Caseware UK (AP4) 2024.0.164 2024.0.164 true 2024-01-01 true true true 9 false 12 false 03759033 2024-01-01 2024-12-31 03759033 2023-01-01 2023-12-31 03759033 2024-12-31 03759033 2023-12-31 03759033 2023-01-01 03759033 c:CompanySecretary1 2024-01-01 2024-12-31 03759033 c:Director1 2024-01-01 2024-12-31 03759033 c:Director2 2024-01-01 2024-12-31 03759033 c:RegisteredOffice 2024-01-01 2024-12-31 03759033 d:PlantMachinery 2024-01-01 2024-12-31 03759033 d:PlantMachinery 2024-12-31 03759033 d:PlantMachinery 2023-12-31 03759033 d:CurrentFinancialInstruments 2024-12-31 03759033 d:CurrentFinancialInstruments 2023-12-31 03759033 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 03759033 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03759033 d:ShareCapital 2024-12-31 03759033 d:ShareCapital 2023-12-31 03759033 d:ShareCapital 2023-01-01 03759033 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 03759033 d:RetainedEarningsAccumulatedLosses 2024-12-31 03759033 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03759033 d:RetainedEarningsAccumulatedLosses 2023-12-31 03759033 d:RetainedEarningsAccumulatedLosses 2023-01-01 03759033 c:OrdinaryShareClass1 2024-01-01 2024-12-31 03759033 c:OrdinaryShareClass1 2024-12-31 03759033 c:OrdinaryShareClass1 2023-12-31 03759033 c:FRS102 2024-01-01 2024-12-31 03759033 c:Audited 2024-01-01 2024-12-31 03759033 c:FullAccounts 2024-01-01 2024-12-31 03759033 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 03759033 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03759033 GRAHAM BELL LIMITED Annual report and financial statements For the year ended 31 December 2024
GRAHAM BELL LIMITED Company Information
Directors | Mr G Bell
| Mrs A M Bell
Company secretary | Mr G Bell
Registered number | 03759033
Registered office | Station Road
| Castle Donington
| DE74 2NL
Independent auditors | PKF Smith Cooper Audit Limited
| Statutory Auditors
| 2 Lace Market Square
| Nottingham
| NG1 1PB
GRAHAM BELL LIMITED Contents
| Page
Strategic report | 1
Directors' report | 2 - 3
Independent auditors' report | 4 - 7
Statement of comprehensive income | 8
Balance sheet | 9
Statement of changes in equity | 10
Notes to the financial statements | 11 - 18
GRAHAM BELL LIMITED Strategic report For the year ended 31 December 2024
Introduction
The Directors present their Strategic Report for the year ended 31 December 2024.
Business review
Following a change in the relationship with the entity which owned and operated the sites at which the Company's car supermarkets were based, the Directors made the decision to cease trading. The business closed to the public in September 2024. An orderly wind-down of the business is underway, with various expenses relating to the closure expected to be incurred during 2025. As detailed in note 1.3, these financial statements have been prepared on a basis other than that of going concern.
Principal risks and uncertainties
The principal risks are price risk, credit risk, liquidity risk and cash flow risk. The business' principal financial instruments comprise bank balances, bank overdrafts, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations. In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available. Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors. Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Financial key performance indicators
We consider that our key financial performance indicators of turnover and gross margin are those that communicate the financial performance and strength of the Company as a whole. Turnover from 1 January 2024 up to the date of closure was £73.1m, an increase (on a pro-rata basis) of 19% from the previous financial year. Gross margin increased from 3.1% in 2023 to 4.8% in 2024. This report was approved by the board and signed on its behalf.
................................................ Mr G Bell Director
Date: 2 September 2025
Page 1
GRAHAM BELL LIMITED Directors' report For the year ended 31 December 2024 The directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙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's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.
Principal activity
The principal activity of the company is the sale and sourcing of motor vehicles.
Results and dividends
The profit for the year, after taxation, amounted to £255,670 (2023 - loss £1,840,592). Dividends totalling £nil (2023: £nil) have been paid during the year.
