Company registration number 2043705 (England and Wales)
HALLIWELL JONES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
HALLIWELL JONES LIMITED
COMPANY INFORMATION
Directors
P Jones
G A Howes
J M C Houghton
Secretary
M L Clough
Company number
2043705
Registered office
59/61 Southport Road
Southport
PR8 5JF
Auditor
MHA Moore and Smalley
Hoghton Chambers
Hoghton Street
Southport
PR9 0TB
HALLIWELL JONES LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Directors' responsibilities statement
8
Independent auditor's report
9 - 11
Statement of comprehensive income
12
Balance sheet
13
Statement of changes in equity
14
Statement of cash flows
15
Notes to the financial statements
16 - 29
HALLIWELL JONES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The directors present the strategic report for the year ended 31 December 2021.
Review of business
Results
The profit before taxation was £
2
,
258
,
231
for the year compared with a profit of £
1,058,660
for the previous year.
The directors believe the result represents a record profit for the company. Many dealerships within the motor industry have reported 2021 as being a very profitable trading period. However, the directors believe the company’s result is still very positive on a comparative basis. It is well documented that micro-chip shortages reduced the supply of new cars from manufacturers during 2021 and this has since been exacerbated by the situation in the Ukraine. This supply shortage has driven improved margins on both new and used cars, but the directors consider this is unlikely to continue on a sustained basis at these profit levels.
The company remains exposed to the general economy and Government policy but believe the company is equally as well placed as its competitors to deal with any challenges.
Financial position
The directors believe that the balance sheet strength of the company gives it a secure base, which will allow further development of profits or security if the economy becomes more challenging.
Principal Risks and Uncertainties
We have set out below risk factors that we believe could cause our actual future results to differ materially from expected results. However, other factors could adversely affect the results and so the factors set out below should not be considered to be a complete set of all potential risks and uncertainties.
Pandemics
The company is fully aware of the serious situation that a pandemic can cause. The company will undertake a specific risk assessment relating to any particular pandemic and will keep this assessment and any government advice under constant review. Measures highlighted in the risk assessment and government guidance will be implemented and will be communicated to all employees and customers, where relevant.
The health and safety of employees, suppliers, visitors and the community is always the company’s highest priority. Beyond the company itself, the company also consider it their duty to act responsibly and to do their part to protect society.
The company will do everything to maintain operations and to continue to support the company’s customers and partners as far as possible. The company believes it has demonstrated that it can adapt to a digital trading environment and many aspects of the company’s management can be supported by home-working, as and when required.
The company is well placed to adapt those operational matters that have increased focus during a pandemic, such as social distancing, increased hygiene and sanitization procedures, staff communication, digital trading and management via remote internet meetings.
Clearly only a limited number of organisations could withstand the most severe economic decline; the directors believe the company to have a secure financial standing, which should allow us to withstand most economic circumstances. However, a more virulent virus could have a more devastating impact on the health of the population and the general economy. Improved procedures and awareness of how to manage such a pandemic suggests the company is well placed to continue to operate in such a situation. Government support during 2020 was significant and clearly the financial impact of any pandemic is likely to be significantly affected by any future government actions.
HALLIWELL JONES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Business conditions and the general economy
The profitability of our company could be adversely affected by a worsening of general economic conditions in the United Kingdom. Factors such as unemployment, the level and volatility of equity markets, interest rates, inflation, action taken by the UK government relating to the taxation of vehicle purchasing and fuel for cars and the availability and cost of credit could significantly affect the market for the sale of new and used motor cars. Any changes by the UK government relating to the taxation of company cars and the provision of fuel for company cars may impact on sales activity. In the case of new car sales during a period of economic downturn there is likely to be an oversupply of vehicles leading to reduced margins. Whilst a short term worsening in economic conditions in the United Kingdom should not significantly adversely impact profitability in our aftersales business, a sustained downturn over a number of years would be likely to lead to reduced profits in this area.
Franchise agreements
We operate franchised BMW and MINI motor car dealerships. Franchises are awarded to us by the manufacturers. Failure to continue to hold franchises could result in a significant reduction in profits of the company due to our inability in this situation to source new stock to sell, perform warranty repairs and display manufacturer trade marks. The last five-yearly franchise contract renewal within the UK BMW and MINI dealer network was on 1st October 2018 and the directors hold the reasonable belief that they should be successful in renewing the next franchise agreements.
