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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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STREVENS VEHICLES HOLDINGS LIMITED
COMPANY INFORMATION
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STREVENS VEHICLES HOLDINGS LIMITED
CONTENTS
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STREVENS VEHICLES HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their Strategic Report for the company and its subsidiary undertakings, Ford & Slater Limited, and Massey Truck Engineering Limited (together "the Group") for the year ended 31 December 2024.
Principal activities The principal activity of the Group throughout the year was the sale and provision of services in respect of commercial vehicles, the manufacture of specialist truck bodies and the sale of spare parts for commercial vehicles and trailers. The principal activity of the Company continues to be that of holding the Group's properties and ownership of the shares in Ford & Slater Limited ("Ford & Slater"), and Massey Truck Engineering Limited ("Massey Truck Engineering"). Ford & Slater is one of the largest DAF Trucks sales dealers in the UK.
The Group performance represented a year of steady progress.
Whilst economic growth slowed significantly in the second half of the year, UK GDP increased by 0.9% in 2024 following a 0.4% increase in 2023. The Bank of England reduced its Base Rate from 5.25% in December 2023 to 4.75% in December 2024 as inflation returned to lower levels; Consumer Prices Index (CPI) inflation decreased from 4.0% in December 2023 to 2.5% in December 2024. The UK new truck market (>6 tonnes GVW) decreased by 2.7% from 46,227 units in 2023 to 44,988 units in 2024. DAF Trucks achieved a 28.4% market share >6 tonnes GVW in their 30th year of market leadership. The new truck supply chain situation, in particular bodybuilder delays, eased significantly during the second half of 2024 thereby enabling the delivery and registration of significant volumes of new trucks to customers. Certain key performance indicators utilised by the directors to monitor performance are detailed below: 2024 2023 New truck sales (number of invoiced units) 2,311 2,152 MOT First Time Pass percentage (%) 98.3% 98.4% Parts First Time Pick percentage (%) 94.7% 94.8% Return on Equity (%) 8.0% 8.2% Overall turnover increased significantly from £340.2 million in 2023 to £375.7 million in 2024. The strong performance of the Group was highlighted when DAF Trucks recognised Ford & Slater Limited with a Premium League Dealer Award for excellent all-round dealer performance and the European Electric Truck Dealer Award at the International Dealer Meeting in January 2025.
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STREVENS VEHICLES HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Vehicle sales revenues increased from £214.1 million in 2023 to £255.9 million in 2024. Although the UK truck market size and DAF Trucks market shares were lower in 2024 than in the prior year; the number of trucks sold by the company was higher as bodybuilder supply chain performance improved during the second half of 2024. The level of profits generated by vehicle sales increased as a result of the above; Ford & Slater remained one of the larger DAF sales dealers within the UK measured by vehicle registrations and the directors were pleased with the operational and financial performance of the vehicle sales area.
The directors continued to actively promote after sales activities which generate the majority of Group profits. Parts revenues increased from £63.4 million in 2023 to £67.2 million in 2024 due to improved performance from the four dealership locations acquired in September 2022 and significantly higher levels of DAF Trucks manufacturer warranty activity. However, the overall level of profits generated by the parts business area was below 2023 due partly to ongoing gross profit margin pressures; in addition the Group achieved fewer of the quarterly parts purchasing targets set by PACCAR Inc. Parts. Service revenues decreased from £45.7 million in 2023 to £41.5 million in 2024, in part due to customer rate increases. The Group continued to develop its highly successful HGV Apprentice program to mitigate the continued shortage of HGV technicians and HGV technician salary inflation. The overall level of service profits was ahead of the prior year level. Group administrative expenses equalled £62.1 million in 2024, a highly similar level to 2023. Sensible cost control and efficiency measures across the Group mitigated higher headcount levels and the annual pay increase after a period of significant growth and inflationary pressures. The level of profits achieved on the disposal of fixed assets equalled £0.9 million in 2024, a similar level to £0.8 million in 2023. The Group’s interest expense equalled £2.6 million in 2024, a similar level to £2.7 million in 2023. The phasing of hire purchase borrowings arranged/repaid in relation to revenue generating vehicles, as well as upwards and downwards movements in the Bank of England Base Rate meant that the monthly interest costs in the second half of 2024 were on a downward trend. As a result of the above factors, the Group’s profit before taxation of £4.5 million in 2024 was higher than the prior year level of £3.2 million. The pension scheme asset, calculated on an FRS 102 ‘Retirement Benefits’ basis, included within the balance sheet as at 31 December 2024 equals £9.8 million (2023: pension scheme asset of £7.7 million). The constituent elements are discussed further within note 28 to the financial statements. Fixed asset additions to revenue generating vehicles decreased from £30.3 million in 2023 to £2.4 million in 2024, as a result of the Group’s decision to reduce the size of its contract hire portfolio. The Group net debt position as at 31 December 2024 was £33.2 million (2023 net debt: £45.3 million); this significant decrease in borrowings was mainly due to the repayment of hire purchase debt agreements to finance long-term contract hire agreements supplying new DAF vehicles to certain key customers. New truck stock and trade creditors (mainly comprising amounts owed to PACCAR in respect of new vehicles) were significant lower as at 31 December 2024 due to the delivery of new trucks to customers in the second half of 2024 whilst new truck order volumes were lower. The great majority of factory build orders placed with DAF Trucks are covered by customer capital expenditure purchase orders due to their high value and specialist nature.
