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For the year ended |
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Financial Statements |
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Contents |
Page |
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Strategic report |
1 |
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Directors' report |
4 |
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Independent auditor's report to the members |
6 |
|
Consolidated statement of income and retained earnings |
11 |
|
Company statement of income and retained earnings |
12 |
|
Consolidated statement of financial position |
13 |
|
Company statement of financial position |
14 |
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Consolidated statement of cash flows |
15 |
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Notes to the financial statements |
16 |
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Strategic Report |
| 2024 | 2023 | ||
| £ | £ | ||
| PERFORMANCE | |||
| Gross profit margin % | 11 | 8 | |
| Operating margin % | 3 | – | |
| Net profit margin % | 2 | 1 | |
| EBITDA | 1,212,497 | 386,457 | |
| Net asset turnover | 12 | 14 | |
| 2024 | 2023 | ||
| £ | £ | ||
| LIQUIDITY | |||
| Current ratio | 1 | 1 | |
| 2024 | 2023 | ||
| £ | £ | ||
| SOLVENCY | |||
| Net gearing % | 137 | 136 | |
| Gross gearing % | 149 | 156 | |
| Asset cover ratio | 2 | 2 | |
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Director |
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Registered office: |
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United Kingdom |
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Directors' Report |
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Director |
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Registered office: |
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United Kingdom |
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Independent Auditor's Report to the Members of
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(Senior Statutory Auditor) |
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For and on behalf of |
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Chartered accountants & statutory auditor |
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132 Burnt Ash Road |
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Lee |
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London |
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SE12 8PU |
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Consolidated Statement of Income and Retained Earnings |
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2024 |
2023 |
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Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
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-------------- |
-------------- |
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Gross profit |
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Administrative expenses |
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Other operating income |
5 |
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------------- |
------------- |
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Operating profit |
6 |
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Interest payable and similar expenses |
10 |
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------------- |
------------- |
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Profit/(loss) before taxation |
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(
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Tax on profit/(loss) |
11 |
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---------- |
---------- |
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Profit/(loss) for the financial year and total comprehensive income |
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(
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---------- |
---------- |
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Dividends paid and payable |
12 |
(
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(
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Retained earnings at the start of the year (as previously reported) |
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Prior period adjustments |
– |
144,993 |
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------------- |
------------- |
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Retained earnings at the start of the year (restated) |
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------------- |
------------- |
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Retained earnings at the end of the year |
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------------- |
------------- |
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Company Statement of Income and Retained Earnings |
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2024 |
2023 |
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Note |
£ |
£ |
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Profit/(loss) for the financial year and total comprehensive income |
|
(
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Dividends paid and payable |
12 |
(
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(
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Retained earnings at the start of the year |
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------------- |
------------- |
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Retained earnings at the end of the year |
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------------- |
------------- |
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Consolidated Statement of Financial Position |
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2024 |
2023 |
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Note |
£ |
£ |
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Intangible assets |
13 |
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Tangible assets |
14 |
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------------- |
------------- |
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Stocks |
16 |
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Debtors |
17 |
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Cash at bank and in hand |
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------------- |
------------- |
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Creditors: amounts falling due within one year |
18 |
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------------- |
