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Registration number: 13473152

Read Used Car Sales Limited
Filleted Financial Statements
for the Year Ended 31 December 2024

Read Used Car Sales Limited

Contents

Balance Sheet | 1
Notes to the Financial Statements | 2 to 4

Read Used Car Sales Limited

(Registration number: 13473152)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Investments | 3 | 118,151 | -
Current assets |  |  |
Debtors | 4 | 100 | 100
Creditors: Amounts falling due within one year | 5 | (114,653) | -
Net current (liabilities)/assets |  | (114,553) | 100
Net assets |  | 3,598 | 100
Capital and reserves |  |  |
Called up share capital | 6 | 100 | 100
Retained earnings |  | 3,498 | -
Shareholders' funds |  | 3,598 | 100

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 Used Car Sales 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

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 were prepared in accordance with Financial Reporting Standard 102 (including Section 1a) 'The Financial Reporting Standard applicable in the United Kingdom 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 have been prepared in sterling and are rounded to the nearest pound.

The financial statements cover Read Used Car Sales Limited as an individual entity and not the results of any wider Group that the Company is part of.

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.

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.
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.

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.

Read Used Car Sales Limited

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

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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Company in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Company includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3 | Investments

| 2024 £ | 2023 £
Investments other than associates or subsidiaries | 118,151 | -

Read Used Car Sales Limited

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

| £
Cost
At 1 January 2024 | 112,653
Additions | 5,498
At 31 December 2024 | 118,151
Provision
At 1 January 2024 & 31 December 2024 | -
Carrying amount
At 31 December 2024 | 118,151

4 | Debtors

| Note | 2024 £ | 2023 £
Amounts owed by related parties | 7 | 100 | 100
|  | 100 | 100

5 | Creditors

| Note | 2024 £ | 2023 £
Due within one year |  |  |
Amounts owed to related parties | 7 | 114,653 | -

6 | Share capital

Allotted, called up and fully paid shares

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

7 | Related party transactions

Key management personnel

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.

8 | Parent and ultimate parent undertaking

The company's immediate parent is Read Motor Group Limited, incorporated in the 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 address of the parent company.