REGISTERED NUMBER: 05199857 (England and Wales)

GARLAND MOTORS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

M A Mills-Goodlet

REGISTERED OFFICE:

43 St Cross Road

Winchester

Hampshire

SO23 9PU

REGISTERED NUMBER:

05199857 (England and Wales)

SENIOR STATUTORY AUDITOR:

Tom Young FCA

AUDITORS:

Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

BANKERS:

National Westminster Bank

105 High Street

Winchester

Hampshire

SO23 9AH

FIXED ASSETS

Tangible assets

4

854,009

914,823

CURRENT ASSETS

Stocks

5

2,771,094

2,663,850

Debtors

6

761,480

502,653

Cash at bank

298,244

7,816

3,830,818

3,174,319

CREDITORS

Amounts falling due within one year

7

(4,926,263

)

(4,102,870

)

NET CURRENT LIABILITIES

(1,095,445

)

(928,551

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(241,436

)

(13,728

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(241,437

)

(13,729

)

SHAREHOLDERS' FUNDS

(241,436

)

(13,728

)

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

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

The financial statements were approved by the director and authorised for issue on 9 January 2026 and were signed by:

M A Mills-Goodlet - Director

1.	STATUTORY INFORMATION

Garland Motors 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.

The company's business address is 15 Blackwater Way, Ash Road, Aldershot, Hampshire, GU12 4DN.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime.

The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Going concern

At the balance sheet date, the company had net liabilities and is dependent on the support from its parent company. The directors of the parent company have given their assurance that this support will continue for the foreseeable future. As such, the financial statements have been prepared on a going concern basis.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax. Vehicle sales are recognised when an agreement is made between the company and the customer to sell a vehicle. Parts, servicing and body shop sales are recognised when the goods are physically despatched or the service physically performed for the customer. Rental sales are recognised evenly over the rental period.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

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

Freehold property

2-5% Straight line

Short leasehold

Over the length of the lease

Plant and machinery

20-25% Straight line

No depreciation is provided on freehold land.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.

Stocks

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated as follows:

Car stocks

Purchase price

Parts and accessories

Average purchase price

The company operates a consignment stock arrangement with Skoda Auto. The terms of the arrangement are such that after an initial interest free period, the risks and benefits associated with the stock are transferred to the company and accordingly, this has been included in the balance sheet as new vehicle stock and the corresponding liability included within the creditors falling due within one year.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Leasing commitments

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The contributions payable are charged to the Profit and Loss Account in the period to which they relate.

Financial assets

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities

Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2024 - 49 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Short

Plant and

property

leasehold

machinery

Totals

£

£

£

£

COST

At 1 May 2024

858,871

462,798

393,152

1,714,821

Additions

-

-

17,122

17,122

At 30 April 2025

858,871

462,798

410,274

1,731,943

DEPRECIATION

At 1 May 2024

169,428

308,153

322,417

799,998

Charge for year

9,879

38,478

29,579

77,936

At 30 April 2025

179,307

346,631

351,996

877,934

NET BOOK VALUE

At 30 April 2025

679,564

116,167

58,278

854,009

At 30 April 2024

689,443

154,645

70,735

914,823

Included in cost of land and buildings is freehold land of £ 450,000 (2024 - £ 450,000 ) which is not depreciated.

5.

STOCKS

2025

2024

£

£

Vehicle stocks

2,684,993

2,550,660

Parts stock

86,101

113,190

2,771,094

2,663,850

The value of consignment stocks included within vehicle stocks at the balance sheet date is £1,381,202 (2024: £386,993).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

612,201

354,056

Other debtors

149,279

148,597

761,480

502,653

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

1,909,653

749,132

Amounts owed to group undertakings

1,242,279

1,192,423

Taxation and social security

204,689

48,023

Other creditors

1,569,642

2,113,292

4,926,263

4,102,870

8.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Volkswagen vehicle funding

2,812,547

2,431,555

The Volkswagen vehicle funding balance relates to stock vehicles and is secured over the vehicles to which it relates.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Tom Young FCA (Senior Statutory Auditor)

for and on behalf of Hopper Williams & Bell Limited

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11.	POST BALANCE SHEET EVENTS

After the year end, the company accepted an offer to sell its freehold property, 20 Waterloo Road. The transaction is expected to exchange and complete in January 2026. The offer is in excess of the carrying value of the asset; no adjustment has been made as at 30 April 2025.

12.	ULTIMATE CONTROLLING PARTY

Winchester Motor Company Limited, a company incorporated in England & Wales, is the ultimate parent, for which consolidated accounts including Garland Motors Limited are prepared. These accounts are available from its registered office, 43 St Cross Road, Winchester, Hampshire, SO23 9PU.