ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Caseware UK (AP4) 2020.0.247 2020.0.247 2020-12-312020-12-312020-12-312020-01-01falseNo description of principal activity00falsefalse 03687080 2020-01-01 2020-12-31 03687080 2020-12-31 03687080 2019-01-01 2019-12-31 03687080 2019-12-31 03687080 2019-01-01 03687080 1 2020-01-01 2020-12-31 03687080 d:Director1 2020-01-01 2020-12-31 03687080 d:RegisteredOffice 2020-01-01 2020-12-31 03687080 d:Agent1 2020-01-01 2020-12-31 03687080 c:Buildings 2020-01-01 2020-12-31 03687080 c:Buildings c:LongLeaseholdAssets 2020-01-01 2020-12-31 03687080 c:Buildings c:LongLeaseholdAssets 2020-12-31 03687080 c:Buildings c:LongLeaseholdAssets 2019-12-31 03687080 c:LandBuildings 2020-12-31 03687080 c:LandBuildings 2019-12-31 03687080 c:PlantMachinery 2020-01-01 2020-12-31 03687080 c:PlantMachinery 2020-12-31 03687080 c:PlantMachinery 2019-12-31 03687080 c:PlantMachinery c:OwnedOrFreeholdAssets 2020-01-01 2020-12-31 03687080 c:MotorVehicles 2020-01-01 2020-12-31 03687080 c:MotorVehicles 2020-12-31 03687080 c:MotorVehicles 2019-12-31 03687080 c:MotorVehicles c:OwnedOrFreeholdAssets 2020-01-01 2020-12-31 03687080 c:FurnitureFittings 2020-01-01 2020-12-31 03687080 c:FurnitureFittings 2020-12-31 03687080 c:FurnitureFittings 2019-12-31 03687080 c:FurnitureFittings c:OwnedOrFreeholdAssets 2020-01-01 2020-12-31 03687080 c:OwnedOrFreeholdAssets 2020-01-01 2020-12-31 03687080 c:FreeholdInvestmentProperty 2020-12-31 03687080 c:FreeholdInvestmentProperty 2019-12-31 03687080 c:CurrentFinancialInstruments 2020-12-31 03687080 c:CurrentFinancialInstruments 2019-12-31 03687080 c:Non-currentFinancialInstruments 2020-12-31 03687080 c:Non-currentFinancialInstruments 2019-12-31 03687080 c:CurrentFinancialInstruments c:WithinOneYear 2020-12-31 03687080 c:CurrentFinancialInstruments c:WithinOneYear 2019-12-31 03687080 c:Non-currentFinancialInstruments c:AfterOneYear 2020-12-31 03687080 c:Non-currentFinancialInstruments c:AfterOneYear 2019-12-31 03687080 c:ShareCapital 2020-12-31 03687080 c:ShareCapital 2019-12-31 03687080 c:CapitalRedemptionReserve 2020-12-31 03687080 c:CapitalRedemptionReserve 2019-12-31 03687080 c:RevaluationReserve 2020-12-31 03687080 c:RevaluationReserve 2019-12-31 03687080 c:RetainedEarningsAccumulatedLosses 2020-12-31 03687080 c:RetainedEarningsAccumulatedLosses 2019-12-31 03687080 c:RetainedEarningsAccumulatedLosses 2019-01-01 03687080 d:OrdinaryShareClass1 2020-01-01 2020-12-31 03687080 d:OrdinaryShareClass1 2020-12-31 03687080 d:OrdinaryShareClass1 2019-12-31 03687080 d:FRS102 2020-01-01 2020-12-31 03687080 d:Audited 2020-01-01 2020-12-31 03687080 d:FullAccounts 2020-01-01 2020-12-31 03687080 d:PrivateLimitedCompanyLtd 2020-01-01 2020-12-31 03687080 c:Subsidiary1 2020-01-01 2020-12-31 03687080 c:Subsidiary1 1 2020-01-01 2020-12-31 03687080 c:Subsidiary2 2020-01-01 2020-12-31 03687080 c:Subsidiary2 1 2020-01-01 2020-12-31 03687080 c:Subsidiary3 2020-01-01 2020-12-31 03687080 c:Subsidiary3 1 2020-01-01 2020-12-31 03687080 c:Subsidiary4 2020-01-01 2020-12-31 03687080 c:Subsidiary4 1 2020-01-01 2020-12-31 03687080 c:Subsidiary5 2020-01-01 2020-12-31 03687080 c:Subsidiary5 1 2020-01-01 2020-12-31 03687080 c:Subsidiary6 2020-01-01 2020-12-31 03687080 c:Subsidiary6 1 2020-01-01 2020-12-31 03687080 c:Subsidiary7 2020-01-01 2020-12-31 03687080 c:Subsidiary7 1 2020-01-01 2020-12-31 03687080 c:Subsidiary8 2020-01-01 2020-12-31 03687080 c:Subsidiary8 1 2020-01-01 2020-12-31 03687080 d:Consolidated 2020-12-31 03687080 d:ConsolidatedGroupCompanyAccounts 2020-01-01 2020-12-31 03687080 c:AcceleratedTaxDepreciationDeferredTax 2020-12-31 03687080 c:AcceleratedTaxDepreciationDeferredTax 2019-12-31 03687080 c:RetirementBenefitObligationsDeferredTax 2020-12-31 03687080 c:RetirementBenefitObligationsDeferredTax 2019-12-31 03687080 6 2020-01-01 2020-12-31 xbrli:shares iso4217:GBP xbrli:pure

