ACCOUNTS - Final Accounts

Auditors' remuneration

During the year, the company obtained the following services from the company's auditors and their associates:

Registered number: 03254798

TRANS CITY CAR CENTRE LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

TRANS CITY CAR CENTRE LIMITED

COMPANY INFORMATION

Director	Mr W Blackburn


Company secretary	Mrs P Blackburn Mr B Blackburn


Registered number	03254798


Registered office	Suite D, The Business Centre
	Faringdon Avenue
	Romford
	Essex
	RM3 8EN


Independent auditors	Clay Ratnage Strevens & Hills
	Chartered Accountants & Statutory Auditors
	Suite D, The Business Centre
	Faringdon Avenue
	Romford
	Essex
	RM3 8EN


Bankers	National Westminster Bank Plc
	204 High Street
	Walthamstow
	London
	E17 7JH


	Lloyds Bank Plc
	52-53 The Arcade
	Montfichet Road
	Westfield Stratford City
	London
	E20 1EH

TRANS CITY CAR CENTRE LIMITED

CONTENTS

	Page
Strategic report	1
Director's report	2 - 3
Independent auditors' report	4 - 7
Statement of comprehensive income	8
Balance sheet	9 - 10
Statement of changes in equity	11
Statement of cash flows	12 - 13
Analysis of net debt	14
Notes to the financial statements	15 - 28

TRANS CITY CAR CENTRE LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

We present our strategic report with the financial statements of the company for the year ended 31 December 2024.

Introduction

The principal activity of the company is that of motor dealing, servicing and associated activities. There was no change in this activity during the year.

Business review

The director is pleased with the performance of the company, considering the prevailing market conditions during the year under review. During the year, the company achieved pre-tax profits of £2,317,119 (2023 - £2,418,321). 2024 saw an increase in turnover from £93.6m to £119.4m with fluctuations in demand and values being managed by the director to maintain margins and beneficial business relationships with customers.

Principal risks and uncertainties

The principal risks and uncertainties identified by the director of the company relate to factors concerning the overall state of the UK economy, in particular the effects on the motor industry. The global economy also affects the company's ability to import vehicles for resale.
The fluctuations in used car values are monitored so the company can respond to mitigate the risk of stock losses.
The company also continues to diversify in order to manage the risks involved in each business sector.

Financial key performance indicators

The director considers that the key financial performance indicators are as follows:
Gross profit percentage - The director confirms that the gross profit percentage for the year was 3.1% (2023 - 3.8%).
The company's net value - The director is pleased to confirm that the net value of the company has increased by £1,524,117. This is due to the company's profitability for the year being reinvested into reserves.

Director's statement of compliance with duty to promote the success of the company

Under section 172 of the Companies Act 2006 the director of the company has a duty to promote the success of the company for the benefit of its members as a whole. While performing this duty, the director discusses and considers the likely long term consequence of any decision that is made. As a Skoda main dealer, the company works hard to foster positive relationships with Skoda and customers for the long term success of the company and these parties. The company wants customers to enjoy the very best motoring experience and make it as affordable as possible. The interests of employees are also important to the director and any decisions made consider them as essential stakeholders of the business both in the short term and long term. The operations of the company can have an impact on the community and environment. The company is based within the ULEZ zone and provides a tool for customers to check whether their vehicle is ULEZ friendly and has a large stock of ULEZ compliant cars to help to promote low emissions motoring. The director ensures the company maintains a reputation for high standards of business conduct and strives to act fairly between all members of company.

This report was approved by the board on 4 November 2025 and signed on its behalf.

Mr W Blackburn

Director

Page 1

TRANS CITY CAR CENTRE LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable laws and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:

∙select suitable accounting policies for the company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

Principal activity

The company's principal activity continued to be that of motor dealing, servicing and associated activities.

Results and dividends

The profit for the year, after taxation, amounted to £1,734,117 (2023 -£1,845,242).

Further information on the performance of the company during the year and the company's state of affairs at the balance sheet date is noted within the strategic report on page 1.
During the year dividends were paid totalling £210,000 (2023- £210,000). The director does not recommend the payment of a further dividend.

Director

The director who served during the year was:

Mr W Blackburn

Fixed assets

Details of movements in fixed assets are set out in the notes to the accounts.

Page 2

TRANS CITY CAR CENTRE LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Future developments

The director is not aware of any future developments which would have a significant effect on the company.

