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REGISTERED NUMBER: 01647196 (England and Wales)

VICTORIA PARK MOTOR CO. LIMITED

Unaudited Financial Statements

for the Year Ended 31 December 2024

VICTORIA PARK MOTOR CO. LIMITED (REGISTERED NUMBER: 01647196)

Contents of the Financial Statements

FOR THE YEAR ENDED 31 DECEMBER 2024

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

VICTORIA PARK MOTOR CO. LIMITED

Company Information

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTORS: | A R Marshall

| D M Marshall

| P G Marshall

| REGISTERED OFFICE: | Hadfield Road

| CARDIFF

| South Glamorgan

| CF11 8AQ

| REGISTERED NUMBER: | 01647196 (England and Wales)

| ACCOUNTANTS: | MHA (trading name of MHA Advisory Ltd)

| Elfed House

| Oak Tree Court

| Cardiff Gate Business Park

| CARDIFF

| County of Cardiff

| CF23 8RS

VICTORIA PARK MOTOR CO. LIMITED (REGISTERED NUMBER: 01647196)

Balance Sheet

31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 3 | 1,707,976 |  | 1,735,340 |  |

CURRENT ASSETS

Stocks | 2,979,788 |  | 3,046,289 |  |

Debtors | 4 | 920,025 |  | 1,226,534 |  |

Cash in hand | 2,933 |  | 11,623 |  |

3,902,746 |  | 4,284,446 |  |

CREDITORS

Amounts falling due within one year | 5 | (3,113,394 | ) | (3,272,357 | ) |

NET CURRENT ASSETS | 789,352 |  | 1,012,089 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,497,328 |  | 2,747,429 |  |

CREDITORS

Amounts falling due after more than one year | 6 | (3,659 | ) | (14,807 | ) |

PROVISIONS FOR LIABILITIES | 8 | (31,203 | ) | (286,345 | ) |

NET ASSETS | 2,462,466 |  | 2,446,277 |  |

CAPITAL AND RESERVES

Called up share capital | 9 | 120,102 |  | 120,102 |  |

Revaluation reserve | 10 | 1,053,115 |  | 813,240 |  |

Retained earnings | 1,289,249 |  | 1,512,935 |  |

SHAREHOLDERS' FUNDS | 2,462,466 |  | 2,446,277 |  |

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 directors acknowledge their 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.

VICTORIA PARK MOTOR CO. LIMITED (REGISTERED NUMBER: 01647196)

Balance Sheet - continued

31 DECEMBER 2024

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 and authorised for issue by the Board of Directors and authorised for issue on 22 August 2025 and were signed on its behalf by:

P G Marshall - Director

VICTORIA PARK MOTOR CO. LIMITED (REGISTERED NUMBER: 01647196)

Notes to the Financial Statements

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | 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.

| There have been no material departures from Financial Reporting Standard 102.

| TURNOVER

| In respect of goods the sale is recognised when the risks and rewards of ownership are transferred to the buyer. Sales relating to services are recognised once the work has been undertaken.

| TANGIBLE FIXED ASSETS

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Long leasehold property |  | Straight line over 100 years |  |

| Plant & office equipment |  | Straight line over 3,5,10 or 20 years |  |

| Fixtures & fittings |  | Straight line over 10 or 20 years |  |

| Motor vehicles |  | Straight line over 5 years |  |

| The company has previously adopted a policy of revaluing its leasehold property to fair value, however they are taking advantage of the transitional exemptions of FRS 102 and carrying the leasehold property forward at its previous revalued amount as deemed cost.

| STOCKS

| Stocks are stated at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items. Cost comprises the original purchase price, additional post purchase costs, less any stock write downs.

| Consignment stocks

| Stock is held by the company with deferred payment terms. Legal title in respect of the stock rests with the company but a charge exists over the relevant stock. The substance of the transaction is that the stock is an asset of the dealer, therefore the stock is recognised as such, together with a corresponding liability to the manufacturer.

| TAXATION

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| DEFERRED TAX

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| 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.

VICTORIA PARK MOTOR CO. LIMITED (REGISTERED NUMBER: 01647196)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | ACCOUNTING POLICIES - continued

| PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Employee benefits

| When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

| DEBTORS AND CREDITORS RECEIVABLE / PAYABLE WITHIN ONE YEAR

| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

| Interest free loans

| Interest free loans are stated at amortised cost using the effective interest method.

| Stock deferred creditor

| The stock deferred creditors relate to amounts borrowed against the company's vehicle stock. The creditor is repayable within one year.

2. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 21 (2023 - 22 ) .

3. | TANGIBLE FIXED ASSETS

| Long |  | Plant & |

| leasehold |  | office |  | Motor |  | Fixtures |

| property |  | equipment |  | vehicles |  | & fittings |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2024 | 1,750,000 |  | 275,236 |  | 24,667 |  | 236,285 |  | 2,286,188 |  |

| Additions | - |  | 25,844 |  | - |  | 5,498 |  | 31,342 |  |

| At 31 December 2024 | 1,750,000 |  | 301,080 |  | 24,667 |  | 241,783 |  | 2,317,530 |  |

| DEPRECIATION

| At 1 January 2024 | 176,849 |  | 207,114 |  | 500 |  | 166,385 |  | 550,848 |  |

| Charge for year | 17,500 |  | 17,450 |  | 4,933 |  | 18,823 |  | 58,706 |  |

| At 31 December 2024 | 194,349 |  | 224,564 |  | 5,433 |  | 185,208 |  | 609,554 |  |

| NET BOOK VALUE

| At 31 December 2024 | 1,555,651 |  | 76,516 |  | 19,234 |  | 56,575 |  | 1,707,976 |  |

| At 31 December 2023 | 1,573,151 |  | 68,122 |  | 24,167 |  | 69,900 |  | 1,735,340 |  |

| The company's fixed assets above have been pledged as security for the company's overdraft.

VICTORIA PARK MOTOR CO. LIMITED (REGISTERED NUMBER: 01647196)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade debtors | 130,074 |  | 141,137 |  |

| Amounts owed by group undertakings | 688,707 |  | 920,021 |  |

| VAT debtor | 2,841 |  | 80,354 |  |

| Corporation tax | 155 |  | 5,748 |  |

| Prepayments and accrued income | 98,248 |  | 79,274 |  |

920,025 |  | 1,226,534 |  |

5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Bank loans and overdrafts | 195,072 |  | 100,377 |  |

| Trade creditors | 111,799 |  | 117,088 |  |

| Social security and other taxes | 14,849 |  | 25,981 |  |

| Other creditors | 11,369 |  | 8,067 |  |

| Stock deferred credit | 2,757,348 |  | 2,972,235 |  |

| Accruals and deferred income | 22,957 |  | 48,609 |  |

3,113,394 |  | 3,272,357 |  |

6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2024 | 2023 |

£ | £ |

| Bank loans - 1-2 years | 3,659 |  | 10,397 |  |

| Bank loans - 2-5 years | - |  | 4,410 |  |

3,659 |  | 14,807 |  |

7. | SECURED DEBTS

| The following secured debts are included within creditors:

2024 | 2023 |

£ | £ |

| Bank overdrafts | 183,804 |  | 90,237 |  |

| The overdraft is secured by a fixed and floating charge over the assets of the company. The deferred stock credit is secured on the company's stock of vehicles. Two of the directors have given personal guarantees of £15,000 each in respect of the bank overdraft.

8. | PROVISIONS FOR LIABILITIES

2024 | 2023 |

£ | £ |

| Deferred tax | 31,203 |  | 286,345 |  |

VICTORIA PARK MOTOR CO. LIMITED (REGISTERED NUMBER: 01647196)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

8. | PROVISIONS FOR LIABILITIES - continued

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 286,345 |  |

| Credit to Profit and Loss Account during year | (15,267 | ) |

| Revalued asset movement | (239,875 | ) |

| Balance at 31 December 2024 | 31,203 |  |

9. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 120,102 | Ordinary | £1 | 120,102 |  | 120,102 |  |

10. | RESERVES

| Revaluation

| reserve

£ |

| At 1 January 2024 | 813,240 |  |

| Deferred tax | 239,875 |  |

| At 31 December 2024 | 1,053,115 |  |

11. | PENSION COMMITMENTS

| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge represents contributions paid by the company to the fund and amounted to £12,823 (2023: £16,500). There were outstanding contributions of £5,149 (2023: £5,971) at the year end.

12. | PARENT COMPANY

| The company's parent company is Victoria Park Cars Limited, a company registered in England and Wales, whose registered office is the same as the company's. Consolidated financial statements are not prepared as the group qualifies as small.