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FINANCIAL STATEMENTS
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CONTENTS
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PAGE
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Officers and professional advisers
|
1
|
Strategic report
|
2
|
Director's report
|
5
|
Independent auditor's report to the members
|
7
|
Consolidated profit and loss account
|
11
|
Consolidated balance sheet
|
12
|
Balance sheet
|
13
|
Consolidated statement of changes in equity
|
14
|
Company statement of changes in equity
|
15
|
Consolidated cash flow statement
|
16
|
Notes to the financial statements
|
17
|
|
OFFICERS AND PROFESSIONAL ADVISERS
|
Director
|
Mr R C Pugsley
|
Company secretary
|
|
Registered office
|
|
|
|
|
|
Auditor
|
|
Chartered Accountants & statutory auditor
|
|
Cedar House
|
|
Hazell Drive
|
|
Newport
|
|
NP10 8FY
|
|
|
STRATEGIC REPORT
|
|
DIRECTOR'S REPORT
|
Mr R C Pugsley
|
|
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
|
|
(Senior Statutory Auditor)
|
For and on behalf of
|
|
Chartered Accountants & statutory auditor
|
Cedar House
|
Hazell Drive
|
Newport
|
NP10 8FY
|
|
CONSOLIDATED PROFIT AND LOSS ACCOUNT
|
2022
|
2021
|
||
Note
|
£
|
£
|
|
TURNOVER
|
5
|
|
|
Cost of sales
|
(
|
(
|
-------------
|
-------------
|
|
GROSS PROFIT
|
|
|
Distribution costs
|
(
|
(
|
|
Administrative expenses
|
(
|
(
|
|
Other operating income
|
6
|
|
|
------------
|
------------
|
||
OPERATING PROFIT
|
7
|
|
|
Interest payable and similar expenses
|
11
|
(
|
(
|
------------
|
------------
|
||
PROFIT BEFORE TAXATION
|
|
|
|
Tax on profit
|
12
|
(
|
(
|
------------
|
---------
|
||
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
|
|
|
|
------------
|
---------
|
||
|
CONSOLIDATED BALANCE SHEET
|
2022
|
2021
|
|
Note
|
£
|
£
|
Tangible assets
|
14
|
|
|
Investments
|
15
|
|
|
------------
|
------------
|
||
|
|
||
Stocks
|
16
|
|
|
Debtors
|
17
|
|
|
-------------
|
-------------
|
||
|
|
||
CREDITORS: amounts falling due within one year
|
19
|
(
|
(
|
-------------
|
-------------
|
||
NET CURRENT ASSETS
|
|
|
|
------------
|
------------
|
||
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
|
|
PROVISIONS
|
20
|
(
|
(
|
------------
|
------------
|
||
NET ASSETS
|
|
|
|
------------
|
------------
|
||
Called up share capital
|
24
|
|
|
Share premium account
|
25
|
|
|
Revaluation reserve
|
25
|
|
|
Profit and loss account
|
25
|
|
|
------------
|
------------
|
||
SHAREHOLDERS FUNDS
|
|
|
|
------------
|
------------
|
||
|
|
Director
|
|
|
BALANCE SHEET
|
2022
|
2021
|
|
Note
|
£
|
£
|
Investments
|
15
|
|
|
Debtors
|
17
|
|
|
Cash at bank and in hand
|
|
|
|
---------
|
---------
|
||
|
|
||
CREDITORS: amounts falling due within one year
|
19
|
(
|
(
|
---------
|
---------
|
||
NET CURRENT ASSETS
|
|
|
|
------------
|
------------
|
||
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
|
|
------------
|
------------
|
||
NET ASSETS
|
|
|
|
------------
|
------------
|
||
Called up share capital
|
24
|
|
|
Share premium account
|
25
|
|
|
Profit and loss account
|
25
|
|
|
------------
|
------------
|
||
SHAREHOLDERS FUNDS
|
|
|
|
------------
|
------------
|
||
|
|
Director
|
|
|
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
|
Called up share capital
|
Share premium account
|
Revaluation reserve
|
Profit and loss account
|
Total
|
|||
£
|
£
|
£
|
£
|
£
|
|||
AT 1 MARCH 2020
|
|
|
|
|
|
||
Profit for the year
|
|
|
|||||
Other comprehensive income for the year:
|
|||||||
Reclassification from revaluation reserve to profit and loss account
|
–
|
–
|
(
|
|
–
|
||
---------
|
------------
|
---------
|
------------
|
------------
|
|||
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
|
–
|
–
|
(
|
|
|
||
AT 28 FEBRUARY 2021
|
|
|
|
|
|
||
Profit for the year
|
|
|
|||||