Research and development activities

The company is not involved in any major research and development projects.

Close company

The company is a close company within the meaning of S.439 CTA 2010.

Greenhouse gas emissions, energy consumption and energy efficiency action

The company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:

∙so far as he is aware, there is no relevant audit information of which the company's auditors are unaware, and

∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006, Clay Ratnage Strevens & Hills will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 4 November 2025 and signed on its behalf.

Mr W Blackburn

Director

Page 3

TRANS CITY CAR CENTRE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRANS CITY CAR CENTRE LIMITED

Opinion

We have audited the financial statements of Trans City Car Centre Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Analysis of net debt, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 director's 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 financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Page 4

TRANS CITY CAR CENTRE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRANS CITY CAR CENTRE LIMITED (CONTINUED)

Opinion on other matters 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 the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the 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 or the Director's report.

We have nothing to report in respect of the following matters in relation to which 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 director's 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 Director's responsibilities statement set out on page 2, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Page 5

TRANS CITY CAR CENTRE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRANS CITY CAR CENTRE LIMITED (CONTINUED)

Auditors' 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 Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:
• Obtaining an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate.
• Obtained an understanding of how the company are complying with those legal and regulatory frameworks by making enquiries to the management of the company’s accounting department, and management itself.
• The susceptibility of the company’s financial statements to material misstatement caused by fraud or other irregularities were assessed with the following procedures:
o Identifying and assessing the design effectiveness of controls which management have in place to prevent and detect fraud
o Understanding how those charged with governance considered and addressed the potential for override of controls and management biases
o Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations
o Assessing the extent of compliance with the relevant laws and regulations
o Assessing the extent to which pressures existed which may have increased the risk of fraudulent revenue recognition
Potential fraud risks that had been identified throughout the planning and commencement of the audit were communicated to the audit team.
The inherent limitations of audit present an unavoidable risk that we, the auditors, may not have detected some material misstatements within the financial statements despite proper planning and performance of our duties as auditors. Equally, there remains a risk of the non-detection of fraud which could involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. The audit procedures carried out are designed to detect material misstatements within the financial statements, and as such we take no responsibility for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 6

TRANS CITY CAR CENTRE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRANS CITY CAR CENTRE LIMITED (CONTINUED)

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 Auditors' 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.

Lorraine Catherine Purdy (Senior statutory auditor)

for and on behalf of

Clay Ratnage Strevens & Hills

Chartered Accountants & Statutory Auditors

Suite D, The Business Centre

Faringdon Avenue

Romford

Essex

RM3 8EN

4 November 2025

Page 7

TRANS CITY CAR CENTRE LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	119,412,428	93,625,575
Cost of sales		(115,675,722)	(90,069,390)
Gross profit		3,736,706	3,556,185
Administrative expenses		(1,429,379)	(1,118,440)
Operating profit		2,307,327	2,437,745
Interest receivable and similar income	8	39,069	35,766
Interest payable and similar expenses	9	(29,277)	(55,190)
Profit before tax		2,317,119	2,418,321
Tax on profit	10	(583,002)	(573,079)
Profit for the financial year		1,734,117	1,845,242

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 15 to 28 form part of these financial statements.

Page 8

TRANS CITY CAR CENTRE LIMITED

REGISTERED NUMBER: 03254798

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	11		224,630		189,976
Investment property	12		5,345,566		5,282,393
			5,570,196		5,472,369
Current assets
Stocks	13	6,159,394		2,342,078
Debtors: amounts falling due within one year	14	3,559,977		4,556,345
Cash at bank and in hand	15	2,136,923		8,035,793
		11,856,294		14,934,216
Creditors: amounts falling due within one year	16	(4,169,885)		(8,632,408)
Net current assets			7,686,409		6,301,808
Total assets less current liabilities			13,256,605		11,774,177
Creditors: amounts falling due after more than one year	17		(185,390)		(220,949)
Provisions for liabilities
Deferred tax	20		(264,788)		(270,918)
Net assets			12,806,427		11,282,310

Capital and reserves
Called up share capital	21	1,000	1,000
Non-distributable reserves	22	833,616	833,616
Profit and loss account	22	11,971,811	10,447,694
		12,806,427	11,282,310

Page 9

TRANS CITY CAR CENTRE LIMITED

REGISTERED NUMBER: 03254798

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 November 2025.

