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Registered number: 15300452
Boongate Holdings Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 January 2025
Contents
Page
Strategic Report 1—2
Directors' Report 3—4
Independent Auditor's Report 5—8
Consolidated Statement of Comprehensive Income 9
Consolidated Statement of Financial Position 10
Company Statement of Financial Position 11
Consolidated Statement of Changes in Equity 12
Consolidated Statement of Cash Flows 13
Notes to the Consolidated Statement of Cash Flows 14
Notes to the Financial Statements 15—24
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 January 2025.
Review of the Business
The year ended January 2025 was another good year for the Boongate Group.
Continued robust demand for our brand’s new cars has produced a slight increase in sales vs the previous years. The mix of business changed in the period: delivering more new cars to fleet orientated customers meant that the associated profit from new cars reduced slightly. 
Used car demand again was very strong, and sales increased vs the previous year. Prices eased slightly, however, gross profit remained steady. We saw an increase in associated costs, which is reflected in the overall profit of used cars.
After-sales departments continue to grow. Turnover increased by 12.6% and gross profit by 9.2%, however increasing staff numbers and inflationary costs were felt in the period, which meant profit only remained stable. We are still confident there is further demand and opportunity in this area. 
We controlled our operating and administration expenses, only experiencing a very slight increase on the previous year.  
Overall, the performance was in line with our expectations, in a changing market. The business delivered a small increase in turnover of 1.5%. As the car market returned to more normal levels seen before Covid, total gross profit reduced slightly, by circa 4.5%, however the business maintained above average sales and net profit before tax.
Principal Risks and Uncertainties
The management of the group and the execution of the group's strategy are subject to any or all of the following risks and uncertainties:-
Franchise financial stability
The group relies on its franchised motor car dealership. Without a franchise we may be unable to source new car stock or perform service warranty repairs. We have no issues with KIA as our brand partner and they have a very healthy business operation in the UK.
Competition
The retail motor trade is highly competitive and comprises of a number of large dealer networks and independent retailers. In addition, the aftersales market comprises of similar franchised businesses, supply and fit chains, and a large number of small independent garages and bodyshops. The group therefore offers customers different options depending upon price and quality of service they wish to take; our aftersales business is reliant on our customer service and the ability to adjust pricing in reaction to local competitive conditions.
Human resources and employees
The group's success depends to a large extent upon the effort and abilities of senior management and key employees. Further, our business is dependent upon our ability to continue to attract and retain skilled personnel.
Legislation
A number of regulations affect our business of selling, financing and servicing cars, such as those set out by the Financial Conduct Authority. Non-compliance can lead to fines or suspension from arranging finance or general insurance products.
Stock value risk
The group is exposed, as are all businesses in this industry, to the risk of the value of its stock in trade falling due to general economic or industry specific factors, although currently stock values are not falling due to high demand. 
The directors mitigate this risk through a two-fold policy of ensuring the company only carries stock of a suitable profile and price range that is appropriately aged, and by providing for any fall in value through the Income Statement.
General economic conditions
The general economic environment and levels of consumer and business confidence have a direct impact on levels of demand in the motor retail sector. However the risk has been lessened in recent months with inflation remaining relatively steady and a decrease in interest rates.
Key Performance Indicators ("KPIs")
The directors use the following KPIs:-
2025
2024
Turnover growth
1.5%
10%
Gross profit margin
8.2%
8.7%
Net profit margin
1.1%
1.8%
Page 1
Page 2
Group restructure
On 1 February 2024 Boongate Holdings Limited acquired the entire share capital of Boongate Kia Limited and Boongate Property Limited in exchange for shares in Boongate Holdings Limited.
On behalf of the board
Mr A J O'Shea
Director
21st August 2025
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 31 January 2025.
Principal Activity
The group's principal activity continues to be that of a motor dealership involving the sale, maintenance and repair of motor vehicles and the supply of related accessories.
The company's pricipal activity is that of a holding company.
Future Developments
As of January 2025 work was ongoing to refurbish the showroom to meet with the brand's latest standards as well as the building of a new workshop to boost capacity. The rebranded and enlarged site was operational from late March 2025.
Dividends
The value of dividends paid amounted to £70,500 .
The directors recommended a final dividend of £NIL .
