North Wales Motor Company Limited 31/12/2024 iXBRL

Company registration number: 07863221

North Wales Motor Company Limited

Financial statements

31 December 2024

North Wales Motor Company Limited

Contents

Directors and other information

Directors report

Independent auditor's report to the members

Statement of financial position

Statement of changes in equity

Notes to the financial statements

North Wales Motor Company Limited

Directors and other information


Directors	M D Blagden
	P M Gardner	(Appointed 3 September 2024)
	G Davies	(Appointed 20 June 2025)


Secretary	P M Gardner


Company number	07863221


Registered office	Argyll Road
	Llandudno
	Conwy
	LL30 1DF


Business address	North Wales Motor Company Limited
	Argyll Road
	Llandudno
	Conwy
	LL301DF


Auditor	Cooper Parry Group Limited
	St James's Building
	79 Oxford Street
	Manchester
	M1 6HT


Accountants	Real Time Accountants Limited
	16 Coed Pella Road
	Colwyn Bay
	Conwy
	LL29 7BA

North Wales Motor Company Limited

Directors report

Year ended 31 December 2024

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

Principal activites

The principal activity of the company continued to be that of the sale of new and used cars and light motor vehicles, as well as maintenance and repairs of motor vehicles.

Directors

The directors who served the company during the year were as follows:


M D Blagden
P M Gardner				(Appointed 3 September 2024)
D T Paveley				(Resigned 22 November 2024)
G Davies				(Appointed 20 June 2025)

Statement of disclosure to auditor

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

Directors responsibilities statement

The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

Cooper Parry Group Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Small company provisions

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

This report was approved by the board of directors on 17 September 2025 and signed on behalf of the board by:

P M Gardner

Director

North Wales Motor Company Limited

Independent auditor's report to the members of

North Wales Motor Company Limited

Year ended 31 December 2024

Qualified opinion

We have audited the financial statements of North Wales Motor Company Limited (the 'company') for the year ended 31 December 2024 which comprise the income statement, statement of financial position, statement of changes in equity and notes to the financial statements, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, except for the effects of the matter described in the basis for qualified opinion section of our report, the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion

We were not appointed as auditor of the company until after 31 December 2023 and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2023, which are included in the balance sheet at £1,472,142, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.

As opening inventories enter into the determination of the results of operations and cash flows, we were unable to determine whether adjustments might be necessary in respect of the profit/loss for the year reported in the Statement of Comprehensive Income, the Statement of Financial Position, and the related notes.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Key audit matters

Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other Information

The 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. 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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities held at 31 December 2023 of £1,472,142. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

- the information given in the 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 strategic report and the directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

Arising solely from the limitation on the scope of our work relating to inventory, referred to above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records had been maintained.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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:

Identifying and assessing potential risks related to irregularities

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:-

In identifying and assessing risks of material misstatement in respect if irregularities, including fraud, we considered the following:

- the nature of the industry and sector, control environment and business performance.

- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance.

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud.

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and

- the matters discussed amount the audit engagement team and involving the relevant internal specialists, including tax and industry specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: valuation of used vehicle stocks; and recognition of supplier incentives. In common with all audits under ISA's (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regularity frameworks that the company operates in, focussing on provisions of those laws and regulations that had a direct effect in the determination of material amounts and the disclosures in the financial statements. The key laws and regulations considered in this context included in the UK Companies Act and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included the company's FCA regulatory requirements.

Response to audit risks identified

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.

- enquiring of management and those charged with governance concerning actual and potential litigation claims.

- in addressing the risk of fraud through inappropriate valuation of used vehicle inventory, assessing net realisable value of stock items sold after the year end was above cost or assessing their value with reference to third party data sources if unsold.

- in addressing the risk of fraud through inappropriate recording of supplier incentives, ensuring amounts recorded as due were then subsequently acknowledged as such by the supplier.

- in assessing the risk of fraud through management override of controls, testing the appropriateness of journal entries, and assessing whether judgements made in making accounting estimates are indicative of potential bias.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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 auditors 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.

