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REGISTERED NUMBER: 01270623 (England and Wales)

David Taylor (Garages) Limited

Unaudited Financial Statements

for the Year Ended 30 April 2025

David Taylor (Garages) Limited (Registered number: 01270623)

Contents of the Financial Statements

for the Year Ended 30 April 2025

Page |

Company Information | 1 |

Abridged Statement of Financial Position | 2 |

Notes to the Financial Statements | 4 |

David Taylor (Garages) Limited

Company Information

for the Year Ended 30 April 2025

| DIRECTORS: | G M Taylor

| C M Taylor

| K L Pollard

| REGISTERED OFFICE: | 4 King Square

| Bridgwater

| Somerset

| TA6 3YF

| REGISTERED NUMBER: | 01270623 (England and Wales)

| ACCOUNTANTS: | Maxwells

| Chartered Accountants

| 4 King Square

| Bridgwater

| Somerset

| TA6 3YF

| BANKERS: | Barclays Bank plc

| 121 Queen Street

| Cardiff

| CF10 2BJ

David Taylor (Garages) Limited (Registered number: 01270623)

Abridged Statement of Financial Position

30 April 2025

| 30.4.25 | 30.4.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 5 | 3,192,306 |  | 3,126,704 |  |

CURRENT ASSETS

Stocks | 1,669,920 |  | 1,209,690 |  |

Debtors | 221,132 |  | 434,310 |  |

Cash at bank | 208,138 |  | 635,366 |  |

2,099,190 |  | 2,279,366 |  |

CREDITORS

Amounts falling due within one year | 1,370,025 |  | 1,459,079 |  |

NET CURRENT ASSETS | 729,165 |  | 820,287 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,921,471 |  | 3,946,991 |  |

CREDITORS

Amounts falling due after more than one year | - |  | (283,524 | ) |

PROVISIONS FOR LIABILITIES | (168,111 | ) | (160,060 | ) |

NET ASSETS | 3,753,360 |  | 3,503,407 |  |

CAPITAL AND RESERVES

Called up share capital | 23,887 |  | 23,887 |  |

Investment property revaluation reserve | 925,027 |  | 925,027 |  |

Capital reserve | 132,680 |  | 132,680 |  |

Capital redemption reserve | 16,113 |  | 16,113 |  |

Retained earnings | 2,655,653 |  | 2,405,700 |  |

SHAREHOLDERS' FUNDS | 3,753,360 |  | 3,503,407 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

David Taylor (Garages) Limited (Registered number: 01270623)

Abridged Statement of Financial Position - continued

30 April 2025

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 30 April 2025 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 November 2025 and were signed on its behalf by:

G M Taylor - Director

David Taylor (Garages) Limited (Registered number: 01270623)

Notes to the Financial Statements

for the Year Ended 30 April 2025

1. | STATUTORY INFORMATION

| David Taylor (Garages) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added tax.

| Sales of vehicles are recognised when the significant risks and rewards of ownership have been transferred to the buyer which generally occurs when the vehicles are delivered to the customer and title has passed. Servicing and body shop sales are recognised on completion of the agreed work. Bonuses and commissions are recognised when the company becomes entitled to the income on a risk and rewards basis.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Land and buildings | - | 2% on cost

| Plant and machinery etc | - | 33% on cost, 33% on reducing balance, 25% on reducing balance, 15% on reducing balance and 10% on reducing balance

| Stocks

| Stocks are valued at the lower of cost and net realisable value. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

| Stocks include used and demonstrator vehicles which are reviewed for impairment on an annual basis. Net realisable value is assessed by the directors.

| Consignment stock consists of new unregistered vehicles still legally owned by the manufacturer. These vehicles are not recognised as stock by the company and there is no liability shown within trade creditors.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

David Taylor (Garages) Limited (Registered number: 01270623)

Notes to the Financial Statements - continued

for the Year Ended 30 April 2025

3. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| 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.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

4. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 19 (2024 - 14 ) .

5. | TANGIBLE FIXED ASSETS

| Totals

£ |

| COST OR VALUATION

| At 1 May 2024 | 3,482,145 |  |

| Additions | 179,360 |  |

| Disposals | (90,817 | ) |

| At 30 April 2025 | 3,570,688 |  |

| DEPRECIATION

| At 1 May 2024 | 355,441 |  |

| Charge for year | 54,074 |  |

| Eliminated on disposal | (31,133 | ) |

| At 30 April 2025 | 378,382 |  |

| NET BOOK VALUE

| At 30 April 2025 | 3,192,306 |  |

| At 30 April 2024 | 3,126,704 |  |

| Included in cost of land and buildings is freehold land of £482,600 (2024 - £482,600) which is not depreciated.

David Taylor (Garages) Limited (Registered number: 01270623)

Notes to the Financial Statements - continued

for the Year Ended 30 April 2025

5. | TANGIBLE FIXED ASSETS - continued

| Cost or valuation at 30 April 2025 is represented by:

| Totals

£ |

| Valuation in 2019 | 809,971 |  |

| Valuation in 2021 | 190,500 |  |

| Cost | 2,570,217 |  |

3,570,688 |  |

| Investment property was valued on an open market basis on 30 April 2025 by the directors.

6. | SECURED DEBTS

| The following secured debts are included within creditors:

| 30.4.25 |  | 30.4.24

£ | £ |

| Bank overdraft | - |  | 827,206 |  |

| Bank loans | 282,679 |  | 327,871 |  |

282,679 |  | 1,155,077 |  |

| Bank overdraft is secured by a charge over one of the company's investment properties.

| Bank loan is secured by a charge over the property at Granada Park Industrial Estate.

| Trade creditors represents the amount owed to International Motors Finance Limited in respect of vehicles which have been invoiced to the company but title to each vehicle does not pass until full payment is received for that vehicle.

7. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is G M Taylor and Mrs C M Taylor.

| The company was controlled throughout the current and previous periods by G M Taylor and Mrs C M Taylor by virtue of the fact that between them they own the whole of the company's share capital.