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Registered number:
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GRAHAM BELL HOLDINGS LIMITED
Company Information
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GRAHAM BELL HOLDINGS LIMITED
Contents
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GRAHAM BELL HOLDINGS LIMITED
Group strategic report
For the year ended 31 December 2024
The Group's results incorporate Available Car Limited, one of the UK's largest multi-channel used car buyers and retailers, and Graham Bell Limited, a car supermarket based in Cheshire.
Business review 2024 has been a positive year for the Available Car. The plans which were put together to make operational changes are now starting to deliver over-budgeted results. The Group will continue to review its operation to generate the best long-term outcome for shareholders and stakeholders. During the year the Directors made the decision to cease trading within Graham Bell, due to a change in the relationship with the party who operated the sites at which the company's car supermarkets were based. An orderly wind-down of the business is underway. The going concern status of the Group is not effected as a result of Graham Bell ceasing to trade. Further disclosure is made in note 1.3 of these financial statements.
The Directors are focused on the long term future of the Available Car. Continued investment in our two sites will ensure the long-term success of the business. We have continued to invest in our employees, who are the key drivers of our success, alongside technology to compliment and support them to provide the best level of service for our customers. The key is long term stability for the shareholders and stakeholders of the business.
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.
The Directors consider the principal financial key performance indicators to be turnover and debt level. The following KPI's are in respect of Available Car only due to the cessation of trade within Graham Bell as noted in the Business Review:
∙Turnover for the year was £233m, which is an increase from £55m in 2023 at the two sites that we continue to operate from.
∙Borrowing has decreased from £34.5m in December 2023 to £19.6m as of December 2024.
The Directors consider the principal non-financial key performance indicator to be retail units sold.
Available Car sold 3,588 more retail units in 2024 versus 2023 at the two sites that we continue to operate from.
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GRAHAM BELL HOLDINGS LIMITED
Group strategic report (continued)
For the year ended 31 December 2024
Stakeholders
The Board of Directors at Graham Bell (Holdings) Limited acknowledges we have a legal responsibility under section 172 of the Companies Act 2006. This statement outlines the way in which the Board acts on this responsibility. The way in which decisions are undertaken and the Group is structured, both at present and for the future, is in consideration of the long-term benefits of our stakeholders. Driving the company success Graham Bell (Holdings) Limited has within its group, Available Car Limited and Graham Bell Limited. Since its formation in 2001, Available Car has grown to be one of the UK’s largest supermarket groups and one of the biggest independently owned groups in the motor industry. Graham Bell Limited has traded off the Fords of Winsford car supermarket site since its incorporation in 1997 from the Bell partnership which traded numerous years before, so has a long history in the car supermarket business. During the past 12 months, we have made operational changes to ensure the long-term future of the organisation is secure. Despite a challenging few years, Available Car is ready for the long term, and the company are confident the management team will be able to achieve our long term strategy. Our continued investment in our staff and our processes creates a platform to continue to grow the business in the future and ensure that we continue to be an excellent choice for customers when purchasing a used car. With this investment, it will allow us to gain market share and maximise profitability, which can be invested to continue to the growth and provide the best possible returns to the shareholders. Our engagement with stakeholders Our employees Our staff are at the heart of everything we do. We have a great reputation for customer service and that is down to the staff who walk our customers through the company journey every single day. We simply cannot achieve what we do without all of our staff. We understand the benefits of having a well-established team, so we look to engage and retain our team members by;
∙Continuously reviewing remuneration to ensure we are rewarding our staff correctly, as they are a key part of our business;
∙Providing training and support for all members of staff at all levels;
∙Rewarding our staff in our success. We operate a profit related pay scheme, which all staff are part of and are paid a share of the profits;
∙Ensuring our staff have a voice. We operate an anonymous staff survey quarterly to get staff feedback and suggestions, as their opinions matter.
Our Customers
Customer service is the number one priority in our business and we always aim to give our customers the very best buying experience. Our no-hassle approach and relaxing, friendly environment makes our business' shopping experience unique. Our shopping experience is built around our customers, and how they like to shop. Instead of selling cars to our customers, we help our customers to buy. This way of serving our customers has been a vital component in the growth and continued success of the Group. Supporting the community As a family run organisation, we are passionate about supporting families in need of support in our local communities.
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GRAHAM BELL HOLDINGS LIMITED
Group strategic report (continued)
For the year ended 31 December 2024
The Group proudly support three fantastic Children’s Hospices that are within the local community of our sites. All of these organisations provide much needed support for not only the children but also for their families. Supporting these organisations is something the Bell family is extremely passionate about. Together with the support of our wonderful customers, we have raised in excess of £1 million for these charities, something which we are extremely proud of as a Group.