Vehicle manufacturer dependencies
We depend on the vehicle manufacturers' financial condition, marketing, vehicle design, production and distribution capabilities, reputation, management and industrial relations. A failure by a manufacturer in the areas noted could lead to significant losses especially in the case of the insolvency of a manufacturer. Vehicle manufacturers provide sales incentives, warranty and other programs that are intended to promote new vehicle sales. A withdrawal or reduction in these programs would have an adverse impact on our business. The directors are not aware of any significant issues with respect to the vehicle manufacturer dependency relationship.
Liquidity and financing
Liquidity and financing risks relate to our ability to pay for goods and services required to trade on a day to day basis. We have three main sources of financing facilities which are, from banks and BMW Financial Services (GB) Limited by way of committed borrowing facilities and from suppliers by way of trade credit. A withdrawal of financing facilities or a failure to renew them as they expire could lead to a significant reduction in the trading ability of the company. The directors are not aware of any reason to suggest that the company will have any issues with regards to liquidity and financing.
Regulatory compliance risk
The Company is subject to regulatory compliance risk which can arise from a failure to comply fully with the laws, regulations or codes applicable, for example those set out by the Financial Conduct Authority. Non compliance can lead to fines, enforced suspension from sales of general insurance products or public reprimand.
Competition
We compete with other franchised vehicle dealerships, private buyers and sellers, internet based dealers, independent service and repair shops and manufacturers who have entered the retail market. We compete for the sale of new and used vehicles, the performance of warranty repairs, non warranty repairs, routine maintenance business and for the provision of spare parts. The principal competitive factors in service and parts sales are price, customer database, familiarity with a manufacturer's brands and models and the quality of customer service. We also compete with a range of financial institutions in arranging finance for vehicle purposes. Some of our competitors may have greater resources and lower overheads and sales costs. This could lead to our failure to be able to compete and result in a reduction in our profitability.
HALLIWELL JONES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
Reliance on certain members of management and staff
The Company is dependent on members of its senior management team and skilled personnel and the future financial well being of the Company could depend in part on our ability to attract and retain highly skilled management and personnel. The loss of the service of a number of such individuals could have a material adverse effect on the business. Additionally, if we fail to recruit and retain skilled staff it may not be possible to continue to grow the business.
Failure of information systems
Our business is dependent on the efficient and uninterrupted operation of our information technology and computer systems, which are vulnerable to damage or interruption from power loss, telecommunications failure, sabotage, vandalism or similar misconduct. Whilst we have put in place contingency and recovery plans in order to mitigate the impact of such failures it can never be certain that these plans could cover every eventuality or situation.
Key performance indicators
Turnover was £60,998,780 compared to £50,280,342 in 2020, an increase of 21.3%.
Gross Profit was £6,333,325 compared to £4,720,453 in 2020, an increase of 34.2%. Gross Profit percentage of turnover was 10.4% compared with 9.4% in 2020.
Administrative expenses were £4,173,246 compared to £4,011,272 in 2020, an increase of 4%.
Future developments
The directors look for continued profitability during 2022.
Compliance with duty
This statement by the board describes how the responsibilities under s172(1)(a) to (f) of the Companies Act
2006 have been approached in the financial period ended 31st December 202
1
.
The directors consider that they have acted in good faith to promote the success of the company on behalf of the stakeholders, in relation to matters set out in s172 of the Act.
The stakeholders of the business include the employees, customers and suppliers of the business.
The directors monitor and review strategic objectives against long term growth plans and regular reviews at departmental and board level are held across the business in the key areas. These areas being Health, Safety, Quality and Environment, Financial Performance, Operations, Human Resources and Risks and Opportunities (HSQE).
HSQE is considered to be fundamental to the management of the business by the directors. Safe working practices that minimise environmental impact are key to the success of the business and are vitally important for our stakeholders, the communities and the environments we work in.
The fundamental principle in the governance of Halliwell Jones Limited is the clear, fair and trusting approach to all interactions with employees, customers and suppliers. This is reflected in the length of service of employees and management teams and the longevity of the relationships with our customers and suppliers.
HALLIWELL JONES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
The company has built, and continues to grow, the business on a reputation for delivering excellent customer service. The company, through the senior management and employees, strives continuously to improve in every aspect products and services it provides, for the mutual benefit of all stakeholders.