Directors
The directors who served during the year were:
Mr G Bell
Mrs A M Bell
Future developments
See the Business Review within the Strategic Report. Page 2
GRAHAM BELL LIMITED Directors' report (continued) For the year ended 31 December 2024
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
The auditors, PKF Smith Cooper Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
................................................ Mr G Bell Director
Date: 2 September 2025
Page 3
GRAHAM BELL LIMITED Independent auditors' report to the members of Graham Bell Limited
Opinion
We have audited the financial statements of Graham Bell 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 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, 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: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
Emphasis of matter
We draw attention to Note 1.3 of the financial statements, which explains that the Company has ceased trading and therefore the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern. Our opinion is not modified in respect of this matter.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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. Page 4
GRAHAM BELL LIMITED Independent auditors' report to the members of Graham Bell Limited (continued)
Opinion 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 the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and 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; or ∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 2, 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. Page 5
GRAHAM BELL LIMITED Independent auditors' report to the members of Graham Bell Limited (continued)
Auditors' 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 Auditors' 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: Based on our understanding of the company and industry, we identify the key laws and regulations affecting the company to include compliance with FCA regulations. We identified that the principal risk of fraud or non-compliance with laws and regulations related to: ∙management bias in respect of accounting estimates and judgements made; ∙management override of control; ∙posting of unusual journals or transactions. We focussed on those areas that could give rise to a material misstatement in the Company financial statements. Our procedures included, but were not limited to: ∙enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud; ∙reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud; ∙reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; ∙performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report. Page 6
GRAHAM BELL LIMITED Independent auditors' report to the members of Graham Bell Limited (continued)
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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. James Bagley (Senior statutory auditor) for and on behalf of PKF Smith Cooper Audit Limited Statutory Auditors 2 Lace Market Square Nottingham NG1 1PB 2 September 2025 Page 7
GRAHAM BELL LIMITED Statement of comprehensive income For the year ended 31 December 2024
| 2024 | 2023
Note | £ | £
Turnover | 3 | 73,142,136 | 91,856,619
Cost of sales |  | (69,597,205) | (89,050,631)
Gross profit |  | 3,544,931 | 2,805,988
Administrative expenses |  | (2,737,132) | (3,805,494)
Operating profit/(loss) | 4 | 807,799 | (999,506)
Interest payable and similar expenses | 8 | (552,129) | (841,086)
Profit/(loss) before tax |  | 255,670 | (1,840,592)
Tax on profit/(loss) | 9 | - | -
Profit/(loss) for the financial year |  | 255,670 | (1,840,592)
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2024 (2023:£NIL).
The notes on pages 11 to 18 form part of these financial statements.
Page 8
GRAHAM BELL LIMITED Registered number: 03759033 Balance sheet As at 31 December 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 10 |  | - |  | 5,683
|  |  | - |  | 5,683
Current assets |  |  |  |  |
Stocks | 11 | 55,869 |  | 15,742,685 |
Debtors: amounts falling due within one year | 12 | 3,319,927 |  | 1,091,991 |
Cash at bank and in hand | 13 | 124,248 |  | 122,397 |
|  | 3,500,044 |  | 16,957,073 |
Creditors: amounts falling due within one year | 14 | (178,942) |  | (13,897,324) |
Net current assets |  |  | 3,321,102 |  | 3,059,749
Net assets |  |  | 3,321,102 |  | 3,065,432
Capital and reserves |  |  |  |  |
Called up share capital | 15 |  | 2 |  | 2
Profit and loss account | 16 |  | 3,321,100 |  | 3,065,430
|  |  | 3,321,102 |  | 3,065,432
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ Mr G Bell
Director
Date: 2 September 2025
The notes on pages 11 to 18 form part of these financial statements. Page 9
GRAHAM BELL LIMITED Statement of changes in equity For the year ended 31 December 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2023 | 2 | 4,906,022 | 4,906,024
Loss for the year | - | (1,840,592) | (1,840,592)
At 1 January 2024 | 2 | 3,065,430 | 3,065,432
Profit for the year | - | 255,670 | 255,670
At 31 December 2024 | 2 | 3,321,100 | 3,321,102
| The notes on pages 11 to 18 form part of these financial statements.
Page 10
GRAHAM BELL LIMITED Notes to the financial statements For the year ended 31 December 2024 1.Accounting policies
| 1.1 | Basis of preparation of financial statements
Graham Bell Limited is a private company limited by shares and incorporated in the United Kingdom. The address of the registered office and the company registration number are given in the company information page of these financial statements. The principal activity of the company is detailed in the Directors' Report. The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements are prepared in Sterling which is the functional currency of the company and are rounded to the nearest £1. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
| 1.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Graham Bell (Holdings) Limited as at 31 December 2024 and these financial statements may be obtained from Station Road, Castle Donington, DE74 2NL.
| 1.3 | Going concern
The Company ceased trading during the year ended 31 December 2024. Therefore, these financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing the Company's assets down to net realisable value. Provisions have also been made in respect of contracts which have become onerous at the reporting date. No provision has been made for the future costs of terminating the business such as costs of winding down the business (e.g. liquidation fees) unless such costs were committed at the reporting date such as costs of redundancies as a constructive obligation was created at the reporting date. Page 11
GRAHAM BELL LIMITED Notes to the financial statements For the year ended 31 December 2024 1.Accounting policies (continued)
| 1.4 | Revenue
Revenue is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Sale of goods Revenue from the sale of vehicles is recognised when the significant risks and rewards of ownership have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. The sale is recognised on the despatch of the vehicle. Revenue from commissions receivable on the sale of finance, income from warranty and insurance products and revenue from the sale of vehicle components and accessories are also recognised upon handover of the vehicle to the customer. The directors consider all turnover to be related to the sale of used motor vehicles as the sale of ancillary products and services are not independent to the sale of the vehicle.
| 1.5 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Plant and equipment | - | 20% | reducing balance basis
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or 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 profit or loss.
| 1.6 | Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
| 1.7 | Short term debtor and creditors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 1.8 | Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash in hand and short term deposits with an original maturity date of three months or less. Page 12
GRAHAM BELL LIMITED Notes to the financial statements For the year ended 31 December 2024 1.Accounting policies (continued)
| 1.9 | Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
| 1.10 | Pensions
The company operates a defined contribution pension scheme and contributions to the scheme are recognised in the statement of comprehensive income in the period in which they become payable.
| 1.11 | Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
2. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. There are no significant judgments (apart from those involving estimates) which have had an effect on amounts recognised in the financial statements.
