Read Hyundai Worksop Limited 10501122 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is that of a motor dealer and garage proprietor. Digita Accounts Production Advanced 6.30.9574.0 true false true 10501122 2024-01-01 2024-12-31 10501122 2024-12-31 10501122 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2024-12-31 10501122 core:RetainedEarningsAccumulatedLosses 2024-12-31 10501122 core:ShareCapital 2024-12-31 10501122 core:CurrentFinancialInstruments 2024-12-31 10501122 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 10501122 core:Non-currentFinancialInstruments 2024-12-31 10501122 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 10501122 core:Goodwill 2024-12-31 10501122 core:FurnitureFittings 2024-12-31 10501122 core:LandBuildings core:OwnedOrFreeholdAssets 2024-12-31 10501122 core:PlantMachinery 2024-12-31 10501122 bus:SmallEntities 2024-01-01 2024-12-31 10501122 bus:Audited 2024-01-01 2024-12-31 10501122 bus:FilletedAccounts 2024-01-01 2024-12-31 10501122 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 10501122 bus:RegisteredOffice 2024-01-01 2024-12-31 10501122 bus:Director1 2024-01-01 2024-12-31 10501122 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2024-01-01 2024-12-31 10501122 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 10501122 core:Goodwill 2024-01-01 2024-12-31 10501122 core:Buildings 2024-01-01 2024-12-31 10501122 core:FurnitureFittings 2024-01-01 2024-12-31 10501122 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 10501122 core:PlantMachinery 2024-01-01 2024-12-31 10501122 1 2024-01-01 2024-12-31 10501122 countries:England 2024-01-01 2024-12-31 10501122 2023-12-31 10501122 core:Goodwill 2023-12-31 10501122 core:FurnitureFittings 2023-12-31 10501122 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 10501122 core:PlantMachinery 2023-12-31 10501122 2023-01-01 2023-12-31 10501122 2023-12-31 10501122 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-12-31 10501122 core:RetainedEarningsAccumulatedLosses 2023-12-31 10501122 core:ShareCapital 2023-12-31 10501122 core:CurrentFinancialInstruments 2023-12-31 10501122 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 10501122 core:Non-currentFinancialInstruments 2023-12-31 10501122 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 10501122 core:Goodwill 2023-12-31 10501122 core:FurnitureFittings 2023-12-31 10501122 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 10501122 core:PlantMachinery 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10501122

Read Hyundai Worksop Limited
Filleted Financial Statements
for the Year Ended 31 December 2024

Read Hyundai Worksop Limited

Contents

Balance Sheet | 1
Notes to the Financial Statements | 2 to 7

Read Hyundai Worksop Limited

(Registration number: 10501122)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Intangible assets | 5 | 16,250 | 21,250
Tangible assets | 6 | 944,195 | 946,423
|  | 960,445 | 967,673
Current assets |  |  |
Stocks | 7 | 2,225,351 | 1,564,624
Debtors | 8 | 1,039,966 | 1,109,447
Cash at bank and in hand |  | 18,983 | 156,750
|  | 3,284,300 | 2,830,821
Creditors: Amounts falling due within one year | 9 | (4,383,438) | (3,756,240)
Net current liabilities |  | (1,099,138) | (925,419)
Total assets less current liabilities |  | (138,693) | 42,254
Creditors: Amounts falling due after more than one year | 9 | (67,813) | (122,063)
Provisions for liabilities |  | (16,374) | (17,773)
Net liabilities |  | (222,880) | (97,582)
Capital and reserves |  |  |
Called up share capital | 10 | 100 | 100
Retained earnings |  | (222,980) | (97,682)
Shareholders' deficit |  | (222,880) | (97,582)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 October 2025 and signed on its behalf by:

......................................... M Read Director

Read Hyundai Worksop Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1 | General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Altyre Way
Hewitts Avenue Business Park
Humberston
Grimsby
N E Lincolnshire
DN36 4RJ

The principal place of business is:
Retford Road
Worksop
Nottinghamshire
S80 2QD

These financial statements were authorised for issue by the Board on 10 October 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 (including Section 1A) - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the company and have been rounded to the nearest pound.
The financial statements cover Read Hyundai Worksop Limited as an individual entity and not the results of any wider Group that the Company is part of.

Going concern

Not withstanding the negative profit and loss reserves at 31 December 2024 the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons;
The directors have prepared budgets and forecasts for a period of 12 months from the date of approval of the financial statements which indicate that the Company will have sufficient funds to meet its liabilities as they fall due. Results for the new year are promising and the directors believe the Company can return to profitability in the short term.
The Company also has the financial support of its fellow Group Companies as necessary with the Group having sufficient financial headroom to provide any financial assistance required to support the day to day operations of the Company.

Auditors report
The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 10 October 2025 was Neal Watford ACA, who signed for and on behalf of Forrester Boyd Robson Limited.

