts falling due within one year
15
(2,573,180)
(2,104,515)
Net current assets
2,646,326
2,288,768
Total assets less current liabilities
7,277,559
6,896,100
Provisions for liabilities
Deferred tax liability
16
114,593
105,720
(114,593)
(105,720)
Net assets
7,162,966
6,790,380
Capital and reserves
Called up share capital
18
15,000
15,000
Revaluation reserve
19
525,450
525,450
Capital redemption reserve
19
7,541
7,541
Profit and loss reserves
19
6,614,975
6,242,389
Total equity
7,162,966
6,790,380

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 10 July 2025 and are signed on its behalf by:
10 July 2025
R N Williams
Director
Company registration number 13075733 (England and Wales)
PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
3,764,240
3,794,723
Investment property
10
330,000
202,621
Investments
11
15,100
15,100
4,109,340
4,012,444
Current assets
Debtors
14
619,218
232,607
Cash at bank and in hand
91,018
16,809
710,236
249,416
Creditors: amounts falling due within one year
15
(804,533)
(188,603)
Net current (liabilities)/assets
(94,297)
60,813
Total assets less current liabilities
4,015,043
4,073,257
Provisions for liabilities
Deferred tax liability
16
53,546
28,209
(53,546)
(28,209)
Net assets
3,961,497
4,045,048
Capital and reserves
Called up share capital
18
15,000
15,000
Profit and loss reserves
19
3,946,497
4,030,048
Total equity
3,961,497
4,045,048

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £204,449.

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

The financial statements were approved by the board of directors and authorised for issue on 10 July 2025 and are signed on its behalf by:
10 July 2025
R N Williams
Director
Company registration number 13075733 (England and Wales)
PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
15,000
525,450
7,541
6,015,498
6,563,489
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
385,891
385,891
Dividends
8
-
-
-
(159,000)
(159,000)
Balance at 31 December 2023
15,000
525,450
7,541
6,242,389
6,790,380
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
660,586
660,586
Dividends
8
-
-
-
(288,000)
(288,000)
Balance at 31 December 2024
15,000
525,450
7,541
6,614,975
7,162,966
PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
15,000
4,049,302
4,064,302
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
139,746
139,746
Dividends
8
-
(159,000)
(159,000)
Balance at 31 December 2023
15,000
4,030,048
4,045,048
Year ended 31 December 2024:
Profit and total comprehensive income
-
204,449
204,449
Dividends
8
-
(288,000)
(288,000)
Balance at 31 December 2024
15,000
3,946,497
3,961,497
PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
234,867
538,419
Interest paid
(6,225)
(81,839)
Income taxes paid
(84,735)
(140,893)
Net cash inflow from operating activities
143,907
315,687
Investing activities
Purchase of tangible fixed assets
(84,815)
(489,479)
Proceeds from disposal of tangible fixed assets
103,413
335,915
Proceeds from disposal of investment property
-
145,682
Interest received
8,313
-
0
Net cash generated from/(used in) investing activities
26,911
(7,882)
Financing activities
Dividends paid to equity shareholders
(288,000)
(159,000)
Net cash used in financing activities
(288,000)
(159,000)
Net (decrease)/increase in cash and cash equivalents
(117,182)
148,805
Cash and cash equivalents at beginning of year
681,913
533,108
Cash and cash equivalents at end of year
564,731
681,913
PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Company information

Perthy Properties Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 9 Lower Brook Street, Oswestry, SY11 2HJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Perthy Properties Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

 

A group reconstruction was completed during 2020 and the resultant formation of Perthy Properties Limited has been accounted for using merger accounting principles.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.4
Turnover

Turnover comprises revenue recognised by the group in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

 

Sales of motor vehicles, parts and accessories are recognised on the earlier of full payment by, or delivery date to, the customer. Any other manufacturer income in relation to achieving targets is recognised on an accrual basis. Servicing revenue is recognised on the completion of the agreed work.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Not depreciated. The residual value is being maintained through continuous investment.
Leasehold improvements
10% on cost
Plant and equipment
10% on cost
Computers
33% on cost
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Due to the assets being regularly refurbished, the useful economic life and residual values of the freehold properties are such that aggregate depreciation is immaterial and therefore has not been charged.

1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

Property rented to a group entity is accounted for as tangible fixed assets.

1.7
Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

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

PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.9
Stocks

Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stock.

 

Vehicles on consignment are recognised within the balance sheet when the vehicles are in substance an asset of the company. This is determined by reference to whether the principal risks and rewards of ownership have been transferred to the company. The corresponding liability is included under creditors: amounts falling due within one year.

