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2024-12-31
COMPANY REGISTRATION NUMBER: NI037684
John Mulholland Motors Limited
Financial Statements
31 December 2024
John Mulholland Motors Limited
Financial Statements
Year ended 31 December 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
6
Consolidated statement of income and retained earnings
11
Company statement of income and retained earnings
12
Consolidated statement of financial position
13
Company statement of financial position
14
Consolidated statement of cash flows
15
Notes to the financial statements
16
John Mulholland Motors Limited
Officers and Professional Advisers
The board of directors
Mrs A Mulholland
Ms S Mulholland
Registered office
211a Castle Road
Randalstown
Antrim
BT41 2EB
Auditor
Maneely Mc Cann Chartered Accountants
Chartered accountants & statutory auditor
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
Bankers
Danske Bank
Ballymena Finance Centre
18 Ballymoney Road
Ballymena
BT43 5BY
Solicitors
Johns Elliot
40 Linenhall Street
Belfast
BT2 8BA
John Mulholland Motors Limited
Strategic Report
Year ended 31 December 2024
The principal activity of the group during the year continues to be the retail of new and used motor vehicles. The group has achieved a pre tax profit for the year of £893,631 (2023: £547,610) on a turnover of £34,377,613 (2023: £30,480,334). At the year end net assets of the group were £12,210,688 (2023: £11,879,203). Overall the directors are satisfied with the group's results. The group is well placed to deal with any uncertainties that may arise, and the directors continue to be involved in prudent business planning and working closely with the group's key stakeholders.
Future developments
The external commercial environment in which the group operates is expected to remain competitive. The directors will aim to ensure the group is well placed to retain its market position.
Principle risks and uncertainties
The group's retail business is sensitive to consumer spending habits, inflation and increased costs. The directors are aware that any plans for development of the business may be subject to unforeseen future events outside of their control. The directors however focus strongly on managing and mitigating these risks as well as exploring new opportunities for business.
Financial risk management
The group's operations expose it to a variety of financial risks that include that effect of changes in market debt prices, credit risk, liquidity risk and interest rate risk. The group has in place a risk management programme that seeks to limit the adverse effect on the financial performance of the company by monitoring levels of debt finance and the related finance costs. Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub committee of the board. The policies set by the board of directors are implemented by the group's finance department. Foreign exchange risk While the greater part of the group's revenues and expenses are denominated in sterling, the group is exposed to some foreign exchange risk in the normal course of business. While the group has not used financial instruments to date to hedge foreign exchange exposure, this position is kept constantly under review. Credit risk The group has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board. Liquidity risk The group actively maintains short term debt finance that is designed to ensure that the group has sufficient available funds for operations and planned expansions. Interest rate risk The group has interest bearing liabilities in the form of consignment stock and has a policy of maintaining debt at competitive rates to ensure a reasonable degree of certainty over future interest cash flows. The directors will revisit the appropriateness of this policy should the group's operations change in size or nature.
This report was approved by the board of directors on 20 August 2025 and signed on behalf of the board by:
Ms S Mulholland
Director
Registered office:
211a Castle Road
Randalstown
Antrim
BT41 2EB
John Mulholland Motors Limited
Directors' Report
Year ended 31 December 2024
The directors present their report and the financial statements of the group for the year ended 31 December 2024 .
Directors
The directors who served the company during the year were as follows:
Mrs A Mulholland
Ms S Mulholland
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 group and the company and the profit or loss of the group 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; - 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
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 20 August 2025 and signed on behalf of the board by:
Ms S Mulholland
Director
Registered office:
211a Castle Road
Randalstown
Antrim
BT41 2EB
John Mulholland Motors Limited
Independent Auditor's Report to the Members of John Mulholland Motors Limited
Year ended 31 December 2024
Opinion
We have audited the financial statements of John Mulholland Motors Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
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 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 opinion.
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 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.
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. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
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 have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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 strategic report or the directors' report. 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: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
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 group's and the parent 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 group or the parent 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 In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: - the nature of the industry and sector, control environment and business performance including the design of the Group's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets; - results of our enquiries of management about their own identification and assessment of the risks of irregularities; - any matters we identified having obtained and reviewed the Group'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; - the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. In common with all audits under ISAs (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 regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006 and Taxation Legislation. Audit response to 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 external legal counsel concerning actual and potential litigation and claims; - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; - reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and - in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in new making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 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.