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STREVENS VEHICLES HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Business review continued
On 5th December 2024 Ford & Slater Limited pleaded guilty to a breach of section 2(1) of the Health and Safety at Work etc. Act 1974; accepting that it did not do all that was reasonably practicable to eliminate or minimise the risks associated with working on vehicle air-suspension systems. Ford & Slater was fined £235,000 plus costs totalling £9,157 and interest of £181. Prior to the accident, the Group had both a very good safety culture and Health & Safety record. Following the accident, the Group invested considerable time and resource to learn every lesson possible from this accident; further strengthening our health and safety procedures.
In common with industry norms, the Group generally purchases new trucks with the assistance of dealer stocking plan arrangements provided by PACCAR. The dealer stocking plan arrangements include the requirement that vehicles need to be paid for in full at 180 days from date of invoice.
In the event that the Group is unable to complete the sale of new vehicles within the above timescale, it may need to obtain similar financing from other sources. This risk is addressed through our strong manufacturer relationship and the excellent support PACCAR continues to provide to its most loyal dealers, our unutilised borrowing capacity and a wide range of actions the Group could pursue to dispose of stock vehicles amongst our diverse truck sales customer base, if necessary. The Group’s commercial risks include repair and maintenance contracts and residual values. The Group maintains vehicles to manufacturer standards in the most cost-effective manner, thereby minimising whole life maintenance costs and ensuring high resale values. The Group reviews its residual values through the life of a contract and makes adjustments accordingly. The majority of profits are generated from the DAF Trucks franchise. However, the DAF sales franchise agreements continue indefinitely provided that minimum sales targets and dealer standards set by the manufacturer are met; and the directors see no reason why these franchise agreements will not continue for the foreseeable future. Whilst there is a degree of customer concentration for new truck sales this risk is mitigated by a diverse customer base for parts and service sales and regular dialogue with key customers.
