REGISTERED NUMBER: 00864032 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

LESLIE'S SERVICE STATION LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

9

DIRECTOR:

G L Vanassche

SECRETARY:

L Vanassche

REGISTERED OFFICE:

341-351 Newport Road

Cowes

Isle of Wight

PO31 8PG

REGISTERED NUMBER:

00864032 (England and Wales)

AUDITORS:

Bright Brown Limited

Chartered Accountants

Statutory Auditor

Exchange House

St. Cross Lane

Newport

Isle of Wight

PO30 5BZ

FIXED ASSETS

Tangible assets

4

1,085,725

1,032,774

CURRENT ASSETS

Stocks

1,168,269

1,299,821

Debtors

5

1,586,598

1,420,538

Cash at bank and in hand

912,512

55,198

3,667,379

2,775,557

CREDITORS

Amounts falling due within one year

6

1,795,687

1,919,740

NET CURRENT ASSETS

1,871,692

855,817

TOTAL ASSETS LESS CURRENT LIABILITIES

2,957,417

1,888,591

CREDITORS

Amounts falling due after more than one year

7

(2,599,014

)

(1,551,588

)

PROVISIONS FOR LIABILITIES

(34,714

)

(33,038

)

NET ASSETS

323,689

303,965

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Retained earnings

273,689

253,965

323,689

303,965

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 September 2025 and were signed by:

G L Vanassche - Director

1.	STATUTORY INFORMATION

Leslie's Service Station 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements have been made by the directors in applying the company's accounting policies:

Consignment stock

New vehicles held on consignment are included in stocks where it is considered that the significant risks and rewards of ownership have passed to the company. The directors have assessed that this applies to Mazda vehicles held on consignment.

Stock valuation

Stock valuation is regularly monitored against the age profile and market demand. Management use a number of market tools during the appraisal process including CAP valuation guides. The director maintains oversight of ageing stock profiles and a monthly review of any provision required is performed.

Property, plant and equipment assets

At each reporting date, property, plant and equipment is assessed for any indication of impairment. If such indication exists, the recoverable amount of the asset is determined based on value in use calculations which require estimates to be made of future cash flow.

An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Brand incentives

The company receives income in the form of various incentives which are determined by the brand partners. The amount received is generally based on achieving specific objectives such as a specific sales volume, as well as other objectives including maintaining brand partner standards which may include, but are not limited to, retail centre image and design requirements, customer satisfactions survey results and training standards. Objectives are generally set and measured on either a quarterly or annual basis.

Where incentives are based on a specific sales volume or number of registrations, the related income is recognised as a reduction in cost of sales when it is reasonably certain that the income has been earned. This is generally the later of the date the related vehicles are sold or registered or when it is reasonably certain that the related target will be met. Where incentives are linked to retail centre image and design requirements, customer satisfaction survey results or training standards, they are recognised as a reduction in cost of sales when it is reasonably certain the incentive will be received for the relevant period.

The company may also receive contributions towards advertising, promotional and rent expenditure. Where such contributions are received they are recognised as a reduction in the related expenditure in the period to which they relate.

Turnover

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

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimate useful life:

Freehold property

-

2% on cost

Improvements to property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer Equipment

-

33% on reducing balance

The assets' residual values, useful lives, and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is 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 Income Statement.

Stocks

Stocks are valued 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, the stocks are assessed for impairment. If 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 Income Statement.

Consignment vehicles are regarded as being under the control of the company when significant risks and responsibilities of ownership are deemed to have passed to the company in accordance with FRS 102. These values are included with the stocks on the Statement of Financial Position, although legal title has not passed to the company. The corresponding liability is included as new vehicle funding and is recognised within trade creditors.

Financial instruments

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

Taxation

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

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 46 (2023 - 52 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 January 2024

659,417

794,286

543,457

Additions

-

106,600

23,304

Disposals

-

-

(156

)

At 31 December 2024

659,417

900,886

566,605

DEPRECIATION

At 1 January 2024

188,216

387,411

427,307

Charge for year

13,188

40,809

18,153

Eliminated on disposal

-

-

(68

)

At 31 December 2024

201,404

428,220

445,392

NET BOOK VALUE

At 31 December 2024

458,013

472,666

121,213

At 31 December 2023

471,201

406,875

116,150

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

210,403

15,396

2,222,959

Additions

-

2,453

132,357

Disposals

-

-

(156

)

At 31 December 2024

210,403

17,849

2,355,160

DEPRECIATION

At 1 January 2024

176,359

10,892

1,190,185

Charge for year

5,172

1,996

79,318

Eliminated on disposal

-

-

(68

)

At 31 December 2024

181,531

12,888

1,269,435

NET BOOK VALUE

At 31 December 2024

28,872

4,961

1,085,725

At 31 December 2023

34,044

4,504

1,032,774

5.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

66,569

36,299

Other debtors

537,801

525,106

604,370

561,405

Amounts falling due after more than one year:

Amounts owed by group undertakings

982,228

859,133

Aggregate amounts

1,586,598

1,420,538

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

10,291

10,036

Trade creditors

1,436,399

1,584,832

Taxation and social security

69,553

104,210

Other creditors

279,444

220,662

1,795,687

1,919,740

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

8,644

18,871

Amounts owed to group undertakings

2,590,370

1,532,717

2,599,014

1,551,588

8.	LEASING AGREEMENTS

At 31 December 2023, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £450 (2023: £4,055).

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Vehicle finance

1,304,631

1,465,085

1,304,631

1,465,085

The bank account is secured by a fixed charge over the property of the company together with a fixed and floating charge over all the assets of the company.

Trade creditors includes amounts due under manufacturer funding plans and consignment creditors which are secured against the relevant vehicles stocks and by way of a fixed and floating charge over the assets of the company.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Gavin Kelly ACA ACCA (Senior Statutory Auditor)

for and on behalf of Bright Brown Limited

11.	PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £19,609 (2023: £17,735). Contributions totalling £11,946 (2023: £12,510) were payable to the fund at the reporting date.

12.	CONTINGENT LIABILITIES

The company has an unlimited multilateral guarantee regarding the bank borrowings of fellow group companies. The contingent liability as at 31 December 2024 was £1,714,598 (2023: £590,719).

13.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

G L Vanassche

Balance outstanding at start of year

354,316

384,454

Amounts advanced

9,372

169,862

Amounts repaid

-

(200,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

363,688

354,316

14.	RELATED PARTY DISCLOSURES

The company is related to its 100% parent company, Leslies Motors Limited, and its 100% owned fellow subsidiary undertakings; Leslie's Car Sales (I.O.W) Limited, Leslies Isle of Wight Limited and Leslies (Ventnor) Limited

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102. 'The Financial Reporting Standard applicable in the Uk and Republic of Ireland', not to disclose related party transactions with these group companies.

All related party balances are disclosed in notes 6 and 8.