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

Derecognition of financial liabilities

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

1.12
Equity instruments

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

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Investment property

Consideration has been given by the directors as to the fair value of the investment property. In determining the fair value they have used representations from professional valuation experts and have considered the open market value of the property based upon their knowledge of the local market.

Tangible fixed assets

Consideration has been given to any indicators of impairment of the company's freehold property. In considering this the directors have used their judgement and have considered the residual value of the properties based upon their knowledge of the local market.

Stock

The carrying value of new and used cars held for sale is assessed by management using judgement, based on current market conditions to estimate the carrying value of its new and used car stock, and any provisions required. Total vehicle stock included within the accounts at the year end amounted to £3,685,480 (2023 - £2,557,347).

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of vehicles and parts
27,655,029
28,647,555
Rendering of services
3,993,387
3,641,578
31,648,416
32,289,133
2024
2023
£
£
Other revenue
Interest income
8,313
-

All turnover arose within the United Kingdom.

PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
99,980
86,660
Profit on disposal of tangible fixed assets
(15,100)
(176)
Profit on disposal of investment property
-
0
(145,682)
Operating lease charges
9,299
34,000
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Sales
27
26
-
-
Service
35
36
-
-
Parts
3
3
-
-
Administrative
13
11
-
-
Directors
6
6
4
4
Total
84
82
4
4

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,229,928
2,133,418
-
0
-
0
Social security costs
223,771
182,476
-
-
Pension costs
162,935
121,531
120,000
80,000
2,616,634
2,437,425
120,000
80,000
6
Directors' remuneration
2024
2023
£
£
Company pension contributions to defined contribution schemes
120,000
80,000
The number of directors for whom retirement benefits are accruing under defined contribution schemes
amounted to 2 (2023 - 1).
PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
208,482
85,346
Adjustments in respect of prior periods
(6,398)
(52)
Total current tax
202,084
85,294
Deferred tax
Origination and reversal of timing differences
(22,972)
25,549
Other adjustments
31,845
-
0
Total deferred tax
8,873
25,549
Total tax charge
210,957
110,843

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
871,543
496,734
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
217,886
116,832
Tax effect of expenses that are not deductible in determining taxable profit
459
8,799
Adjustments in respect of prior years
(1,337)
(878)
Effect of change in corporation tax rate
-
810
Under/(over) provided in prior years
(5,061)
827
Deferred tax adjustments in respect of prior years
-
0
1,569
Tax at marginal rate
(975)
(302)
Movement in deferred tax
-
0
(14,651)
Fixed asset differences
-
0
(34,265)
Other tax adjustments
(15)
32,102
Taxation charge
210,957
110,843
8
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
288,000
159,000
PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
9
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
3,923,861
29,479
757,706
269,697
262,006
5,242,749
Additions
-
0
2,526
76,135
4,084
2,070
84,815
Disposals
-
0
-
0
-
0
-
0
(105,645)
(105,645)
Transfer to investment property
(230,747)
-
0
-
0
-
0
-
0
(230,747)
At 31 December 2024
3,693,114
32,005
833,841
273,781
158,431
4,991,172
Depreciation and impairment
At 1 January 2024
-
0
6,414
533,127
262,707
35,790
838,038
Depreciation charged in the year
-
0
3,504
47,163
4,121
45,192
99,980
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(17,332)
(17,332)
At 31 December 2024
-
0
9,918
580,290
266,828
63,650
920,686
Carrying amount
At 31 December 2024
3,693,114
22,087
253,551
6,953
94,781
4,070,486
At 31 December 2023
3,923,861
23,065
224,579
6,990
226,216
4,404,711
Company
Freehold land and buildings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
3,693,114
121,931
3,815,045
Depreciation and impairment
At 1 January 2024
-
0
20,322
20,322
Depreciation charged in the year
-
0
30,483
30,483
At 31 December 2024
-
0
50,805
50,805
Carrying amount
At 31 December 2024
3,693,114
71,126
3,764,240
At 31 December 2023
3,693,114
101,609
3,794,723
PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
10
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 January 2024
202,621
202,621
Transfers from owner-occupied property
230,747
-
Net gains or losses through fair value adjustments
127,379
127,379
At 31 December 2024
560,747
330,000

The investment properties are included at fair value, the directors feel that this is appropriate.

11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
15,100
15,100
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
15,100
Carrying amount
At 31 December 2024
15,100
At 31 December 2023
15,100
12
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
J.P. Arthur & Sons Limited
9 Lower Brook Street, Oswestry, Shropshire, England, SY11 2HJ
Motor dealer
Ordinary
100.00
J.P. Arthur & Sons Limited
9 Lower Brook Street, Oswestry, Shropshire, England, SY11 2HJ
Motor dealer
Preference
100.00
Perthy Properties (VR) Limited
9 Lower Brook Street, Oswestry, Shropshire, England, SY11 2HJ
Property rental
Ordinary
100.00
PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
13
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Parts stock
164,804
211,148
-
-
Vehicle stock
3,685,480
2,557,347
-
0
-
0
3,850,284
2,768,495
-
-

During the period an impairment loss of £43,068, (2023: £16,641) was recognised against stock.

