Company registration number 02478275 (England and Wales)
ARTHUR BASSETT & CO. LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ARTHUR BASSETT & CO. LIMITED
COMPANY INFORMATION
Directors
Mr E H Francis
Mrs D Fry
Mr I Harries
(Appointed 11 November 2024)
Mr K Parry
(Appointed 11 November 2024)
Secretary
Mr E H Francis
Company number
02478275
Registered office
C/o Bassetts Honda
Valley Way
Swansea
UK
SA6 8QX
Auditor
Redwood Wales Limited
T/a CJH
Ty Caer Wyr, Charter Court
Phoenix Way
Enterprise Park
Swansea
United Kingdom
SA7 9FS
ARTHUR BASSETT & CO. LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 20
ARTHUR BASSETT & CO. LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Principal activities

The principal activity of the company continued to be that of a motor dealership. The company is part of the Bassets Group which has grown to be one of the top motor dealers in South Wales today, representing motor manufacturer Citroen, Honda, Jaecoo, Jeep, Nissan, Omada and KGM with dealerships across the region.

During the year the company also continued to operate its Parts Centre which is an official Partslink 24 partner.

Review of the business

In an increasingly competitive new car market, the company enjoys a number of competitive advantages, including strong brand recognition in its heartland trading region and combined market share of the vehicle franchises it represents. In 2024, the company’s performance varied across its divisions, with the delayed introduction of new brand marquees and persistent fluctuation of inflation and interest rates eroding consumer confidence that posed the threat of reduced spending on high-value items. In spite of such factors it was gratifying to see that overall our new car sales surpassed our number reported in 2023. The dedication and commitment of our staff teams ensured that total turnover increased by 8.9% compared to the prior year.

 

Overall, 2024 was undoubtedly a more challenging year than the previous. However, we continue to demonstrate exceptional resilience and as a result, we achieved a reasonable result comparable with previous period. This underscores the unwavering commitment and professionalism of our team, ensuring that our business sustains even in challenging political and economic uncertainty.

 

The company’s future focus is on maintaining a culture of continuous development to the benefit of customers, the company, and employees.

 

Key performance indicators

2024             2023

Revenue         £46,557,164        £42,754,390

Gross Profit         £5,359,491        £4,206,708

Gross Profit %         11.5%            9.84%

Profit before Tax         (£93,298)        £50,992

Principal risks and uncertainties

The principal risk facing Bassetts is the worldwide political climate and strength of the UK economy while it continues to stabilise a balance between interest rates and inflation. The repercussions of both remain relatively unknown and the effect they will have on the demand for new and used vehicles. The industry has seen new car registrations increase during 2024 but the Society of Motor Manufacturers and Traders believe although registrations of EV's are predicted to increase significantly, overall registrations are expected to dip. Despite supply constraints and economic pressures, the industry is forecasting used car sales to remain strong. New vehicle technologies and government legislation in relation to emissions and environmental concerns will ensure that new vehicles will remain relevant in contributing to turnover. However to mitigate the economic risk, specifically the UK exiting the European Union and potential price increases, the Group will look to capitalise on current consumer demands for used vehicles, while also focusing further on aftermarket services.

ARTHUR BASSETT & CO. LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

Financial risk management objectives and policies

Bassetts operates a number of risk management policies designed to minimise its exposure to financial risk.

 

Liquidity and cash flow risk

Bassetts produces detailed monthly management accounts and forecasts, which enable the directors to monitor the cash position and ensure that there is sufficient liquidity and cash flow to minimise the risk of being unable to pay debts as they fall due.

 

Interest rate risk

Bassetts utilises a number of financial instruments including bank overdrafts and franchise vehicle stocking loans to finance its operations. The primary risk faced by the company of its use of these financial instruments is interest rate risk.

The bank overdraft borrowings at variable rates expose the company to cash flow interest rate risk, however the directors actively manage this risk by transferring funds between group company bank accounts in order to minimise use of overdraft facilities. The company does not currently seek to hedge any interest rate risk.

Credit risk

The company operates a number of policies to minimise credit risk. All customers are subject to a detailed credit review prior to any terms being agreed. Directors must authorise any larger value loans and the company will only conduct business with customers deemed to be credit worthy.

