Stephen A. Sims (Cars) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 02537934 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Stephen A. Sims (Cars) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S A Sims

S W Bromley

SECRETARY:

S W Bromley

REGISTERED OFFICE:

McMullen Road

DARLINGTON

County Durham

DL1 1XT

REGISTERED NUMBER:

02537934 (England and Wales)

ACCOUNTANTS:

Clive Owen LLP

Chartered Accountants

140 Coniscliffe Road

DARLINGTON

Co Durham

DL3 7RT

FIXED ASSETS

Intangible assets

4

1,259

1,425

Tangible assets

5

1,589,312

1,585,460

Investment property

6

185,551

1,776,122

1,772,436

CURRENT ASSETS

Stocks

7

1,641,590

1,679,066

Debtors

8

226,810

135,891

Cash in hand

1,300

1,120

1,869,700

1,816,077

CREDITORS

Amounts falling due within one year

9

2,447,812

2,294,402

NET CURRENT LIABILITIES

(578,112

)

(478,325

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,198,010

1,294,111

CREDITORS

Amounts falling due after more than one
year

10

(54,696

)

(176,612

)

PROVISIONS FOR LIABILITIES

12

(29,022

)

(29,016

)

NET ASSETS

1,114,292

1,088,483

CAPITAL AND RESERVES

Called up share capital

13

280,161

Share premium

1,433

Revaluation reserve

252,223

Capital redemption reserve

6,750

Retained earnings

573,725

547,916

SHAREHOLDERS' FUNDS

1,114,292

1,088,483

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 July 2025 and were signed on its behalf by:

S A Sims - Director

1.	STATUTORY INFORMATION

Stephen A. Sims (Cars) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income recognition

Income is recognised on the delivery of a vehicle, or the point of sale of a part or accessory.

Turnover from vehicle servicing is recognised once the service is complete.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website costs is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Freehold property

-

not provided

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

20% on cost

Computer equipment

-

33% on cost

The directors consider that the freehold property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account. The directors perform annual impairment reviews in accordance with FRS 102 to ensure that the carrying value is not lower than the recoverable amount.

Tangible fixed assets are measured at cost less accumulated depreciation and impairment.

Investment property

Investment property is included at fair value. Gains are recognised in the Profit and Loss Account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

Company operate a defined contribution scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

Related party transactions

All transactions entered into with companies were concluded under normal market conditions, therefore no further disclosure is necessary in accordance with FRS102 section 1A.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 26 ) .

4.	INTANGIBLE FIXED ASSETS

Website

costs

£

COST

At 1 January 2024

and 31 December 2024

1,660

AMORTISATION

At 1 January 2024

235

Amortisation for year

166

At 31 December 2024

401

NET BOOK VALUE

At 31 December 2024

1,259

At 31 December 2023

1,425

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

COST OR VALUATION

At 1 January 2024

1,497,684

278,597

125,178

Additions

-

9,948

4,867

At 31 December 2024

1,497,684

288,545

130,045

DEPRECIATION

At 1 January 2024

-

243,393

103,976

Charge for year

-

5,540

3,566

At 31 December 2024

-

248,933

107,542

NET BOOK VALUE

At 31 December 2024

1,497,684

39,612

22,503

At 31 December 2023

1,497,684

35,204

21,202

Motor

Computer

vehicles

equipment

Totals

£

COST OR VALUATION

At 1 January 2024

49,234

94,855

2,045,548

Additions

3,505

3,191

21,511

At 31 December 2024

52,739

98,046

2,067,059

DEPRECIATION

At 1 January 2024

25,462

87,257

460,088

Charge for year

4,393

4,160

17,659

At 31 December 2024

29,855

91,417

477,747

NET BOOK VALUE

At 31 December 2024

22,884

6,629

1,589,312

At 31 December 2023

23,772

7,598

1,585,460

Cost or valuation at 31 December 2024 is represented by:

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

Valuation in 2006

252,223

-

Cost

1,245,461

288,545

130,045

1,497,684

288,545

130,045

Motor

Computer

vehicles

equipment

Totals

£

Valuation in 2006

-

252,223

Cost

52,739

98,046

1,814,836

52,739

98,046

2,067,059

If freehold property had not been revalued it would have been included at the following historical cost:

2024

2023

£

Cost

1,245,461

The freehold properties previous revaluation was used as the deemed cost in the 2016 accounts on transition to FRS 102.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

185,551

NET BOOK VALUE

At 31 December 2024

185,551

At 31 December 2023

185,551

Investment property was valued on a fair value basis by the directors on 31 December 2024.

7.

STOCKS

2024

2023

£

Vehicle stock

921,217

1,120,240

Parts stock

83,058

73,280

Consignment stock

637,315

485,546

1,641,590

1,679,066

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

115,879

22,181

Other debtors

13,198

14,973

Amounts owed by related

undertakings

27,079

13,662

Prepayments and accrued income

70,654

85,075

226,810

135,891

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

308,956

350,095

Other loans

74,330

163,074

Hire purchase contracts

6,345

6,000

Trade creditors

318,282

350,071

Amount due to related

undertaking

280,922

308,228

Taxation and social security

113,989

89,869

Other creditors

1,247,504

950,504

Directors' current accounts

-

933

Accruals and deferred income

97,484

75,628

2,447,812

2,294,402

Consignment vehicles which bear interest are regarded effectively as being under the control of the company and, in accordance with FRS 102, are included within stocks on the balance sheet, although legal title has not passed to the company. The corresponding liability is included within new vehicle funding and is secured directly on these vehicles.

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2024

2023

£

Bank loans - 1-2 years

-

61,058

Other loans - 1-2 years

1,087

50,006

Other loans - 2-5 years

-

2,260

Hire purchase contracts

53,609

63,288

54,696

176,612

11.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

Bank loans

61,058

122,116

Hire purchase contracts

59,954

69,288

Other creditors

1,132,022

854,005

1,253,034

1,045,409

The loan balances are secured on the land and buildings at McMullen Road, Darlington, DL1

1XT. Other creditors and hire purchases are secured against the assets to which they relate.

12.	PROVISIONS FOR LIABILITIES

2024

2023

£

Deferred tax

29,022

29,016

Deferred

tax

£

Balance at 1 January 2024

29,016

Accelerated capital allowances

6

Balance at 31 December 2024

29,022

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

224,125

Ordinary

£1

224,125

2

'A' Ordinary Non-Voting

£1

2

56,034

B Ordinary

£1

56,034

280,161

The rights attached to the Ordinary and B Ordinary shares in the capital of the company shall confer on the holders thereof the right to vote upon any resolution proposed at any General Meeting of the Company and shall be eligible for dividends.

The 'A' Ordinary shares in the capital of the company shall not confer on the holders thereof the right to vote upon any resolution proposed at any General Meeting of the Company and any member present at a General Meeting holding only 'A' shares shall not be counted when calculating whether a quorum is present. The 'A' Ordinary shares shall be eligible for dividends.

14.	RELATED PARTY DISCLOSURES

2024

2023

£

Amounts due to directors

-

933

No interest has been charged.

15.	GUARANTEES AND OTHER FINANCIAL COMMITMENTS

Unlimited inter company guarantee given to the company's bankers on 17 November 2016 by Stephen A Sims (Cars) Limited, Fast-Fit Express Limited and Clutch Express Limited.