 

The new stocking loans & consignment stocking loans included in trade creditors amounting to £1,405,882 (2023: £789,206) are secured directly on the vehicles to which they relate.

14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
626,651
625,883
119
1,844
Amounts owed by group undertakings
-
-
613,234
-
Other debtors
24,993
237,984
-
0
230,763
Prepayments and accrued income
152,847
79,008
5,865
-
0
804,491
942,875
619,218
232,607
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
1,866,536
1,661,436
-
0
1,658
Amounts owed to group undertakings
-
0
-
0
691,479
103,765
Corporation tax payable
196,698
79,349
41,954
12,080
Other taxation and social security
129,439
149,554
-
-
Other creditors
2,937
2,690
100
100
Accruals and deferred income
377,570
211,486
71,000
71,000
2,573,180
2,104,515
804,533
188,603

Vehicle creditors included within trade creditors are secured directly on the vehicles to which they relate. Secured amounts as at 31 December 2024 totalled £1,405,882 (2023 - £789,206).

PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
83,671
108,310
Investment property
31,845
-
Short term timing differences
(923)
(2,590)
114,593
105,720
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
21,701
28,209
Investment property
31,845
-
53,546
28,209
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
105,720
28,209
Charge to profit or loss
8,873
25,337
Liability at 31 December 2024
114,593
53,546
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
162,935
121,531

The group operates a defined contribution pension scheme for all qualifying employees. The assets of

the scheme are held separately from those of the group in an independently administered fund.

 

Contributions totaling £9,887 (2023: £10,361) were payable to the fund at the reporting date.

PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
18
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
6,000
6,000
6,000
6,000
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Cumulative 7% preference shares of £1 each
9,000
9,000
9,000
9,000
Preference shares classified as equity
9,000
9,000
Total equity share capital
15,000
15,000

The cumulative 7% preference shares are redeemable at par, at the discretion of the company.

 

Called up share capital represents the nominal value of shares that have been issued.

19
Reserves
Revaluation reserve

The revaluation reserve represents the cumulative effect of revaluations of freehold land and buildings up to the date of conversion to FRS102, after which the company has adopted a deemed cost accounting policy.

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve and represents the nominal value of shares repurchased by the company.

Profit and loss reserves

The profit and loss account includes all realised current and prior period retained profits and losses.

20
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles:
Within one year
72,685
89,939
-
-
Between two and five years
5,975
29,463
-
-
78,660
119,402
-
-
PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20
Operating lease commitments
(Continued)
- 28 -
Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2024
2023
2024
2023
£
£
£
£
Land and buildings:
Within one year
-
-
380,000
340,000
Between two and five years
-
-
930,000
510,000
-
-
510,000
850,000
21
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with Arthurs of Oswestry Car Sales LLP, a related party due to common ownership:    

            

The group made sales of £Nil (2023 - £66,589), and purchases of £Nil (2023 - £66,865) with Arthurs of Oswestry Car Sales LLP.

 

The group rents a property from an entity controlled by certain directors at a rate of £3,000 (2023 - £3,000) per annum.

 

The group rents a property from a director's pension fund. During the year £Nil (2023 - £6,000) was paid to the pension fund.

 

The company rents some land from one of the directors family members at a rate of £2,400 (2023 - £Nil) per

annum.

 

During the year the group paid dividends of £288,000 (2023 - £159,000) in total to the directors of the group.

 

The directors of the group are considered to be the key management personnel. Directors remuneration is disclosed in note 7.

22
Controlling party

The ultimate controlling party is R N Williams by virtue of his majority shareholding in the parent company.

PERTHY PROPERTIES LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
23
Cash generated from group operations
2024
2023
£
£
Profit after taxation
660,586
385,891
Adjustments for:
Taxation charged
210,957
110,843
Finance costs
6,225
81,839
Investment income
(8,313)
-
0
Gain on disposal of tangible fixed assets
(15,100)
(176)
Gain on disposal of investment property
-
0
(145,682)
Fair value gain on investment properties
(127,379)
-
0
Depreciation and impairment of tangible fixed assets
99,980
86,660
Movements in working capital:
(Increase)/decrease in stocks
(1,081,789)
889,091
Decrease/(increase) in debtors
138,384
(156,178)
Increase/(decrease) in creditors
351,316
(713,869)
Cash generated from operations
234,867
538,419
24
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
681,913
(117,182)
564,731
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