Other comprehensive income for the year:
|
|||||||
Reclassification from revaluation reserve to profit and loss account
|
–
|
–
|
(
|
|
–
|
||
---------
|
------------
|
---------
|
------------
|
------------
|
|||
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
|
–
|
–
|
(
|
|
|
||
Dividends paid and payable
|
13
|
–
|
–
|
–
|
(
|
(
|
|
----
|
----
|
----
|
---------
|
---------
|
|||
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS
|
–
|
–
|
–
|
(
|
(
|
||
---------
|
------------
|
---------
|
------------
|
------------
|
|||
AT 28 FEBRUARY 2022
|
|
|
|
|
|
||
---------
|
------------
|
---------
|
------------
|
------------
|
|||
|
COMPANY STATEMENT OF CHANGES IN EQUITY
|
Called up share capital
|
Share premium account
|
Profit and loss account
|
Total
|
||
£
|
£
|
£
|
£
|
||
AT 1 MARCH 2020
|
|
|
|
|
|
Loss for the year
|
(
|
(
|
|||
---------
|
------------
|
------------
|
------------
|
||
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
|
–
|
–
|
(
|
(
|
|
AT 28 FEBRUARY 2021
|
|
|
|
|
|
Profit for the year
|
|
|
|||
---------
|
------------
|
------------
|
------------
|
||
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
|
–
|
–
|
|
|
|
Dividends paid and payable
|
13
|
–
|
–
|
(
|
(
|
----
|
----
|
---------
|
---------
|
||
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS
|
–
|
–
|
(
|
(
|
|
---------
|
------------
|
------------
|
------------
|
||
AT 28 FEBRUARY 2022
|
|
|
|
|
|
---------
|
------------
|
------------
|
------------
|
||
|
CONSOLIDATED CASH FLOW STATEMENT
|
2022
|
2021
|
|
Note
|
£
|
£
|
Profit for the financial year
|
|
|
Adjustments for:
|
||
Depreciation of tangible assets
|
|
|
Government grant income
|
(
|
(
|
Interest payable and similar expenses
|
|
|
Gains on disposal of tangible assets
|
(21,200)
|
(7,800)
|
Tax on profit/(loss)
|
|
|
Accrued income
|
(
|
–
|
Changes in:
|
||
Stocks
|
|
|
Trade and other debtors
|
|
|
Trade and other creditors
|
(
|
(
|
------------
|
------------
|
|
Cash generated from operations
|
|
|
Interest paid
|
(
|
(
|
Tax received
|
|
–
|
--------
|
---------
|
|
Net cash (used in)/from operating activities
|
(
|
|
--------
|
---------
|
|
Purchase of tangible assets
|
(
|
(
|
Proceeds from sale of tangible assets
|
|
|
---------
|
---------
|
|
Net cash used in investing activities
|
(
|
(
|
---------
|
---------
|
|
Government grant income
|
|
|
---------
|
---------
|
|
Net cash from financing activities
|
|
|
---------
|
---------
|
|
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
|
(
|
|
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
|
(682,987)
|
(1,509,639)
|
|
------------
|
------------
|
||
CASH AND CASH EQUIVALENTS AT END OF YEAR
|
18
|
(
|
(
|
------------
|
------------
|
||
|
NOTES TO THE FINANCIAL STATEMENTS
|
Freehold property
|
-
|
20 to 30 years on buildings
|
|
Plant and machinery
|
-
|
2 to 10 years
|
|
Motor vehicles
|
-
|
4 years
|
|
2022
|
2021
|
|
£
|
£
|
|
Motor dealers and repairers
|
39,639,241
|
39,089,427
|
Sawmill
|
13,151,534
|
12,765,464
|
-------------
|
-------------
|
|
|
|
|
-------------
|
-------------
|
|
2022
|
2021
|
|
£
|
£
|
|
Rental income
|
|
|
Government grant income
|
|
|
Performance awards and incentives
|
83,324
|
120,851
|
---------
|
---------
|
|
|
|
|
---------
|
---------
|
|
2022
|
2021
|
|
£
|
£
|
|
Depreciation of tangible assets
|
|
|
Gains on disposal of tangible assets
|
(
|
(
|
Impairment of trade debtors
|
19,984
|
37,047
|
Operating lease rentals
|
|
|
Operating profit note - desc in a/cs
|
23,531
|
–
|
---------
|
---------
|
|
2022
|
2021
|
|
£
|
£
|
|
Fees payable for the audit of the financial statements
|
|
|
--------
|
--------
|
|
Taxation compliance services
|
|
|
Other non-audit services
|
|
–
|
--------
|
--------
|
|
4,975
|
4,350
|
|
--------
|
--------
|
|
2022
|
2021
|
|
No.
|
No.
