Company Registration No. NI005804 (Northern Ireland)
MERVYN STEWART LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
MERVYN STEWART LIMITED
COMPANY INFORMATION
Directors
Mr S Stewart
Mrs K Bickerstaff
Mr C Lockhart
Secretary
Mr M Stewart
Company number
NI005804
Registered office
11 Boucher Crescent
Belfast
Antrim
Nothern Ireland
BT12 6HU
Auditor
HM Chartered Accountants
6th Floor East Tower
Lanyon Plaza
8 Lanyon Place
Belfast
Co. Antrim
BT1 3LP
Solicitors
King & Gowdy
298 Upper Newtownards Road
Belfast
BT4 3EJ
MERVYN STEWART LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Income statement
8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 26
MERVYN STEWART LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

The directors consider the main key performance indicators of the group to be turnover and gross margin, which can derived from the financial statements. The directors consider the results for the year to be satisfactory. There has been a small decrease in the gross margin this year which the directors consider to be reasonable in challenging market conditions and in light of rising costs across the economy. As the economy adjusts to the trading environment following the impact of the cost of living crisis, the directors are confident the trading results will show positive trends.

Principal risks and uncertainties

The company uses various financial instruments including bank loans or overdrafts, cash, loans from directors and various items, such as trade debtors and trade creditors that arise directly from its operations. The existence of these financial instruments exposes the company to some financial risks, which are described in more detail below. The company does not make use of derivative transactions to minimise exposure to interest rates or foreign exchange.

The main risks arising from the company's financial instruments are interest rate risk, credit risk, liquidity risk and price and market risk.

The directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years.

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. The company policy throughout the year has been to ensure continuity of funding by matching the source of funds to the intended use of those funds, so that fixed assets are financed out of reserves and with the use of long-term borrowings with draw down and repayment terms that are spread over a period of years. Short-term flexibility is achieved by overdraft facilities.

Interest rate risk

The company finances its operations through a mixture of retained profits, bank borrowings and loans from the directors. The company's exposure to interest rate fluctuations on its borrowings is managed through an annual review of its borrowing requirements, and where appropriate, using of fixed or floating interest arrangements.

Credit risk

The company's principal financial assets are cash and debtors. The credit risk associated with cash is limited. Most of the company's sales are settled before the goods are handed over, so the principal credit risk arises therefore from parts and service debtors.

In order to manage credit risk the directors assess potential parts and service customers based on a mixture of past history, credit references, and industry knowledge, and amounts owed are reviewed and followed up on a regular basis.

Price and market risk

As the company does not normally make investments, price risk is considered inconsequential. Transactions other than in Sterling are inconsequential.

On behalf of the board

Mr S Stewart
Director
9 June 2025
MERVYN STEWART LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of selling cars.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £90,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S Stewart
Mr M Stewart
(Deceased 16 April 2025)
Mrs K Bickerstaff
Mr C Lockhart
Post reporting date events

There have been no significant events affecting the company since the balance sheet date.

Auditor

In accordance with the company's articles, a resolution proposing that HM Chartered Accountants be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- 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 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

MERVYN STEWART LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr S Stewart
Director
9 June 2025
MERVYN STEWART LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MERVYN STEWART LIMITED
- 4 -
Opinion

We have audited the financial statements of Mervyn Stewart Limited (the 'company') for the year ended 31 December 2024 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 Auditor's 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 UK, including the FRC’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.

Conclusions relating to going concern

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 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.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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. I n connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport 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.

MERVYN STEWART LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MERVYN STEWART LIMITED (CONTINUED)
- 5 -
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 identifie d material misstatements in the strategic report and the directors' r eport.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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.

Auditor's 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 auditor's 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.

MERVYN STEWART LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MERVYN STEWART LIMITED (CONTINUED)
- 6 -

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and/or senior management, and from our commercial knowledge and experience of the sector;

We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and the company’s legal advisors;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

MERVYN STEWART LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MERVYN STEWART LIMITED (CONTINUED)
- 7 -

The purpose of our audit work and to whom we owe our responsibilities

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 auditor's 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.