This report was approved by the board and signed on its behalf.
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GRAHAM BELL HOLDINGS 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.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £938,000 (2023 - loss £12,340,000).
Dividends totalling £582,000 (2023: £582,000) have been paid during the year.
The directors who served during the year were:
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GRAHAM BELL HOLDINGS LIMITED
Directors' report (continued)
For the year ended 31 December 2024
2025 has shown a further increase in trading, despite the used car sector continuing to experience a number of challenges.
The Shareholders are pleased with the progress that is being made by the reshaped leadership team and the business is on track to achieve its target for the end of 2025. The business will continue to evolve as we build on the positive steps made throughout this year and head into 2025. Our customers remain the focus of all the decisions we make as an organisation. We will continue to invest in, and work with, our colleagues to ensure that we provide the very best customer outcomes and ensure that Available Car is the choice destination for both our existing and new customers.
Consultation with employees has continued at all levels, with the aim of ensuring that their views are taken into account when decisions are made that are likely to affect their interests and that all employees are aware of the financial and economic performance of the Group. An annual performance related pay profit share bonus is offered to employees.
We have a trusted relationship with all our suppliers. We aim to pay all our suppliers on time and in line with their standard terms. We understand that smaller businesses, who we use as suppliers, need to be paid quickly to ensure they can continue to operate and in turn support us. Examples of this include 7 day or 14 day payment terms.
Where existing employees become disabled, it is the company's policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim.
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GRAHAM BELL HOLDINGS LIMITED
Directors' report (continued)
For the year ended 31 December 2024
Methodology The methodology used has been compiled in line with the March 2019 BEIS 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance', and the EMA methodology for SECR Reporting. All measured emissions from activities which the organisation has financial control over are included as required under The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. The carbon figures have been calculated using the DESNZ 2024 carbon conversion factors for all fuels, other than the market based electricity which has been taken from Total Energies as the UK supplier.
Measurements taken to improve energy efficiency
No specific energy efficiency actions taken by Available Car Ltd for the reporting period.
Intensity measurement
The location-based intensity ratio of tCO2e per £M turnover decreased from 3.95 in 2023 to 3.7 in 2024, a 6% intensity decrease. Compared to the base year of 2020, this is a 49% reduction in intensity. The intensity measurement of turnover has been selected in order to compare emissions with company growth and for consistency with similarly reporting businesses for review of the market position.
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.
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GRAHAM BELL HOLDINGS LIMITED
Independent auditors' report to the members of Graham Bell Holdings Limited
We have audited the financial statements of Graham Bell Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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).
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 Group 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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent 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.
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GRAHAM BELL HOLDINGS LIMITED
Independent auditors' report to the members of Graham Bell Holdings Limited (continued)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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GRAHAM BELL HOLDINGS LIMITED
Independent auditors' report to the members of Graham Bell Holdings Limited (continued)
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 Group 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 Group and industry, we identify the key laws and regulations affecting the Group to include compliance with FCA regulations and the reporting obligations for large companies under the Companies Act 2006. 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 Group 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.
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GRAHAM BELL HOLDINGS LIMITED
Independent auditors' report to the members of Graham Bell Holdings Limited (continued)
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.
for and on behalf of
Statutory Auditors
2 Lace Market Square
Nottingham
NG1 1PB
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GRAHAM BELL HOLDINGS LIMITED
Consolidated statement of comprehensive income
For the year ended 31 December 2024
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GRAHAM BELL HOLDINGS LIMITED
Registered number: 04987929
Consolidated balance sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 35 form part of these financial statements.
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GRAHAM BELL HOLDINGS LIMITED
Registered number: 04987929
Company balance sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 35 form part of these financial statements.
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GRAHAM BELL HOLDINGS LIMITED
Consolidated statement of changes in equity
For the year ended 31 December 2024
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GRAHAM BELL HOLDINGS LIMITED
Company statement of changes in equity
For the year ended 31 December 2024
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GRAHAM BELL HOLDINGS LIMITED
Consolidated statement of cash flows
For the year ended 31 December 2024
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GRAHAM BELL HOLDINGS LIMITED
Consolidated statement of cash flows (continued)
For the year ended 31 December 2024
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GRAHAM BELL HOLDINGS LIMITED
Consolidated Analysis of Net Debt
For the year ended 31 December 2024
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GRAHAM BELL HOLDINGS LIMITED
Notes to the financial statements
For the year ended 31 December 2024
1.Accounting policies
Graham Bell (Holdings) Limited is a private company limited by shares and incorporated in the United Kingdom. The company registration number and the address of the registered office is given in the company information page of these financial statements. The principal activity of the Group 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 have been prepared on a going concern basis under the historical cost convention. The financial statements have been prepared in Sterling, which is the functional currency of the Group, and rounded to the nearest £1,000. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 2). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. 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.
