| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| PDH CARS LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| PDH CARS LIMITED |
| PDH CARS LIMITED (REGISTERED NUMBER: 01187620) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 2 |
| PDH CARS LIMITED (REGISTERED NUMBER: 01187620) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash in hand |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Share premium |
| Capital redemption reserve |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| PDH CARS LIMITED (REGISTERED NUMBER: 01187620) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| PDH Cars Limited is a |
| Registered number: |
| Registered office: |
| The presentation currency of the financial statements is the Pound Sterling (£) and have been rounded to the nearest pound. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparation |
| Going concern |
| The directors have prepared forecasts which reflect management's plans and the operating environment in order for them to assess the company's ability to continue as a going concern. They have also considered the continued support from the directors. Following their assessment, the directors have satisfied themselves that the company will remain a going concern for the foreseeable future and the financial statements are appropriately prepared on a going concern basis. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable net of discounts and value added tax. The policies adopted for the recognition of turnover are as follows: |
| Sale of vehicles and parts |
| Turnover from the sale of vehicles and parts is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Vehicle servicing |
| Turnover from vehicle servicing is recognised on the date of the service. |
| Manufacturer bonuses |
| Turnover from manufacturers is recognised when targets are met and the bonuses can be estimated reliably. |
| Intangible assets |
| Intangible fixed assets are stated at cost less accumulated amortisation and accumulated impairment losses. |
| Amortisation is provided at the following rate in order to write off the cost less estimated residual value over each asset over its estimated useful life: |
| Website - 10% straight line basis |
| All other intangible assets are fully amortised. |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures, fittings and equipment | - |
| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
| Stocks |
| Stocks of vehicles are valued at the lower of cost and estimated selling price. |
| Stock of parts are valued at the lower of cost and estimated selling price less costs to sell. |
| Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
| PDH CARS LIMITED (REGISTERED NUMBER: 01187620) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Basic financial assets |
| Basic financial assets, which include debtors and cash and cash equivalents, 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 trans-action, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Amortised cost is determined as being the transaction price less any amounts settled and any impairment losses. Financial assets classified as receivable within one year are not amortised. |
| A provision for impairment of debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss. |
| Basic financial liabilities |
| Basic financial liabilities, including trade, group and other creditors (including accruals) payable are initially measured at the transaction price and subsequently measured at amortised cost 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 receivable within one year are not amortised. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| PDH CARS LIMITED (REGISTERED NUMBER: 01187620) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 January 2024 |
| Disposals | ( |
) |
| At 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures, |
| Improvements | fittings |
| to | Plant and | and |
| property | machinery | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2024 |
| Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 6. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Directors' current accounts | 274,405 | 215,673 |
| Tax |
| Prepayments and accrued income |
| PDH CARS LIMITED (REGISTERED NUMBER: 01187620) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 6. | DEBTORS - continued |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due after more than one year: |
| Deferred tax asset | 149,308 | 144,751 |
| Aggregate amounts |
| Deferred tax asset |
| 2024 | 2023 |
| £ | £ |
| Accelerated capital allowances | ( |
) | ( |
) |
| Tax losses carried forward |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 45,459 | 78,736 |
| Other creditors | 695,789 | 617,432 |
| Directors' current accounts | 205,710 | - |
| Accruals and deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Accruals and deferred income |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank overdrafts |
| The bank overdraft is repayable on demand and is secured by fixed and floating charges over the company's assets. |
| The bank has provided a guarantee facility on behalf of the company to a supplier amounting to £175,000, secured by fixed and floating charges over the company's assets. |
| The company has a vehicle funding facility. At the year end £683,538 (2023: £592,856) is payable in respect of this facility, this has been recognised in other creditors. The facility incurs interest accruing daily of SONIA+2.5% and is secured against the vehicles funded by the facility. |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | 10p | 159,931 | 159,931 |
| PDH CARS LIMITED (REGISTERED NUMBER: 01187620) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| During the year, the company advanced £58,732 (2023: £20,916) to a director and the director made repayments of £Nil (2023: £Nil). At the year end, the director owed the company £274,405 (2023: £215,673) The advances were unsecured and repayable on demand. Interest of £6,032 (2023: £5,105) was charged in the year at the rate of 2.25%. |
| 12. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 not to disclose related party transactions with wholly owned subsidiaries within the group. |
| The showroom and garage is leased to the company by a director. From the month of December 2022 onwards the company is receiving a rent holiday. Such a rent holiday is unlikely to be provided by a third party landlord under normal conditions. |