Angela Craigan (Senior Statutory Auditor)
For and on behalf of HM Chartered Accountants, Statutory Auditors
Chartered Accountants
6th Floor East Tower
Lanyon Plaza
8 Lanyon Place
Belfast
Co. Antrim
BT1 3LP
9 June 2025
MERVYN STEWART LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
61,632,524
50,667,105
Cost of sales
(57,500,302)
(46,891,555)
Gross profit
4,132,222
3,775,550
Administrative expenses
(3,020,916)
(2,697,330)
Operating profit
3
1,111,306
1,078,220
Interest receivable and similar income
6
9,232
38
Interest payable and similar expenses
7
(42,102)
(65,873)
Profit before taxation
1,078,436
1,012,385
Tax on profit
8
(289,815)
(253,007)
Profit for the financial year
788,621
759,378

The income statement has been prepared on the basis that all operations are continuing operations.

MERVYN STEWART LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
£
£
Profit for the year
788,621
759,378
Other comprehensive income
-
-
Total comprehensive income for the year
788,621
759,378
MERVYN STEWART LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
4,972,028
4,937,785
Investments
11
203,607
103,392
5,175,635
5,041,177
Current assets
Stocks
13
8,609,059
6,514,488
Debtors
14
2,430,777
2,012,477
Cash at bank and in hand
1,273,808
431,219
12,313,644
8,958,184
Creditors: amounts falling due within one year
15
(9,698,567)
(6,642,730)
Net current assets
2,615,077
2,315,454
Total assets less current liabilities
7,790,712
7,356,631
Creditors: amounts falling due after more than one year
16
(932,830)
(1,199,987)
Provisions for liabilities
Deferred tax liability
18
252,199
249,582
(252,199)
(249,582)
Net assets
6,605,683
5,907,062
Capital and reserves
Called up share capital
20
57,741
57,741
Share premium account
557,845
557,845
Other reserves
-
0
961,670
Profit and loss reserves
5,990,097
4,329,806
Total equity
6,605,683
5,907,062

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 9 June 2025 and are signed on its behalf by:
Mr S Stewart
Director
Company registration number NI005804 (Northern Ireland)
MERVYN STEWART LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
57,741
557,845
961,670
3,640,428
5,217,684
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
759,378
759,378
Dividends
9
-
-
-
(70,000)
(70,000)
Balance at 31 December 2023
57,741
557,845
961,670
4,329,806
5,907,062
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
-
788,621
788,621
Dividends
9
-
-
-
(90,000)
(90,000)
Transfers
-
-
-
961,670
961,670
Other movements
-
-
0
(961,670)
-
(961,670)
Balance at 31 December 2024
57,741
557,845
-
0
5,990,097
6,605,683
MERVYN STEWART LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
1,925,900
364,455
Interest paid
(42,102)
(65,873)
Income taxes paid
(231,769)
(138,470)
Net cash inflow from operating activities
1,652,029
160,112
Investing activities
Purchase of tangible fixed assets
(151,967)
(183,629)
Purchase of investments
(100,215)
-
Interest received
9,232
38
Net cash used in investing activities
(242,950)
(183,591)
Financing activities
Bank loans received less repayments
(532,973)
(443,922)
Dividends paid to equity shareholders
(90,000)
(70,000)
Net cash used in financing activities
(622,973)
(513,922)
Net increase/(decrease) in cash and cash equivalents
786,106
(537,401)
Cash and cash equivalents at beginning of year
431,219
968,620
Cash and cash equivalents at end of year
1,217,325
431,219
Relating to:
Cash at bank and in hand
1,273,808
431,219
Bank overdrafts included in creditors payable within one year
(56,483)
-
0
MERVYN STEWART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information

Mervyn Stewart Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 11 Boucher Crescent, Belfast, Antrim, Nothern Ireland, BT12 6HU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Cost includes legal fees, stamp duty and other non-refundable purchase taxes, and also any costs 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, which can include the costs of site preparation, initial delivery and handling, installation and assembly, and testing of functionality.