Cathal Maneely
(Senior Statutory Auditor)
For and on behalf of
Maneely Mc Cann Chartered Accountants
Chartered accountants & statutory auditor
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
20 August 2025
John Mulholland Motors Limited
Consolidated Statement of Income and Retained Earnings
Year ended 31 December 2024
2024
2023
Note
£
£
Turnover
4
34,377,613
30,480,334
Cost of sales
31,473,147
27,828,059
-------------
-------------
Gross profit
2,904,466
2,652,275
Administrative expenses
2,110,673
2,185,504
Other operating income
5
42,709
42,664
------------
------------
Operating profit
6
836,502
509,435
Other interest receivable and similar income
10
108,782
66,078
Interest payable and similar expenses
11
51,653
27,903
------------
------------
Profit before taxation
893,631
547,610
Tax on profit
12
190,146
151,583
---------
---------
Profit for the financial year and total comprehensive income
703,485
396,027
---------
---------
Dividends paid and payable
13
( 372,000)
( 312,000)
Retained earnings at the start of the year
11,669,203
11,585,176
-------------
-------------
Retained earnings at the end of the year
12,000,688
11,669,203
-------------
-------------
All the activities of the group are from continuing operations.
John Mulholland Motors Limited
Company Statement of Income and Retained Earnings
Year ended 31 December 2024
2024
2023
Note
£
£
Profit for the financial year and total comprehensive income
703,734
404,080
Dividends paid and payable
13
( 372,000)
( 312,000)
Retained earnings at the start of the year
11,686,032
11,593,952
-------------
-------------
Retained earnings at the end of the year
12,017,766
11,686,032
-------------
-------------
John Mulholland Motors Limited
Consolidated Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
15
3,656,398
3,762,970
Current assets
Stocks
16
8,795,688
6,633,717
Debtors
17
507,050
494,867
Cash at bank and in hand
2,765,089
3,928,761
-------------
-------------
12,067,827
11,057,345
Creditors: amounts falling due within one year
18
3,486,122
2,860,750
-------------
-------------
Net current assets
8,581,705
8,196,595
-------------
-------------
Total assets less current liabilities
12,238,103
11,959,565
Provisions
19
27,415
80,362
-------------
-------------
Net assets
12,210,688
11,879,203
-------------
-------------
Capital and reserves
Called up share capital
22
210,000
210,000
Profit and loss account
23
12,000,688
11,669,203
-------------
-------------
Shareholders funds
12,210,688
11,879,203
-------------
-------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 20 August 2025 , and are signed on behalf of the board by:
Ms S Mulholland
Director
Company registration number: NI037684
John Mulholland Motors Limited
Company Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
15
3,656,398
3,762,970
Current assets
Stocks
16
6,865,445
5,859,964
Debtors
17
2,451,492
1,276,158
Cash at bank and in hand
2,753,575
3,928,458
-------------
-------------
12,070,512
11,064,580
Creditors: amounts falling due within one year
18
3,471,729
2,851,156
-------------
-------------
Net current assets
8,598,783
8,213,424
-------------
-------------
Total assets less current liabilities
12,255,181
11,976,394
Provisions
19
27,415
80,362
-------------
-------------
Net assets
12,227,766
11,896,032
-------------
-------------
Capital and reserves
Called up share capital
22
210,000
210,000
Profit and loss account
23
12,017,766
11,686,032
-------------
-------------
Shareholders funds
12,227,766
11,896,032
-------------
-------------
The profit for the financial year of the parent company was £ 703,734 (2023: £ 404,080 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 20 August 2025 , and are signed on behalf of the board by:
Ms S Mulholland
Director
Company registration number: NI037684
John Mulholland Motors Limited
Consolidated Statement of Cash Flows
Year ended 31 December 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
703,485
396,027
Adjustments for:
Depreciation of tangible assets
122,885
130,343
Other interest receivable and similar income
( 108,782)
( 66,078)
Interest payable and similar expenses
51,653
27,903
Gains on disposal of tangible assets
–
( 52,286)
Tax on profit
190,146
151,583
Accrued (income)/expenses
( 46,775)
100,029
Changes in:
Stocks
( 2,161,971)
( 1,440,990)
Trade and other debtors
( 12,183)