Company registration number: 03687080

	ANNUAL REPORT AND FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2020

	RYEMARC LIMITED


RYEMARC LIMITED

COMPANY INFORMATION

Director	Mr R C Tutt


Registered number	03687080


Registered office	1 Albany Court
	Albany Park
	Camberley
	Surrey
	GU16 7QR


Independent auditors	Menzies LLP
	Chartered Accountants & Statutory Auditor
	Victoria House
	50-58 Victoria Road
	Farnborough
	Hampshire
	GU14 7PG


Bankers	National Westminster Bank Plc
	13 Market Place
	Reading
	Berks
	RG1 2EP


RYEMARC LIMITED

CONTENTS

	Page
Group Strategic Report	1 - 2
Director's Report	3 - 4
Independent Auditors' Report	5 - 8
Consolidated Statement of Income and Retained Earnings	9
Consolidated Statement of Financial Position	10
Company Statement of Financial Position	11 - 12
Consolidated Statement of Cash Flows	13 - 14
Analysis of Net Debt	15
Notes to the Financial Statements	16 - 32


RYEMARC LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

Business review

The principal activity of the Group during the year continued to be operating automotive body repair shops.
During the year under review, claim volumes and repairs decreased, due to the impact of Covid-19. The decrease in work volume resulted in turnover for the year ended 31 December 2020 decreasing by 15.5% to £25,086,627 (2019 - £29,685,255), with a slight gross profit improvement at 32.4% (2019 - 30%).
A strategic review of the Group’s work provision resulted in a change in work mix and the addition of a new customers for the Group. The Group continues to invest heavily in capital equipment to cater for new vehicle technology.
The Director is pleased with the overall performance of the company. Net profit before tax of £1,745,469 represents a 64.6% increase on the previous year. The Group has adequate financial resources to take advantage of any business opportunities that arise, and the balance sheet discloses a strong financial position at 31 December 2020.
COVID 19
In order to allow the business to continue investing in its management, infrastructure, facilities and development of its group services function, the group’s main trading entity Motofix Accident Repair Centres Limited took out additional long-term borrowing in the form of CBILS loan in March 2021.
While Covid-19 still presents a very real challenge to the business we have adapted well to the changing landscape and have seen claim volumes recover to 80% of pre-pandemic levels in recent months.
As for the long-term effects of the pandemic on the industry going forward, we believe the changes already underway prior to the pandemic will happen more quickly, with particular emphasis on the switch to Electric and autonomous vehicles. In the short to medium-term we see traffic volumes holding at current rates with people’s reluctance to use public transport and also holidaying within the UK.

Principal risks and uncertainties

There are a number of potential risks and uncertainties that could have a material impact on the performance of the company. The Director and Management team regularly identify, monitor and ensure appropriate processes are put in place to mitigate potential risks and uncertainties. These risks include but are not limited to: the supply chain, employees, supplier price increases, market competition and general economic conditions. The Director and Management team regularly review the financial requirements of the company and the risks associated therewith.
Key financial risks are:
Competition Risk
The Director and management team regularly identify, monitor and ensure appropriate processes are in place to mitigate potential risks and uncertainties arising from the company's competitors.
Financial Risk
The company has various bank facilities provided at commercial rates, which the company is trading within and which are not considered to pose significant financial risk. The Director and Management team regularly undertake forecasting to identify the company's liquidity requirements and these are periodically reviewed to ensure that sufficient financial headroom exists for at least a 12 month period.
Economic Risk
There is always a possibility that an economic downturn will negatively impact the result of the business. The Director and Management team regularly identify, monitor and ensure appropriate processes are in place to mitigate potential risks and uncertainties and the effect of economic downturns on the business.

