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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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C.P.G. (WALES) LIMITED
COMPANY INFORMATION
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C.P.G. (WALES) LIMITED
CONTENTS
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C.P.G. (WALES) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their strategic report for the period ended 31st March 2025.
The key financial highlights are as follows; Turnover £15,485k (2024 - £16,119k), Gross profit margin 8.6% (2024 - 10.7%), Operating loss £593k (2024-£150k profit) and Net liabilities £875k (2024 - £1,020k net assets).
Gross profit percentage is the company's key performance indicator. The gross profit margin has decreased from 10.7% to 8.6% in the current period. This is primarily due to the volatility and competitiveness in the current market. Vehicle preparation costs also continue to be closely monitored and the buying process being more focused on vehicles that require the minimum of preparation costs.
The directors believe that paying down debt and retaining cash within the business will leave the company well placed to take advantage of new opportunities as they arise. The company's turnover has decreased by £634k during the period. The turnover of £15.5m during the period is for 12 months, whereas the comparative £16.1m is for 9 months. The company's trading performance has improved subsequent to the balance sheet date and the directors look forward to these contributing to an improved financial position in the forthcoming year. During the year, the company ceased it's operation of fuel & shop sales from the Llantrisant site.
The company is subject to certain risks which are monitored closely by the directors.
The company is exposed to price risk as a result of its operations, in particular in relation to fluctuations in the price of used cars. The directors manage this risk by continuously monitoring the movements in pricing as well as agreeing a vehicle stocking facility arrangement. The arrangements will be continually monitored by the directors.
The company's principal financial assets are cash at bank and trade debtors. The company's credit risk is primarily attributable to its trade debtors. The directors actively monitor and manage the credit risk associated with the company's customers.
The company actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the company has sufficient available funds for its operations.
Exposure to adverse movements in interest rates is not considered by the directors as a significant risk to the company. The company's trading activities are all within the United Kingdom and therefore is not exposed to the risks of fluctuations in exchange rates during the year.
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C.P.G. (WALES) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The company's principal financial instruments comprise bank balances, loans, trade debtors and creditors and finance lease agreements. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations.
In respect of loans, these comprise related party companies and loans from financial institutions. The interest rate on the loans from financial institutions is variable, but the monthly repayments are fixed. The company manages liquidity risk by ensuring there are sufficient funds to meet the repayments. Loans to and from related party companies are not interest bearing and are repayable on demand. The company is a lessee in respect of financed leased assets. The liquidity risk in respect of these is managed in the same way as loans. Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit risk. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
The directors are confident that the company will continue to achieve strong trading levels in future periods, and will respond to any challenges that arise when required.
In preparing the financial statements, the directors have considered the current financial position of the company and likely future cashflows.
The company has reported a loss for the year. It has both net current liabilities and net liabilities at the balance sheet date. Having assessed its current financial position and future outlook, the directors consider that the company will have sufficient resources to continue trading as a going concern over the next 12 months.
This report was approved by the board and signed on its behalf.
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C.P.G. (WALES) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
No dividends were distributed during the period ending 31 March 2025 (2024- £Nil).
The directors who served during the year were:
Included in the company's strategic report is a review of the business performance, a description of the principal risks and uncertainties facing the company, a description of the financial instruments of the company and details of important events affecting the company since the year end.
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C.P.G. (WALES) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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C.P.G. (WALES) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF C.P.G. (WALES) LIMITED
We have audited the financial statements of C.P.G. (Wales) Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We draw attention to note 3.6 in the financial statements, which indicates that the company has incurred a net loss of £768,343 during the year ended 31 March 2025, and as, of that date, the company's total liabilities exceeded its total assets by £875,108.
As stated in note 3.6, these events or conditions, along with the other matters as set forth in note 3.6, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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C.P.G. (WALES) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF C.P.G. (WALES) LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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C.P.G. (WALES) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF C.P.G. (WALES) LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud.
- Review of legal and professional fees for evidence of legal work undertaken or fines/penalties incurred. - Enquiry of entity staff to identify any instances of non-compliance with laws and regulations. - Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
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C.P.G. (WALES) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF C.P.G. (WALES) LIMITED (CONTINUED)
for and on behalf of
Statutory Auditor
Swansea, United Kingdom
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
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C.P.G. (WALES) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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C.P.G. (WALES) LIMITED
REGISTERED NUMBER: 01880557
BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 25 form part of these financial statements.
