Registration number: 08906665

Read Hyundai Kings Lynn Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 7

Read Hyundai Kings Lynn Limited

(Registration number: 08906665)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	5	31,472	48,920
Current assets
Stocks	6	1,989,654	1,602,944
Debtors	7	2,445,531	1,756,089
Cash at bank and in hand		-	72,096
		4,435,185	3,431,129
Creditors: Amounts falling due within one year	8	(3,192,459)	(2,374,127)
Net current assets		1,242,726	1,057,002
Total assets less current liabilities		1,274,198	1,105,922
Provisions for liabilities		(7,702)	(8,331)
Net assets		1,266,496	1,097,591
Capital and reserves
Called up share capital	10	100	100
Retained earnings		1,266,396	1,097,491
Shareholders' funds		1,266,496	1,097,591

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 Kings Lynn 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:
38 Scania Way
Kings Lynn
Norfolk
PE30 4LP

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 Kings Lynn Limited as an individual entity and not the results of any wider Group that the Company is part of.

Audit report
 

The Independent Auditors' 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 Kings Lynn 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	10% straight line basis
Fixtures and fittings	15-33% straight line basis
Plant and machinery	15% straight line basis

Read Hyundai Kings Lynn Limited

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

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 15 (2023 - 16).

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.

Read Hyundai Kings Lynn Limited

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

5	Tangible assets

	Land and buildings £	Fixtures and fittings £	Plant and machinery £	Total £
Cost or valuation
At 1 January 2024	233,258	77,676	69,149	380,083
Additions	-	4,205	8,181	12,386
At 31 December 2024	233,258	81,881	77,330	392,469
Depreciation
At 1 January 2024	206,401	67,628	57,134	331,163
Charge for the year	23,326	3,093	3,415	29,834
At 31 December 2024	229,727	70,721	60,549	360,997
Carrying amount
At 31 December 2024	3,531	11,160	16,781	31,472
At 31 December 2023	26,857	10,048	12,015	48,920

Included within the net book value of land and buildings above is £3,531 (2023: £26,857) in respect of short leasehold land and buildings.

6

Stocks

	2024 £	2023 £
Vehicle and parts stock	1,989,654	1,602,944

7

Debtors

	Note	2024 £	2023 £
Trade debtors		497,647	379,746
Amounts owed by related parties	11	1,900,093	1,357,306
Prepayments		22,055	17,721
Other debtors		25,736	1,316
		2,445,531	1,756,089

Read Hyundai Kings Lynn Limited

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

8

Creditors

	Note	2024 £	2023 £
Due within one year
Bank loans and overdrafts		83,285	-
Trade creditors		2,508,243	1,973,718
Amounts due to related parties	11	538,991	334,521
Taxation and social security		12,278	35,672
Other creditors		49,662	30,216
		3,192,459	2,374,127

Secured creditors

Bank borrowings and overdrafts are denominated in sterling. The carrying amount of the secured element at the year end is £83,285 (2023 - £Nil).

Bank borrowings are secured by a debenture over all assets of the company and an unlimited cross guarantee over the assets of the Group.

Trade creditors are denominated in sterling. The carrying amount of the secured element at the year end is £2,116,428 (2023 - £1,631,858).

Secured trade creditors are secured against the assets to which they relate.

The aggregate amount of secured liabilities included within creditors is £2,199,713 (2023: £1,631,858).

9	Financial commitments, guarantees and contingencies

At the balance sheet date the company had total commitments under non-cancellable operating leases of £nil (2023: £41,667).

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 Worksop Limited, Read Hyundai Boston Limited, Read Hyundai Doncaster Limited, Read Derby Limited and Read Motor Group Limited.

At the balance sheet date amounts totalling £2,945,074 (2023: £2,779,835) were owing to the bank by the above companies.

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 Kings Lynn Limited

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

11	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.

12	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.