------------- |
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Net current assets |
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------------- |
------------- |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
19 |
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Provisions |
21 |
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------------- |
------------- |
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Net assets |
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------------- |
------------- |
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Called up share capital |
24 |
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Profit and loss account |
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------------- |
------------- |
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Shareholders funds |
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------------- |
------------- |
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Director |
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Company Statement of Financial Position |
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2024 |
2023 |
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Note |
£ |
£ |
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Tangible assets |
14 |
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Investments |
15 |
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------------- |
------------- |
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Debtors |
17 |
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Cash at bank and in hand |
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--------- |
--------- |
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Creditors: amounts falling due within one year |
18 |
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------------- |
------------- |
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Net current liabilities |
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------------- |
------------- |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
19 |
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------------- |
------------- |
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Net assets |
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------------- |
------------- |
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Called up share capital |
24 |
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Profit and loss account |
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------------- |
------------- |
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Shareholders funds |
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------------- |
------------- |
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Director |
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Consolidated Statement of Cash Flows |
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2024 |
2023 |
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£ |
£ |
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Profit/(loss) for the financial year |
|
(
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Adjustments for: |
||
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Depreciation of tangible assets |
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Amortisation of intangible assets |
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Interest payable and similar expenses |
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Gains on disposal of tangible assets |
(
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(
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Tax on profit/(loss) |
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Accrued expenses/(income) |
|
(
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Goodwill addition |
(70,000) |
– |
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Prior period adjustment |
– |
144,993 |
|
Changes in: |
||
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Stocks |
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Trade and other debtors |
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Trade and other creditors |
(
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(
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------------- |
------------- |
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Cash generated from operations |
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Interest paid |
(
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(
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Tax paid |
(
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(
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------------- |
------------- |
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Net cash from operating activities |
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------------- |
------------- |
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Purchase of tangible assets |
(
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(
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Proceeds from sale of tangible assets |
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------------- |
------------- |
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Net cash used in investing activities |
(
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(
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------------- |
------------- |
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Proceeds from borrowings |
(
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(
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Payments of finance lease liabilities |
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(
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Dividends paid |
(
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(
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------------- |
------------- |
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Net cash used in financing activities |
(
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(
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------------- |
------------- |
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Net (decrease)/increase in cash and cash equivalents |
(
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Cash and cash equivalents at beginning of year |
517,540 |
316,855 |
|
---------- |
---------- |
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Cash and cash equivalents at end of year |
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|
---------- |
---------- |