Mr W Blackburn

Director

The notes on pages 15 to 28 form part of these financial statements.

Page 10

TRANS CITY CAR CENTRE LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Other reserves	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2023	1,000	833,616	8,812,452	9,647,068

Profit for the year	-	-	1,845,242	1,845,242
Dividends: Equity capital	-	-	(210,000)	(210,000)

At 1 January 2024	1,000	833,616	10,447,694	11,282,310

Profit for the year	-	-	1,734,117	1,734,117
Dividends: Equity capital	-	-	(210,000)	(210,000)
At 31 December 2024	1,000	833,616	11,971,811	12,806,427

The notes on pages 15 to 28 form part of these financial statements.

Page 11

TRANS CITY CAR CENTRE LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial year	1,734,117	1,845,242
Adjustments for:
Depreciation of tangible assets	75,346	62,691
Profit on disposal of tangible assets	(18,066)	(17,039)
Interest paid	29,277	33,101
Interest received	(39,069)	(13,677)
Taxation charge	583,002	573,079
(Increase)/decrease in stocks	(3,817,316)	4,999,198
Decrease in debtors	996,368	1,867,051
Increase/(decrease) in creditors	319,178	(110,037)
Corporation tax (paid)	(921,991)	(624,655)
Net cash generated from operating activities	(1,059,154)	8,614,954
Cash flows from investing activities
Purchase of tangible fixed assets	(130,369)	(95,910)
Sale of tangible fixed assets	38,433	26,923
Investment property additions	(63,173)	(480,044)
Interest received	39,069	13,677
HP interest paid	(1,745)	-
Net cash from investing activities	(117,785)	(535,354)

Page 12

TRANS CITY CAR CENTRE LIMITED

STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

		2024	2023
		£	£


Cash flows from financing activities
Repayment of loans	(66,047)	(62,392)
(Decrease)/increase in vehicle stocking loans	(4,418,352)	(2,267,251)
Dividends paid	(210,000)	(210,000)
Interest paid	(27,532)	(33,101)
Net cash used in financing activities	(4,721,931)	(2,572,744)
Net (decrease)/increase in cash and cash equivalents	(5,898,870)	5,506,856
Cash and cash equivalents at beginning of year	8,035,793	2,528,937
Cash and cash equivalents at the end of year	2,136,923	8,035,793

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	2,136,923	8,035,793

The notes on pages 15 to 28 form part of these financial statements.

Page 13

TRANS CITY CAR CENTRE LIMITED

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2024


At 1 January 2024	Cash flows	At 31 December 2024
£	£	£

Cash at bank and in hand	8,035,793	(5,898,870)	2,136,923
Debt due after 1 year	(220,949)	71,512	(149,437)
Debt due within 1 year	(65,952)	(5,465)	(71,417)
Finance leases	(7,344,725)	4,418,352	(2,926,373)
	404,167	(1,414,471)	(1,010,304)

The notes on pages 15 to 28 form part of these financial statements.

Page 14

TRANS CITY CAR CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Trans City Car Centre Limited is a private company limited by shares, incorporated in England, United Kingdom. The address of the registered office is Suite D, The Business Centre, Faringdon Avenue, Romford, Essex, RM3 8EN. The company's principal place of business is 65-71 Hoe Street, Walthamstow, London, E17 4SA. The company's principal activity continued to be that of motor dealing, servicing and associated activities.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The financial information in the accounts is rounded to the nearest £1.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the company has transferred the significant risks and rewards of ownership to the buyer;

∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 15

TRANS CITY CAR CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line or reducing balance method.

Depreciation is provided on the following bases:

Improvements to property	-	10%	straight-line
Plant and machinery	-	25%	reducing balance
Motor vehicles	-	25%	reducing balance
Furniture, fittings and equipment	-	25%	reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.4

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Stock

Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and

slow-moving stocks. The stock at the year end includes consignment stock and so a corresponding liability to

the manufacturer has been included within creditors. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 16

TRANS CITY CAR CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

2.8

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.12

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.13

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 17

TRANS CITY CAR CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.14

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.15

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.17

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgments and estimates. The items in the financial statements where these judgments and estimates have been made includes valuing stock at the lower of cost and net realisable value at £6,159,394 (2023 - £2,342,078) and the valuation of investment properties at fair market value at £5,345,566 (2023 - £5,282,393).