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STREVENS VEHICLES HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Section S172 Statement
The success of the Group is dependent on the support of all of our stakeholders. Building positive relationships with stakeholders that share our values, those of a family-owned company that takes decisions with a long-term view in mind, is extremely important to us. Employees Employees are key to our success and we want them to succeed individually and as a team. The Group engages with employees through stories shared on the Ford & Slater Limited website, X, Instagram and LinkedIn. Regular supervisor meetings cover a range of topics such as health and safety, financial performance, outlook and training opportunities. The Group carefully monitors staff turnover to better understand the reasons why staff have opted to pursue alternative career opportunities. The apprentice panel offers trainees the opportunity to have their say on issues affecting the Company and apprentices. Group newsletters are regularly distributed to keep all employees informed of developments. Shareholders The directors include the two main shareholders that both work full-time in their role as joint managing directors. With significant shareholder input as would be expected, the directors take care to have regard to the likely consequences on all stakeholders of the decisions and actions which they take. Where possible, decisions are carefully discussed with affected employees and are therefore fully understood and supported by them. Customers Our mission statement is to exceed our customer’s expectations by offering high quality transport services in an ethical manner at competitive prices. The Group seeks to achieve this by utilising the synergies within our dealership group, offering innovative solutions and a “one-stop shop” provided by highly motivated and skilled long-term employees, reinvesting profits to provide modern, safe premises. The directors spend considerable time with our customers to understand their needs and views and listen to how we can improve our offer and service for them. Suppliers DAF Trucks is our sole manufacturer relationship, consequently our interests are wholly aligned with DAF Trucks, unlike other dealers with competing manufacturer relationships. DAF Trucks is a subsidiary of PACCAR Inc., the worldwide quality leader in the design and manufacture of premium light, medium and heavy-duty commercial vehicles. The directors invest significant time and effort to build excellent relationships throughout the PACCAR Inc. organisation, including through the National and International Dealer Councils where Ford & Slater Limited holds a number of influential positions. Communities The Group is committed to make a positive contribution to our local communities. Corporate and social responsibility is important because (a) it benefits our local communities and improves the environment, (b) it enables the directors to gain a better understanding of the communities we work and live in; and (c) it encourages team spirit and builds positive employee morale and engagement. The Group has been working alongside Leicestershire Cares since 2008, an initiative of Business in the Community, and this connection enables our workforce to become involved in a wide number of community initiatives.
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STREVENS VEHICLES HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Regulators
The Group engages with regulators such as the Driver and Vehicle Standards Agency (DVSA) and the SMMT through a range of forums to communicate our views to policy makers relevant to our business. The directors take legal and regulatory developments into account when considering future actions. Streamlined Energy and Carbon Reporting This disclosure covers the operations of Strevens Vehicles Holdings Limited, including Ford & Slater Limited. Subsidiaries that do not meet the SECR qualification criteria have been excluded from this report. The Group established its own Greenhouse Gas Emissions Reduction Targets in November 2024 as follows: • a 35% CO2 emissions reduction against 2020 baseline levels by 2030; and • The Group to achieve net zero CO2 emissions by 2050.
The Group committed to take any and all actions, where commercially viable, to implement operational change in order to reduce its emissions including, but not limited to:
∙replacement of internal combustion engine propelled vehicles of all classes - within the normal replacement cycles - with zero emission equivalents wherever possible;
∙replacement of heating systems with low or no combustion alternatives wherever possible;
∙installation of renewable energy features where possible;
∙renewal of expiring energy contracts with renewable energy alternative contracts; and
∙continuous assessment of new to market zero GHG emission products in all areas of operational business, and implementation of those products if commercially viable.
Lorries, buses and coaches are responsible for about a quarter of CO2 emissions from road transport in the EU and for some 6% of total EU emissions. The UK Government has set the following targets for European truck manufacturers in relation to CO2 emission standards for heavy-duty vehicles:
∙a 15% average CO2 emission reduction from new lorries by the 12 months ending 30 June 2026; and
∙a 30% average CO2 emission reduction from new lorries by 2030; with the above targets expressed as a percentage reduction of emissions compared to the UK average in the reference 12-month period from 1 July 2019 - 30 June 2020.
The Group continued to encourage all replacement company cars to be fully electric, added fully electric vans to the Group’s service and parts delivery van fleet and encouraged Microsoft Teams; together with remote manufacturer training this has delivered a permanent reduction in business travel going forward.
The Group invested in a number of energy efficiency projects:
∙The installation of 180 kW PACCAR electric vehicle chargers at Spalding and Peterborough at a cost of £0.3 million; and
∙The Group invested in twelve fully electric vans to reduce CO2 emissions arising from the Ford & Slater van fleet that comprises over 200 parts, service and courtesy vans. The Group also replaced a number of older vans with new, more fuel-efficient models.
As a result of the above actions and projects, there was a (16)% decrease in CO2e per employee.