 

Price risk

The company operates in a highly competitive market. Significant product innovations, technical advances or the intensification of price competition could adversely affect the results of the company. Bassetts invests in significant training of its staff to ensure that the company is well placed to provide a choice for customers, to ensure that they are aware of their options and are satisfied with the level of service we provide. Bassetts also continually works to streamline its cost base to ensure that it remains competitive.

Other information and explanations

Climate legislation risk

The potential impact of climate change and the associated future legislation on our business is a concern. As outlined in the directors’ report under our streamlined energy and carbon report, the business is proactively investing in the future and exploring ways to adapt to the changing landscape.

 

Electric vehicle adoption risk

The shift towards electric and hybrid vehicles is continuing to gain political traction, which could hasten its pace and potentially disrupt the traditional business model. We maintain a close partnership with our manufacturing partners, granting us access to these vehicles and enabling us to support our customer base, which currently owns or is considering purchasing electric or hybrid vehicles. We are investing in our staff to upskill them and meet the new requirements for assisting customers after their purchases.

On behalf of the board

Mrs D Fry
Director
4 July 2025
ARTHUR BASSETT & CO. LIMITED
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.

Results and dividends

The results for the year are set out on .

No ordinary 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:

Mr E H Francis
Mrs D Fry
Mr I Harries
(Appointed 11 November 2024)
Mr K Parry
(Appointed 11 November 2024)

Future developments and going concern

The company meets its day to day working capital requirements from its cash reserves and overdraft facilities. At the date of signing all divisions are reporting sales in line with expected budgeted levels. The company's forecasts and projections show that the company will be able to comfortably operate within those facilities.

 

The directors have also analysed the cash flow requirements for various scenarios with the current increasing cost of living issues. The directors have a reasonable expectation that with the continued support of its bankers and funders in the form of facility levels which it has historically been provided with, in the scenarios reviewed the company will be able to continue to operate within those facilities. However, the extent of reduced consumer spending is unclear and it is difficult to evaluate all the potential implications on the company’s trade, customers, suppliers and the wider economy.

 

At the time of approving the financial statements, the directors have a reasonable expectation that the company 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. The company will continue to focus on sustained profitability and growth.

Auditor

Redwood Wales Limited will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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 company and of the profit or loss of the company for that period.

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

ARTHUR BASSETT & CO. LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and 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 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 company’s auditor 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 company’s auditor 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
Mrs D Fry
Director
4 July 2025
ARTHUR BASSETT & CO. LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ARTHUR BASSETT & CO. LIMITED
- 5 -
Opinion

We have audited the financial statements of Arthur Bassett & Co. Limited (the 'company') for the year ended 31 December 2024 which comprise , the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 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 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:

ARTHUR BASSETT & CO. LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ARTHUR BASSETT & CO. LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

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

 

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

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

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We obtain an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on operations of the company. The key laws and regulations we consider in this context include the UK Companies Act and relevant tax legislation.

 

Audit procedures performed by the engagement team to respond to the risk of irregularities and non-compliance with laws and regulations, including fraud, include the following:

 

- discussions with management to enquire of any known instances of non-compliance with laws and regulations, including fraud;

- discussions with management in respect of any actual or potential litigation claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- testing the appropriateness of journal entries and other adjustments to address the risk of fraud through management override of controls;

-review of the financial statements disclosures and testing to support documentation to assess compliance with relevant laws and regulations; and

- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

 

There are inherent limitations in the audit procedures which means we are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. The risk of not detecting material misstatements due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forger or intentional misrepresentation, or through collusion.

ARTHUR BASSETT & CO. LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ARTHUR BASSETT & CO. LIMITED (CONTINUED)
- 7 -

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 a Report of the auditors 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.