MERVYN STEWART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -

Tangible fixed assets are stated at cost less depreciation. At each balance sheet date, the carrying amounts of tangible assets are reviewed to determine whether there is an indication that those assets have suffered an impairment loss. Where the carrying value exceeds the estimated recoverable amount (being the greater of fair value less costs to sell and value-in-use), an impairment loss is recognised by writing down the assets cash-generating units to their recoverable amount. An impairment loss is recognised immediately in the profit and loss. Any reversal of a previous impairment loss is similarly recognised immediately in the profit and loss.

Tangible fixed assets are initially valued at cost to acquire or construct, including costs directly attributable to bringing the asset into working condition for its intended use, and net of any VAT recoverable. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings
2% straight line
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
10% reducing balance
Computer equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

MERVYN STEWART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

In addition to the stocks recorded in the balance sheet, the company holds vehicles under consignment arrangements, further details of which are given in note 14.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

MERVYN STEWART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

MERVYN STEWART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on a non-discounted basis, at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

MERVYN STEWART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

The company provides a defined contribution pension scheme, the assets of which are held separately from those of the company in an independently administered fund. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Going concern

The directors have prepared budgets and cash flows for a period of at least twelve months from the date of the approval of the financial statements which demonstrate that there is no material uncertainty regarding the company’s ability to meet its liabilities as they fall due, and to continue as a going concern. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. Accordingly, these financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may arise if the company was unable to continue as a going concern.

Impairment of stocks

The company holds stocks amounting to £6,514,488 (20 22: £5,141,579) at the financial year end date. The directors are of the view that an adequate charge has been made to reflect the possibility of stocks being sold at less than cost. However, this estimate is subject to inherent uncertainty.

MERVYN STEWART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
3
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
14,273
12,750
Depreciation of owned tangible fixed assets
117,724
126,853
Operating lease charges
104,110
89,110
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Production staff
25
22
Distribution staff
45
41
Administration staff
15
13
Total
85
76

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,991,874
2,552,815
Social security costs
294,842
270,745
Pension costs
81,727
72,124
3,368,443
2,895,684
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
270,061
242,395
Company pension contributions to defined contribution schemes
29,838
28,912
299,899
271,307

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

MERVYN STEWART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Directors' remuneration
(Continued)
- 20 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
102,131
99,447
Company pension contributions to defined contribution schemes
2,575
1,956
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
9,232
-
0
Other interest income
-
0
38
Total income
9,232
38
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
9,232
-
0
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
19,566
41,187
Dividends on redeemable preference shares not classified as equity
22,441
22,441
42,007
63,628
Other finance costs:
Other interest
95
2,245
42,102
65,873
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
287,198
231,769
MERVYN STEWART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Taxation
2024
2023
£
£
(Continued)
- 21 -
Deferred tax
Origination and reversal of timing differences
2,617
21,238
Total tax charge
289,815
253,007

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,078,436
1,012,385
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
269,609
238,123
Tax effect of expenses that are not deductible in determining taxable profit
20,206
14,337
Permanent capital allowances in excess of depreciation
(2,961)
(21,044)
Other timing differences
344
353
Deferred tax
2,617
21,238
Taxation charge for the year
289,815
253,007
9
Dividends
2024
2023
£
£
Interim paid
90,000
70,000
MERVYN STEWART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
10
Tangible fixed assets
Land and buildings
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
5,006,522
271,964
471,617
206,038
25,275
5,981,416
Additions
56,920
11,551
72,310
11,186
-
0
151,967
At 31 December 2024
5,063,442
283,515
543,927
217,224
25,275
6,133,383
Depreciation and impairment
At 1 January 2024
534,232
148,111
199,188
155,781
6,319
1,043,631
Depreciation charged in the year
33,089
25,448
34,740
19,708
4,739
117,724
At 31 December 2024
567,321
173,559
233,928
175,489
11,058
1,161,355
Carrying amount
At 31 December 2024
4,496,121
109,956
309,999
41,735
14,217
4,972,028
At 31 December 2023
4,472,290
123,853
272,429
50,257
18,956
4,937,785
11
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
12
103,392
103,392
Unlisted investments
100,215
-
0
203,607
103,392
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2024
103,392
-
103,392
Additions
-
100,215
100,215
At 31 December 2024
103,392
100,215
203,607
Carrying amount
At 31 December 2024
103,392
100,215
203,607
At 31 December 2023
103,392
-
103,392
MERVYN STEWART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
12
Subsidiaries

These financial statements are separate company financial statements for Mervyn Stewart Limited.