Ian McMahon FCCA FMAAT (Senior Statutory Auditor)

Date: ....................................

For and on behalf of

Cooper Parry Group Limited

St James's Building

79 Oxford Street

Manchester

M1 6HT

17 September 2025

North Wales Motor Company Limited

Statement of financial position

31 December 2024

		2024		2023 (restated)
	Note	£	£	£	£

Fixed assets
Tangible assets		1,466,977		537,801
		_______		_______
			1,466,977		537,801

Current assets
Stocks	10	2,542,676		1,472,142
Debtors	11	482,785		410,697
Cash at bank and in hand		1,789		-
		_______		_______
		3,027,250		1,882,839
Creditors: amounts falling due
within one year	12	( 3,527,068)		( 2,401,414)
		_______		_______
Net current liabilities			( 499,818)		( 518,575)
			_______		_______
Total assets less current liabilities			967,159		19,226

Creditors: amounts falling due
after more than one year	13		( 704,963)		( 98,053)

Provisions for liabilities			( 96,428)		( 31,620)

			_______		_______
Net assets/(liabilities)			165,768		( 110,447)
			_______		_______

Capital and reserves
Called up share capital	14		614,286		214,286
Revaluation reserve			140,389		-
Profit and loss account			( 588,907)		( 324,733)
			_______		_______
Shareholders funds/(deficit)			165,768		( 110,447)
			_______		_______

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements were approved by the board of directors and authorised for issue on 17 September 2025 , and are signed on behalf of the board by:

P M Gardner

Director

Company registration number: 07863221

North Wales Motor Company Limited

Statement of changes in equity

Year ended 31 December 2024

	Called up share capital	Revaluation reserve	Profit and loss account	Total
	£	£	£	£


At 1 January 2023	214,286	-	103,227	317,513

Loss for the year			( 427,960)	( 427,960)
	_______	_______	_______	_______
Total income for the year	-	-	( 427,960)	( 427,960)

At 31 December 2023 (as previously reported)	214,286	-	125,272	339,558
Prior period adjustments	(-)	(-)	(450,005)	(450,005)
	_______	_______	_______	_______
At 31 December 2023 (restated) and 1 January 2024	214,286	-	( 324,733)	( 110,447)

Loss for the year			( 264,174)	( 264,174)
Other income for the year:
Revaluation of tangible assets		140,389		140,389
	_______	_______	_______	_______
Total income for the year	-	140,389	( 264,174)	( 123,785)

Issue of shares	400,000			400,000
	_______	_______	_______	_______
Total investments by and distributions to owners	400,000	-	-	400,000

	_______	_______	_______	_______
At 31 December 2024	614,286	140,389	( 588,907)	165,768
	_______	_______	_______	_______

North Wales Motor Company Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is North Wales Motor Company Limited, Argyll Road, Llandudno, Conwy, LL30 1DF.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

After reviewing the company's forecasts and projections, the directors has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has support of the parent company, Premier Motors Llandudno Limited. Premier Motors Llandudno Limited is considered to have the ability to continue to support the company for at least the next 12 months.Thus, the directors continues to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

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

Any other manufacturer income in relation to achieving targets is recognised on an accrual basis. Servicing revenue is recognised on the completion of the agreed work.

Revenue from commission's receivable is recognised when the amount can be reliably measured and it is probable that the company will receive the consideration.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold property	-	not depreciated
Long leasehold property	-	not depreciated
Plant and machinery	-	15 %	reducing balance
Fittings fixtures and equipment	-	15 %	reducing balance
Motor vehicles	-	20 %	reducing balance
Computer equipment	-	15 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

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

Vehicles on consignment are recognised on the balance sheet where substantially all of the risks and rewards of ownership have passed to the company. Where vehicles have been consigned to the company but the manufacturer retains the risks and rewards of ownership, such stocks are not recognised on the balance sheet, but are disclosed as vehicles on consignment.