The company enjoys good relationships with suppliers in relation to credit arrangements and takes a firm approach to debtor management. Payment terms reduce the risk to the business whilst the process for debt collection minimises the risk of non payments.
The directors have overall responsibility for delivering the company's strategy and values and for ensuring high standards of governance. The primary aim of the directors is to promote the long term sustainable success of the company to generate benefit for the stakeholders. Throughout the next financial year, the directors will continue to review, improve and challenge the engagement with all stakeholders.
The company's employees, customers and suppliers are critical to the success of the business and so it is recognised that engagement is an important aspect in those relationships.
The directors recognise and understand that it is important to keep employees informed of all matters concerning them and does this in a number of ways including meetings together with verbal and written communications. The policy of the company is to discuss with employees any issues that arise in accordance with relevant procedures or legislation.
The company has an equal opportunities policy and is committed to the principles within the policy in respect of all stakeholders.
G A Howes
Director
25 September 2022
HALLIWELL JONES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
The directors present their annual report and financial statements for the year ended 31 December 2021.
Principal activities
The principal activity of the company continued to be that of a franchised dealer and repairer of motor vehicles.
Results and dividends
The results for the year are set out on page 12.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
P Jones
G A Howes
J M C Houghton
The company is a wholly owned subsidiary of Halliwell Jones Holdings Limited, a company in which P Jones holds a controlling interest.
Auditor
The auditor, MHA Moore and Smalley, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
2021
2020
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
312,270
368,366
- Electricity purchased
323,923
275,968
- Fuel consumed for transport
444,306
387,361
1,080,499
1,031,695
HALLIWELL JONES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
2021
2020
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
57.20
67.73
- Fuel consumed for owned transport
103.36
90.46
160.56
158.19
Scope 2 - indirect emissions
- Electricity purchased
68.78
64.34
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the
-
-
Total gross emissions
229.34
222.53
Intensity ratio
Tonnes CO2e per £million (revenue)
3.76
4.43
Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2021 UK Government’s Conversion Factors for Company Reporting.
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £million revenue.
Measures taken to improve energy efficiency
The motor industry is currently in a period of transition following the UK government’s announcement that the sale of new petrol and diesel vehicles will cease from 2030. We view the required changes will positively help society by moving to a more environmentally friendly transport infrastructure. Together with the manufacturer, we are committed to ensuring we are prepared for the future needs of our customers and ourselves and we are currently investing in capital expenditure to future-proof ourselves with respect to electric vehicle charging capacity.
The company is committed to a continuing review of its operating energy efficiency and routinely undertakes detailed monitoring of gas and electric usage and utilises energy efficient systems, such as LED lighting systems.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
Going concern
The directors refer to note 1.2 and have concluded that it is appropriate to prepare the accounts on a going concern basis.
HALLIWELL JONES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
On behalf of the board
G A Howes
Director
25 September 2022
HALLIWELL JONES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
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 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.
HALLIWELL JONES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HALLIWELL JONES LIMITED
- 9 -
Opinion
We have audited the financial statements of Halliwell Jones Limited (the 'company') for the year ended 31 December 2021 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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.
HALLIWELL JONES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF HALLIWELL JONES LIMITED
- 10 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors'
r
eport 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report or the directors'
r
eport
. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error. In preparing the
financial statements
, the
directors are
responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have
no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
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
procedures we carried out and the
extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
-
Enquiries with management about any known or suspected instances of non-compliance with laws and regulations;
-
Enquires with management about any known or suspected instances of fraud;
-
Examination of journal entries and other adjustments to test for appropriateness and identify any instances of management override of controls;
-
Review of legal and professional expenditure to identify any evidence of ongoing litigation or enquiries
.
Because of the field in which the client operates we identified that compliance with FCA regulations, health and safety, employment law and compliance with the UK Companies Act are the area
s
most likely to have a material impact on the financial statements.
HALLIWELL JONES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF HALLIWELL JONES LIMITED
- 11 -
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognize the non-compliance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
Virginia Cooper (Senior Statutory Auditor)
For and on behalf of MHA Moore and Smalley
Chartered Accountants
Statutory Auditor
Hoghton Chambers
Hoghton Street
Southport
PR9 0TB
28 September 2022
HALLIWELL JONES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
- 12 -
2021
2020
Notes
£
£
Turnover
3
60,998,780
50,280,342
Cost of sales
(54,665,455)
(45,559,889)
Gross profit
6,333,325
4,720,453
Administrative expenses
(4,173,246)
(4,011,272)
Other operating income
172,586
489,099
Operating profit
4
2,332,665
1,198,280
Interest receivable and similar income
8
4,851
619
Interest payable and similar expenses
9
(79,285)
(140,239)
Profit before taxation
2,258,231
1,058,660
Tax on profit
10
(480,377)
(238,550)
Profit for the financial year
1,777,854
820,110
The profit and loss account has been prepared on the basis that all operations are continuing operations.