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Notes to the Financial Statements |
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Goodwill |
- |
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Freehold property |
- |
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Short leasehold property |
- |
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Plant and machinery |
- |
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Fixtures, fittings and equipment |
- |
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Motor vehicles |
- |
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Integral features |
- |
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|
2024 |
2023 |
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|
£ |
£ |
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|
Sale of goods |
|
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|
-------------- |
-------------- |
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|
2024 |
2023 |
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£ |
£ |
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-------------- |
-------------- |
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-------------- |
-------------- |
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|
2024 |
2023 |
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£ |
£ |
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Rental income |
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Commission receivable |
|
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|
---------- |
---------- |
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---------- |
---------- |
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2024 |
2023 |
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|
£ |
£ |
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|
Amortisation of intangible assets |
|
|
|
Depreciation of tangible assets |
|
|
|
Gains on disposal of tangible assets |
(
|
(
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|
Impairment of trade debtors |
14,100 |
74,639 |
|
---------- |
---------- |
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|
2024 |
2023 |
|
|
£ |
£ |
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|
Fees payable for the audit of the financial statements |
|
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|
--------- |
--------- |
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|
2024 |
2023 |
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No. |
No. |
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Production staff |
|
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Administrative staff |
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Management staff |
7 |
7 |
|
---- |
---- |
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|
---- |
---- |
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|
2024 |
2023 |
|
|
£ |
£ |
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Wages and salaries |
|
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Social security costs |
|
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Other pension costs |
|
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|
------------- |
------------- |
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------------- |
------------- |
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|
2024 |
2023 |
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|
£ |
£ |
|
|
Remuneration |
|
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|
--------- |
--------- |
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|
2024 |
2023 |
|
|
£ |
£ |
|
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Interest on banks loans and overdrafts |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
---------- |
---------- |
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|
---------- |
---------- |
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|
2024 |
2023 |
|
|
£ |
£ |
|
|
UK current tax expense/(income) |
|
|
|
Origination and reversal of timing differences |
(
|
|
|
---------- |
--------- |
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Tax on profit/(loss) |
|
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|
---------- |
--------- |
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|
2024 |
2023 |
|
|
£ |
£ |
|
|
Profit/(loss) on ordinary activities before taxation |
|
(
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|
---------- |
---------- |
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|
Profit/(loss) on ordinary activities by rate of tax |
|
|
|
Effect of expenses not deductible for tax purposes |
|
|
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Effect of capital allowances and depreciation |
|
|
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Effect of revenue exempt from tax |
(
|
(
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|
Effect of deferred tax |
(
|
|
|
Effect of loans foregone |
– |
|
|
---------- |
---------- |
|
|
Tax on profit/(loss) |
|
|
|
---------- |
---------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
|
|
---------- |
---------- |
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Group |
Goodwill |
|
£ |
|
|
Cost |
|
|
At 1 January 2024 |
|
|
Acquisitions through business combinations |
|
|
---------- |
|
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At 31 December 2024 |
|
|
---------- |
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Amortisation |
|
|
At 1 January 2024 |
|
|
Charge for the year |
|
|
---------- |
|
|
At 31 December 2024 |
|
|
---------- |
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|
Carrying amount |
|
|
At 31 December 2024 |
|
|
---------- |
|
|
At 31 December 2023 |
|
|
---------- |
|
|
Group |
Land and buildings |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Integral features |
Total |
|
£ |
£ |
£ |
£ |
£ |
£ |
|
|
Cost |
||||||
|
At 1 Jan 2024 |
|
|
|
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|
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|
Additions |
|
|
|
|
– |
|
|
Disposals |
– |
(
|
– |
– |
– |
(
|
|
------------- |
---------- |
---------- |
--------- |
---------- |
------------- |
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|
At 31 Dec 2024 |
|
|
|
|
|
|
|
------------- |
---------- |
---------- |
--------- |
---------- |
------------- |
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Depreciation |
||||||
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At 1 Jan 2024 |
|
|
|
|
|
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|
Charge for the year |
|
|
|
|
|
|
|
Disposals |
– |
(
|
– |
– |
– |
(
|
|
------------- |
