ACCOUNTS - Final Accounts preparation

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Registered number: 10482022

Pimsa Automotive UK Ltd

Financial statements

For the Year Ended 31 December 2024


Pimsa Automotive UK Ltd

Company Information

Directors	Mr I R Lockwood
	Mr E Incekara


Registered number	10482022


Registered office	Dunns Close
	Nuneaton
	Warwickshire
	CV11 4NF


Independent auditor	Dains Audit Limited
	2 Chamberlain Square
	Birmingham
	B3 3AX


Pimsa Automotive UK Ltd Registered number:10482022

Balance Sheet

As at 31 December 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	4		4,323,415		4,280,280
Investments	5		-		249,165
			4,323,415		4,529,445
Current assets
Stocks	6	301,878		512,634
Debtors: amounts falling due after one year	7	-		781,795
Debtors: amounts falling due within one year	7	860,725		1,011,316
Cash at bank and in hand	8	273,713		439,615
		1,436,316		2,745,360
Creditors: amounts falling due within one year	9	(2,862,125)		(3,062,318)
Net current liabilities			(1,425,809)		(316,958)
Total assets less current liabilities			2,897,606		4,212,487
Creditors: amounts falling due after more than one year	10		(5,792,656)		(5,834,670)

Net liabilities			(2,895,050)		(1,622,183)

Capital and reserves
Called up share capital		100	100
Revaluation reserve	12	821,503	600,969
Profit and loss account	12	(3,716,653)	(2,223,252)
		(2,895,050)	(1,622,183)

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Pimsa Automotive UK Ltd Registered number:10482022

Balance Sheet (continued)

As at 31 December 2024

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 December 2025.

___________________________

Mr I R Lockwood

Director

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Pimsa Automotive UK Ltd

Notes to the Financial Statements

For the Year Ended 31 December 2024

1.	General information

Pimsa Automotive UK Ltd is a private company, limited by shares, incorporated in the United Kingdom and registered in Enland and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Pimsa Otomotiv A.S. as at 31 December 2024 and these financial statements may be obtained from Pimsa Otomotiv A.S. Kucukbakkalkoy Mah. Defne SK., 1 365 Atasehir 34750, Istanbul, Turkey.

2.3

Going concern

The Company has made a loss for the year and has net current liabilities at the balance sheet date. After making enquiries and obtaining a letter of financial support from the parent undertaking, Pimsa Otomotiv A.S., the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements. Accordingly, they continued to adopt the going concern basis in preparing the financial statements.

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Pimsa Automotive UK Ltd

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.4

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.

2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP and the financial statements are rounded to the nearest £..

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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Pimsa Automotive UK Ltd

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.6

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.

2.7

Borrowing costs

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

2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2.9

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 both the straight-line method and the reducing balance basis.

Depreciation is provided on the following basis:

Freehold property	-	2%	on cost
Improvements to property	-	10%	on cost
Plant and machinery	-	10%	on cost
Motor vehicles	-
Fixtures and fittings	-	20%	reducing balance
Office equipment	-	33%	on cost and 20% on 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.

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Pimsa Automotive UK Ltd

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.10

Revaluation of tangible fixed assets

Individual freehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Stock is valued on a first in, first out basis.

At each balance sheet 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.

2.13

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.

2.14

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.

2.15

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.

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Pimsa Automotive UK Ltd

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.16

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

2.17

Taxation

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.

2.18

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.

3.	Employees
	The average number of employees during the year was 34 (2023 - 44).

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Pimsa Automotive UK Ltd

Notes to the Financial Statements

For the Year Ended 31 December 2024

4.	Tangible fixed assets

	Freehold property	Improvements to property	Plant and machinery	Motor vehicles	Storage unit, furniture and equipment	Computer equipment	Total
	£	£	£	£	£	£	£
Cost or valuation
At 1 January 2024	3,440,000	113,107	1,119,315	11,950	39,998	47,245	4,771,615
Additions	-	-	-	-	-	3,516	3,516
Revaluations	60,000	-	-	-	-	-	60,000
At 31 December 2024	3,500,000	113,107	1,119,315	11,950	39,998	50,761	4,835,131
Depreciation
At 1 January 2024	91,733	46,186	294,521	2,988	14,191	41,716	491,335
Charge for the year on owned assets	68,801	11,311	91,320	3,983	4,555	945	180,915
On revalued assets	(160,534)	-	-	-	-	-	(160,534)
At 31 December 2024	-	57,497	385,841	6,971	18,746	42,661	511,716
Net book value
At 31 December 2024	3,500,000	55,610	733,474	4,979	21,252	8,100	4,323,415
At 31 December 2023	3,348,267	66,921	824,794	8,962	25,807	5,529	4,280,280

The property revaluation was performed by Innes England Chartered Surveyors who valued the long leasehold unit at £3,500,000 on an open book basis on 31 December 2024.