|
|
Production staff
|
|
|
Administrative staff
|
|
|
Management staff
|
15
|
16
|
----
|
----
|
|
|
|
|
----
|
----
|
|
2022
|
2021
|
|
£
|
£
|
|
Wages and salaries
|
|
|
Social security costs
|
|
|
Other pension costs
|
|
|
------------
|
------------
|
|
|
|
|
------------
|
------------
|
|
2022
|
2021
|
|
£
|
£
|
|
Remuneration
|
|
|
--------
|
--------
|
|
2022
|
2021
|
|
£
|
£
|
|
Interest on banks loans and overdrafts
|
|
|
Manufacturer standard vehicle stocking plans
|
28,853
|
192,365
|
Other interest payable and similar charges
|
|
|
--------
|
---------
|
|
|
|
|
--------
|
---------
|
|
2022
|
2021
|
|
£
|
£
|
|
UK current tax income
|
|
–
|
Adjustments in respect of prior periods
|
(
|
–
|
---------
|
----
|
|
Total current tax
|
|
–
|
---------
|
----
|
|
Origination and reversal of timing differences
|
|
|
---------
|
---------
|
|
Tax on profit/(loss)
|
|
|
---------
|
---------
|
|
2022
|
2021
|
|
£
|
£
|
|
Profit on ordinary activities before taxation
|
|
|
------------
|
---------
|
|
Profit on ordinary activities by rate of tax
|
|
|
Adjustment to tax charge in respect of prior periods
|
(
|
–
|
Effect of expenses not deductible for tax purposes
|
|
|
Effect of capital allowances and depreciation
|
|
|
Unused tax losses
|
–
|
(
|
Effect of a change in the rate of tax
|
15,115
|
(12,180)
|
Capital allowances super deduction
|
(4,094)
|
–
|
------------
|
---------
|
|
Tax on profit/(loss)
|
|
|
------------
|
---------
|
|
2022
|
2021
|
|
£
|
£
|
|
Dividends on equity shares
|
|
–
|
---------
|
----
|
|
Group
|
Freehold property
|
Plant and machinery
|
Motor vehicles
|
Investment property
|
Total
|
£
|
£
|
£
|
£
|
£
|
|
Cost
|
|||||
At 1 March 2021
|
|
|
|
1,548,800
|
|
Additions
|
|
|
|
–
|
|
Disposals
|
–
|
(
|
(
|
–
|
(
|
------------
|
------------
|
---------
|
------------
|
-------------
|
|
At 28 February 2022
|
|
|
|
1,548,800
|
|
------------
|
------------
|
---------
|
------------
|
-------------
|
|
Depreciation
|
|||||
At 1 March 2021
|
|
|
|
–
|
|
Charge for the year
|
|
|
|
–
|
|
Disposals
|
–
|
(
|
(
|
–
|
(
|
------------
|
------------
|
---------
|
------------
|
-------------
|
|
At 28 February 2022
|
|
|
|
–
|
|
------------
|
------------
|
---------
|
------------
|
-------------
|
|
Carrying amount
|
|||||
At 28 February 2022
|
|
|
|
1,548,800
|
|
------------
|
------------
|
---------
|
------------
|
-------------
|
|
At 28 February 2021
|
|
|
|
1,548,800
|
|
------------
|
------------
|
---------
|
------------
|
-------------
|
|
Group
|
Company
|
|
£
|
£
|
|
At 1 March 2021 and 28 February 2022
|
|
–
|
------------
|
----
|
|
At 1 March 2021
|
|
–
|
------------
|
----
|
|
Group
|
Freehold property
|
£
|
|
At 28 February 2022
|
|
Aggregate cost
|
446,416
|
Aggregate depreciation
|
(404,100)
|
---------
|
|
Carrying value
|
|
---------
|
|
At 28 February 2021
|
|
Aggregate cost
|
446,416
|
Aggregate depreciation
|
(393,853)
|
---------
|
|
Carrying value
|
|
---------
|
|
Group
|
Other investments
|
£
|
|
Cost
|
|
At 1 March 2021 and 28 February 2022
|
|
--------
|
|
Impairment
|
|
At 1 March 2021 and 28 February 2022
|
–
|
--------
|
|
Carrying amount
|
|
At 1 March 2021 and 28 February 2022
|
|
--------
|
|
At 28 February 2021
|
|
--------
|
|
Company
|
Shares in group undertakings
|
£
|
|
Cost
|
|
At 1 March 2021 and 28 February 2022
|
|
------------
|
|
Impairment
|
|
At 1 March 2021 and 28 February 2022