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STREVENS VEHICLES HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2024 2024 kWh CO2e Scope 1 – Direct greenhouse gas emissions (all UK) Emissions from combustion of gas oil 3,401,762 929,293 Emissions from combustion of gas 2,303,240 423,497 Emissions from combustion of fuel for transport purposes 4,018,962 950,793 Scope 2 – Indirect emissions (all UK) Indirect emissions from our use of electricity 2,952,112 626,822 Scope 3 – Other indirect emissions (all UK) Energy use and related emissions from employee-owned - - vehicles where they are responsible for purchasing the fuel or business travel in rental cars Total 12,676,076 2,930,405 Intensity Ratios CO2e per employee 3,075 CO2e per £ million revenues (excluding sale of commercial vehicles) 24,453 2023 2023 kWh CO2e Scope 1 – Direct greenhouse gas emissions (all UK) Emissions from combustion of gas oil 3,340,517 912,563 Emissions from combustion of gas 3,025,623 556,321 Emissions from combustion of fuel for transport purposes 4,464,809 1,132,485 Scope 2 – Indirect emissions (all UK) Indirect emissions from our use of electricity 3,089,215 655,933 Scope 3 – Other indirect emissions (all UK) Energy use and related emissions from employee-owned - - vehicles where they are responsible for purchasing the fuel or business travel in rental cars Total 13,920,164 3,257,302 Intensity Ratios CO2e per employee 3,672 CO2e per £ million revenues (excluding sale of commercial vehicles) 25,836 The Group has reported on all of the emissions sources required under the Companies Act 2006 (Strategic
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STREVENS VEHICLES HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Report and Directors’ Report) Regulations 2013. Scope 1 and 2 emissions are calculated using the UK Government Conversion Factors for Company reporting 2023 on an operational control basis.
Over 95% of Scope 1 and 2 data is from measured sources, but it has been necessary to estimate emissions based on fuel expenditure and assumed fuel economy rates as detailed within HMRC fuel reimbursement rates for different vehicle engine sizes.
This report was approved by the board and signed on its behalf.
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STREVENS VEHICLES HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The profit for the year, after taxation, amounted to £3,105,231 (2023 - £2,872,249).
Dividends totalling £500,000 (2023 - £500,000) have been declared and paid during the year. Further dividends have been declared and paid post 31 December 2024, these have been disclosed in the post balance sheet events.
The Company's profit for the year, after taxation, amounted to £289,118 (2023 - £516,781).
The directors who served during the year were:
As per the SMMT registration statistics, truck market registrations (> 6 tonnes) decreased from 46,227 units in 2023 to 44,988 units in 2024, nevertheless this represented a normal level of UK truck market registrations.
During the first half of 2024, a number of truck manufacturers including DAF Trucks suffered registration delays associated with the introduction of industry-wide General Safety Regulations and Cyber Security improvements. These were substantially overcome by the third quarter of 2024, but lead times also shortened significantly during the year ended 31 December 2024 due to lower new truck market demand. The latest 2025 market forecast suggests a further 5% decrease to approximately 39,900 registrations in 2025 with an uncertain economic outlook, the ongoing war in Ukraine and a downward trend borrowing costs. The UK truck market should be closely related to GDP, business and consumer confidence. The need for increasingly fuel-efficient, environmentally cleaner new HGVs with enhanced safety features (to protect vulnerable road users) to enter UK cities provides a medium-term underpin to the UK truck market and there remain limited alternatives to road transportation generally. It is widely acknowledged that de-carbonization of the HGV transport sector is more challenging than replacing the combustion engine within cars and vans; it will progress more slowly and occur over a longer timeframe. The 2025 after sales forecast is for service revenues to increase due to higher hourly labour charge-out rates, whilst parts sales are forecast to decrease as a result of the lower age of the UK HGV vehicle parc; the Group continues to focus on margin retention through productivity and efficiency gains. Activity levels remain strong and the Group remains well placed to take advantage of any market opportunities that may be presented. Based on anticipated market trends and current activity levels, the Group outlook is positive in terms of overall profitability. The Strevens Vehicles Holdings Limited group (the ‘Group’) cash position and net asset position of the Company (and the Group) demonstrate adequate resources to adopt the going concern basis. The directors believe that our loyal employees, strong manufacturer relationship and diverse customer base should provide the Group with future opportunities.