Financial Instruments
The group uses various financial instruments, other than derivatives, which include bank, financial institution and stocking loans, cash and various items, such as trade debtors and trade creditors that arise directly from operations. The main purpose of these financial instruments is to raise finance for the group's operations. Their existence exposes the group to a number of financial risks.The significant risks arising from the group's financial instruments are interest rate risk, liquidity risk, and credit risk.
The directors review and agree policies for the management of each of these risks which are noted below. 
Interest rate risk
The group sometimes uses stocking loans to finance its operations during peak periods. The Bank of England base rates were high throughout 2022 - 2024 but have recently fallen to 4% and are expected to fall further in the near future. So we would expect a decrease in the group's interest payments on its variable rate funding tracked to that rate.
Liquidity risk
The group seeks to manage risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash and assets safely and profitably. The group's policy throughout the year has been to achieve this objective through the day to day involvement of management in business decisions rather than through setting maximum or minimum liquidity ratios.
Credit risk
The group's principal financial assets are cash and trade debtors. The credit risk associated with the cash is minimal as the Nat West Bank has a high credit ratings assigned by international credit-rating agencies. The principal credit risk therefore arises from its trade debtors.
In order to manage credit risk, the directors have implemented processes to ensure receipt of cleared funds for vehicle sales before the vehicle is released. Other trade debtors require an approved credit limit in advance. The directors set credit limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the directors on a regular basis in conjunction with debt ageing and collection history.
Directors
The directors who held office during the year were as follows:
Mr A J O'Shea
Mr A M O'Shea
Mrs R M O'Shea
Post Balance Sheet Events
There have been no post balance sheet events to report.
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Page 3
Page 4
Statement of Directors' Responsibilities
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • 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 and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.
Independent Auditors
The auditors, Ascendis Audit Limited, who were appointed during the year, will be re-appointed under Section 485 of Companies Act 2006.
On behalf of the board
Mr A J O'Shea
Director
21st August 2025
Page 4
Page 5
Independent Auditor's Report
Opinion
We have audited the financial statements of Boongate Holdings Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 January 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the group's and of the parent company's affairs as at 31 January 2025 and of the group's profit for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 and parent company's ability to continue as a going concern for a period of at least 12 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. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Page 5
Page 6
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the group and 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:
  • adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
  • the parent company financial statements are not in agreement with the accounting records or 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 5, 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 group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Page 6
Page 7
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.
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: 
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:-
- the nature of the industry, control environment and business performance including the design of the group's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;
- of our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the group's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance, in particular in relation to the FCA;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud.
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: bank payment processing, payroll, sales processing, used/demo stock valuation, and credit card/cash transactions. In common with all audits under lSAs (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 framework that the group operates in, focusing 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 Companies Act 2006, pensions legislation 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 company'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:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reviewing correspondence with the FCA and;
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
- assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and 
- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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Page 8
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 that 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.
Paul Allan Byrne BA (Double Hons) (Senior Statutory Auditor)
for and on behalf of Ascendis Audit Limited , Statutory Auditor
21st August 2025
Ascendis Audit Limited
Unit 3, Building 2, The Colony
Altrincham Road
Wilmslow
Cheshire
SK9 4LY
Page 8
Page 9
Consolidated Statement of Comprehensive Income
31 January 2025 31 January 2024
Notes £ £
TURNOVER 3 32,106,756 31,632,371
Cost of sales (29,469,381 ) (28,868,832 )
GROSS PROFIT 2,637,375 2,763,539
Administrative expenses (2,155,600 ) (2,018,133 )
Other operating income - 2,470
OPERATING PROFIT 4 481,775 747,876
Profit on disposal of fixed assets - 3,169
Other interest receivable and similar income 9 9,232 1,384
Interest payable and similar charges 10 (232 ) (7,176 )
PROFIT BEFORE TAXATION 490,775 745,253
Tax on Profit 11 (128,476 ) (184,628 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 362,299 560,625
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 362,299 560,625
The notes on pages 14 to 24 form part of these financial statements.