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C.P.G. (WALES) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
Page 11
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C.P.G. (WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
C.P.G. (Wales) Limited is a private company, limited by shares, incorporated in England and Wales. The company's registered number is 01880557 and registered office address is Corner Park Garage Fabian Way, Crymlyn Burrows, Swansea, Wales, SA1 8QB.
The presentational currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to nearest £.
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
3.Accounting policies
The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for certain fixed assets, as stated in the accounting policies below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements.
• Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures. The financial statements of the company are consolidated in the financial statements of Mainshare limited. These consolidated financial statements are available from its registered office, Corner Park Garage Fabian Way, Crymlyn Burrows, Swansea, Wales, SA1 8QB.
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period or in the period of the revision and future periods if the revision affects both current and future periods.
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C.P.G. (WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
3.Accounting policies (continued)
The directors assess the recoverability of related party debtor balances at the reporting date and make provisions against balances where deemed necessary. The directors review the financial position of related party companies to assess their ability to repay the debt. At the balance sheet date related party debtors totalled £150 (2024 : £2,040,108) and no provision has been made.
Revenue from shop sales and sales of fuel and oil are recognised at the point of sale of goods to the customer.
Revenue from the sale of motor vehicles is recognised when the significant risks and rewards of ownership have been transferred to the buyer. Commissions are recognised when they are payable to the company. Rents received are recognised in the period to which they relate.
In preparing the financial statements, the directors have considered the current financial position of the company and likely future cashflows.
The company has reported a loss for the year of £768,343, and, as of that date, the company’s total liabilities exceeded its total assets by £875,108. The company continues to meet its financial obligations as they fall due, utilising credit card facilities, along with support from group companies. The company continues to meet its financial obligations, as they fall due, utilising credit card facilities, along with support from group companies. The directors are confident that this funding will be sufficient to enable the company to discharge their liabilities as they fall due. On this basis, the Directors consider it appropriate to prepare the financial statements on a going concern basis. However if these facilities and this funding were not to continue for the foreseeable future, a material uncertainty would exist that may cast significant doubt on the company’s ability to continue as a going concern. The financial statements do not include any adjustments that would be required, if the company were unable to continue as a going concern..
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.
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C.P.G. (WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
3.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and on a reducing balance basis..
Depreciation is provided on the following basis:
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.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase 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.
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C.P.G. (WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
3.Accounting policies (continued)
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 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.
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and depreciated over their estimated useful lives. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.
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.
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C.P.G. (WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
3.Accounting policies (continued)
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction.
Debt instruments that are classified as payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the company, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Provisions are recognised when the company has a present obligation as a result of a past event, it is probable that the company will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Otherwise, material contingent liabilities are disclosed unless the transfer of economic benefits is remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.
Investments in the shares of subsidiary companies, joint ventures and minority interests are stated at cost, less any provision for permanent diminution in value. Market value cannot reliably be ascertained, as the shares are unlisted.
Grants received relating to tangible fixed assets are treated as deferred income and released to the income statement over the estimated useful lives of the assets concerned. Revenue grants are credited to the profit or loss account on a received basis when the conditions of entitlement have been met.
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C.P.G. (WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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C.P.G. (WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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C.P.G. (WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 19
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C.P.G. (WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
10.Taxation (continued)
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C.P.G. (WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 21
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C.P.G. (WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
13.Debtors (continued)
Page 22
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C.P.G. (WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 23
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C.P.G. (WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The company operates a defined contribution pension scheme for its staff. The pension cost charge represents contributions payable by the company and amounted to £109,648 (2024 - £30,048 for the year). Contributions totalling £Nil (2024 - £8,881) were payable at the year end.
At the balance sheet date the company had a contingent liability in respect of a cross guarantee with Finance-U-Limited and Mainshare Limited dated 8 July 2019.
During the year, the loan was repaid in full by Mainshare Limited.
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C.P.G. (WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Mainshare Limited is considered the ultimate parent company of C.P.G. (Wales) Limited,. as it holds 100% of the issued share capital of C.P.G. (Wales) Limited.
The parent company prepares consolidated group accounts in which this company is included, copies of which are available to the public and can be obtained from the registered office at Corner Park Garage, Fabian Way,Crymlyn Burrows,Swansea,Wales, SA1 8QB. The ultimate controlling party is Mr G A Humphries and Mrs A E Humphries by virtue of holding 100% of the issued share capital of the parent company, Mainshare Limited.
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