HALLIWELL JONES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 13 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
11
4,708,879
4,940,385
Current assets
Stocks
12
9,329,821
8,862,143
Debtors
13
2,743,055
1,483,604
Cash at bank and in hand
955,903
1,843,798
13,028,779
12,189,545
Creditors: amounts falling due within one year
14
(7,717,557)
(8,906,125)
Net current assets
5,311,222
3,283,420
Total assets less current liabilities
10,020,101
8,223,805
Provisions for liabilities
Deferred tax liability
16
99,267
80,825
(99,267)
(80,825)
Net assets
9,920,834
8,142,980
Capital and reserves
Called up share capital
18
100,000
100,000
Revaluation reserve
222,770
227,491
Profit and loss reserves
9,598,064
7,815,489
Total equity
9,920,834
8,142,980
The financial statements were approved by the board of directors and authorised for issue on 25 September 2022 and are signed on its behalf by:
G A Howes
Director
Company Registration No. 2043705
HALLIWELL JONES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 14 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2020
100,000
232,212
6,990,658
7,322,870
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
-
820,110
820,110
Transfers
-
(4,721)
4,721
-
Balance at 31 December 2020
100,000
227,491
7,815,489
8,142,980
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
1,777,854
1,777,854
Transfers
-
(4,721)
4,721
-
Balance at 31 December 2021
100,000
222,770
9,598,064
9,920,834
HALLIWELL JONES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 15 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
762,129
1,246,441
Interest paid
(79,285)
(140,239)
Income taxes refunded/(paid)
22,526
(46,985)
Net cash inflow from operating activities
705,370
1,059,217
Investing activities
Purchase of tangible fixed assets
(17,894)
(55,784)
Proceeds on disposal of tangible fixed assets
2,725
Advances to directors
(1,004,329)
Interest received
4,851
619
Net cash used in investing activities
(1,014,647)
(55,165)
Financing activities
Movement on vehicle finance loans
(578,618)
238,917
Net cash (used in)/generated from financing activities
(578,618)
238,917
Net (decrease)/increase in cash and cash equivalents
(887,895)
1,242,969
Cash and cash equivalents at beginning of year
1,843,798
600,829
Cash and cash equivalents at end of year
955,903
1,843,798
HALLIWELL JONES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 16 -
1
Accounting policies
Company information
Halliwell Jones Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
59/61 Southport Road, Southport, PR8 5JF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has operated successfully since the first Covid-19 lockdown, albeit with some government support. The directors believe the company's financial status means it would have survived this challenging period irrespective of this support. Similarly, Brexit has had no major impact to date.
true
There are currently manufacturer production issues arising from micro-chip shortages and the concerning situation in the Ukraine. The directors do not believe these issues cause any concept of a going concern issue.
The company's balance sheet, current/expected profits and cashflow/funding facilities gives the directors the reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Thus
,
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is
measured
at the fair value of the consideration received or receivable for goods provided
and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when significant risks and rewards of ownership have transferred to the buyer; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
HALLIWELL JONES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 17 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
50 years straight line excluding land
Plant and machinery
3 to 10 years straight line
Fixtures and fittings
3 to 10 years straight line
Computer equipment
3 to 10 years straight line
Motor vehicles
4 to 5 years straight line
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 credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are
valued at the lower of cost and net realisable value. Cost of vehicles and parts represents the purchase price plus any additional costs incurred. Where necessary, provision is made for obsolete, slow moving and defective stock.
Vehicles on consignment are included in stock when substantially all of the principal benefits and inherent risks rest with the company. The corresponding liability is included under creditors.
1.7
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.8
Financial instruments
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 instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
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 financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Other financial assets
All of the company's financial assets are classed as basic financial assets.
