REGISTERED NUMBER: 01754748 (England and Wales)

CHESHUNT MOTOR COMPANY LIMITED(THE)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

1,497,141

1,498,513

CURRENT ASSETS

Stocks

1,583,233

1,847,087

Debtors

5

325,293

249,155

Cash at bank and in hand

236,086

176,263

2,144,612

2,272,505

CREDITORS

Amounts falling due within one year

6

1,285,755

1,345,933

NET CURRENT ASSETS

858,857

926,572

TOTAL ASSETS LESS CURRENT LIABILITIES

2,355,998

2,425,085

CREDITORS

Amounts falling due after more than one year

7

-

(303,727

)

PROVISIONS FOR LIABILITIES

(18,490

)

(18,595

)

NET ASSETS

2,337,508

2,102,763

CAPITAL AND RESERVES

Called up share capital

185,000

185,000

Share premium

191,417

191,417

Profit and loss account

1,961,091

1,726,346

SHAREHOLDERS' FUNDS

2,337,508

2,102,763

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 September 2025 and were signed by:

P R Holmes - Director

1.	STATUTORY INFORMATION

Cheshunt Motor Company Limited(The) is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

01754748

Registered office:

CMC Car Dealership

Edinburgh Way,

Harlow

Essex

CM20 2EG

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company's functional and presentational currency is GBP.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the date of which the service is completed.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Plant and machinery 15% on cost

Fixtures, fittings, tools and equipment 15/20% on cost

Land and buildings were acquired in 2018 and are freehold. The director therefore considers that the residual value of these assets is not less than cost and no depreciation has been provided on the buildings this year.

Management consider indicators of impairment annually to ensure that the value of the land and buildings is appropriate.

Stocks

Stocks are measured at the lower of cost and net realisable value. Cars are held at their unit cost. Parts stock is determined using the weighted average method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

Taxation

A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Leased assets

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

Pensions

Contributions to defined contribution plans are expensed in the period to which they relate.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Financial liabilities are classified according to the substance of their contractual obligations rather than their legal form.

Provisions

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2023 - 28 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Land and

Plant and

and

buildings

machinery

fittings

Totals

£

£

£

£

COST

At 1 January 2024

1,421,666

149,406

156,605

1,727,677

Additions

-

6,910

16,676

23,586

Disposals

-

(1,431

)

(31,388

)

(32,819

)

At 31 December 2024

1,421,666

154,885

141,893

1,718,444

DEPRECIATION

At 1 January 2024

-

111,011

118,153

229,164

Charge for year

-

13,351

10,889

24,240

Eliminated on disposal

-

(1,359

)

(30,742

)

(32,101

)

At 31 December 2024

-

123,003

98,300

221,303

NET BOOK VALUE

At 31 December 2024

1,421,666

31,882

43,593

1,497,141

At 31 December 2023

1,421,666

38,395

38,452

1,498,513

Land and buildings were acquired in 2018 and are freehold.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

239,790

167,693

Other debtors

85,503

81,462

325,293

249,155

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans (see note 8)

-

19,067

Trade creditors

538,318

442,454

Taxation and social security

260,731

317,158

Other creditors

486,706

567,254

1,285,755

1,345,933

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loan(s) (see note 8)

-

303,727

Amounts falling due in more than five years:

Repayable by instalments

Bank loan(s)

-

208,392

8.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

Bank loans

-

19,067

Amounts falling due between one and two years:

Bank loans - 1-2 years

-

19,067

Amounts falling due between two and five years:

Bank loans - 2-5 years

-

76,268

Amounts falling due in more than five years:

Repayable by instalments

Bank loan(s)

-

208,392

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loan(s)

-

322,794

The bank loan is with National Westminster Bank Plc, repayable over 14 years (last year 15 years) and the interest rate is fixed at 2.15% above base rate. The loan has a first legal charge against the land and buildings.

10.	OTHER FINANCIAL COMMITMENTS

The total future minimum payments under non-cancellable operating leases is £60,000 (2023 - £60,000).

11.	RELATED PARTY TRANSACTIONS

During the year, total dividends of £43,000 (2023 - £43,500) were paid to the director .

P R Holmes - director

At the end of the year, £58,674 (2023 - £92,032) remains payable to the director.

During the year rent was paid to a Director's SIPP totalling £60,000 (2023 - £60,000). The outstanding operating lease commitment at note 12 relates to this.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is P R Holmes.