Cash and cash equivalents

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

Financial instruments

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

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

Equity instruments

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

Basic financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

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

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

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the costs of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment or to provide termination benefits.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

4. Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock valuation

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

Consignment stock

Consignment stock that is physically on the site at the year end has been included in the Statement of Financial Position on the grounds the company bears the risks and rewards of ownership attached to these vehicles. As such, the sale or return is deemed to be under the control of the company.

Property, plant and equipment

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 flows.

5. Employee numbers

The average number of persons employed by the company during the year amounted to 26 (2023: 27 ).

6. Loss before taxation

Loss before taxation is stated after charging/(crediting):

	2024	2023
	£	£
Depreciation of tangible assets	50,728	22,252
	_______	_______

7. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 January 2024 and 31 December 2024	20,000	20,000
	_______	_______
Amortisation
At 1 January 2024 and 31 December 2024	20,000	20,000
	_______	_______
Carrying amount
At 31 December 2024	-	-
	_______	_______
At 31 December 2023	-	-
	_______	_______

8. Tangible assets

	Freehold property	Long leasehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Computer equipment	Total
	£	£	£	£	£	£	£
Cost or valuation
At 1 January 2024	265,134	34,233	221,317	142,197	60,139	147,430	870,450
Additions	401,580	335,159	37,393	7,919	14,469	260	796,780
Disposals	-	( 1,254)	-	-	-	-	( 1,254)
Revaluation	187,186	-	-	-	-	-	187,186
Transfers	34,233	( 34,233)	-	-	-	-	-
	_______	_______	_______	_______	_______	_______	_______
At 31 December 2024	888,133	333,905	258,710	150,116	74,608	147,690	1,853,162
	_______	_______	_______	_______	_______	_______	_______
Depreciation
At 1 January 2024	68,970	7,584	66,122	63,912	7,761	118,300	332,649
Charge for the year	-	-	23,721	12,061	13,370	4,384	53,536
Transfers	7,584	( 7,584)	-	-	-	-	-
	_______	_______	_______	_______	_______	_______	_______
At 31 December 2024	76,554	-	89,843	75,973	21,131	122,684	386,185
	_______	_______	_______	_______	_______	_______	_______
Carrying amount
At 31 December 2024	811,579	333,905	168,867	74,143	53,477	25,006	1,466,977
	_______	_______	_______	_______	_______	_______	_______
At 31 December 2023	196,164	26,649	155,195	78,285	52,378	29,130	537,801
	_______	_______	_______	_______	_______	_______	_______

9. Tangible assets (continued)

The revaluation reserve represents the surplus which arose on the valuation of the freehold property held.

Land and buildings with a carrying amount of £800,000 were revalued at 25 July 2023 by Colliers, independent valuers not connected with the company on the basis of market value. The valuation conforms with RICS Red Book.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Freeho ld Property

2024 2023

£ £

Cost 700,947 265,134

Accumulated depreciation (68,970) (68,970)

_______ _______

Carrying value 631,977 196,164

_______ _______

10. Stocks

	2024	2023
	£	£
Parts and accessories	91,177	84,378
Vehicle stock	2,451,499	1,387,764
	_______	_______
	2,542,676	1,472,142
	_______	_______

Included within vehicle stocks is an amount of £251,842 (2023: £118,986) in relation to consignment stocking facilities.

11. Debtors

	2024	2023 (restated)
	£	£
Trade debtors	215,492	330,178
Other debtors	267,293	80,519
	_______	_______
	482,785	410,697
	_______	_______

12. Creditors: amounts falling due within one year

	2024	2023 (restated)
	£	£
Bank loans and overdrafts	384,131	441,810
Trade creditors	2,726,723	1,714,735
Amounts owed to group undertakings and undertakings in which the company has a participating interest	398,671	161,671
Accruals and deferred income	8,145	4,454
Social security and other taxes	-	5,600
Obligations under finance leases	9,398	17,843
Other creditors	-	55,301
	_______	_______
	3,527,068	2,401,414
	_______	_______

Included within trade creditors is an amount of £2,237,375 (2023: £1,626,713) in relation to the funding of vehicle stock. These amounts are secured by charges over stocks of new and used motor vehicles.