HALLIWELL JONES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans
and
loans from
fellow group companies are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
All of the company's financial liabilities are classed as basic financial liabilities.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
HALLIWELL JONES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 19 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
HALLIWELL JONES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 20 -
1.14
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 that 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Valuation and life of tangible fixed assets
Determining both the useful economic life and the residual value of tangible fixed assets requires an estimation of both the length of time that the company expects to use the asset for and the future selling price that the company expects to be achieved for the asset at the end of the useful economic life. These are reviewed annually on an asset by asset basis. There is not expected to be a material difference in the value of the assets given the estimations used.
Used stock valuations
Stocks are stated at the lower of cost and net realisable value. The value of all used vehicles as well as the provision for slow moving and obsolete stock can have significant influence on the stock valuation in the financial statements. A comprehensive review of the stock holding is carried out regularly.
3
Turnover and other revenue
2021
2020
£
£
Turnover analysed by class of business
Sale of goods
60,998,780
50,280,342
2021
2020
£
£
Other revenue
Interest income
4,851
619
Grants received
47,664
475,422
Turnover is derived from activities in the UK.
HALLIWELL JONES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 21 -
4
Operating profit
2021
2020
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(47,664)
(475,422)
Depreciation of owned tangible fixed assets
246,679
250,618
Profit on disposal of tangible fixed assets
(4)
5
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
12,345
12,100
For other services
All other non-audit services
9,435
10,234
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Directors
3
3
Administration
10
12
Sales Service and Parts
58
65
Total
71
80
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
2,106,974
2,229,125
Social security costs
201,391
173,703
Pension costs
42,207
36,746
2,350,572
2,439,574
HALLIWELL JONES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 22 -
7
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
35,250
22,571
8
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest on bank deposits
500
619
HMRC interest
22
Other interest income
4,329
Total income
4,851
619
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
522
619
9
Interest payable and similar expenses
2021
2020
£
£
Other finance costs:
Stocking loan interest
70,039
124,585
Other interest
9,246
15,654
79,285
140,239
10
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
461,935
227,433
Deferred tax
Origination and reversal of timing differences
18,442
11,117
Total tax charge
480,377
238,550
HALLIWELL JONES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
10
Taxation
(Continued)
- 23 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
£
£
Profit before taxation
2,258,231
1,058,660
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
429,064
201,145
Tax effect of expenses that are not deductible in determining taxable profit
28,404
29,204
Effect of change in corporation tax rate
23,824
8,201
Deferred tax adjustments in respect of prior years
5
Superdeduction adjustment
(920)
Taxation charge for the year
480,377
238,550
No provision has been made for deferred tax on gains recognised on adopting a previous revaluation at deemed cost as, in the opinion of the directors, no liablility would become payable should the property be disposed of at the revalued amount.
HALLIWELL JONES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 24 -
11
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 January 2021
5,792,754
465,554
677,234
210,021
136,074
7,281,637
Additions
2,998
11,043
3,853
17,894
Disposals
(15,726)
(45,835)
(107,417)
(18,675)
(187,653)
Transfers
(19,778)
19,778
At 31 December 2021
5,772,976
452,826
662,220
106,457
117,399
7,111,878
Depreciation and impairment
At 1 January 2021
1,226,462
379,609
488,064
183,370
63,747
2,341,252
Depreciation charged in the year
120,139
33,495
71,911
11,795
9,339
246,679
Eliminated in respect of disposals
(14,252)
(45,835)
(106,170)
(18,675)
(184,932)
Transfers
(10,367)
10,367
At 31 December 2021
1,336,234
398,852
524,507
88,995
54,411
2,402,999
Carrying amount
At 31 December 2021
4,436,742
53,974
137,713
17,462
62,988
4,708,879
At 31 December 2020
4,566,292
85,945
189,170
26,651
72,327
4,940,385
Freehold property is included at a previous valuation which has been adopted as deemed cost at the date of transition to FRS 102.
