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Registered number: 05281104
CRAYFORD & ABBS LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2025
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CRAYFORD & ABBS LIMITED
REGISTERED NUMBER: 05281104
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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CRAYFORD & ABBS LIMITED
REGISTERED NUMBER: 05281104
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
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 statement of income and retained earnings 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 by:
The notes on pages 3 to 11 form part of these financial statements.
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CRAYFORD & ABBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company is a private company limited by shares, registered in England and Wales. The address of the registered office is Gypsies Lane, Bodham, Holt, Norfolk, NR25 9QJ. The Company's principal activity is that of a car dealership.
2.Accounting policies
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Basis of preparation of financial statements
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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 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 following principal accounting policies have been applied:
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Therefore, it is considered appropriate to prepare the financial statements on the going concern basis.
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:
Vehicle Sales
Revenue from the sale of motor vehicles is recognised when the significant risks and rewards of ownership have transferred to the buyer, which is generally upon delivery of the vehicle and completion of all sales documentation. Where vehicles are sold on finance, revenue is recognised at the point of delivery, provided the finance company has accepted the finance agreement.
Other Garage Sales (Servicing, Repairs, and Parts)
Revenue from the provision of services, such as repairs and maintenance, is recognised when the service has been performed and the customer has accepted the service provided. Revenue from parts sold in conjunction with servicing is recognised when the parts are fitted or, if sold over-the-counter, at the point of sale.
Manufacturer Incentives
The Company may receive incentive payments from vehicle manufacturers or other suppliers. These include bonuses for sales volume targets, marketing support, and promotional contributions. Such income is recognised when the conditions for receipt have been met and there is sufficient certainty regarding the amount to be received. Where incentive income relates to a specific vehicle or transaction, it is recognised in conjunction with that transaction. General incentives not linked to specific sales are recognised in the period to which they relate.
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CRAYFORD & ABBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Fuel Sales
Revenue from the sale of fuel is recognised at the point of sale when the fuel is dispensed and payment is received or receivable.
Interest income is recognised in profit or loss using the effective interest method.
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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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CRAYFORD & ABBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. 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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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CRAYFORD & ABBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
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. Work in progress and finished goods include labour and attributable overheads.
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.
Stocks on consignment are recognised on the balance sheet when the terms of the consignment agreement and commercial practice indicate that the principle benefits of owning stock and the principle risks of ownership rest with the Company.
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.
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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CRAYFORD & ABBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:
Valuation of Vehicle Inventory (Stock Provision)
The company holds inventory comprising new and used vehicles for resale. Inventory is stated at the lower of cost and estimated selling price less costs to complete and sell.
Management exercises judgement in assessing the net realisable value (NRV) of vehicle stock, particularly used vehicles. This involves estimating the expected selling prices based on market conditions, vehicle condition, age, mileage, and recent sales history, as well as adjusting for any additional costs that may be incurred to complete a sale (e.g., reconditioning or marketing costs).
A provision is made where the cost of a vehicle exceeds its estimated NRV. This is reviewed on a vehicle-by-vehicle basis for used cars and on a model or batch basis for new vehicles, taking into account slow-moving stock, demonstrator vehicles, and current market demand.
The assessment of NRV is inherently judgemental and sensitive to changes in consumer preferences, economic conditions, and manufacturer pricing strategies. A material change in any of these factors could affect the carrying value of the vehicle inventory and result in a change in the provision required.
At the reporting date, the vehicle stock provision is £174,465 (2024 - £199,575), representing 5.9% (2024 - 11.6%) of total inventory. Management believes that the estimates and judgements applied in determining the NRV and related provision are appropriate based on current information available.
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The average monthly number of employees, including directors, during the year was 40 (2024 - 34).
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CRAYFORD & ABBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The carrying value of stocks are stated net of impairment losses totalling £174,465 (2024 - £199,575).
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CRAYFORD & ABBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Included within trade creditors are amounts relating to a stock funding plan of £2,542,079 (2024 - £1,055,942) which are secured against stock at the reporting date.
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Creditors: Amounts falling due after more than one year
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The bank loans are secured by a fixed charge over the freehold land and buildings of the Company and
both a fixed and floating charge over all other assets of the Company.
The liability relates to two bank loans which are repayable in monthly installments. Interest is payable at 1.88% above the Bank of England base rate on one bank loan and at 2.5% on the other bank loan.
Net obligations under finance leases are secured upon assets to which they relate.
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CRAYFORD & ABBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately 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 £42,651 (2024 - £47,702). Contributions totalling £6,322 (2024 - £6,134) were payable to the fund at the balance sheet date and are included in creditors.
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CRAYFORD & ABBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Commitments under operating leases
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At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.
The audit report was signed on 14 July 2026 by Frank Shippam BSc FCA DChA (Senior statutory auditor) on behalf of MA Partners Audit LLP.
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