Also included within trade creditors is an amount of £302,210 (2023: £142,783) in relation to consignment stocking facilities.

13. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	670,977	54,669
Obligations under finance leases	33,986	43,384
	_______	_______
	704,963	98,053
	_______	_______

Security of loans

During the year a loan of £350,000 was made available from Hyundai Capital with a repayment date of November 2029. The loan will be repaid in equal monthly instalments over the period of the loan and bares interest of of 3.8% per annum above the Bank of England base rate. The loan is secured on the goods on which this loan relates to.

During the year a loan of £390,000 was made available from Clydesdale Bank PLC with a re-financing date of March 2029. The loan bares interest of 3.75% per annum above the Bank of England base rate. The loan is secured on the goods on which this loan relates to.

There is a loan of £100,000 which was made available from Clydesdale Bank PLC with a repayment date of April 2027. The loan bares interest to the aggregate of the applicable margin, fixed rate and mandatory costs.The loan is secured on the goods on which this loan relates to, a debenture from North Wales Motor Company Ltd and a guarantee by the directors.

There is a loan of £100,000 which was made available from Clydesdale Bank PLC with a repayment date of May 2025. The loan bares interest of 4.5% per annum above the Bank of England base rate.

The bank overdraft is secured by a fixed and floating charge over the assets of the company.

The vehicle funding is secured on the vehicles to which it relates.

14. Called up share capital

Authorised share capital

	2024		2023
	No	£	No	£
ordinary shares of £ 1.00 each	614,286	614,286	214,286	214,286
	_______	_______	_______	_______

Issued, called up and fully paid

	2024		2023
	No	£	No	£
ordinary shares of £ 1.00 each	614,286	614,286	214,286	214,286
	_______	_______	_______	_______

During the year, the Company issued an additional 400,000 ordinary shares of £1 each, fully paid, for total consideration of £400,000. These shares carry full voting rights and rank pari passu with the existing ordinary shares in respect of dividends and distributions on winding up.

15. Revaluation reserve

The revaluation reserve represents the cumulative effect of revaluations on freehold land and buildings.

16. Equity reserve

The profit and loss account includes all realised current and prior period retained profits and losses.

17. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


£	£

1,229,167	-
_______	_______

18. Other financial commitments

During the year, the company identified a lease arrangement relating to a vacant property where the unavoidable costs of meeting the lease obligations exceed the expected economic benefits. At the reporting end date the company had future minimum lease payments under non cancellable operating leases of £173,333 (2023: £253,333).

19. Related party transactions

Lindop Brothers (Queensferry) Limited - A company in which one of the directors hold directorship.

At the report date an amount of £398,860 (2023: £161,671) was due to Lindop Brothers (Queensferry) Limited.

Premier Motors Llandudno Limited - A company in which two of the directors hold directorship.

At the report date an amount of £8,811 (2023: £NIL) was due to Premier Motors Llandudno Limited.

Silverstone Rally School Limited - A company in which one of the directors hold directorship.

At the report date an amount of £11,586 was due to North Wales Motor Company Limited .

20. Controlling party

The immediate parent undertaking is Premier Motors Llandudno Limited. There is no ultimate controlling party as no individual owns more than 50% of the shares of the parent company.

21. Prior period errors

Changes to the balance sheet As previously reported Adjustment As restated at 31 Dec 2023

£ £ £

Tangible assets

Motor vehicles 103,585 (51,207) 52,378

Current assets

Debtors 567,920 (157,223) 410,697

Stocks 1,648,549 (176,407) 1,472,142

Creditors 2,336,246 (65,168) 2,401,414

_______ _______ _______

Changes to the profit and loss account As previously reported Adjustment As restated at 31 Dec 2023

£ £ £

Profit for the financial period 22,045 450,005 (427,960)

_______ _______ _______

The priod period adjustments relates to costs in relation to an existing lease, historic stock write downs of motor vehicles held in stock and the disposal of motor vehicles of a former director.