Mark Howells (Senior Statutory Auditor)
For and on behalf of Redwood Wales Limited, Statutory Auditor
T/A CJH
Ty Caer Wyr, Charter Court
Phoenix Way
Enterprise Park
Swansea
SA7 9FS
United Kingdom
4 July 2025
ARTHUR BASSETT & CO. LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
£
£
(Loss)/profit for the year
(93,298)
30,467
Other comprehensive income
-
-
Total comprehensive income for the year
(93,298)
30,467
ARTHUR BASSETT & CO. LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
826,142
627,107
Investments
11
42,000
42,000
868,142
669,107
Current assets
Stocks
12
4,078,350
6,105,496
Debtors
13
4,206,042
3,706,894
Cash at bank and in hand
3,430
4,791
8,287,822
9,817,181
Creditors: amounts falling due within one year
14
(3,443,311)
(4,670,345)
Net current assets
4,844,511
5,146,836
Total assets less current liabilities
5,712,653
5,815,943
Creditors: amounts falling due after more than one year
15
(1,800,000)
(1,800,000)
Provisions for liabilities
Deferred tax liability
17
38,337
48,329
(38,337)
(48,329)
Net assets
3,874,316
3,967,614
Capital and reserves
Called up share capital
18
30,000
30,000
Profit and loss reserves
19
3,844,316
3,937,614
Total equity
3,874,316
3,967,614

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

The financial statements were approved by the board of directors and authorised for issue on 4 July 2025 and are signed on its behalf by:
Mrs D  Fry
Director
Company registration number 02478275 (England and Wales)
ARTHUR BASSETT & CO. LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
30,000
3,907,147
3,937,147
Year ended 31 December 2023:
Profit and total comprehensive income
-
30,467
30,467
Balance at 31 December 2023
30,000
3,937,614
3,967,614
Year ended 31 December 2024:
Loss and total comprehensive income
-
(93,298)
(93,298)
Balance at 31 December 2024
30,000
3,844,316
3,874,316
ARTHUR BASSETT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Arthur Bassett & Co. Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/o Bassetts Honda, Valley Way, Swansea, UK, SA6 8QX.

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. The principal accounting policies adopted are set out below.

This 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:

 

 

The financial statements of the company are consolidated in the financial statements of Bassetts Property Holdings Limited. These consolidated financial statements are available from its registered office.

1.2
Going concern

The financial statements have been prepared on a going concern basis which assumes that the company willtrue continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely future cash flows of the business and have considered the facilities that are in place at the date of signing the report.

 

The company meets its day to day working capital requirements from its cash reserves and overdraft facilities, from the company's forecasts and projections. However, the extent of reduced consumer spending is unclear and it is difficult to evaluate all potential implications on the companys trade, customers, suppliers and the wider economy.

 

The directors have a reasonable expectation that with the continued support of its bankers and funders in the form of facility levels which it has historically been provided with, in the scenarios reviewed the company will be able to continue to operate within those facilities.

 

At the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

ARTHUR BASSETT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

 

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

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

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

Leasehold land and buildings
1% straight line
Plant and equipment
33% straight line
Fixtures and fittings
10% straight line

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 credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

ARTHUR BASSETT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

The ownership of consignment stock passes from the manufacturer to the group when full payment for the vehicles is made.

 

The value of consignment stock is shown separately in the notes to the balance sheet as both current assets and as creditors due within one year.

1.7
Taxation

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

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 company’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 when the company has 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.

ARTHUR BASSETT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.8
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.

1.9
Retirement benefits

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

1.10
Leases
As lessee

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 leases asset are consumed.

1.11
Government grants

Government grants are recognised at the fair value of the assets received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.12

Related party transactions

The company entered into transactions with related parties during the year. The related parties consist of fellow group companies where the transactions are eliminated upon consolidation in the consolidated accounts of Bassets Property Holdings Limited. The company has taken advantage of the exemption under FRS102 not to disclose such transactions.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

Stock

Stocks are valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provision for slow moving and obsolete stock. The market value of motor vehicles varies constantly and therefore the company attempts to mitigate any risk by frequently using guidance from independent industry valuation tools. Calculation on these provisions requires judgements to be made, which include forecast customer demand, the economic environment and guidance from independent industry valuation tools.