Page 9
Page 10
Consolidated Statement of Financial Position
Registered number: 15300452
31 January 2025 31 January 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 12 1,878,399 1,697,664
1,878,399 1,697,664
CURRENT ASSETS
Stocks 14 3,031,277 2,654,889
Debtors 15 980,789 1,108,018
Cash at bank and in hand 504,269 700,169
4,516,335 4,463,076
Creditors: Amounts Falling Due Within One Year 16 (2,475,170 ) (2,533,522 )
NET CURRENT ASSETS (LIABILITIES) 2,041,165 1,929,554
TOTAL ASSETS LESS CURRENT LIABILITIES 3,919,564 3,627,218
PROVISIONS FOR LIABILITIES
Deferred Taxation 17 (171,352 ) (171,804 )
NET ASSETS 3,748,212 3,455,414
CAPITAL AND RESERVES
Called up share capital 19 1,000 1
Share premium account 123,295 123,295
Capital redemption reserve 200 200
Other reserves 71,781 71,781
Fair value reserve 25 303,932 303,932
Income Statement 3,248,004 2,956,205
SHAREHOLDERS' FUNDS 3,748,212 3,455,414
On behalf of the board
Mr A J O'Shea
Director
21st August 2025
The notes on pages 14 to 24 form part of these financial statements.
Page 10
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Company Statement of Financial Position
Registered number: 15300452
31 January 2025 31 January 2024
Notes £ £ £ £
FIXED ASSETS
Investments 13 900 -
900 -
CURRENT ASSETS
Debtors 15 100 1
Cash at bank and in hand 999 -
1,099 1
NET CURRENT ASSETS (LIABILITIES) 1,099 1
TOTAL ASSETS LESS CURRENT LIABILITIES 1,999 1
NET ASSETS 1,999 1
CAPITAL AND RESERVES
Called up share capital 19 1,000 1
Income Statement 999 -
SHAREHOLDERS' FUNDS 1,999 1
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 71,499 .
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr A J O'Shea
Director
21st August 2025
The notes on pages 14 to 24 form part of these financial statements.
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Consolidated Statement of Changes in Equity
Share Capital Share Premium Capital Redemption Other reserves
£ £ £ £
As at 21 November 2023 - 123,295 - 71,781
Profit for the period and total comprehensive income - - - -
Dividends paid - - - -
Arising on shares issued during the period 1 - - -
Purchase of own shares - - 200 -
As at 31 January 2024 and 1 February 2024 1 123,295 200 71,781
Profit for the year and total comprehensive income - - - -
Dividends paid - - - -
Arising on shares issued during the period 999 - - -
As at 31 January 2025 1,000 123,295 200 71,781
Fair value reserve Income Statement Total
£ £ £
As at 21 November 2023 303,932 2,534,820 3,033,828
Profit for the period and total comprehensive income - 560,625 560,625
Dividends paid - (139,240) (139,240)
Arising on shares issued during the period - - 1
Purchase of own shares - - 200
As at 31 January 2024 and 1 February 2024 303,932 2,956,205 3,455,414
Profit for the year and total comprehensive income - 362,299 362,299
Dividends paid - (70,500) (70,500)
Arising on shares issued during the period - - 999
As at 31 January 2025 303,932 3,248,004 3,748,212
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Consolidated Statement of Cash Flows
31 January 2025 31 January 2024
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 337,671 801,046
Interest paid (232 ) (7,176 )
Tax paid (185,308 ) (143,219 )
Net cash generated from operating activities 152,131 650,651
Cash flows from investing activities
Purchase of tangible assets (253,106 ) (101,094 )
Proceeds from disposal of tangible assets - 15,720
Interest received 9,232 1,384
Net cash used in investing activities (243,874 ) (83,990 )
Cash flows from financing activities
Equity dividends paid (70,500 ) (139,240 )
Repayment of bank borrowings - (233,333 )
Amount introduced by directors - 14,220
Amount withdrawn by directors (33,657) -
Net cash used in financing activities (104,157 ) (358,353 )
(Decrease)/increase in cash and cash equivalents (195,900 ) 208,308
Cash and cash equivalents at beginning of year 2 700,169 491,861
Cash and cash equivalents at end of year 2 504,269 700,169
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Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
31 January 2025 31 January 2024
£ £
Profit for the financial year 362,299 560,625
Adjustments for:
Tax on profit 128,476 184,628
Interest expense 232 7,176
Interest income (9,232 ) (1,384 )
Depreciation of tangible assets 72,371 56,620
Profit on disposal of tangible assets - (3,169)
Movements in working capital:
Increase in stocks (376,388 ) (59,986 )
Decrease/(increase) in trade and other debtors 147,665 (72,289 )
Increase in trade and other creditors 12,248 128,825
Net cash generated from operations 337,671 801,046
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
31 January 2025 31 January 2024
£ £
Cash at bank and in hand 504,269 700,169
3. Analysis of changes in net funds
As at 1 February 2024 Cash flows As at 31 January 2025
£ £ £
Cash at bank and in hand 700,169 (195,900) 504,269
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Notes to the Financial Statements
1. General Information
Boongate Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 15300452 . The registered office, and principal place of business, is C/O Boongate Kia Limited, Newark Road, Peterborough, Cambridgeshire, PE1 5UA.
