Pembroke Motor Services Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 2636049

Pembroke Motor Services Limited

Filleted Unaudited Financial Statements

31 December 2024

Pembroke Motor Services Limited

Financial Statements

Year ended 31 December 2024

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 9

Pembroke Motor Services Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	6	1,389,919	1,434,475
Investments	7	60,100	60,100
		------------	------------
		1,450,019	1,494,575

Current assets

Stocks		378,736	1,040,771
Debtors	8	329,076	365,898
Investments	9	2,638	5,570
Cash at bank and in hand		3,963	6,545
		---------	------------
		714,413	1,418,784

Creditors: amounts falling due within one year	10	( 1,528,386)	( 2,071,702)
		------------	------------
Net current liabilities		( 813,973)	( 652,918)
		------------	------------
Total assets less current liabilities		636,046	841,657

Creditors: amounts falling due after more than one year	11	( 285,239)	( 324,758)

Provisions

Taxation including deferred tax	12	( 49,518)	( 65,036)
		---------	---------
Net assets		301,289	451,863
		---------	---------

Capital and reserves

Called up share capital	14	2	2
Revaluation reserve		409,686	414,099
Profit and loss account		( 108,399)	37,762
		---------	---------
Shareholder funds		301,289	451,863
		---------	---------

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 member has 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 .

Pembroke Motor Services Limited

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: 2636049

Pembroke Motor Services Limited

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 PMS Salutation Square, Haverfordwest, Pembrokeshire, SA61 2LG, Wales.

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. The company has also considered the following factors in coming to this conclusion. - Economy The company is aware of significant price changes in fuel and materials arising after the year end and has considered the possible effect that the war in Ukraine will have on UK prices and supply. The company considers that the changes will not have a material effect on the business.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

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 is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. Incentives and other rebates from brand partners The company receives income in the form of various incentives which are determined by our brand partners. The amount we receive is generally based on achieving specific objectives such as a specified sales volume, as well as other objectives including maintaining brand partner standards which may include, but are not limited to, retail centre image and design requirements, customer satisfaction survey results and training standards. Objectives are generally set and measured either on a quarterly or or annual basis. Where incentives are based on a specific sales volume or number of registrations, the related income is recognised when it is reasonably certain that the income has been earned. This is generally the later of the date the related vehicles are sold or registered or when reasonably certain that the related target will be met. Where incentives are linked to retail centre image and design requirements, the customer satisfaction survey results or training standards, they are recognised when it is reasonably certain that the incentive will be received for the relevant period.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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
Equipment, fixtures & fittings	-	20-33% on cost
Motor vehicles	-	20% reducing balance

No depreciation is provided on Freehold land.

An amount equal to the excess of the annual depreciation charge on revalued assets over the original cost depreciation charge on those assets is transferred annually from the revaluation reserve to retained earnings.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised through profit and loss.

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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 through profit and loss when due.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 16 (2023: 21 ).

5. Tax on loss

Major components of tax income

	2024	2023
	£	£

Current tax:

UK current tax expense	7,086	23
Adjustments in respect of prior periods	–	( 1,258)
	-------	-------
Total current tax	7,086	( 1,235)
	-------	-------

Deferred tax:

Origination and reversal of timing differences	( 14,483)	( 34,199)
	--------	--------
Tax on loss	( 7,397)	( 35,434)
	--------	--------

Tax recognised as other comprehensive income or equity

The aggregate current and deferred tax relating to items recognised as other comprehensive income or equity for the year was £ (1,035)

(2023: £ (1,035) ).

6. Tangible assets

	Freehold land & property	Equipment, fixtures & fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2024	1,588,962	412,251	25,245	2,026,458
Additions	–	5,495	–	5,495
	------------	---------	--------	------------
At 31 December 2024	1,588,962	417,746	25,245	2,031,953
	------------	---------	--------	------------
Depreciation
At 1 January 2024	179,786	404,390	7,807	591,983
Charge for the year	42,417	4,146	3,488	50,051
	------------	---------	--------	------------
At 31 December 2024	222,203	408,536	11,295	642,034
	------------	---------	--------	------------
Carrying amount
At 31 December 2024	1,366,759	9,210	13,950	1,389,919
	------------	---------	--------	------------
At 31 December 2023	1,409,176	7,861	17,438	1,434,475
	------------	---------	--------	------------

Tangible assets held at valuation

The Freehold land and property of the company relates to the site at Salutation Square, title numbers CYM166535 and CYM387940.

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 property
	£
At 31 December 2024
Aggregate cost	957,797
Aggregate depreciation	(197,530)
	---------
Carrying value	760,267
	---------

At 31 December 2023
Aggregate cost	957,797
Aggregate depreciation	(181,347)
	---------
Carrying value	776,450
	---------

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	11,656
	--------
At 31 December 2023	14,571
	--------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2024 and 31 December 2024	60,100
	--------
Impairment
At 1 January 2024 and 31 December 2024	–
	--------

Carrying amount
At 31 December 2024	60,100
	--------
At 31 December 2023	60,100
	--------

The above investments relate to the companies 60% shareholding in Greens Motors Ltd (Company registration no. 156896) and 100% shareholding in Green Park Fine Rugs Ltd (Company registration no. 803442), which are both private companies limited by shares and registered in England & Wales. Pembroke Motor Services Limited acquired the shares in Green Park Fine Rugs Ltd on 17 September 2020.

8. Debtors

	2024	2023
	£	£
Trade debtors	27,284	91,428
Amounts owed by group undertakings and undertakings in which the company has a participating interest	95,100	108,301
Other debtors	206,692	166,169
	---------	---------
	329,076	365,898
	---------	---------

Other debtors include an amount of £nil (2023 - £nil) falling due after more than one year.

9. Investments

	2024	2023
	£	£
Current investments	2,638	5,570
	-------	-------

Included in current investments are listed investments held at market value of £1,994 (2023 - £4,933).

10. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts (secured)	474,630	496,923
Trade creditors	77,213	391,276
Amounts owed to group undertakings and undertakings in which the company has a participating interest	3,029	–
Corporation tax	57,994	48,494
Social security and other taxes	570,628	343,396
Other loans (secured)	273,767	634,976
Hire purchase agreements (secured)	4,087	3,786
Other creditors	67,038	152,851
	------------	------------
	1,528,386	2,071,702
	------------	------------

The bank overdraft and loans are secured by a 1st legal charge over commercial freehold property known as land at Salutation Square dated 11 March 2014, a 1st legal charge over the deposit account dated 30 July 2014 and a letter of set-off dated 11 March 2014.

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

	2024	2023
	£	£
Bank loans and overdrafts (secured)	278,437	313,870
Hire purchase agreements (secured)	6,802	10,888
	---------	---------
	285,239	324,758
	---------	---------

Included within creditors: amounts falling due after more than one year is an amount of £Nil (2023: £60,819) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

12. Provisions

	Deferred tax (note 13)
	£
At 1 January 2024	65,036
Charge against provision	( 15,518)
	--------
At 31 December 2024	49,518
	--------

13. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions (note 12)	49,518	65,036
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Accelerated capital allowances	4,400	4,528
Revaluation of tangible assets	96,099	97,134
Unused tax losses	( 50,981)	( 36,626)
	--------	--------
	49,518	65,036
	--------	--------

14. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

15. Related party transactions

The company was under the control of Mr J M Green , a director and sole shareholder, throughout the current and previous year. At the year end the company was owed £171,712 (2023 - £150,750) from Mr J M Green , a director. No interest has been charged on the balance owed by Mr J M Green . The balance is repayable to the company on demand.