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STREVENS VEHICLES HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Financial risk management
The Group has both interest bearing assets and interest bearing liabilities. Interest bearing assets comprise only cash balances, interest bearing liabilities comprise only bank loans and hire purchase commitments. The assets and liabilities are subject to interest rate fluctuations. The Group is exposed to liquidity risk. The Group has committed financing facilities and regularly monitors available cash balances and facilities to ensure that the Group has sufficient funds to meet its obligations. The Group does not enter into derivative financial instruments, including interest rate swaps and foreign exchange contracts. The Group is exposed to credit risk as a result of its operations. Prior to sales being made, appropriate checks are performed over the ability of the customer to pay. Regular reviews of credit limits and monitoring of the aged debtors ledger are utilised to minimise the risk to the Group on an ongoing basis. Customer credit risk is partially mitigated by the relatively high number of individual transactions that are undertaken with new vehicle sales customers during the course of a year.
During the year, the policy of providing employees with information about the Group has continued through internal media in which employees have been encouraged to present their suggestions and views on the Group’s performance. Regular meetings are held between local management and employees to allow the free flow of information and ideas.
The Company’s Articles of Association provide, subject to the provisions of UK legislation, an indemnity for directors and officers of the Group in respect of liabilities they may incur in the discharge of their duties or in the exercise of their powers, including any liabilities relating to the defence of any proceedings brought against them which relate to anything done or omitted, by them as officers or employees of the Group.
Appropriate directors’ and officers’ liability insurance cover is in place in respect of all the Group’s directors.
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STREVENS VEHICLES HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
On 7 January 2025 a dividend totalling £125,000 was declared and paid in relation to the Ordinary B shares. On 9 June 2025 a dividend totalling £109,250 was declared and paid in relation to the Ordinary B shares, a dividend totalling £284,500 was declared and paid in relation to the Ordinary C shares and a dividend totalling £251,250 was declared and paid in relation to the Ordinary F shares.
On 12 September 2025, Ford & Slater signed for the purchase of the Sheffield freehold dealership located at Orgreave Drive, Sheffield for a consideration of £1,100,000. The completion date has been agreed as 29 September 2025. As the purchase was agreed and completed after the balance sheet date, no adjustment has been made to the financial statements for the year ended 31 December 2024. There have been no further significant events affecting the Group since the year end.
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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STREVENS VEHICLES HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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STREVENS VEHICLES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STREVENS VEHICLES HOLDINGS LIMITED
We have audited the financial statements of Strevens Vehicles Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of 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).
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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 Group's or the parent 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.
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STREVENS VEHICLES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STREVENS VEHICLES HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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STREVENS VEHICLES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STREVENS VEHICLES HOLDINGS LIMITED (CONTINUED)
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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud;
∙enquiry of entity staff in tax and compliance functions and external advisors to identify any instances of non compliance with laws and regulations;
∙performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for bias;
∙reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud; and
∙reviewing minutes of meetings of those charged with governance.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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STREVENS VEHICLES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STREVENS VEHICLES HOLDINGS LIMITED (CONTINUED)
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.
Shelley Harvey FCCA (Senior Statutory Auditor) for and on behalf of MHA, Statutory Auditor, Leicester, United Kingdom Date: MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
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STREVENS VEHICLES HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 16
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STREVENS VEHICLES HOLDINGS LIMITED
REGISTERED NUMBER: 02692287
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
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STREVENS VEHICLES HOLDINGS LIMITED
REGISTERED NUMBER: 02692287
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 26 to 55 form part of these financial statements.
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STREVENS VEHICLES HOLDINGS LIMITED
REGISTERED NUMBER: 02692287
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
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STREVENS VEHICLES HOLDINGS LIMITED
REGISTERED NUMBER: 02692287
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 26 to 55 form part of these financial statements.
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STREVENS VEHICLES HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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STREVENS VEHICLES HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 22
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STREVENS VEHICLES HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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STREVENS VEHICLES HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 24
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STREVENS VEHICLES HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 25
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The principal activity of the Group throughout the year was the sale and provision of services in respect of commercial vehicles, the manufacture of specialist truck bodies, the sale of spare parts for commercial vehicles and trailers, and the contract hire of commercial vehicles.
The principal activity of the Company continues to be that of holding the Group's properties and ownership of the shares in Ford & Slater Limited, and Massey Truck Engineering Limited. The Company is a private company limited by shares and is incorporated and domiciled in the United Kingdom. The address of its registered office is Hazel Drive, Narborough Road South, Leicester, England, LE3 2JG. The Company registration number is 02692287.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The financial statements have been presented in British Pound Sterling (£).