ARTHUR BASSETT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Vehicles, Parts & Service
46,557,164
42,754,390
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
46,557,164
42,754,390
2024
2023
£
£
Other revenue
Interest income
214,500
133,500
Grants received
-
25,403
4
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Government grants
-
(25,403)
Fees payable to the company's auditor for the audit of the company's financial statements
8,350
7,250
Depreciation of owned tangible fixed assets
43,371
48,116
Operating lease charges
419,815
356,703
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
8,350
7,250
6
Employees

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

2024
2023
Number
Number
Staff
101
91
ARTHUR BASSETT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 16 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,426,551
2,433,248
Social security costs
318,624
249,040
Pension costs
76,974
58,934
3,822,149
2,741,222
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest receivable from group companies
214,500
133,500
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
147,073
159,834
9
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(9,992)
20,525

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

2024
2023
£
£
(Loss)/profit before taxation
(103,290)
50,992
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2023: 19.00%)
(19,625)
9,688
Tax effect of expenses that are not deductible in determining taxable profit
2,230
137
Unutilised tax losses carried forward
(2,589)
-
0
Permanent capital allowances in excess of depreciation
-
0
(3,184)
Deferred tax adjustments in respect of prior years
9,992
27,928
Provisions
-
0
(14,044)
Taxation (credit)/charge for the year
(9,992)
20,525
ARTHUR BASSETT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
10
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2024
378,433
103,344
731,378
1,213,155
Additions
-
0
52,518
189,888
242,406
At 31 December 2024
378,433
155,862
921,266
1,455,561
Depreciation and impairment
At 1 January 2024
52,991
73,181
459,876
586,048
Depreciation charged in the year
4,173
8,197
31,001
43,371
At 31 December 2024
57,164
81,378
490,877
629,419
Carrying amount
At 31 December 2024
321,269
74,484
430,389
826,142
At 31 December 2023
325,442
30,163
271,502
627,107
11
Fixed asset investments
2024
2023
£
£
Unlisted investments
42,000
42,000
12
Stocks
2024
2023
£
£
Motor Vehicles and Parts
4,078,350
6,105,496

Included in stock is consignment stock of £844,727 (2023:£1,802,737).

13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,250,317
807,555
Amounts owed by group undertakings
2,546,160
2,408,872
Other debtors
409,565
373,047
Prepayments and accrued income
-
0
117,420
4,206,042
3,706,894
ARTHUR BASSETT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
289,030
194,309
Trade creditors
1,943,496
2,330,926
Taxation and social security
254,424
78,920
Other creditors
843,812
1,807,455
Accruals and deferred income
112,549
258,735
3,443,311
4,670,345

Other creditors includes consignment stock of £844,727 (2023:£1,802,737)

15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
16
1,800,000
1,800,000
16
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
289,030
194,309
Other loans
1,800,000
1,800,000
2,089,030
1,994,309
Payable within one year
289,030
194,309
Payable after one year
1,800,000
1,800,000

Bank overdrafts are secured by fixed and floating charges over assets of the company.

PSA Wholesale Limited hold a legal charge in respect of liabilities included in other loans amounting to £1,800,000 (2023: £1,800,000) which are secured by the fixtures and fittings held in the company and by property held in the parent company Bassett Property Holdings Limited at Atlantic Close, Swansea. Interest on the loan is 3.3% and has flexible payment terms.

ARTHUR BASSETT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
17
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Deferred tax
38,337
48,329
2024
Movements in the year:
£
Liability at 1 January 2024
48,329
Credit to profit or loss
(9,992)
Liability at 31 December 2024
38,337

The deferred tax liability set out above is expected to reverse over the useful life of the asset. Capital allowances that are expected to mature within the same period.

18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
30,000
30,000
30,000
30,000
19
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
3,937,614
3,907,147
Adjusted balance
3,937,614
3,907,147
(Loss)/profit for the year
(93,298)
30,467
At the end of the year
3,844,316
3,937,614
20
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
-
300,000
ARTHUR BASSETT & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
21
Pension commitments

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The charge to the profit and loss account during the year in respect of such schemes was £76,974 (2023: £58,934).

22
Ultimate controlling party

The company is a wholly owned subsidiary of parent company Bassett Property Holdings Limited, a company incorporated in the UK.

 

Bassett Property Holdings Limited prepares consolidated financial statements of which the results of this company are included. The consolidated financial statements are available at the registered office.

 

Mr E H Francis is considered to be the ultimate controlling party by virtue of his majority shareholding in the parent company.

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