Registration number: 05553318

Read Hyundai Limited

Contents

Company Information	1
Strategic Report	2
Directors' Report	3
Statement of Directors' Responsibilities	4
Independent Auditor's Report	5 to 7
Profit and Loss Account	8
Balance Sheet	9
Statement of Changes in Equity	10
Statement of Cash Flows	11
Notes to the Financial Statements	12 to 22

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Company Information

Directors

M Read N Read

Company secretary

N Read

Registered office

Altyre Way Hewitts Avenue Business Park Humberston Grimsby N E Lincolnshire DN36 4RJ

Solicitors

Wilkin Chapman LLP Cartergate House 26 Chantry Lane Grimsby North East Lincolnshire DN31 2LJ

Bankers

Handelsbanken Suite 4, First Floor Origin 2 Genesis Office Park Europarc Grimsby DN37 9TZ

Auditors

Forrester Boyd Robson Limited 26 South Saint Mary's Gate Grimsby North East Lincolnshire DN31 1LW

Read Hyundai Limited

Strategic Report for the Year Ended 31 December 2024

The Directors present their strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the Company is that of a motor dealer and garage proprietor.

Fair review of the business

The Company has continued to perform well in what has been another challenging year for all involved in the motor trade industry with continued volatility around electric vehicles and increasing competition as new brands seek market share in the UK.

Current high interest rates have also impacted on profitability.

Despite these various negative factors which have contributed to a fall in sales and gross profit the Company achieved a satisfactory Net Profit of £102k.

Looking ahead there remain ongoing challenges within the industry but the company is well placed to handle these and improved positive results are anticipated by the Directors.

The Company's key financial and other performance indicators during the year were as follows:

	Unit	2024	2023
Turnover	£	20,779,683	27,816,747
Turnover growth	%	(25)	6
Gross profit	£	1,724,535	2,060,830
Gross profit margin	%	6	7

Principal risks and uncertainties

The ongoing war in Ukraine, US tariffs and economic and political uncertainty in the UK continue to be concerns. Coupled with increased competition particularly from new Chinese brands.

However, the Directors are confident that the business is well placed to deal with these risks and uncertainties as it continues its successful focus on high customer satisfaction levels.

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

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

Read Hyundai Limited

Directors' Report for the Year Ended 31 December 2024

The Directors present their report and the financial statements for the year ended 31 December 2024.

Directors of the Company

The Directors who held office during the year were as follows:

M Read

N Read - Company secretary and director

Financial instruments

Objectives and policies

The company uses basic financial instruments, comprising cash and other liquid resources and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.

Price risk, credit risk, liquidity risk and cash flow risk

The business' principal financial instruments comprise of bank balances and loan agreements, trade debtors, trade creditors and vehicle funding agreements.

The liquidity risk is managed by maintaining a balance between the need for continuity of funding and flexibility through the use of loan facilities and vehicle funding agreements. All business cash balances are held in such a way that achieves a competitive rate of interest.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to business customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for trade debtors.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Disclosure of information to the auditors

Each Director has taken steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

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

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

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Statement of Directors' Responsibilities

The Directors acknowledge their responsibilities for preparing the Annual 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 of 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 apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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.

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Independent Auditor's Report to the Members of Read Hyundai Limited

Opinion

We have audited the financial statements of Read Hyundai Limited (the 'Company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, 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 Financial Reporting Standard 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 Company's affairs as at 31 December 2024 and of its profit 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 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 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the Strategic and Directors' reports, other than the financial statements and our auditor’s report thereon. 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.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report to the Members of Read Hyundai Limited

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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

•	adequate accounting records have not been kept, or 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; or
•	we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

•	Discussions with management held, including consideration of known or suspected instances of non-compliance
•	Enquiries of management and the Company's solicitors of actual and potential litigation claims
•	Challenging assumptions and judgements made within significant accounting estimates and judgements such as vehicle stock valuation
•	Identification of key laws and regulations central to the Company's operations and review of compliance with such laws including a review of FCA website and correspondence to identify any disciplinary action or ongoing issues
•	Testing of journal entries and potential override of systems
	Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

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Independent Auditor's Report to the Members of Read Hyundai Limited

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.

......................................
Neal Watford ACA (Senior Statutory Auditor)
For and on behalf of Forrester Boyd Robson Limited, Statutory Auditor
 26 South Saint Mary's Gate
Grimsby
North East Lincolnshire
DN31 1LW

10 October 2025

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Profit and Loss Account for the Year Ended 31 December 2024

	Note	2024 £	2023 £
Turnover	3	20,779,683	27,816,747
Cost of sales		(19,055,148)	(25,755,917)
Gross profit		1,724,535	2,060,830
Administrative expenses		(1,379,433)	(1,555,280)
Operating profit	4	345,102	505,550
Other interest receivable and similar income	5	-	2,089
Interest payable and similar expenses	6	(243,396)	(255,762)
		(243,396)	(253,673)
Profit before tax		101,706	251,877
Tax on profit	10	(29,144)	(67,944)
Profit for the financial year		72,562	183,933