Page 18

TRANS CITY CAR CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Turnover

The whole of the turnover is attributable to the company's principal activity.
All turnover arose within the United Kingdom.

Fees payable to the company's auditors and their associates for the audit of the company's financial statements	17,590	12,475
Fees payable to the company's auditors and their associates in respect of:
Taxation compliance services	4,090	3,970
All non-audit services not included above	23,970	23,275

Wages and salaries	1,015,546	810,847
Social security costs	87,438	77,607
Cost of defined contribution scheme	18,551	16,750
	1,121,535	905,204

The average monthly number of employees, including the director, during the year was as follows:

	2024	2023
	No.	No.

Director	1	1
Administration	4	3
Direct Labour	26	23

	31	27

Page 19

TRANS CITY CAR CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Director's remuneration
		2024	2023
		£	£

Director's emoluments	25,069	24,775
Company contributions to defined contribution pension schemes	323	310
	25,392	25,085

During the year retirement benefits were accruing to 1 director (2023 -1) in respect of defined contribution pension schemes.

8.	Interest receivable
		2024	2023
		£	£

Other interest receivable

39,069

35,766

9.	Interest payable and similar expenses
		2024	2023
		£	£

Bank interest payable	19,913	22,559
Finance leases and hire purchase contracts	1,745	-
Other interest payable	7,619	32,631
	29,277	55,190

Page 20

TRANS CITY CAR CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Corporation tax
Current tax on profits for the year	589,132	579,751
Adjustments in respect of previous periods	-	101

	Deferred tax
	Origination and reversal of timing differences	(6,130)	(6,773)


	Taxation on profit on ordinary activities	583,002	573,079

Profit on ordinary activities before tax

2,317,119

2,418,321

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -25%)	579,280	604,580
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	2,202	4,783
Depreciation for the year in excess of capital allowances	7,650	6,855
Adjustments to tax charge in respect of prior periods	-	101
Deferred tax timing differences leading to a (decrease)/increase in taxation	(6,130)	(6,773)
Changes in the tax rate leading to a decrease in taxation	-	(36,467)
Total tax charge for the year	583,002	573,079

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

TRANS CITY CAR CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	Tangible fixed assets

	Improvement to property	Plant and machinery	Motor vehicles	Furniture, fittings and equipment	Total
	£	£	£	£	£
Cost
At 1 January 2024	199,893	331,071	256,698	70,632	858,294
Additions	-	6,765	123,604	-	130,369
Disposals	-	-	(48,276)	-	(48,276)
At 31 December 2024	199,893	337,836	332,026	70,632	940,387
Depreciation
At 1 January 2024	187,334	291,708	126,023	63,254	668,319
Charge for the year on owned assets	3,313	11,709	45,052	1,842	61,916
Charge for the year on financed assets	-	-	13,430	-	13,430
Disposals	-	-	(27,908)	-	(27,908)
At 31 December 2024	190,647	303,417	156,597	65,096	715,757
Net book value
At 31 December 2024	9,246	34,419	175,429	5,536	224,630
At 31 December 2023	12,559	39,364	130,675	7,378	189,976

The net book value of land and buildings may be further analysed as follows:
	2024	2023
	£	£

	Freehold	9,246	12,559

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2024	2023
	£	£


	Motor vehicles	40,286	-

Page 22

TRANS CITY CAR CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 January 2024	5,282,393
	Additions at cost	63,173
	At 31 December 2024	5,345,566

The 2024 valuations were made by the director, on an open market value for existing use basis.

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2024	2023
	£	£

Historic cost

4,234,076

4,170,904

13.	Stock
		2024	2023
		£	£

Vehicle stock	4,312,341	2,234,372
Parts stock	200,676	107,706
Property stock	1,646,377	-
	6,159,394	2,342,078

Included within vehicle stock is stock held on consignment amouting to £1,976,343 (2023- £346,905). An impairment loss of £61,077 was recognised in cost of sales against stock during the year to reflect current estimated selling price of vehicle stock.

Page 23

TRANS CITY CAR CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.

