Registration number:
Read Hyundai Doncaster Limited
for the Year Ended 31 December 2024
Read Hyundai Doncaster Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Statement of Income and Retained Earnings |
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Balance Sheet |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Read Hyundai Doncaster Limited
Company Information
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Directors |
M Read N Read |
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Company secretary |
N Read |
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Registered office |
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Solicitors |
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Bankers |
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Auditors |
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Read Hyundai Doncaster 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.
Despite these challenges the Company has maintained turnover and gross profit margin levels. Similarly administrative costs have been well controlled despite increasing high inflation rates.
High interest rates have led to an increase in finance costs which has contributed to the fall in net profit for the year.
Given the challenges faced the Directors are satisfied with the final net profit of £11k.
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:
|
Financial KPIs |
Unit |
2024 |
2023 |
|
Turnover |
£ |
17,817,625 |
17,265,120 |
|
Turnover growth |
% |
3.2 |
17.13 |
|
Gross profit |
£ |
1,336,356 |
1,364,161 |
|
Gross profit margin |
% |
8 |
8 |
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
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......................................... |
Read Hyundai Doncaster 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:
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
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......................................... |
Read Hyundai Doncaster Limited
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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
Read Hyundai Doncaster Limited
Independent Auditor's Report to the Members of Read Hyundai Doncaster Limited
Qualified opinion
We have audited the financial statements of Read Hyundai Doncaster Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, Balance Sheet, 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, 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 qualified opinion on financial statements
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 qualified 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 annual report, 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.
Read Hyundai Doncaster Limited
Independent Auditor's Report to the Members of Read Hyundai Doncaster Limited
Opinion on other matter prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
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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 |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, 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:
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Discussions held with management, including consideration of known or suspected instances of non-compliance held. |
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Challenging assumptions and judgements made within significant accounting estimates and judgements such as vehicle stock valuation. |
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Enquiries with management and the company's solicitors of potential litigation claims. |
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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. |
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Testing of journal entries and potential override of systems. |
Read Hyundai Doncaster Limited
Independent Auditor's Report to the Members of Read Hyundai Doncaster Limited
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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.
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.
......................................
For and on behalf of
Grimsby
North East Lincolnshire
DN31 1LW
Read Hyundai Doncaster Limited
Statement of Income and Retained Earnings for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
|
|
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Cost of sales |
( |
( |
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Gross profit |
|
|
|
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Administrative expenses |
( |
( |
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Operating profit |
|
|
|
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Other interest receivable and similar income |
- |
|
|
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Interest payable and similar charges |
( |
( |
|
|
(183,646) |
(154,841) |
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Profit before tax |
|
|
|
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Taxation |
( |
( |
|
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Profit for the financial year |
|
|
|
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Retained earnings brought forward |
385,306 |
351,329 |
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Dividends paid |
( |
( |
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Retained earnings carried forward |
381,779 |
385,306 |
Read Hyundai Doncaster Limited
(Registration number: 11207807)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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Approved and authorised by the
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Read Hyundai Doncaster Limited
Statement of Cash Flows for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Finance income |
- |
( |
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Finance costs |
|
|
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Income tax expense |
|
|
|
|
|
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||
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Working capital adjustments |
|||
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Increase in stocks |
( |
( |
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Increase in trade debtors |
( |
( |
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Increase in trade creditors |
|
|
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Cash generated from operations |
|
|
|
|
Income taxes (paid)/received |
( |
|
|
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Net cash flow from operating activities |
|
|
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Cash flows from investing activities |
|||
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Interest received |
- |
|
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Acquisitions of tangible assets |
( |
( |
|
|
Net cash flows from investing activities |
( |
( |
|
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Cash flows from financing activities |
|||
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Interest paid |
( |
( |
|
|
Repayment of bank borrowing |
( |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net decrease in cash and cash equivalents |
( |
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
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Cash and cash equivalents at 31 December |
9,880 |
94,508 |
|
Read Hyundai Doncaster Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The Company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
The principal place of business is:
Doncaster Carr Industrial Estate
Middle Bank
Doncaster
DN4 5JJ
These financial statements were authorised for issue by the
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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 - '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 Doncaster Limited as an individual entity and not the results of any wider Group that the Company is part of.
Judgements
The Directors have made a number of judgements in applying the Company's accounting policies, the most significant of which is in relation to the valuation of vehicle stocks. The company holds a considerable amount of vehicle stocks which are held at the lower of cost and net realisable value. The net realisable value of vehicle stocks is impacted by a number of factors including the condition of the vehicle and general economic factors outside of the Directors' control. The calculation of the net realisable value of individual vehicles and stock provisions is closely controlled by the Directors' and involves significant judgements made utitlising the years of experience and knowledge of the industry held. |
Key sources of estimation uncertainty
The key sources of estimation uncertainty surround the net realisable value of year end stocks and in the last few years, the impact of major events such as Ukraine war and the ongoing cost of living crisis on the future trading. See the Strategic Report for the Directors' assessment of the potential future impact of such events on the future trading of the Company and the year end stock valuation. .
