Greens Motors Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 156896

Greens Motors Ltd

Filleted Unaudited Financial Statements

31 December 2024

Greens Motors Ltd

Financial Statements

Year ended 31 December 2024

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 7

Greens Motors Ltd

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	1,276,347	1,250,423

Current assets

Stocks		286,387	290,029
Debtors	6	54,253	115,838
Cash at bank and in hand		6,010	5,543
		---------	---------
		346,650	411,410

Creditors: amounts falling due within one year	7	( 294,685)	( 333,911)
		---------	---------
Net current assets		51,965	77,499
		------------	------------
Total assets less current liabilities		1,328,312	1,327,922

Creditors: amounts falling due after more than one year	8	( 233,608)	( 202,776)
		------------	------------
Net assets		1,094,704	1,125,146
		------------	------------

Capital and reserves

Called up share capital	9	30,694	30,694
Share premium account		14,369	14,369
Revaluation reserve		336,097	338,559
Capital redemption reserve		6,000	6,000
Profit and loss account		707,544	735,524
		------------	------------
Shareholders funds		1,094,704	1,125,146
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Greens Motors Ltd

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

Mr J M Green

Director

Company registration number: 156896

Greens Motors Ltd

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 19A, Withybush Business Park, Withybush Road, Haverfordwest, Pembrokeshire, SA62 4BW.

2. Statement of compliance

These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover represents amounts derived from the provisions of goods and services which fall within the company's ordinary activities after deduction of trade discounts and value added tax. Turnover is recognised when the significant risks and rewards of ownership have been transferred to the customer.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Plant and machinery	-	10% straight line
Motor vehicles	-	20% straight line
Computer equipment	-	25 % straight line

No depreciation is provided on Freehold land.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. A provision is made for obsolete and slow moving parts stock as follows: Parts stock over 10 years old - 100% write down Parts stock over 5 years but less than 10 years - 50% write down

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in profit and loss when due.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2023: 8 ).

5. Tangible assets

	Freehold land and property	Plant and machinery	Motor vehicles	Computer equipment	Total
	£	£	£	£	£
Cost
At 1 January 2024	1,130,000	749,987	76,193	570,520	2,526,700
Additions	–	22,665	51,200	2,110	75,975
	------------	---------	---------	---------	------------
At 31 December 2024	1,130,000	772,652	127,393	572,630	2,602,675
	------------	---------	---------	---------	------------
Depreciation
At 1 January 2024	–	697,286	20,843	558,148	1,276,277
Charge for the year	19,400	11,426	15,848	3,377	50,051
	------------	---------	---------	---------	------------
At 31 December 2024	19,400	708,712	36,691	561,525	1,326,328
	------------	---------	---------	---------	------------
Carrying amount
At 31 December 2024	1,110,600	63,940	90,702	11,105	1,276,347
	------------	---------	---------	---------	------------
At 31 December 2023	1,130,000	52,701	55,350	12,372	1,250,423
	------------	---------	---------	---------	------------

The Freehold land and property of Greens Motors Ltd relates to two sites, the first being the property at Withybush Industrial Estate, title number CYM281047, which was revalued during 2023 by Iwan Evans BSc (Hons) MRICS of Rees Richards and Partners on the basis of open market value. The valuation confirmed a value of £1,050,000 excluding fixtures for the Withybush site. The second is freehold land at and adjoining Station Yard, title numbers WA608693 and WA525143, which were revalued during 2021 by PK Lucas BSc (Hons) Est Man. Dip HI. FRICS on the basis of open market value. The valuation confirmed a value of £80,000 for Station Yard.

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Freehold land and property
	£
At 31 December 2024
Aggregate cost	896,641
Aggregate depreciation	(235,227)
	---------
Carrying value	661,414
	---------

At 31 December 2023
Aggregate cost	896,641
Aggregate depreciation	(218,289)
	---------
Carrying value	678,352
	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 December 2024	90,702
	--------
At 31 December 2023	55,299
	--------

6. Debtors

	2024	2023
	£	£
Trade debtors	29,941	38,682
Amounts owed by group undertakings	3,029	–
Other debtors	21,283	77,156
	--------	---------
	54,253	115,838
	--------	---------

Debtors include an amount of £Nil (2023 - £Nil) falling due after more than one year .

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts (secured)	55,271	103,173
Trade creditors	79,535	73,379
Amounts owed to group undertakings	–	13,201
Social security and other taxes	25,325	18,757
Hire purchase agreements (secured)	17,169	11,165
Other loans	60,000	60,000
Other creditors	57,385	54,236
	---------	---------
	294,685	333,911
	---------	---------

8. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts (secured)	143,431	150,494
Hire purchase agreements (secured)	90,177	52,282
	---------	---------
	233,608	202,776
	---------	---------

The bank overdraft and loans are secured by a 1st legal charge over commercial freehold business unit known as Plot 19 Withybush Park dated 11 March 2014, an unlimited debenture incorporating a fixed and floating charge dated 11 March 2014 and a letter of set-off dated 11 March 2014.

Hire purchase agreements are secured on the assets to which they relate.

Included within creditors: amounts falling due after more than one year is an amount of £52,924 (2023: £43,046) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

9. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 0.20 each	153,472	30,694	153,472	30,694
	---------	--------	---------	--------

10. Revaluation provision

Under the terms of the 2012 share purchase agreement under which Pembroke Motor Services Limited acquired the controlling shareholding interest in Greens Motors Ltd , 50% of the realisable value of the Land at Station Yard is applicable to the previous shareholders in the event of the sale of such land. During 2021 the land was revalued and the appropriate provision established to account for the future liability.

11. Related party transactions

There were no related party transactions arising during the year or previous year which require disclosure under FRS 102 Section 1A.

12. Controlling party

The company is a subsidiary of Pembroke Motor Services Limited, a company registered in England & Wales. Pembroke Motor Services Limited is the ultimate controlling party of Greens Motors Ltd as a result of its majority shareholding.