Company No: 00991677 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
				Restated
Fixed assets
Tangible assets	3	373		437
Investment property	4	300,000		285,000
		300,373		285,437
Current assets
Stocks		22,790		22,790
Debtors	5	492		10,362
Cash at bank and in hand		67,316		57,956
		90,598		91,108
Creditors: amounts falling due within one year	6	( 44,768)		( 28,816)
Net current assets		45,830		62,292
Total assets less current liabilities		346,203		347,729
Provision for liabilities		( 3,250)		0
Net assets		342,953		347,729
Capital and reserves
Called-up share capital	7	100		100
Profit and loss account	9	342,853		347,629
Total shareholders' funds		342,953		347,729

For the financial year ending 31 December 2025 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Ian Bulpin Motors (Teignmouth) Limited (registered number: 00991677) were approved and authorised for issue by the Board of Directors on 12 May 2026. They were signed on its behalf by:

Mr A C A Bulpin Director

Mr A C I Bulpin Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ian Bulpin Motors (Teignmouth) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year adjustment

During the current year, it was identified that a company bank account had been omitted from the prior year accounts, with the balance incorrectly included within the director’s loan account. In accordance with FRS 102 Section 10, this has been treated as the correction of a material prior period error.

The prior year comparative figures have therefore been restated to reflect this reclassification. As a result, the prior year director’s loan account balance has been reduced by £30,515 and cash at bank has increased by £30,704. Retained earnings have increased by £154.

Turnover

Turnover represents rental income and income from the sale of property. Rental income is accounted for in the period to which it relates.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Office equipment

15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stock of property has been valued at the lower of cost and net realisable value on a basis consistent with previous years. Certain properties have been reduced to below cost where the directors consider appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		3

3. Tangible assets

	Office equipment		Total
	£		£
Cost
At 01 January 2025	4,612		4,612
At 31 December 2025	4,612		4,612
Accumulated depreciation
At 01 January 2025	4,175		4,175
Charge for the financial year	64		64
At 31 December 2025	4,239		4,239
Net book value
At 31 December 2025	373		373
At 31 December 2024	437		437

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2025	285,000
Fair value movement	15,000
As at 31 December 2025	300,000

Valuation

Freehold investment property was revalued to fair value at 31 December 2025 based on a valuation undertaken by the directors. There has been no valuation of investment property by an independent valuer.

5. Debtors

	2025		2024
	£		£
Other debtors	492		10,362

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Corporation tax	3,285		3,290
Other taxation and social security	3,348		2,267
Other creditors	38,135		23,259
	44,768		28,816

7. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

8. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Balance brought forward	7,395		41,314
Add : Advances made during the year	24,641		23,324
Less: Repayments made during the year	(46,738)		(57,243)
Balance carried forward	(14,702)		7,395

The 2024 transactions with the entities directors have been restated to reflect the prior year adjustment detailed in the accounting policies section.

9. Reserves

Included within the profit and loss account balance carried forward are non-distributable reserves of £83,082 (2024 - £71,332). These reserves represent the cumulative unrealised revaluation gains on the company's investment property, net of the provision of deferred taxation thereon.