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.
Page 26
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Group meets its day-to-day working capital requirements through its bank facilities and dealer stocking plan provided by PACCAR. Current and future economic conditions are considered by the directors when assessing the level of demand for the Group's products and services and the availability of bank finance and manufacturer finance for the foreseeable future.
At 31 December 2024, the Company had net assets of £9.0 million (2023: £9.2 million) whilst the Group had a net asset position of £38.9 million (2023: £35.1 million). The Group forecast, taking account of reasonably possible changes in trading performance, show that the Group should be able to operate within the level of its current facilities. After making enquiries, the directors have a reasonable expectation that the Group and the Company have adequate resources to continue in operational existence for the foreseeable future. The Group and the Company therefore continue to adopt the going concern basis in preparing its financial statements.
The Company has taken advantage if the following exemptions:
(i) from preparing a statement of cashflows, on the basis it is a qualifying entity and the Consolidated Statement of Cashflows, included in these financial statements, includes the Company's cash flows; (ii) from the financial instrument disclosures, required under FRS 102 paragraphs 11.39 to 11.48A and paragraphs 12.26 to 12.29, as the information is provided in the consolidated financial statement disclosures; and (iii) from disclosing the Company key management personnel compensation, as required by FRS 102 paragraph 33.7.
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The revenue shown in the Consolidated Statement of Comprehensive Income represents amounts receivable or received for goods and services provided during the year, net of value added tax and trade discounts.
Vehicle and part sales are recognised when the risk and rewards of ownership are transferred to the customer and the Group has fulfilled is performance obligations, typically this is upon delivery and acceptance of the goods by the customer. Timing differences between this date and the raising of sales invoices are recognised within deferred and accrued income. Sales in relation to repairs/servicing are recognised once the work has been completed and the work has been accepted by the customer. Timing differences between this date and the raising of sales invoices are recognised within deferred and accrued income. Sales in relation to repair and maintenance contracts are recognised in line with the completion of the contractual obligations of the Group under these agreements. The performance of these contracts is monitored on a regular basis by management to ensure that the expected costs to be incurred are adequately covered by deferred income or future contract payments from the customer. When the contract is completed, any remaining deferred revenue is released. Provisions for loss making contracts are recognised as soon as they are identified and where the outcome of the contract can be predicted with reasonable certainty. Where the degree of certainty over future costs cannot be predicted with a reasonable degree of accuracy, no provisions are made. Amounts received in excess of work performed are shown within deferred income in the Consolidated Balance Sheet.
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Assets obtained under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charge to the Consolidated Statement of Comprehensive Income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Defined benefit pension plan
Page 30
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Goodwill
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Page 31
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Comprehensive Income.
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. In general, cost is determined on a first in first out basis.
Work in progress is valued on the basis of direct cost plus attributable overheads at normal levels of activity. No element of profit is included in the valuation of work in progress. Finished goods include the cost of materials, labour and attributable overheads at normal levels of activity. Where necessary, provision is made for obsolete and slow moving stocks. Amounts receivable under manufacture incentive agreements are recognised when the Group has achieved the criteria set out therein and agreement has been reached with the manufacturer for reimbursement. When amounts received relate directly to stock purchases made, which are still held by the Group, they are netted against the value of the remaining stock rather than being recognised as income within the consolidated financial statements.
Page 32
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations might be small. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.
The Group provides a range of benefits to employees, including bonus arrangements, paid holidays and pensions. Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the employee service is performed.
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price, net of transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. (i) Useful economic lives of intangible assets The annual amortisation charge for intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, market value, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the intangible assets, and note 2.14 for the useful economic lives for each class of assets. (ii) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, market value, economic utilisation and the physical condition of the assets. See note 14 for the carrying amount of the property, plant and equipment, and note 2.15 for the useful economic lives for each class of assets. (iii) Stock provisioning The Group holds stocks of vehicles and parts, which are subject to changing customer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. See note 16 for the net carrying amount of the stock and associated provision. (iv) Defined benefit pension schemes The Group has obligations to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including: life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation/asset in the balance sheet. The assumptions reflect historical experience and current trends. See note 28 for the disclosures relating to the defined benefit pension schemes.