---------- |
---------- |
--------- |
---------- |
------------- |
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|
At 31 Dec 2024 |
|
|
|
|
|
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|
------------- |
---------- |
---------- |
--------- |
---------- |
------------- |
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|
Carrying amount |
||||||
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At 31 Dec 2024 |
|
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|
------------- |
---------- |
---------- |
--------- |
---------- |
------------- |
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At 31 Dec 2023 |
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|
------------- |
---------- |
---------- |
--------- |
---------- |
------------- |
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|
Company |
Freehold property |
Plant and machinery |
Fixtures and fittings |
Equipment |
Integral features |
Total |
|
£ |
£ |
£ |
£ |
£ |
£ |
|
|
Cost |
||||||
|
At 1 Jan 2024 |
|
|
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Additions |
|
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|
– |
– |
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|
------------- |
---------- |
---------- |
---------- |
---------- |
------------- |
|
|
At 31 Dec 2024 |
|
|
|
|
|
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|
------------- |
---------- |
---------- |
---------- |
---------- |
------------- |
|
|
Depreciation |
||||||
|
At 1 Jan 2024 |
|
|
|
|
|
|
|
Charge for the year |
– |
|
|
|
|
|
|
------------- |
---------- |
---------- |
---------- |
---------- |
------------- |
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|
At 31 Dec 2024 |
|
|
|
|
|
|
|
------------- |
---------- |
---------- |
---------- |
---------- |
------------- |
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|
Carrying amount |
||||||
|
At 31 Dec 2024 |
|
|
|
|
|
|
|
------------- |
---------- |
---------- |
---------- |
---------- |
------------- |
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At 31 Dec 2023 |
|
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|
------------- |
---------- |
---------- |
---------- |
---------- |
------------- |
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Company |
Shares in group undertakings |
|
£ |
|
|
Cost |
|
|
At 1 January 2024 |
|
|
Additions |
|
|
---------- |
|
|
At 31 December 2024 |
|
|
---------- |
|
|
Impairment |
|
|
At 1 January 2024 and 31 December 2024 |
– |
|
---------- |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
---------- |
|
|
At 31 December 2023 |
|
|
---------- |
|
|
Class of share |
Percentage of shares held |
|
|
Subsidiary undertakings |
||
|
|
Ordinary |
100 |
|
|
Ordinary |
100 |
|
|
Ordinary |
100 |
|
|
Ordinary |
100 |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Raw materials and consumables |
|
|
– |
– |
|
Finished goods and goods for resale |
|
|
– |
– |
|
------------- |
------------- |
---- |
---- |
|
|
|
|
– |
– |
|
|
------------- |
------------- |
---- |
---- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Trade debtors |
|
|
|
|
|
Amounts owed by group undertakings |
– |
– |
|
– |
|
Prepayments and accrued income |
|
|
– |
– |
|
Other debtors |
|
|
|
|
|
---------- |
---------- |
--------- |
--------- |
|
|
|
|
|
|
|
|
---------- |
---------- |
--------- |
--------- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Bank loans and overdrafts |
|
– |
– |
|
|
Trade creditors |
|
|
|
|
|
Amounts owed to group undertakings |
– |
– |
|
|
|
Accruals and deferred income |
|
|
|
|
|
Corporation tax |
|
|
|
– |
|
Social security and other taxes |
|
|
– |
|
|
Obligations under finance leases and hire purchase contracts |
|
– |
– |
– |
|
Other creditors |
|
|
– |
|
|
------------- |
------------- |
------------- |
------------- |
|
|
|
|
|
|
|
|
------------- |
------------- |
------------- |
------------- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Bank loans and overdrafts |
|
|
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
|
Director loan accounts |
|
|
– |
– |
|
------------- |
------------- |
------------- |
------------- |
|
|
|
|
|
|
|
|
------------- |
------------- |
------------- |
------------- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Not later than 1 year |
|
|
– |
– |
|
Later than 1 year and not later than 5 years |
|
– |
– |
– |
|
---------- |
--------- |
---- |
---- |
|
|
|
|
– |
– |
|
|
---------- |
--------- |
---- |
---- |
|
|
Group |
Deferred tax (note 22) |
|
£ |
|
|
At 1 January 2024 |
|
|
Additions |
(
|
|
--------- |
|
|
At 31 December 2024 |
|
|
--------- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Included in provisions (note 21) |
|
|
– |
– |
|
--------- |
--------- |
---- |
---- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Accelerated capital allowances |
|
|
– |
– |
|
Provisions |
(
|
|
– |
– |
|
--------- |
--------- |
---- |
---- |
|
|
48,034 |
54,417 |
– |
– |
|
|
--------- |
--------- |
---- |
---- |
|
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1,920 |
|
1,920 |
|
|
|
40 |
|
40 |
|
|
|
40 |
|
40 |
|
------- |
------- |
------- |
------- |
|
|
|
2,000 |
|
2,000 |
|
|
------- |
------- |
------- |
------- |
|
|
At 1 Jan 2024 |
Cash flows |
At 31 Dec 2024 |
|
|
£ |
£ |
£ |
|
|
Cash at bank and in hand |
|
(233,712) |
|
|
Debt due within one year |
– |
(42,489) |
(42,489) |
|
Debt due after one year |
(3,885,625) |
263,533 |
(3,622,092) |
|
------------- |
---------- |
------------- |
|
|
(
|
(
|
(
|
|
|
------------- |
---------- |
------------- |
|
|
|
|
Notes to the Financial Statements (continued) |
|
2024 |
|||||
|
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
||
|
£ |
£ |
£ |
£ |
||
|
|
(
|
(
|
|
(
|
|
|
|
(
|
(
|
|
(
|
|
|
|
(
|
(
|
|
(
|
|
|
------------- |
---------- |
---------- |
------------- |
||
|
(
|
(
|
|
(
|
||
|
------------- |
---------- |
---------- |
------------- |
||
|
2023 |
|||||
|
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
||
|
£ |
£ |
£ |
£ |
||
|
|
(
|
(
|
|
(
|
|
|
|
(
|
(
|
|
(
|
|
|
|
(
|
(
|
|
(
|
|
|
------------- |
---------- |
---------- |
------------- |
||
|
(
|
(
|
|
(
|
||
|
------------- |
---------- |
---------- |
------------- |
||
|
Transaction value |
Balance owed by/(owed to) |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Beck Evans Farm Limited
|
12,000
|
12,000
|
15,043 |
(
6,300) |
|
Crazy Club Limited
|
111,770
|
88,000
|
18,126 |
13,563 |
|
DVB T/A Beck Evans Automotive Limited
|
102,000
|
102,470
|
(
6,519) |
(
16,719) |
|
Beck Evans (2000) Limited
|
149,255
|
150,000
|
(
185,719) |
(
1,555,927) |
|
---------- |
---------- |
---------- |
------------- |
|