The presentational currency of these financial statements is Pound Sterling (£).
Amounts in these financial statements are rounded to the nearest £.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention, as modified to include the revaluation of certain assets where applicable, and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Basis Of Consolidation
The Consolidated Statement of Comprehensive Income and Consolidated Statement of Financial Position include the financial statements of the company and its subsidiary undertakings made up to 31 January 2025. The consolidated financial statements have been drawn up under the merger accounting method. Intra group balances, transactions and profits are eliminated fully on consolidation.
2.3. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the group and parent company's ability to continue as a going concern.
2.4. Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes might differ from those estimates.
The following judgements have been made by the directors in applying the group's accounting policies:
Property, plant and equipment
At each reporting date property, plant and equipment is assessed for any indication of impairment. If such an indication exists, the recoverable amount of the asset is determined based on value in use calculations which require estimates to be made of future cash flows. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Stock valuation
Stock valuation is regularly monitored against age profile and market demand. Management use a number of market tools during the appraisal process including Glass' and CAP valuation guides. The directors perform regular reviews to assess if any provision is required.
Brand incentives
The group receives income in the form of various incentives which are determined by the group's brand partner. The amount receivable is generally based on achieving specific objectives such as a specified sales volume, as well as other objectives including maintaining brand partner standards which may include, but are not limited to, retail centre image and design requirements, customer satisfaction survey results and training standards. Objectives are generally set and measured on either a quarterly or annual basis.
Where incentives are based on a specific sales volume or number of registrations, the related income is recognised as a reduction in cost of sales when it is reasonably certain that the income has been earned. This is generally the later of the date the related vehicles are sold or registered or when it is reasonably certain that the related target will be met. Where incentives are linked to retail centre image and design requirements, customer satisfaction survey results or training standards, they are recognised as a reduction in cost of sales when it is reasonably certain that the incentive will be received for the relevant period.
The group may also receive contributions towards advertising and promotional expenditure. Where such contributions are received they are recognised as a reduction in the related expenditure in the period to which they relate.
2.5. Turnover
Turnover from the sale of goods is recognised in the Consolidated Statement of Comprehensive Income, net of discounts and value added tax, when the significant risks and rewards of ownership have been transferred to the buyer. In general this occurs when vehicles or parts have been supplied or when a service has been completed.
Commission income is accounted for on a receivable basis.
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2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% per annum on a straight line basis
Plant & Machinery 20% per annum on a reducing balance basis
Motor Vehicles 25% per annum on a reducing balance basis
Fixtures & Fittings 20% per annum on a reducing balance basis
Computer Equipment 20% per annum on a reducing balance basis
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, 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 the Consolidated Statement of Comprehensive Income.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 
At each reporting date, stocks are 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 the Consolidated Statement of Comprehensive Income.
2.8. Financial Instruments
The group only has basic financial instruments which are recognised at amortised cost.
2.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.10. Pensions
The group operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
2.11. Dividends
Equity dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
2.12. Borrowing costs
Borrowing costs are charged to the Consolidated Statement of Comprehensive Income on an accruals basis.
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3. Turnover
All turnover arose in the UK. An analysis of turnover by class of business is as follows:
31 January 2025 31 January 2024
£ £
Commission 84,556 108,640
Service 1,032,116 1,032,129
Vehicles, parts and accessories 30,990,084 30,491,602
32,106,756 31,632,371
4. Operating Profit
The operating profit is stated after charging:
31 January 2025 31 January 2024
£ £
Depreciation of tangible fixed assets 72,371 56,620
5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
31 January 2025 31 January 2024
£ £
Audit Services
Audit of the company's financial statements 8,940 7,700
The 2025 fees cover those for the company (£945) and the two subsidiaries (£7,995), the 2024 fees cover just the two subsidiaries. The company's audit fee was met by Boongate KIA Limited.