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Mervyn Stewart (Bangor) Limited
Northern Ireland
Ordinary
100.00
Philip Petersen Limited
Northern Ireland
Ordinary
100.00
13
Stocks
2024
2023
£
£
Finished goods and goods for resale
8,609,059
6,514,488

Stock on consignment is not recognised in the balance sheet because the terms of the contract state:

1. Title to the vehicle does not pass to the dealer until full payment is due.

2. The manufacturer can demand the return of stock within the consignment year, and ;

3. No interest is payable on consignment stock within the terms set out in the individual franchise agreements.

At 31 December 2024 the value of consignment stock off balance sheet was £2,716,380 (2023: £1,742,954 ).

14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,788,292
1,734,474
Other debtors
514,461
157,139
Prepayments and accrued income
128,024
120,864
2,430,777
2,012,477
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
78,979
288,312
Trade creditors
8,848,830
5,377,444
Amounts owed to group undertakings
103,392
103,392
Corporation tax
287,198
231,769
Other taxation and social security
67,810
370,955
Other creditors
8,936
2,261
Accruals and deferred income
303,422
268,597
9,698,567
6,642,730
MERVYN STEWART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
35,205
302,362
Other borrowings
17
897,625
897,625
932,830
1,199,987
17
Loans and overdrafts
2024
2023
£
£
Bank loans
57,701
590,674
Bank overdrafts
56,483
-
0
Preference shares
897,625
897,625
1,011,809
1,488,299
Payable within one year
78,979
288,312
Payable after one year
932,830
1,199,987

The bank loans are secured by the following:

- a legal mortgage over the property at 11 Boucher Cresent, Belfast;

- a floating charge over the company's assets; and

- an intercompany cross guarantee with Philip Petersen Limited.

The redeemable preference shares carry a right to a fixed dividend at 2.5% per annum and may be redeemed at the option of the company or shareholder.

18
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
ACAs
134,020
131,060
Tax on other reserves
127,575
127,575
Timing difference
(9,396)
(9,053)
252,199
249,582
MERVYN STEWART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Deferred taxation
(Continued)
- 25 -
2024
Movements in the year:
£
Liability at 1 January 2024
249,582
Charge to profit or loss
2,617
Liability at 31 December 2024
252,199

The deferred tax liability set out above is not expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

The deferred tax on other reserves relates to the tax on the uplift in the deemed cost of the land and buildings.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
81,727
72,124

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
14,434
14,434
14,434
14,434
Ordinary B shares of £1 each
31,757
31,757
31,757
31,757
Ordinary C shares of £1 each
5,774
5,774
5,774
5,774
Ordinary D shares of £1 each
2,888
2,888
2,888
2,888
Ordinary E shares of £1 each
2,888
2,888
2,888
2,888
57,741
57,741
57,741
57,741
MERVYN STEWART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
21
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
788,621
759,378
Adjustments for:
Taxation charged
289,815
253,007
Finance costs
42,102
65,873
Investment income
(9,232)
(38)
Depreciation and impairment of tangible fixed assets
117,724
126,853
Movements in working capital:
Increase in stocks
(2,094,571)
(1,372,909)
(Increase)/decrease in debtors
(418,301)
246,979
Increase in creditors
3,209,741
285,312
Cash generated from operations
1,925,899
364,455
22
Analysis of changes in net funds/(debt)
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
431,219
842,589
1,273,808
Bank overdrafts
-
0
(56,483)
(56,483)
431,219
786,106
1,217,325
Borrowings excluding overdrafts
(1,488,299)
532,973
(955,326)
(1,057,080)
1,319,079
261,999
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