Page 1


RYEMARC LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

Key performance indicators

2020

2019

Turnover growth	-15.5%	4.1%
Turnover	£25,086,627	£29,685,255
Gross profit margin	32.4%	30%
Profit before tax	£1,745,469	£1,060,450
EBITDA	£2,343,909	£1,626,374

Future developments

With a strong brand and long-term strategic plan, the Director is confident that the group remains well placed to identify strategic growth opportunities and continue its growth. The group will continue to invest in the latest technology and equipment, manufacturer approvals, its people and apprenticeship programme to provide capability and headcount for the future.

This report was approved by the board and signed on its behalf.

................................................

Mr R C Tutt

Director

Date: 29 September 2021

Page 2


RYEMARC LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

The director presents his report and the financial statements for the year ended 31 December 2020.

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the director is required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgements 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 Group will continue in business.

The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Dividends

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Going concern

The director has a reasonable expectation that the group has adequate resources to continue operational existence for the foreseeable future. For this reason the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.
During the year, the group took advantage of the government COVID schemes. This included the Coronavirus Job Retention Scheme and the Coronavirus Business Interruption Loan Scheme. This has helped with cashflow and liquidity further supporting the going concern basis of preparation.

Disclosure of information in the Strategic Report

The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. This includes information that would have been included in the business review and the principal risks and uncertainties.

Director

The director who served during the year was:

Mr R C Tutt

Page 3


RYEMARC LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

Engagement with employees

During the year the policy of providing staff with information about the company has been continued through internal media methods notably emails, staff notice boards and site meetings. The company very much values the input from it’s staff and information is relayed top down and bottom up in order to keep the business and staff very much aligned. In order to achieve such alignment each branch carries out a daily site meeting to allow the free flow of information and ideas.

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:

∙so far as he is aware, there is no relevant audit information of which the company and the Group's auditors are unaware, and

∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the Group's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.

................................................

Mr R C Tutt

Director

Date: 29 September 2021

Page 4


RYEMARC LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RYEMARC LIMITED

Opinion

We have audited the financial statements of Ryemarc Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 December 2020, which comprise the Group Statement of Income and Retained Earnings, the Group and company Statements of Financial Position, the Group Statement of Cash Flows 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).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the parent company's affairs as at 31 December 2020 and of the Group's 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.

Basis for opinion

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 director's 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 Group's or the parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is 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.

Page 5


RYEMARC LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RYEMARC LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group Strategic Report and the Director's 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 Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the parent company financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of director's 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 Director's Responsibilities Statement set out on page 3, the director is 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 director determines 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 director is responsible for assessing the Group's and the parent 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 director either intends to liquidate the Group or the parent company or to cease operations, or have no realistic alternative but to do so.

Page 6


RYEMARC LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RYEMARC LIMITED (CONTINUED)

Auditors' 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 Auditors' 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 Group 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:

•The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act, employment law, health and safety, pensions legislation and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
• We understood how the Company is complying with legal and regulatory frameworks by: making inquiries to management, those responsible for legal and compliance procedures and the company secretary. We corroborated our inquiries through our review of board minutes.
• The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.
• We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
• Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
• Challenging assumptions and judgments made by management in its significant accounting estimates; and
• Identifying and testing journal entries, in particular any unusual journal entries posted.
• As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

• timing of revenue recognition;
• posting of unusual journals and complex transactions.
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 Auditors' Report.

Page 7


RYEMARC LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RYEMARC LIMITED (CONTINUED)

Use of our 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 Auditors' 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.