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Pimsa Automotive UK Ltd

Notes to the Financial Statements

For the Year Ended 31 December 2024

5.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost
	At 1 January 2024	249,165
	At 31 December 2024	249,165
	Impairment
	Charge for the period	249,165
	At 31 December 2024	249,165
	Net book value
	At 31 December 2024	-
	At 31 December 2023	249,165

6.	Stocks
		2024	2023
		£	£

Raw materials	245,684	466,698
Work in progress (goods to be sold)	39,308	-
Finished goods	16,886	45,936
	301,878	512,634

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Pimsa Automotive UK Ltd

Notes to the Financial Statements

For the Year Ended 31 December 2024

7.	Debtors
		2024	2023
		£	£

Due after more than one year
Amounts owed by group undertakings	-	781,795

Amounts owed from group undertakings are unsecured, interest free, and are repayable in more than 12 months.

					2024	2023
					£	£

Due within one year
Trade debtors	258,279	434,622
Amounts owed by group undertakings	-	72,654
Other debtors	586,154	503,723
Prepayments and accrued income	16,292	317
	860,725	1,011,316

Amounts owed from group undertakings are unsecured, interest free, and are repayable in more than 12 months.

8.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	273,713	439,615

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Pimsa Automotive UK Ltd

Notes to the Financial Statements

For the Year Ended 31 December 2024

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

Bank loans	69,774	78,151
Trade creditors	590,162	764,530
Amounts owed to group undertakings	2,118,605	2,117,689
Corporation tax	7,821	-
Other taxation and social security	42,311	34,761
Other creditors	6,917	47,531
Accruals and deferred income	26,535	19,656
	2,862,125	3,062,318

Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

Included within bank loans is a commercial mortgage secured by a mortgage debenture dated 29 July 2019. The loan is repayable by 29 July 2039. Interest is charged on the loan at 2.95% over Base Rate per annum.

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

Bank loans	1,620,856	1,674,670
Amounts owed to group undertakings	4,171,800	4,160,000
	5,792,656	5,834,670

Included within bank loans is a commercial mortgage secured by a mortgage debenture dated 29 July 2019. The loan is repayable by 29 July 2039. Interest is charged on the loan at 2.95% over Base Rate per annum.

Amounts owed to group undertakings are unsecured, interest free, and are repayable in more than 12 months. Following the year ene, the company is in the process of coverting £2m of the above group balance in to share capital.

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Pimsa Automotive UK Ltd

Notes to the Financial Statements

For the Year Ended 31 December 2024

Amounts falling due within one year
Bank loans	69,774	78,151
Amounts falling due 1-2 years
Bank loans	38,623	35,680
Amounts falling due 2-5 years
Bank loans	1,582,233	125,685
Amounts falling due after more than 5 years
Bank loans	-	1,513,305
	1,690,630	1,752,821

12.

Reserves

Revaluation reserve

The revaluation reserve was created in 2022 due to the revaluation that took place during the year of Pimsa Automotive UK Limited, Dunns Close, Nuneaton, CV11 4NF. The property valuation was carried out by Cartwright Hands Chartered Surveyors and reported that the long leasehold unit was worth £3,440,000 a the date of valuation being 3 September 2022.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses net of
dividends paid and represents the amount of distributable reserves available to the Company.

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Pimsa Automotive UK Ltd

Notes to the Financial Statements

For the Year Ended 31 December 2024

13.	Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held seperately 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 £16,044 (2023 - £20,210). Contributions totallng £4,037 (2023 - £4,037) were payable to the fund at the balance sheet date.

14.	Controlling Party

The parent undertaking of the smallest and largest group to consolidate their financial statements is Pimsa Otomotiv A.S, being the ultimate holding company, a company incorporated in and registered in Turkey. Copies of these financial statements can be obtained from Pimsa Otomotiv A.S. Kucukbakkalkoy Mah. Defne SK., 1 365 Atasehir 34750, Istanbul, Turkey. At December 31 2023, the immediate parent undertaking was Pimsa UK Limited.

15.	Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 30 December 2025 by Mark Gurney FCCA (Senior Statutory Auditor) on behalf of Dains Audit Limited.

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