Debtors

					2024	2023
					£	£


Trade debtors	332,971	1,855,031
Other debtors	1,496,950	1,094,227
Prepayments and accrued income	1,730,056	1,607,087
	3,559,977	4,556,345

15.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	2,136,923	8,035,793

Page 24

TRANS CITY CAR CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank loans	71,417	65,952
Trade creditors	373,240	189,642
Corporation tax	294,339	627,199
Other taxation and social security	377,545	157,565
Obligations under finance lease and hire purchase contracts	2,890,419	7,344,725
Other creditors	83,928	164,475
Accruals and deferred income	78,997	82,850
	4,169,885	8,632,408

The following liabilities were secured:
	2024	2023
	£	£


Bank loans	220,854	286,901
Finance leases and hire purchase contracts	45,266	-

Details of security provided:

A loan of £150,000 is secured against 8 Winton Square, being freehold investment property. The remaining loans are secured by personal all moneys guarantees from W Blackburn, the director, and B Blackburn, a shareholder, totalling £100,000 and £500,000 respectively. An unlimited debenture is held by Lloyds bank over all Trans City Car Centre Limited assets. A legal charge is held by Lloyds bank over the freehold property at 65-71 Hoe Street.

17.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Bank loans	149,437	220,949
Net obligations under finance leases and hire purchase contracts	35,953	-
	185,390	220,949

Page 25

TRANS CITY CAR CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Amounts falling due within one year
Bank loans	71,417	65,952
Amounts falling due 1-2 years
Bank loans	76,770	71,180
Amounts falling due 2-5 years
Bank loans	72,667	149,769

	220,854	286,901

Details of secured loans are as follows:
A loan of £252,000 taken in September 2017, repayable over 120 months at a variable interest rate of base rate + 2.55%.
A loan of £150,000 taken in September 2018, repayable over 120 months at a variable interest rate of base rate + 2.55%.
A loan of £140,000 taken in August 2022, repayable over 60 months at a variable interest rate of base rate + 2.55%.

Within one year	9,313	-
Between 1-5 years	35,953	-
	45,266	-

Page 26

TRANS CITY CAR CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

20.	Deferred taxation

	2024	2023
	£	£

At beginning of year	(270,918)	(277,691)
(Charged)/released to profit or loss	6,130	6,773
At end of year	(264,788)	(270,918)

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

Accelerated capital allowances	13,085	6,955
Investment property revaluation	(277,873)	(277,873)
	(264,788)	(270,918)

21.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

750 (2023 -750) Ordinary shares of £1.00 each	750	750
50 (2023 -250) Ordinary A shares of £1.00 each	50	250
50 (2023 - Nil) Ordinary B shares of £1.00 each	50	-
50 (2023 - Nil) Ordinary C shares of £1.00 each	50	-
50 (2023 - Nil ) Ordinary D shares of £1.00 each	50	-
50 (2023 - Nil ) Ordinary E shares of £1.00 each	50	-

	1,000	1,000

During the year 200 Ordinary A Shares were redesignated as 50 Ordinary B Shares, 50 Ordinary C Shares, 50 Ordinary D Shares, and 50 Ordinary E Shares. The Ordinary A, Ordinary B, Ordinary C, Ordinary D, and Ordinary E shares of £1 each shall have equal rights to vote, capital on winding up and rank pari passu with Ordinary shares except for independent dividend rights which will be entirely at the discretion of the company.

Page 27

TRANS CITY CAR CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

22.

Reserves

Non-distributable reserves

Non-distributable reserves relate to the unrealised gain or loss on fair value adjustments of investments properties. Deferred tax has been provided on the revaluation of investment properties.

Profit and loss account

Includes all current and prior periods retained profits and losses.

23.	Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £18,551 (2023 - £16,750). Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the reporting date.

24.	Transactions with directors

During the year the director received advances of £290,183 and credits of £175,000 were repaid during the year. The balance at the year end was £766,481 (2023 - £651,298) and is included within other debtors. The director is charged interest at the official rate of interest.

25.

Related party transactions

During the year the company paid a rent of £100,000 (2023 - £100,000) to major shareholders and a related party to the director. Included in other debtors is a loan to a related party of £250,514 (2023 - £Nil). Interest was charged at the official rate and the loan was repaid after the year end.
During the year, dividends of £30,000 (2023 - £30,000) were paid to the director of the company.
During the year key management personnel were remunerated £25,392 (2023 - £33,583) and were due amounts totalling £4,459 (2023 - £2,833) at the balance sheet date in respect of loans. No interest was charged on these loans during the year.

Page 28