Page 35
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
3.Judgements in applying accounting policies (continued)
Analysis of turnover by country of destination:
Page 36
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 37
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 38
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future tax charges.
Page 39
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 40
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 41
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
14.Tangible fixed assets (continued)
Page 42
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 43
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 44
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 45
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group has provided Barclays Bank Plc with fixed and floating security in relation to term loan and revolver bank facilities to the Group.
The Company has provided the Homes and Communities Agency with fixed security over specific land and buildings in relation to potential further overage which may become payable during the overage period which runs to 2036. The Group term loan of £1,550,000 (2024 - £3,750,000) accrues interest on a floating basis equal to the Bank of England Base Rate plus a margin of 3.25%. The Group term loan is repayable within five years. Amounts due under hire purchase agreements are secured against the assets to which they relate.
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group operates a Defined Benefit Pension Scheme.
(i) Pensions
The Group operates two defined benefit pension schemes, namely the Ford & Slater Pension Scheme and the Ford & Slater No. 2 Pension Scheme (together "the schemes"), both of which are closed to new entrants. The contributions to the schemes are determined with the advice of independent qualified actuaries on the basis of triennial valuations using the projected unit method. The Group offers membership of a defined contribution pension scheme to employees who are not members of the defined benefit pension schemes. Contributions of £1,792,000 (2023 - £1,673,000) were paid into the defined contribution pension schemes during the year. (ii) Financial Reporting Standard 102 (FRS 102), Paragraph 28 'Defined benefit plans' For the purpose of FRS 102 the company has presented the amounts recognised in the Statement of Comprehensive Income and Balance Sheet for the Ford & Slater Pension Scheme and the Ford & Slater No. 2 Pension Scheme on a combined basis, in line with paragraph 28.41 of FRS 102. There is no legal right of set off between the two defined benefit pension schemes, but the directors consider the combined presentation basis to be the most appropriate for the purposes of FRS 102. The Company made regular contributions of 26.2% of pensionable salary above the lower earnings limit into the Ford & Slater Pension Scheme. With effect from 1 July 2023, the group made regular contributions of 25.8% of pensionable salary above the lower earnings limit into the Ford & Slater Pension Scheme in line with the new schedule of contributions agreed as part of the 6 April 2022 actuarial valuation; the group will also pay £200,000 per annum towards scheme administration costs. With effect from 1 August 2024 the Group has made regular contributions of 17.6% of total pensionable salaries into the Ford & Slater No. 2 Pension Scheme, in line with the new schedule of contributions that was put in place following the finalisation of the 1 May 2023 actuarial valuation. Regular employer contributions in 2025 are estimated to be £600,000 for the two schemes. Deficit reduction contributions equal to £4,167 per month, or £50,000 per annum, were agreed under the recovery plan of the Ford & Slater No. 2 Pension Scheme which came into effect from 1 June 2021 onwards. Following the finalisation of the 1 May 2023 actuarial valuation in July 2024, no recovery plan or deficit reduction contributions are needed in relation to the scheme. Certain key financial information as at 31 December 2024, by individual defined benefit pension scheme, is as follows:
∙The Ford & Slater Pension Scheme fair value of scheme assets and FRS 102 net pension scheme asset (within the company balance sheet) were £22,800,000 (2023 - £24,200,000) and £4,200,000, (2023 - £3,000,000) respectively; and
∙The Ford & Slater No. 2 Pension Scheme fair value of scheme assets and FRS 102 net pension scheme asset (within the company balance sheet) were £10,000,000 (2023 - £9,800,000) and £5,600,000 (2023 - £4,700,000), respectively.
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
28.Pension commitments (continued)
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
28.Pension commitments (continued)
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
28.Pension commitments (continued)
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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STREVENS VEHICLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
On 12 September 2025, Ford & Slater signed for the purchase of the Sheffield freehold dealership located at Orgreave Drive, Sheffield for a consideration of £1,100,000. The completion date has been agreed as 29 September 2025. As the purchase was agreed and completed after the balance sheet date, no adjustment has been made to the financial statements for the year ended 31 December 2024. There have been no further significant events affecting the Group since the year end.
Mr T M Strevens and Mr
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