Roberto Lobue FCA (Senior Statutory Auditor)

for and on behalf of

Menzies LLP

Chartered Accountants

Statutory Auditor

Victoria House

50-58 Victoria Road

Farnborough

Hampshire

GU14 7PG

30 September 2021

Page 8


RYEMARC LIMITED

CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2020

	2020	2019
Note	£	£


Turnover	4	25,086,627	29,685,255
Cost of sales		(16,957,917)	(20,770,636)
Gross profit		8,128,710	8,914,619
Administrative expenses		(6,845,319)	(7,893,962)
Other operating income	5	408,911	-
Operating profit	6	1,692,302	1,020,657
Income from fixed assets investments		75,000	60,000
Interest receivable and similar income		55	-
Interest payable and expenses	10	(21,888)	(20,207)
Profit before tax		1,745,469	1,060,450
Tax on profit	11	(341,710)	(194,085)
Profit after tax		1,403,759	866,365



Retained earnings at the beginning of the year		5,103,516	4,364,631
		5,103,516	4,364,631
Profit for the year attributable to the owners of the parent		1,403,759	866,365
Dividends declared and paid	12	(87,480)	(127,480)
Retained earnings at the end of the year		6,419,795	5,103,516

The notes on pages 16 to 32 form part of these financial statements.

Page 9


RYEMARC LIMITED REGISTERED NUMBER:03687080

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2020

		2020		2019
Note		£		£

Fixed assets
Tangible assets	13		4,363,431		4,797,554
Investments	14		5,000		5,000
			4,368,431		4,802,554
Current assets
Stocks	16	543,714		746,241
Debtors: amounts falling due within one year	17	2,193,386		4,995,261
Bank and cash balances		6,939,729		599,846
		9,676,829		6,341,348
Creditors: amounts falling due within one year	18	(6,271,191)		(5,546,181)
Net current assets			3,405,638		795,167
Total assets less current liabilities			7,774,069		5,597,721
Creditors: amounts falling due after more than one year	19		(1,053,762)		(243,379)
Provisions for liabilities
Deferred taxation	22	(72,867)		(99,359)
Other provisions	23	(271,699)		(195,521)
			(344,566)		(294,880)
Net assets			6,375,741		5,059,462

Capital and reserves
Called up share capital	24	100,459	100,459
Revaluation reserve	25	(165,192)	(165,192)
Capital redemption reserve	25	20,679	20,679
Profit and loss account	25	6,419,795	5,103,516
Equity attributable to owners of the parent company		6,375,741	5,059,462
		6,375,741	5,059,462

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

Mr R C Tutt

Director

Date: 29 September 2021

The notes on pages 16 to 32 form part of these financial statements.

Page 10


RYEMARC LIMITED REGISTERED NUMBER:03687080

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2020

		2020		2019
Note		£		£

Fixed assets
Tangible assets	13		582,676		604,837
Investments	14		342,615		342,615
Investment property	15		2,718,950		2,718,950
			3,644,241		3,666,402
Current assets
Debtors: amounts falling due within one year	17	168,994		31,330
Cash at bank and in hand		1,687,750		75,737
		1,856,744		107,067
Creditors: amounts falling due within one year	18	(494,219)		(214,763)
Net current assets/(liabilities)			1,362,525		(107,696)
Total assets less current liabilities			5,006,766		3,558,706

Creditors: amounts falling due after more than one year	19		(122,274)		-

Net assets excluding pension asset			4,884,492		3,558,706
Net assets			4,884,492		3,558,706

Capital and reserves
Called up share capital	24		100,459		100,459
Revaluation reserve	25		522,386		522,386
Capital redemption reserve	25		20,679		20,679
Profit and loss account brought forward		2,915,182		2,208,848
Profit for the year		1,413,266		833,814
Other changes in the profit and loss account		(87,480)		(127,480)
Profit and loss account carried forward			4,240,968		2,915,182
			4,884,492		3,558,706

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £1,413,266 (2019: £833,814).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

Mr R C Tutt

Director

Page 11


RYEMARC LIMITED REGISTERED NUMBER:03687080

COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2020

Date: 29 September 2021

The notes on pages 16 to 32 form part of these financial statements.