The Group financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31 December each year.
Subsidiary undertakings are included using the acquisition method of accounting. Under this method the Group profit and loss account and statement of cashflows include the results and cashflows of subsidiaries from the date of acquisition to the date of sale outside the Group in the case of disposals of subsidiaries. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.
In preparing the financial statements on a going concern basis, the Directors have paid due regard to relevant forecast financial information - including cash flows, funding from key supporters and sensitivities and uncertainties affecting the company. In the Directors' opinion, the Group is a going concern for a minimum of twelve months from the date of approval of the financial statements.
As stated in the Strategic Report, Graham Bell Limited has ceased trading. The financial statements prepared for this entity and included within these Group accounts have therefore been prepared on a basis other than 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.
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GRAHAM BELL HOLDINGS LIMITED
Notes to the financial statements
For the year ended 31 December 2024
1.Accounting policies (continued)
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 Group and the costs incurred or the 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. The Group operates a defined contribution pension scheme and contributions to the scheme are recognised in the Consolidated statement of comprehensive income in the period in which they become payable.
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GRAHAM BELL HOLDINGS LIMITED
Notes to the financial statements
For the year ended 31 December 2024
1.Accounting policies (continued)
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.
Goodwill
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life of 15 years. Provision is made for any impairment. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Amortisation is provided on straight line basis over 10 years. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed 10 years.
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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GRAHAM BELL HOLDINGS LIMITED
Notes to the financial statements
For the year ended 31 December 2024
1.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following 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. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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GRAHAM BELL HOLDINGS LIMITED
Notes to the financial statements
For the year ended 31 December 2024
1.Accounting policies (continued)
At the end of each reporting period stock is assessed for impairment. If an item is impaired, it is reduced to its selling price less costs to sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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GRAHAM BELL HOLDINGS LIMITED
Notes to the financial statements
For the year ended 31 December 2024
All turnover arose within the United Kingdom and is generated from the principal activity of sourcing and selling motor vehicles.
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GRAHAM BELL HOLDINGS LIMITED
Notes to the financial statements
For the year ended 31 December 2024
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GRAHAM BELL HOLDINGS LIMITED
Notes to the financial statements
For the year ended 31 December 2024
Page 26
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GRAHAM BELL HOLDINGS LIMITED
Notes to the financial statements
For the year ended 31 December 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £
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GRAHAM BELL HOLDINGS LIMITED
Notes to the financial statements
For the year ended 31 December 2024
Page 28
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GRAHAM BELL HOLDINGS LIMITED
Notes to the financial statements
For the year ended 31 December 2024
Page 29
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GRAHAM BELL HOLDINGS LIMITED
Notes to the financial statements
For the year ended 31 December 2024
16.Tangible fixed assets (continued)
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GRAHAM BELL HOLDINGS LIMITED
Notes to the financial statements
For the year ended 31 December 2024
Page 31
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GRAHAM BELL HOLDINGS LIMITED
Notes to the financial statements
For the year ended 31 December 2024
Page 32
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GRAHAM BELL HOLDINGS LIMITED
Notes to the financial statements
For the year ended 31 December 2024
Page 33
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GRAHAM BELL HOLDINGS LIMITED
Notes to the financial statements
For the year ended 31 December 2024
Profit and loss account
The Group and its subsidiaries have an unlimited cross guarantee dated 27 July 2005, in order to provide security to The Royal Bank of Scotland over various group borrowings.
The Group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the group to the scheme and amount to £280,000 (2023: £419,000).
Contributions totalling £11,000 (2023: £48,000) were payable to the scheme at the end of the period and are included in accruals.
Included within other creditors in the Company balance sheet is a loan owing to directors of £106,000 (2023: £269,000). No interest is charged in respect of this loan.
Included within other creditors in the Group balance sheet is a further loan owing to directors of £64,000 (2023: £117,000). Interest of 7% is payable on these balances.
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GRAHAM BELL HOLDINGS LIMITED
Notes to the financial statements
For the year ended 31 December 2024
The company is controlled by Mr G Bell and Mrs A M Bell who are directors and shareholders of Graham Bell (Holdings) Limited.
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