Read Hyundai Worksop Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Specifically for the sale of new and used motor vehicles revenue is recognised when a valid sales contract exists and significant risks and rewards of ownership have transferred to the buyer, e.g. the vehicle is registered in the customer’s name. Revenue from service and repair work is recognised upon completion of the work and customer acceptance, where applicable.
Any manufacturer bonuses or incentives are recognised when entitlement is established, typically upon satisfaction of sales volume thresholds or specific conditions.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the statement of income and retained earnings.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Land and buildings | 2% straight line basis
Fixtures and fittings | 15% & 33% straight line basis
Plant and machinery | 15% straight line basis

Read Hyundai Worksop Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 10% straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the statement of income and retained earnings.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of income and retained earnings over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to statement of income and retained earnings on a straight-line basis over the period of the lease.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 14 (2023 - 13).

Read Hyundai Worksop Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

4 | Auditors' remuneration

| 2024 £ | 2023 £
Audit of the financial statements | 3,500 | 3,000

Information relating to remuneration paid to auditors for other services is disclosed in the consolidated Group accounts of Read Motor Group Limited.

5 | Intangible assets

| Goodwill £ | Total £
Cost or valuation
At 1 January 2024 | 50,000 | 50,000
At 31 December 2024 | 50,000 | 50,000
Amortisation
At 1 January 2024 | 28,750 | 28,750
Amortisation charge | 5,000 | 5,000
At 31 December 2024 | 33,750 | 33,750
Carrying amount
At 31 December 2024 | 16,250 | 16,250
At 31 December 2023 | 21,250 | 21,250

6 | Tangible assets

| Land and buildings £ | Fixtures and fittings £ | Plant and machinery £ | Total £
Cost or valuation
At 1 January 2024 | 994,257 | 120,623 | 26,012 | 1,140,892
Additions | - | 3,406 | 25,154 | 28,560
At 31 December 2024 | 994,257 | 124,029 | 51,166 | 1,169,452
Depreciation
At 1 January 2024 | 99,309 | 77,249 | 17,911 | 194,469
Charge for the year | 14,784 | 12,586 | 3,418 | 30,788
At 31 December 2024 | 114,093 | 89,835 | 21,329 | 225,257
Carrying amount
At 31 December 2024 | 880,164 | 34,194 | 29,837 | 944,195
At 31 December 2023 | 894,948 | 43,374 | 8,101 | 946,423

Included within the net book value of land and buildings above is £880,164 (2023- £894,948) in respect of freehold land and buildings.

Read Hyundai Worksop Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

7 | Stocks

| 2024 £ | 2023 £
Vehicle and parts stocks | 2,225,351 | 1,564,624

8 | Debtors

| Note | 2024 £ | 2023 £
Trade debtors |  | 612,838 | 426,436
Amounts owed to related parties | 13 | 358,500 | 656,178
Other debtors |  | 32,103 | -
Prepayments and accrued income |  | 36,525 | 26,833
Total current trade and other debtors |  | 1,039,966 | 1,109,447

9 | Creditors

| Note | 2024 £ | 2023 £
Due within one year |  |  |
Bank loans and overdrafts | 11 | 54,250 | 54,250
Trade creditors |  | 2,684,927 | 1,790,232
Amounts owed to related parties | 13 | 1,576,425 | 1,759,290
Taxation and social security |  | 49,144 | 101,349
Other creditors |  | 1,670 | 33,260
Accruals and deferred income |  | 17,022 | 17,859
|  | 4,383,438 | 3,756,240
Due after one year |  |  |
Loans and borrowings | 11 | 67,813 | 122,063

10 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary shares of £1 each | 100 | 100 | 100 | 100

Read Hyundai Worksop Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

11 | Loans and borrowings

Non-current loans and borrowings

| 2024 £ | 2023 £
Bank borrowings | 67,813 | 122,063

Current loans and borrowings

| 2024 £ | 2023 £
Bank borrowings | 54,250 | 54,250

Secured Creditors

Within trade creditors are secured liabilities which total £2,427,672 (2023: £1,667,466). These are secured against the vehicles to which they relate.
Within bank loans and overdrafts are secured liabilities which total £122,063 (2023: £176,313). These are secured by a debenture over all assets of the company.

12 | Financial commitments, guarantees and contingencies

The company is part of an unlimited cross guarantee arrangement in respect of amounts owed to the bank by Read Hyundai Limited, Read Hyundai Lincoln Limited, Read Automotive Grimsby Limited, Read Hyundai Kings Lynn Limited, Read Hyundai Boston Limited, Read Hyundai Doncaster Limited, Read Derby Limited and Read Motor Group Limited.
At the balance sheet date amounts totalling £2,906,296 (2023: £2,603,522) were owing to the bank by the above companies.

13 | Related party transactions

The company has taken advantage of the exemption in section 33 of FRS 102 'Related Party Disclosures' from disclosing transactions with other members of the group in which any subsidiary which is a party to the transaction is wholly owned by the group.

Key management compensation

| 2024 £ | 2023 £
Key management remuneration | - | -

The directors are remunerated for their management of the group as a whole through Read Hyundai Limited, a fellow subsidiary of Read Motor Group Limited.

14 | Parent and ultimate parent undertaking

The Company's immediate parent is Read Motor Group Limited, incorporated in England. A copy of the consolidated group accounts can be obtained from the registered office address on page 1, which is also the registered office of the parent company.