Page 12


RYEMARC LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2020

			2020	2019
			£	£

Cash flows from operating activities
Profit for the financial year	1,403,759	866,365
Adjustments for:
Depreciation of tangible assets	576,607	545,718
Loss on disposal of tangible assets	-	(27,194)
Interest paid	21,888	20,207
Taxation charge	341,710	194,085
Decrease/(increase) in stocks	202,527	(74,519)
Decrease/(increase) in debtors	2,801,875	(91,153)
Increase/(decrease) in creditors	300,851	(113,316)
Increase/(decrease) in provisions	76,178	(29,609)
Corporation tax (paid)	(14,054)	(281,097)
Dividend income	(75,000)	(60,000)
Net cash generated from operating activities	5,636,341	949,487

Cash flows from investing activities
Purchase of tangible fixed assets	(142,484)	(529,782)
Sale of tangible fixed assets	-	(135,300)
HP interest paid	(17,576)	(11,141)
Dividends received	75,000	60,000
Net cash from investing activities	(85,060)	(616,223)

Page 13


RYEMARC LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

		2020	2019
		£	£


Cash flows from financing activities
New secured loans	650,000	-
Repayment of loans	(100,000)	(100,000)
Repayment of/new finance leases	330,394	193,671
Dividends paid	(87,480)	(127,480)
Interest paid	(4,312)	(9,066)
Net cash used in financing activities	788,602	(42,875)
Net increase in cash and cash equivalents	6,339,883	290,389
Cash and cash equivalents at beginning of year	599,846	309,457
Cash and cash equivalents at the end of year	6,939,729	599,846

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	6,939,729	599,846
	6,939,729	599,846

The notes on pages 16 to 32 form part of these financial statements.

Page 14


RYEMARC LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2020


At 1 January 2020	Cash flows	New bank loans	New finance leases	At 31 December 2020
£	£	£	£	£

Cash at bank and in hand	599,846	6,339,883	-	-	6,939,729
Bank loan	(158,333)	100,000	(650,000)	-	(708,333)
Directors loan account	(26,777)	7,460	-	-	(19,317)
Finance leases	(255,810)	200,893	-	(531,287)	(586,204)
	158,926	6,648,236	(650,000)	(531,287)	5,625,875

The notes on pages 16 to 32 form part of these financial statements.

Page 15


RYEMARC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1.	Company information

Ryemarc Limited is a private company, limited by shares and incorporated and domiciled in the United Kingdom. The address of its registered office, which is the same as its principal place of business, is disclosed on the company information page.
The financial statements are presented in sterling which is the functional currency of the company and rounded to
the nearest pound sterling.

2.Accounting policies

2.1

Basis of preparation of financial statements

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies.

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements.

The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

Disclosure exemption

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) No cash flow statement has been presented for the parent company.
(b) Disclosures in respect of financial instruments have not been presented for the parent company.
(c) No disclosure has been given of the aggregate remuneration of key management personnel for the parent company.

2.3

Consolidation

The financial statements consolidate the financial statements of Ryemarc Limited and all of its subsidiary undertakings.

2.4

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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.

2.5

Tangible assets

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.

Page 16


RYEMARC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

2.5

Tangible assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property and land	-	property 2% - land is not depreciated
Leasehold improvements	-	5% - 25%
Plant and machinery	-	20% - 50%
Motor vehicles	-	20% - 50%
Fixtures and fittings	-	20% - 50%

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.

2.6

Investment properties

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.7

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.8

Stocks

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 weighted averagebasis. Work in progress and finished goods include labour and attributable overheads.

2.9

Provisions

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

2.10

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 17


RYEMARC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

2.11

Defined contribution pension plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

2.12

Government grants

Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Consolidated Statement of Income and Retained Earnings in the same period as the related expenditure.
Government grants were received as part of the Coronavirus Job Retention Scheme, there are no unfulfilled conditions or other contingencies in relation to these grants received.

3.	Judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, which included expectations of future events that are believed to be reasonable under the circumstances. The accounting estimates and judgements that are considered critical for the purpose of understanding these financial statements are described below:
The group makes an estimate of the recoverable value of trade and other debtors, and estimates provisions to be made against them.
Dilapidations
The group holds a dilapidations provision relating to the potential future payments needed to rectify leasehold properties to their original condition. This amount has been estimated by the group using the most appropriate information available.
Warranties
The group holds a warranty provision in relation to any costs for warranty repairs. This provision is estimated using a percentage of revenues.
There were no other key sources of estimation uncertainty.

Rendering of services	25,086,627	29,685,255
	25,086,627	29,685,255

All turnover arose within the United Kingdom.