( 221,077)
Trade and other creditors
543,541
347,087
------------
------------
Cash generated from operations
( 718,001)
( 627,459)
Interest paid
( 51,653)
( 27,903)
Interest received
108,782
66,078
Tax paid
( 86,637)
( 100,705)
---------
---------
Net cash used in operating activities
( 747,509)
( 689,989)
---------
---------
Cash flows from investing activities
Purchase of tangible assets
( 16,313)
( 494,976)
Proceeds from sale of tangible assets
–
127,109
---------
---------
Net cash used in investing activities
( 16,313)
( 367,867)
---------
---------
Cash flows from financing activities
Proceeds from borrowings
( 27,850)
( 12,832)
Dividends paid
( 372,000)
( 312,000)
---------
---------
Net cash used in financing activities
( 399,850)
( 324,832)
---------
---------
Net decrease in cash and cash equivalents
( 1,163,672)
( 1,382,688)
Cash and cash equivalents at beginning of year
3,928,761
5,311,449
------------
------------
Cash and cash equivalents at end of year
2,765,089
3,928,761
------------
------------
John Mulholland Motors 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 Northern Ireland. The address of the registered office is 211a Castle Road, Randalstown, Antrim, BT41 2EB.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of John Mulholland Motors Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
All fixed assets are initially recorded at cost. Land and buildings Land and buildings, other than investment properties, are revalued in accordance with FRS 102. Any surpluses or deficits thereon are credited/debited to a revaluation reserve. Deficits arising are charged to the profit and loss account if not exceeded by previous revaluation surpluses and if the deficit is not considered to be temporary. The annual depreciation charge which would be necessary to write down the book value of the assets to residual value is considered to be immaterial and is therefore not provided for.
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:
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Computer equipment
-
33% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Retail stock Retail stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Development property stock Development property stock is stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each property to its present location and condition. Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal. Service department work in progress Service department work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of service department work in progress.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
34,377,613
30,480,334
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Rental income
42,709
42,664
--------
--------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
122,885
130,343
Gains on disposal of tangible assets
–
( 52,286)
Impairment of trade debtors
2,030
1,325
Operating lease rentals
–
( 330)
Foreign exchange differences
( 384)
32
---------
---------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
8,395
13,788
-------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Administrative staff
49
57
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
1,051,809
1,089,676
Social security costs
141,693
143,602
Other pension costs
28,836
29,735
------------
------------
1,222,338
1,263,013
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
91,737
82,820
Company contributions to defined contribution pension plans
1,363
1,321
--------
--------
93,100
84,141
--------
--------
10. Other interest receivable and similar income
2024
2023
£
£
Interest on loans and receivables
–
377
Interest on cash and cash equivalents
108,782
65,701
---------
--------
108,782
66,078
---------
--------
11. Interest payable and similar expenses
2024
2023
£
£
Other interest payable and similar charges
51,653
27,903
--------
--------
12. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
247,051
86,637
Adjustments in respect of prior periods
( 3,958)
–
---------
--------
Total current tax
243,093
86,637
---------
--------
Deferred tax:
Origination and reversal of timing differences
( 54,592)
45,659
Impact of change in tax rate
1,645
19,287
--------
--------
Total deferred tax
( 52,947)
64,946
---------
---------
Tax on profit
190,146
151,583
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 23.50 %).