|
–
|
------------
|
|
Carrying amount
|
|
At 1 March 2021 and 28 February 2022
|
|
------------
|
|
At 28 February 2021
|
|
------------
|
|
Class of share
|
Percentage of shares held
|
|
Subsidiary undertakings
|
||
|
Ordinary
|
100
|
|
Ordinary
|
100
|
|
Ordinary
|
100
|
|
Ordinary
|
100
|
|
Ordinary
|
100
|
|
Ordinary
|
100
|
|
Ordinary
|
100
|
|
Ordinary
|
100
|
|
Ordinary
|
100
|
|
Ordinary
|
100
|
|
Ordinary
|
100
|
Group
|
Company
|
|||
2022
|
2021
|
2022
|
2021
|
|
£
|
£
|
£
|
£
|
|
Stock
|
|
|
–
|
–
|
Work in progress
|
|
|
–
|
–
|
Finished goods and goods for resale
|
|
|
–
|
–
|
Motor vehicles
|
7,610,379
|
10,661,123
|
–
|
–
|
-------------
|
-------------
|
----
|
----
|
|
|
|
–
|
–
|
|
-------------
|
-------------
|
----
|
----
|
|
Group
|
Company
|
|||
2022
|
2021
|
2022
|
2021
|
|
£
|
£
|
£
|
£
|
|
Trade debtors
|
|
|
–
|
–
|
Amounts owed by group undertakings
|
–
|
–
|
|
|
Deferred tax asset
|
–
|
–
|
|
|
Prepayments and accrued income
|
|
|
–
|
–
|
Corporation tax repayable
|
–
|
|
–
|
–
|
Other debtors
|
|
|
–
|
–
|
------------
|
------------
|
---------
|
---------
|
|
|
|
|
|
|
------------
|
------------
|
---------
|
---------
|
|
2022
|
2021
|
|
£
|
£
|
|
Bank overdrafts
|
(
|
(
|
------------
|
---------
|
|
Group
|
Company
|
|||
2022
|
2021
|
2022
|
2021
|
|
£
|
£
|
£
|
£
|
|
Bank loans and overdrafts
|
|
|
–
|
–
|
Trade creditors
|
|
|
–
|
–
|
Accruals and deferred income
|
|
|
|
|
Corporation tax
|
|
–
|
–
|
–
|
Social security and other taxes
|
|
|
–
|
–
|
Dividends payable
|
|
–
|
|
–
|
Vehicle funding
|
702,779
|
874,394
|
–
|
–
|
Other creditors
|
|
|
–
|
–
|
-------------
|
-------------
|
---------
|
-------
|
|
|
|
|
|
|
-------------
|
-------------
|
---------
|
-------
|
|
Group
|
Deferred tax (note 21)
|
£
|
|
At 1 March 2021
|
|
Additions
|
|
--------
|
|
At 28 February 2022
|
|
--------
|
|
Group
|
Company
|
|||
2022
|
2021
|
2022
|
2021
|
|
£
|
£
|
£
|
£
|
|
Included in debtors (note 17)
|
–
|
–
|
|
|
Included in provisions (note 20)
|
(
|
(
|
–
|
–
|
--------
|
-------
|
-------
|
----
|
|
(
|
(
|
|
|
|
--------
|
-------
|
-------
|
----
|
|
Group
|
Company
|
|||
2022
|
2021
|
2022
|
2021
|
|
£
|
£
|
£
|
£
|
|
Accelerated capital allowances
|
|
|
–
|
–
|
Unused tax losses
|
(
|
(
|
(
|
(
|
Pension plan obligations
|
(
|
(
|
–
|
–
|
Other timing differences
|
(3,045)
|
(2,227)
|
–
|
–
|
---------
|
---------
|
-------
|
----
|
|
62,977
|
5,676
|
(1,416)
|
(576)
|
|
---------
|
---------
|
-------
|
----
|
|
Group
|
Company
|
|||
2022
|
2021
|
2022
|
2021
|
|
£
|
£
|
£
|
£
|
|
Government grants recognised directly in income
|
|
|
–
|
–
|
--------
|
---------
|
----
|
----
|
|
2022
|
2021
|
|||
No.
|
£
|
No.
|
£
|
|
|
|
425,000
|
|
425,000
|
------------
|
---------
|
------------
|
---------
|
|
At 1 Mar 2021
|
Cash flows
|
At 28 Feb 2022
|
|
£
|
£
|
£
|
|
Bank overdrafts
|
(682,987)
|
(555,676)
|
(1,238,663)
|
---------
|
---------
|
------------
|
|
|
NOTES TO THE FINANCIAL STATEMENTS (continued)
|
Group
|
Company
|
|||
2022
|
2021
|
2022
|
2021
|
|
£
|
£
|
£
|
£
|
|
Tangible assets
|
|
–
|
–
|
–
|
---------
|
----
|
----
|
----
|
|
Group
|
Company
|
|||
2022
|
2021
|
2022
|
2021
|
|
£
|
£
|
£
|
£
|
|
Not later than 1 year
|
|
|
–
|
–
|
Later than 1 year and not later than 5 years
|
–
|
|
–
|
–
|
-------
|
--------
|
----
|
----
|
|
|
|
–
|
–
|
|
-------
|
--------
|
----
|
----
|
|