Page 18


RYEMARC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

5.	Other operating income
		2020	2019
		£	£

Other operating income	82,018	-
Government grants receivable - CJRS	176,893	-
Grants receivable	150,000	-
	408,911	-

Government grants were received as part of the Coronavirus Job Retention Scheme and Retail, Hospitality and Leisure Grant funds, there are no unfulfilled conditions or other contingencies in relation to these grants received.

Depreciation of fixed assets	576,607	545,718
Fees payable to the group's auditor and its associates for the audit of the company's annual financial statements	12,000	11,500
Defined contribution pension cost	181,847	206,106
(Profit)/loss on sale of fixed assets	-	(27,194)
Other operating lease rentals	642,251	634,388

Page 19


RYEMARC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

7.	Employees
	Staff costs, including director's remuneration, were as follows:

Group	Group	Company	Company
2020	2019	2020	2019
£	£	£	£


Wages and salaries	6,613,944	7,531,608	64,847	72,000
Social security costs	648,272	749,612	6,184	6,097
Cost of defined contribution scheme	229,347	246,106	47,500	40,000
	7,491,563	8,527,326	118,531	118,097

The average monthly number of employees, including the director, during the year was as follows:

	2020	2019
	No.	No.

Production staff	173	213
Administrative staff	33	37
Management staff	1	1

	207	251

The company has no employees other than the director, who is remunerated through another group entity (2019 - £NIL).

8.	Director's remuneration
		2020	2019
		£	£

Director's emoluments	12,000	12,000
Company contributions to defined contribution pension schemes	40,000	40,000
	52,000	52,000

During the year retirement benefits were accruing to 1 director (2019 - 1) in respect of defined contribution pension schemes.

9.	Income from investments
		2020	2019
		£	£

Dividends received from unlisted investments	75,000	60,000
	75,000	60,000

Page 20


RYEMARC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

10.	Interest payable and similar expenses
		2020	2019
		£	£

Bank interest payable	4,312	9,066
Finance leases and hire purchase contracts	17,576	11,141
	21,888	20,207

Corporation tax
Current tax on profits for the year	380,340	167,821
Adjustments in respect of previous periods	(12,138)	-
	368,202	167,821

Total current tax	368,202	167,821

Deferred tax
Origination and reversal of timing differences	(26,492)	26,264
Total deferred tax	(26,492)	26,264


	Taxation on profit on ordinary activities	341,710	194,085

Page 21


RYEMARC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

11.Taxation (continued)

Profit on ordinary activities before tax

1,745,469

1,060,450

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2019 - 19%)	331,639	201,486
Effects of:
Expenses not deductible for tax purposes	6,397	1,276
Depreciation ineligible for capital allowances	5,339	5,331
Non-taxable income	(14,250)	(11,400)
Changes to the tax rate on deferred tax	24,723	(2,608)
Adjustment to tax charge in respect of prior periods	(12,138)	-
Total tax charge for the year	341,710	194,085

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

	Equity dividends on ordinary shares	87,480	127,480
		87,480	127,480

Page 22


RYEMARC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

13.	Tangible fixed assets
	Group

	Freehold property	Long-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£	£
Cost
At 1 January 2020	2,718,950	697,418	2,718,916	506,308	1,479,249	8,120,841
Additions	-	2,958	68,979	2,500	68,047	142,484
At 31 December 2020	2,718,950	700,376	2,787,895	508,808	1,547,296	8,263,325
Depreciation
At 1 January 2020	-	201,856	1,862,625	238,819	1,019,987	3,323,287
Charge for the year	25,581	-	309,559	90,027	151,440	576,607
At 31 December 2020	25,581	201,856	2,172,184	328,846	1,171,427	3,899,894
Net book value
At 31 December 2020	2,693,369	498,520	615,711	179,962	375,869	4,363,431
At 31 December 2019	2,718,950	495,562	856,291	267,489	459,262	4,797,554

The net book value of land and buildings may be further analysed as follows:
	2020	2019
	£	£

Freehold	2,693,369	2,718,950
Long leasehold	498,520	495,562
	3,191,889	3,214,512

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2020	2019
	£	£


Plant and machinery	410,215	211,279
Motor vehicles	42,435	84,973
	452,650	296,252

