REGISTERED NUMBER: 01647196 (England and Wales)

VICTORIA PARK MOTOR CO. LIMITED

Unaudited Financial Statements

for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

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.

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

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.

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.

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

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.