6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
31 January 2025 31 January 2024
£ £
Wages and salaries 1,349,422 1,297,667
Social security costs 125,108 120,685
Other pension costs 32,747 30,496
1,507,277 1,448,848
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7. Average Number of Employees
Group
Average number of employees, including directors, during the year was as follows:
31 January 2025 31 January 2024
Office and administration 41 39
Directors 3 3
44 42
Company
Average number of employees, including directors, during the year was: NIL (2024: NIL)
- -
8. Directors' remuneration
31 January 2025 31 January 2024
£ £
Emoluments 144,226 143,151
Company contributions to money purchase pension schemes 1,846 1,869
146,072 145,020
The number of directors to whom retirement benefits were accruing was as follows:
31 January 2025 31 January 2024
Money purchase pension schemes 2 2
9. Interest Receivable and Similar Income
31 January 2025 31 January 2024
£ £
Bank interest receivable 9,232 1,384
10. Interest Payable and Similar Charges
31 January 2025 31 January 2024
£ £
Bank loans and overdrafts - 7,176
Other finance charges 232 -
232 7,176
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11. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 31 January 2025 31 January 2024
31 January 2025 31 January 2024 £ £
Current tax
UK Corporation Tax 25.0% 24.0% 128,928 185,307
Deferred Tax
Deferred taxation (452 ) (679 )
Total tax charge for the period 128,476 184,628
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
31 January 2025 31 January 2024
£ £
Profit before tax 490,775 745,253
Tax on profit at 25% (UK standard rate) 122,694 178,861
Goodwill/depreciation not allowed for tax 18,093 13,619
Expenses not deductible for tax purposes 697 1,157
Capital allowances (12,083 ) (6,866 )
Difference in tax rates (473 ) (702 )
Deferred tax from unrecognised tax loss or credit (452 ) (679 )
Revenue exempt from taxation - (762 )
Total tax charge for the period 128,476 184,628
12. Tangible Assets
Group
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost or Valuation
As at 1 February 2024 1,980,018 165,455 18,273 79,162 2,242,908
Additions 203,255 20,035 14,321 15,495 253,106
As at 31 January 2025 2,183,273 185,490 32,594 94,657 2,496,014
Depreciation
As at 1 February 2024 367,971 115,227 379 61,667 545,244
Provided during the period 43,665 14,053 8,054 6,599 72,371
As at 31 January 2025 411,636 129,280 8,433 68,266 617,615
Net Book Value
As at 31 January 2025 1,771,637 56,210 24,161 26,391 1,878,399
As at 1 February 2024 1,612,047 50,228 17,894 17,495 1,697,664
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Cost or valuation as at 31 January 2025 represented by:
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
At cost 1,778,030 185,490 32,594 94,657 2,090,771
At valuation 405,243 - - - 405,243
2,183,273 185,490 32,594 94,657 2,496,014
The group's property was valued by the directors at both year end dates on an open market basis.
If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:
Land & Property
Freehold
£
Cost 1,778,030
Accumulated depreciation and impairment 306,273
Carrying amount 1,471,757
Company
The company had no tangible fixed assets as at 31 January 2025 or 31 January 2024.
13. Investments
Company
Subsidiaries
£
Cost
As at 1 February 2024 -
Additions 900
As at 31 January 2025 900
Provision
As at 1 February 2024 -
As at 31 January 2025 -
Net Book Value
As at 31 January 2025 900
As at 1 February 2024 -
Subsidiaries
Details of the company's subsidiaries as at 31 January 2025 are as follows:
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Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Boongate Kia Limited Newark Road, Peterborough, Cambridgeshire, PE1 5UA Ordinary 100.00% -
Boongate Property Limited Newark Road, Peterborough, Cambridgeshire, PE1 5UA Ordinary 100.00% -
The principal activity of Boongate Kia is that of a motor dealership.
The principal activity of Boongate Property Limited is that of a property rental business.