2024
2023
£
£
Profit on ordinary activities before taxation
893,631
547,610
---------
---------
Profit on ordinary activities by rate of tax
223,471
130,695
Adjustment to tax charge in respect of prior periods
( 3,958)
–
Effect of expenses not deductible for tax purposes
–
18,378
Effect of capital allowances and depreciation
23,580
( 62,436)
Origination and reversal of timing differences
( 52,947)
64,946
---------
---------
Tax on profit
190,146
151,583
---------
---------
13. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
372,000
312,000
---------
---------
14. Intangible assets
Group and company
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
200,000
---------
Amortisation
At 1 January 2024 and 31 December 2024
200,000
---------
Carrying amount
At 1 January 2024 and 31 December 2024
–
---------
At 31 December 2023
–
---------
15. Tangible assets
Group and company
At 1 January 2024
Additions
At 31 December 2024
£
£
£
Cost
Freehold property
3,177,788
–
3,177,788
Plant and machinery
494,598
3,711
498,309
Fixtures and fittings
628,717
6,421
635,138
Motor vehicles
546,534
4,279
550,813
Equipment
142,859
1,902
144,761
------------
--------
------------
4,990,496
16,313
5,006,809
------------
--------
------------
At 1 January 2024
Charge for the year
At 31 December 2024
£
£
£
Depreciation
Freehold property
–
–
–
Plant and machinery
382,333
22,797
405,130
Fixtures and fittings
484,067
29,500
513,567
Motor vehicles
245,893
60,936
306,829
Equipment
115,233
9,652
124,885
------------
---------
------------
1,227,526
122,885
1,350,411
------------
---------
------------
At 31 December 2024
At 31 December 2023
£
£
Carrying amount
Freehold property
3,177,788
3,177,788
Plant and machinery
93,179
112,265
Fixtures and fittings
121,571
144,650
Motor vehicles
243,984
300,641
Equipment
19,876
27,626
------------
------------
3,656,398
3,762,970
------------
------------
16. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,196,175
1,192,845
1,196,175
1,192,845
Work in progress
1,964,855
803,998
34,612
30,245
Finished goods and goods for resale
5,634,658
4,636,874
5,634,658
4,636,874
------------
------------
------------
------------
8,795,688
6,633,717
6,865,445
5,859,964
------------
------------
------------
------------
Stocks include £1,124,730 (2023: £946,366) of new vehicle consignment stock. The corresponding liability to the manufacturer is included within creditors.
17. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
203,872
345,618
203,872
345,618
Amounts owed by group undertakings
–
–
1,944,442
781,291
Prepayments and accrued income
247,614
140,619
247,614
140,619
Other debtors
55,564
8,630
55,564
8,630
---------
---------
------------
------------
507,050
494,867
2,451,492
1,276,158
---------
---------
------------
------------
18. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
2,698,613
2,360,857
2,689,140
2,357,616
Accruals and deferred income
162,254
189,029
153,254
180,029
Corporation tax
243,093
86,637
243,093
86,637
Social security and other taxes
273,134
99,241
277,314
101,988
Director loan accounts
5,938
33,788
5,938
33,788
Other creditors
103,090
91,198
102,990
91,098
------------
------------
------------
------------
3,486,122
2,860,750
3,471,729
2,851,156
------------
------------
------------
------------
19. Provisions
Group and company
Deferred tax (note 20)
£
At 1 January 2024
80,362
Charge against provision
( 52,947)
--------
At 31 December 2024
27,415
--------
20. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 19)
27,415
80,362
27,415
80,362
--------
--------
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
27,415
80,362
27,415
80,362
--------
--------
--------
--------
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 28,836 (2023: £ 29,735 ).
22. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares shares of £ 1 each
210,000
210,000
210,000
210,000
---------
---------
---------
---------
23. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
24. Analysis of changes in net debt
At 1 Jan 2024
Cash flows
At 31 Dec 2024
£
£
£
Cash at bank and in hand
3,928,761
(1,163,672)
2,765,089
Debt due within one year
(33,788)
27,850
(5,938)
------------
------------
------------
3,894,973
( 1,135,822)
2,759,151
------------
------------
------------
John Mulholland Motors Limited
Notes to the Financial Statements (continued)
Year ended 31 December 2024
25. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company and its subsidiary undertakings:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs A Mulholland
( 31,724)
( 147,986)
174,155
( 5,555)
Ms S Mulholland
( 2,064)
( 8,385)
10,066
( 383)
--------
---------
---------
-------
( 33,788)
( 156,371)
184,221
( 5,938)
--------
---------
---------
-------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs A Mulholland
( 54,148)
( 121,000)
143,424
( 31,724)
Ms S Mulholland
7,528
10,981
( 20,573)
( 2,064)
--------
---------
---------
--------
( 46,620)
( 110,019)
122,851
( 33,788)
--------
---------
---------
--------
26. Related party transactions
Group
Control The company was under the control of Mrs A Mulholland throughout the current and previous year.