3. | Turnover
All turnover arose within the United Kingdom and is generated from the principal activity of sourcing and selling motor vehicles. Page 13
GRAHAM BELL LIMITED Notes to the financial statements For the year ended 31 December 2024
4. | Operating profit/(loss)
| The operating profit/(loss) is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | - | 1,420
5. | Auditors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 14,875 | 12,715
6. | Employees
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 290,959 | 296,027
| Social security costs | 29,754 | 35,539
| Pension costs | 9,231 | 9,651
|  | 329,944 | 341,217
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Administration and management | 9 | 12
7. | Directors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Directors' emoluments | 52,007 | 77,977
| No pension benefits were accruing to the directors during the year (2023: £nil).
Page 14
GRAHAM BELL LIMITED Notes to the financial statements For the year ended 31 December 2024
8. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Stocking loan interest payable | 552,069 | 841,086
| Other interest payable | 60 | -
|  | 552,129 | 841,086
9. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Total current tax | - | -
| Total deferred tax | - | -
| Taxation on profit on ordinary activities | - | -
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit/(loss) on ordinary activities before tax | 255,670 | (1,840,592)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%) | 63,918 | (432,907)
| Effects of: |  |
| Expenses not deductible for tax purposes | - | 15
| Remeasurement of deferred tax for changes in tax rates | - | (27,230)
| Movement in deferred tax not recognised | (63,918) | 460,122
| Total tax charge for the year | - | -
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 15
GRAHAM BELL LIMITED Notes to the financial statements For the year ended 31 December 2024
10. | Tangible fixed assets
|  | Plant and equipment
|  | £
| Cost |
| At 1 January 2024 | 12,080
| Disposals | (12,080)
| At 31 December 2024 | -
| At 1 January 2024 | 6,397
| Disposals | (6,397)
| At 31 December 2024 | -
| Net book value |
| At 31 December 2024 | -
| At 31 December 2023 | 5,683
11. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Motor vehicles for resale | 55,869 | 15,742,685
12. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | - | 239,353
| Amounts owed by group undertakings | 3,281,269 | 30,000
| Amounts owed by related undertakings | - | 716,277
| Other debtors | - | 19,756
| Prepayments and accrued income | 38,658 | 86,605
|  | 3,319,927 | 1,091,991
Page 16
GRAHAM BELL LIMITED Notes to the financial statements For the year ended 31 December 2024
13. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 124,248 | 122,397
14. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 8,697 | 513,547
| Stocking loan | - | 13,018,481
| Amounts owed to group undertakings | - | 2,515
| Amounts owed to related undertakings | - | 65,178
| Other taxation and social security | 3,108 | 12,440
| Other creditors | 80,858 | 116,932
| Accruals and deferred income | 86,279 | 168,231
|  | 178,942 | 13,897,324
Page 17
GRAHAM BELL LIMITED Notes to the financial statements For the year ended 31 December 2024
15. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 2 (2023 - 2) Ordinary shares of £1.00 each | 2 | 2
16. | Reserves
Profit and loss account The profit and loss account represents cumulative profits and losses, net of dividends.
17. | Contingent liabilities
The company has an unlimited cross guarantee dated 27 July 2005, along with Graham Bell (Holdings) Limited and Available Car Limited in order to provide security to The Royal Bank of Scotland Plc. over various group borrowings.
18. | Pension commitments
The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £9,231 (2023: £9,651). There were no outstanding or prepaid contributions at either the beginning or end of the financial year.
19. | Transactions with directors
Included within other creditors is a loan account balance owing to directors, totalling £63,956 (2023: £116,932).
20. | Related party transactions
| The company has taken advantage of the exemption in section 33.1A of FRS 102 from disclosing transactions entered into between two or more members of the group as all subsidiaries are wholly owned. The parent of the company is Graham Bell (Holdings) Limited whose financial statements consolidate the company and are available to the public. The company has taken advantage of the exemption under FRS 102 section 1.12 Reduced Disclosures for Subsidiaries from disclosing key management personnel compensation in total. During the year, the company incurred site fees of £1,805,440 (2023: £3,248,640), made sales totalling £91,400 (2023: £193,249) and purchased goods and services totalling £1,669,556 (2023: £6,908,930) from related undertakings where there are directors in common. At the year end an amount of £nil (2023: £716,277) was due from and £nil (£65,178) was due to these related undertakings.
21. | Controlling party
The ultimate parent undertaking is Graham Bell (Holdings) Limited, a company incorporated in the United Kingdom. The company is controlled by Mr G Bell and Mrs A M Bell.
Page 18