14. Stocks
31 January 2025 31 January 2024
£ £
Materials 132,169 101,436
Finished goods 2,899,108 2,553,453
3,031,277 2,654,889
The movement on the stock provision for the year was:-
2025
2024
£
£
At 1 February
161,153
98,527
Provided in the year
17,160
62,626
Reversed in the year
(41,490)
image
-
image
31 January
136,823
image
161,153
image
15. Debtors
Group Company
31 January 2025 31 January 2024 31 January 2025 31 January 2024
£ £ £ £
Due within one year
Trade debtors 837,365 1,001,711 - -
Other debtors 123,987 106,307 100 1
Directors' loan accounts 19,437 - - -
980,789 1,108,018 100 1
The movement on the bad debt provision for the year was:-
2025
2024
£
£
At 1 February
3,995
52,254
Released in the year
-
image
(48,259)
image
At 31 January
3,995
image
3,995
image
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16. Creditors: Amounts Falling Due Within One Year
Group
31 January 2025 31 January 2024
£ £
Trade creditors 2,052,873 2,032,335
Corporation tax 128,927 185,307
Other taxes and social security 31,828 31,464
VAT 16,928 140,399
Other creditors 244,614 129,797
Directors' loan accounts - 14,220
2,475,170 2,533,522
Of the creditors the following amounts are secured.
Group
31 January 2025 31 January 2024
£ £
Trade Creditors 1,837,833 1,601,199
17. Deferred Taxation
The provision for deferred tax is made up as follows:
31 January 2025 31 January 2024
£ £
Other timing differences 171,352 171,804
Deferred tax comprises:
2025
2024
£
£
Accelerated capital allowances
71,871
70,493
Short term timing differences
(1,830)
-
Fair value reserve
101,311
image
101,311
image
171,352
image
171,804
image
18. Provisions for Liabilities
Group
Deferred Tax Total
£ £
As at 1 February 2024 171,804 171,804
Reversals (452 ) (452)
Balance at 31 January 2025 171,352 171,352
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19. Share Capital
31 January 2025 31 January 2024
Allotted, called up and fully paid £ £
1,000 Ordinary Shares of £ 1.00 each 1,000 1
Shares issued during the period: £
999 Ordinary Shares of £ 1.00 each 999
On 21 November 2023 1 ordinary share of £1 each was issued at par.
On 1 February 2024 999 ordinary shares of £1 each were issued at par.
20. Contingent Liabilities
At the reporting date the group had a commitment to repurchase vehicles from a fleet leasing company with a value of £815,036 (2024: £698,449).
21. Capital Commitments
31 January 2025 31 January 2024
£ £
At the end of the period 92,989 -
The above is the group capital commitment, the company had none.
22. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to the income statement in respect of defined contribution schemes was £32,747 (2024: £29,656).
At the statement of financial position date contributions of £7,323 (2024: £6,643) were due to the fund and are included in creditors.
23. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 February 2024 Amounts advanced Amounts repaid Amounts written off As at 31 January 2025
£ £ £ £ £
Mr Anthony O'Shea - 5,597 - - 5,597
Mrs Ruth O'Shea - 13,840 - - 13,840
The advances were interest free, repayable on demand and the group held no security in their respect. Both balances were settled in full on 3 February 2025.
24. Dividends
31 January 2025 31 January 2024
£ £
On equity shares:
Interim dividend paid 70,500 139,240
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25. Reserves
Group
Retained earnings
This reserve includes current year and previous years' profits and losses, less dividends paid.
Other reserves
This reserve was created when the group acquired certain assets of Boongate Motor Company Limited. The balance represents the difference between the net assets acquired and the consideration paid which is required to be maintained in the non-distributable reserves of the group.
Capital redemption reserve
This non-distributable reserve represents the nominal value of the purchase of own shares by the company out of distributable profits.
Share premium account
This reserve represents the excess of the consideration received for the issue of shares over the nominal value of shares issued.
Fair value reserve
This reserve represents the revaluation of investment properties adjusted for deferred tax.
26. Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.
During the year dividends of £70,500 (2024: £101,240) were paid to the directors.
At the reporting date the group owed the directors £nil (2024: £14,220).
27. Controlling Parties
There was no single ultimate controlling party at either year end date.
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