Read Hyundai Doncaster 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 |
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 amortised over its useful life.
Read Hyundai Doncaster Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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 |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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.
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.
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.
Read Hyundai Doncaster Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Turnover |
The analysis of the Company's Turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of goods |
|
|
|
Rendering of services |
|
|
|
Commissions received |
|
|
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Other finance income |
- |
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
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Other finance costs |
|
|
|
|
|
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Staff costs |
The aggregate payroll costs (including Directors' remuneration) were as follows:
|
2024 |
2023 |
|
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Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the Company (including Directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Administration and support |
|
|
|
Sales |
|
|
|
Other departments |
|
|
|
|
|
Read Hyundai Doncaster Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
Information relating to remuneration paid to auditors for other services is disclosed in the consolidated Group accounts of Read Motor Group Limited.
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax decrease from effect of capital allowances and depreciation |
( |
- |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax increase arising from group relief |
|
- |
|
Deferred tax credit relating to changes in tax rates or laws |
- |
( |
|
Total tax charge |
|
|
On 24 May 2021 the UK Government enacted a bill which increased the main rate of corporation tax in the UK from 19% to 25% from 1 April 2023. The standard rate of tax for the 2024 calendar year has therefore increased being the first full year after implementation of the new rate.
Read Hyundai Doncaster Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
- |
|
|
2023 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
- |
|
|
Intangible assets |
|
Goodwill |
Total |
|
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Cost or valuation |
||
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At 1 January 2024 |
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At 31 December 2024 |
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Amortisation |
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At 1 January 2024 |
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Amortisation charge |
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At 31 December 2024 |
|
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Carrying amount |
||
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At 31 December 2024 |
|
|
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At 31 December 2023 |
|
|
|
Tangible assets |
|
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2024 |
|
|
|
|
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Additions |
- |
|
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At 31 December 2024 |
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|
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Depreciation |
||||
|
At 1 January 2024 |
|
|
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Charge for the year |
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At 31 December 2024 |
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|
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Carrying amount |
||||
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At 31 December 2024 |
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At 31 December 2023 |
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Read Hyundai Doncaster Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Included within the net book value of land and buildings above is £1,434,766 (2023 - £1,459,190) in respect of long leasehold land and buildings.
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Stocks |
|
2024 |
2023 |
|
|
Vehicle and parts stock |
|
|
The carrying amount of stocks pledged as security for liabilities amounted to £
|
Debtors |
|
Note |
2024 |
2023 |
|
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash at bank |
|
|
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other payables |
|
|
|
|
Accruals |
|
|
|
|
Corporation tax liability |
32,780 |
32,780 |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 31 December 2024 |
|
|
|
|
||
Read Hyundai Doncaster Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Pension and other schemes |
Defined contribution pension scheme
The Company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Company to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions:
|
|
Reserves |
Share capital
Share capital comprises of the value of issued share capital at par.
Revaluation reserve
The revaluation reserve is made up of a previous revaluation adopted, less deferred tax recognised on this
Profit and loss account
The profit and loss account consists of profits made by the company attributable to the shareholders of the company.
Read Hyundai Doncaster Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Loans and borrowings |
Non-current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
|
Current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
|
Secured Creditors
Bank borrowings and overdrafts are denominated in sterling. The carrying amount of the secured element at the year end is £375,000 (2023: £560,000).
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 £3,786,925 (2023 - £2,967,809).
Secured trade creditors are secured against the assets to which they relate.
The aggregate amount of secured liabilities included within creditors is £4,161,925 (2023: £3,527,809).
|
Commitments |
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 Worksop Limited, Read Hyundai Boston Limited, Read Derby Limited, Read Burton Limited and Read Motor Group
Limited
At the balance sheet date amounts totalling £2,653,359 (2023: £2,219,835) were owing to the bank by the above
companies
|
Analysis of changes in net debt |
|
At 1 January 2024 |
Financing cash flows |
At 31 December 2024 |
|
|
Cash and cash equivalents |
|||
|
Cash |
94,508 |
(84,628) |
9,880 |
|
Borrowings |
|||
|
Long term borrowings |
(415,000) |
185,000 |
(230,000) |
|
Short term borrowings |
(145,000) |
- |
(145,000) |
|
(560,000) |
185,000 |
(375,000) |
|
|
( |
|
( |
|
|
|
|||
Read Hyundai Doncaster Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
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 wholly owned by the group.
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.
|
Parent and ultimate parent undertaking |
The Company's immediate parent is