Freehold property
2021
2020
£
£
Cost
5,451,062
5,470,840
Accumulated depreciation
(1,237,090)
(1,132,039)
Carrying value
4,213,972
4,338,801
HALLIWELL JONES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 25 -
12
Stocks
2021
2020
£
£
Motor vehicles
8,197,334
6,817,004
Motor vehicles on consignment
832,911
1,863,559
Parts and accessories
299,576
181,580
9,329,821
8,862,143
13
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
837,155
912,684
Parent undertaking
145,887
145,887
Other debtors
325,000
Due from associated companies
130,381
71,617
Director current account
1,004,329
-
Prepayments and accrued income
300,303
353,416
2,743,055
1,483,604
14
Creditors: amounts falling due within one year
2021
2020
Notes
£
£
Other borrowings
15
119,362
697,980
Trade creditors
4,293,116
4,511,732
Consignment creditor
832,911
1,863,559
Due to associated companies
947,503
875,734
Corporation tax
711,894
227,433
Other taxation and social security
278,831
424,387
Deposits in advance
181,663
17,815
Accruals and deferred income
352,277
287,485
7,717,557
8,906,125
Vehicle stocking finance is secured by a charge on the vehicles concerned. Consignment liabilities are secured upon the stocks concerned.
HALLIWELL JONES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 26 -
15
Loans and overdrafts
2021
2020
£
£
Vehicle finance loans
119,362
697,980
Payable within one year
119,362
697,980
16
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
101,440
82,329
Retirement benefit obligations
(2,173)
(1,504)
99,267
80,825
2021
Movements in the year:
£
Liability at 1 January 2021
80,825
Charge to profit or loss
18,442
Liability at 31 December 2021
99,267
It is not possible to quantify the amounts expected to reverse over the upcoming twelve months owing to uncertainties over capital expenditure of the company.
17
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
42,207
36,746
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
HALLIWELL JONES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 27 -
18
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
19
Financial commitments, guarantees and contingent liabilities
There are unlimited cross company guarantees on bank borrowing facilities and loans between Halliwell
Jones Limited, Halliwell Jones (Chester) Limited, Halliwell Jones (Warrington) Limited, Halliwell Jones
(North Wales) Limited, Halliwell Jones Holdings Limited, Halliwell Jones Holdings (Chester) Limited,
Halliwell Jones (Wilmslow) Limited, Halliwell Jones (Wilmslow) Bodyshop Limited and Roundel Limited.
The potential liability at 31st December 20
21
under this guarantee is £
6
,
429
,
824
.
Security is as detailed in
n
ote
14
.
20
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Purchases
2021
2020
2021
2020
£
£
£
£
Other related parties
3,758,779
3,689,970
10,321,806
9,670,908
Interest paid
2021
2020
£
£
Other related parties
9,246
15,654
During the year the company maintained various loans with directors relating to vehicle credit sale agreements. These loans were interest free, with statutory interest declared as a benefit in kind. The company sold 6 vehicles at cost to two directors totalling £295,699 and purchased 6 vehicles from two directors totalling £315,012.
There are no balances due to or from directors at the year end in respect of vehicle credit sale agreements.
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due to related parties
£
£
Other related parties
947,503
875,734
HALLIWELL JONES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
20
Related party transactions
(Continued)
- 28 -
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due from related parties
£
£
Other related parties
130,381
71,617
21
Directors' transactions
L
oans have been granted by the company to its directors as follows:
Interest is chargeable at the official rate as published by HM Revenue & Customs from time to time. Any interest chargeable will be retained and become payable when the principal of the loan is repaid.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Unsecured term facility agreement
2.00
-
1,000,000
4,329
1,004,329
-
1,000,000
4,329
1,004,329
22
Ultimate controlling party
The ultimate parent company is Halliwell Jones Holdings Limited, a company incorporated in Great Britain and registered in England and Wales. This company is under the control of P Jones due to his majority shareholding.
23
Cash generated from operations
2021
2020
£
£
Profit for the year after tax
1,777,854
820,110
Adjustments for:
Taxation charged
480,377
238,550
Finance costs
79,285
140,239
Investment income
(4,851)
(619)
Gain on disposal of tangible fixed assets
(4)
Depreciation and impairment of tangible fixed assets
246,679
250,618
Movements in working capital:
(Increase)/decrease in stocks
(467,678)
2,933,801
(Increase)/decrease in debtors
(255,122)
405,711
Decrease in creditors
(1,094,411)
(3,541,969)
Cash generated from operations
762,129
1,246,441
HALLIWELL JONES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 29 -
24
Analysis of changes in net funds
1 January 2021
Cash flows
31 December 2021
£
£
£
Cash at bank and in hand
1,843,798
(887,895)
955,903
Borrowings excluding overdrafts
(697,980)
578,618
(119,362)
1,145,818
(309,277)
836,541
2021-12-31
2021-01-01
false
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G A Howes
J M C Houghton
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