Lushington Hill Garage Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—5

1. General Information

Lushington Hill Garage Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02314935 . The registered office, and principal place of business, is Lushington Garage, Lushington Hill, Wootton Bridge, Isle Of Wight, PO33 4RD.

The presentational currency of the financial statements is Pound Sterling (£).

Amounts in these financial statements are rounded to the nearest £.

The principal activity of the company during the year under review was that of the operation of a motor dealership involving the sale, maintenance and repair of motor vehicles and the supply of related accessories.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Turnover

Turnover from the sale of goods is recognised in the Statement of Income and Retained Earnings, net of

discounts and value added tax, when the significant risks and rewards of ownership have been transferred to the

buyer. In general this occurs when vehicles or parts have been supplied or when a service has been completed.

Commission income is recognised on a receivable basis.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% straight line
Fixtures & Fittings	20% straight line
Computer Equipment	25% straight line

2.4. Stocks and Work in Progress

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving stock.

At each reporting date, stocks are assessed for impairment. lf stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Income and Retained Earnings.

2.5. Financial Instruments

The company only has basic financial instruments, which are recognised at amortised cost.

2.6. Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of lncome and

Retained Eamings, except to the extent that it relates to items recognised in Other Comprehensive Income or

directly in Equity.

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 reporting date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

reporting 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 the financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end date 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

...CONTINUED

Page 2

Page 3

Lushington Hill Garage Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Taxation - continued

will be recovered against the reversal of deferred tax liabilities or other future taxable proflts.

2.7. Pensions

The company operates a defined contribution plan for its employees. A deflned contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

2.8. Borrowing costs

All borrowing costs are recognised in the Statement of lncome and Retained Earnings in the year in which they are incurred.

2.9. Dividends

Equity dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 19 (2023: 18)

4. Tangible Assets

	Land & Buildings	Plant & Machinery etc.	Total
	£	£	£
Cost
As at 1 January 2024	36,096	535,109	571,205
Additions	-	4,555	4,555
Disposals	-	(1,890 )	(1,890 )

As at 31 December 2024	36,096	537,774	573,870

Depreciation
As at 1 January 2024	36,096	449,445	485,541
Provided during the period	-	25,180	25,180

As at 31 December 2024	36,096	474,625	510,721

Net Book Value
As at 31 December 2024	-	63,149	63,149

As at 1 January 2024	-	85,664	85,664

5. Stocks

	2024	2023
	£	£
Parts	55,816	51,343
Vehicles	1,729,619	1,355,575

	1,785,435	1,406,918

Page 3

Page 4

Lushington Hill Garage Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	54,114	103,440
Prepayments and accrued income	12,000	13,801
Other debtors	10,915	10,196
VAT	36,587	40,105
Amounts owed by group undertakings	106,223	100,948

	219,839	268,490

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	1,462,272	1,182,580
Corporation tax	13,308	4,297
Other taxes and social security	11,803	12,004
Other creditors	240	1,849
Accruals	10,096	9,171

	1,497,719	1,209,901

8. Secured Creditors

The vehicle funding included within trade creditors is secured on the vehicles to which it relates.

	2024		2023
	£		£
Trade Creditors	1,425,588		1,119,136

9. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	54,430	54,430

10. Pension Commitments

During the year the company made payments into a personal pension plan for one director and payments into a company stakeholder scheme for other staff. The contributions payable to these schemes amounted to £2,000 (2023: £2,000) and £8,795 (2023: £15,416) respectively.

There were no contributions payable to the fund at either reporting date.

11. Dividends

	2024	2023
	£	£
On equity shares:
Interim dividend paid	-	30,000

Page 4

Page 5

Lushington Hill Garage Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

12. Reserves

Capital redemption reserve

This reserve includes the nominal value of shares repurchased by the company.

Profit and loss account

This reserve includes all current and prior period retained profits and losses, less dividends paid

13. Related Party Transactions

Harwood Bros Motors (Wootton) Limited holds 63.24% of the company's share capital.

During the year rent and management charges of £61,000 (2023: £61,000) and £18,000 (2023: £18,000)

respectively were paid to, and purchases of £8,892 (2023: £8,513) were made from, Harwood Bros Motors

Wootton) Limited.

At the year end the company owed an amount of £2,299 (2023: £2,507) to Harwood Bros Motors (Wootton)

Limited in respect of trading balances.

At the year end the company was owed £1,293 (2023: £389) by Harwood Bros Motors (Wootton) Limited in respect of trading balances.

Included within debtors falling due within one year is an amount of £106,223 (2023: £100,948) due from Harwood Bros Motors (Wootton) Limited in respect of a short term unsecured loan. Interest received on this loan during the year amounted to £5,275 (2023: £948).

Dividends of £nil (2023: £9,527) were paid to the directors during the year.

14. Audit Information

The auditor's report on the accounts of Lushington Hill Garage Limited for the year ended 31 December 2024 was unqualified.

The auditor's report was signed by Paul Allan Byrne BA (Double Hons) FCA (Senior Statutory Auditor) for and on behalf of Ascendis Audit Limited , Statutory Auditor.

Ascendis Audit Limited

Unit 3, Building 2

The Colony, Altrincham Road

Wilmslow

Cheshire

SK9 4LY

Page 5

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		63,149		85,664

			63,149		85,664
CURRENT ASSETS
Stocks	5	1,785,435		1,406,918
Debtors	6	219,839		268,490
Cash at bank and in hand		456,758		454,692

		2,462,032		2,130,100
Creditors: Amounts Falling Due Within One Year	7	(1,497,719 )		(1,209,901 )

NET CURRENT ASSETS (LIABILITIES)			964,313		920,199

TOTAL ASSETS LESS CURRENT LIABILITIES			1,027,462		1,005,863

PROVISIONS FOR LIABILITIES
Deferred Taxation			(15,285 )		(20,882 )

NET ASSETS			1,012,177		984,981

CAPITAL AND RESERVES
Called up share capital	9		54,430		54,430
Capital redemption reserve			45,560		45,560
Profit and Loss Account			912,187		884,991

SHAREHOLDERS' FUNDS			1,012,177		984,981