Registration number: 10248472

Read Automotive Grimsby Limited
trading as Read Suzuki

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 7

Read Automotive Grimsby Limited
trading as Read Suzuki

(Registration number: 10248472)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	5	1,635,231	1,672,585
Current assets
Stocks	6	2,251,718	3,655,539
Debtors	7	1,102,845	1,122,445
Cash at bank and in hand		-	45,219
		3,354,563	4,823,203
Creditors: Amounts falling due within one year	8	(5,382,938)	(6,692,255)
Net current liabilities		(2,028,375)	(1,869,052)
Total assets less current liabilities		(393,144)	(196,467)
Provisions for liabilities		(43,438)	(17,795)
Net liabilities		(436,582)	(214,262)
Capital and reserves
Called up share capital	10	100,000	100,000
Retained earnings		(536,582)	(314,262)
Shareholders' deficit		(436,582)	(214,262)

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 Automotive Grimsby Limited
trading as Read Suzuki

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:
Blossom Avenue
Humberston
Grimsby
DN36 4TQ

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 have been prepared in sterling which is the functional currency of the company and have been rounded to the nearest pound.

The financial statements cover Read Automotive Grimsby 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.

Read Automotive Grimsby Limited
trading as Read Suzuki

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

Audit 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 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
Fixtures and fittings	15% and 33% straight line basis

Read Automotive Grimsby Limited
trading as Read Suzuki

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

Plant and machinery	15% straight line basis
Land and Buildings	2% 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 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.

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 13 (2023 - 14).

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 Automotive Grimsby Limited
trading as Read Suzuki

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	1,593,258	118,103	95,522	1,806,883
Additions	-	21,505	2,130	23,635
At 31 December 2024	1,593,258	139,608	97,652	1,830,518
Depreciation
At 1 January 2024	33,222	66,047	35,029	134,298
Charge for the year	31,865	15,678	13,446	60,989
At 31 December 2024	65,087	81,725	48,475	195,287
Carrying amount
At 31 December 2024	1,528,171	57,883	49,177	1,635,231
At 31 December 2023	1,560,038	52,055	60,492	1,672,585

6

Stocks

	2024 £	2023 £
Vehicle and parts stocks	2,251,718	3,655,539

7

Debtors

	Note	2024 £	2023 £
Trade debtors		416,549	918,579
Amounts owed by related parties	11	494,277	95,000
Prepayments		16,626	72,538
Other debtors		175,393	36,328
		1,102,845	1,122,445

Read Automotive Grimsby Limited
trading as Read Suzuki

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		101,872	-
Trade creditors		2,695,435	4,065,327
Amounts owed to related parties	11	2,545,399	2,463,010
Taxation and social security		8,707	12,595
Other creditors		10,404	103,288
Accruals and deferred income		21,121	48,035
		5,382,938	6,692,255

Secured creditors

Bank borrowings and overdrafts are denominated in sterling. The carrying amount of the secured element at the year end is £101,872 (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.

Within trade creditors are secured liabilities which total £1,942,000 (2023: £3,488,403). These are secured against the vehicles to which they relate.

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

The aggregate amount of secured liabilities included within creditors is £2,043,872 (2023: £3,488,403).
 

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

At the balance sheet date amounts totalling £2,926,487 (2023: £2,779,835) were owing to the bank by the above companies.

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £31,584).

10	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	100,000	100,000	100,000	100,000

Read Automotive Grimsby Limited
trading as Read Suzuki

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.