Page 23


RYEMARC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

	Company

	Leasehold property and improvements	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2020	526,327	29,650	9,428	157,627	723,032
Additions	2,958	-	-	-	2,958
At 31 December 2020	529,285	29,650	9,428	157,627	725,990
Depreciation
At 1 January 2020	34,765	29,025	9,428	44,977	118,195
Charge for the year on owned assets	-	394	-	24,725	25,119
At 31 December 2020	34,765	29,419	9,428	69,702	143,314
Net book value
At 31 December 2020	494,520	231	-	87,925	582,676
At 31 December 2019	491,562	625	-	112,650	604,837

The net book value of land and buildings may be further analysed as follows:
	2020	2019
	£	£

Long leasehold	494,520	491,562
	494,520	491,562

Page 24


RYEMARC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

14.	Fixed asset investments
	Group

		Investments in associates
		£
	Cost or valuation
	At 1 January 2020	5,000
	At 31 December 2020	5,000

	Company

	Investments in subsidiary companies	Other investments	Total
	£	£	£
Cost or valuation
At 1 January 2020	342,605	10	342,615
At 31 December 2020	342,605	10	342,615

Subsidiary undertakings
The following were subsidiary undertakings of the company:
Name	Principal activity	Class of shares	Holding

Motofix Accident Repair Centres Limited	Automotive body repair shop	Ordinary	100%
Ryemarc Services Limited	Body shop support services	Ordinary	100%
Motofix (High Wycombe) Limited	Dormant	Ordinary	100%
Motofix (Aldershot) Limited	Dormant	Ordinary	100%
Motofix (Swindon) Limited	Dormant	Ordinary	100%
Motofix Limited	Dormant	Ordinary	100%
MyMoto Limited	Dormant	Ordinary	100%
Motofix (Northampton) Limited	Dormant	Ordinary	100%

The above investments are owned by Ryemarc Limited and so Ryemarc Limited is the parent entity by virtue of owning 100% of the shares. Their registered offices are: 1 Albany Court, Albany Park, Camberley, Surrey, GU16 7QR.

Page 25


RYEMARC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

15.	Investment property

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2020	2019
	£	£

	Historic cost	2,884,142	2,884,142
		2,884,142	2,884,142

	Company

		Freehold investment property
		£
	Valuation
	At 1 January 2020	2,718,950
	At 31 December 2020	2,718,950


	At 31 December 2020

The investment properties were revalued by the directors to £2,718,950 in the year ended 31 December 2015 which in the opinion of the directors remains the fair value as at 31 December 2020.

16.	Stocks
		Group	Group
		2020	2019
		£	£

Raw materials and consumables	289,166	376,684
Work in progress	254,548	369,557
	543,714	746,241

The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 26


RYEMARC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

17.

Debtors

Group	Group	Company	Company
2020	2019	2020	2019
£	£	£	£


Trade debtors	1,854,294	4,461,351	-	-
Amounts owed by group undertakings	-	-	152,588	8,934
Other debtors	26,584	85,746	3,330	-
Prepayments and accrued income	312,508	448,164	10,236	16,784
Deferred taxation	-	-	2,840	5,612
	2,193,386	4,995,261	168,994	31,330

18.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2020	2019	2020	2019
		£	£	£	£

Bank loans	58,333	100,000	-	-
Trade creditors	1,913,324	2,401,478	8,898	8,136
Amounts owed to group undertakings	-	-	-	24,362
Corporation tax	461,969	107,821	191,821	78,009
Other taxation and social security	1,509,651	919,449	65,184	36,378
Obligations under finance lease and hire purchase contracts	182,442	82,019	-	-
Other creditors	754,442	568,570	19,317	30,677
Accruals and deferred income	1,391,030	1,366,844	208,999	37,201
	6,271,191	5,546,181	494,219	214,763

The hire purchase obligations are secured over the assets against which the hire purchase is taken.
The banking facilities are secured over the assets of the group.
Bank loans are secured by the UK Government as part of the Coronavirus Business Interruption Loan scheme.

Page 27


RYEMARC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

19.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2020	2019	2020	2019
		£	£	£	£

Bank loans	650,000	58,333	-	-
Net obligations under finance leases and hire purchase contracts	403,762	173,791	-	-
Accruals and deferred income	-	11,255	122,274	-
	1,053,762	243,379	122,274	-

The banking facilities are secured over the assets of the group.
Bank loans are secured by the UK Government as part of the Coronavirus Business Interruption Loan scheme.

20.	Loans

		Group	Group
		2020	2019
		£	£

Amounts falling due within one year
Bank loans	58,333	100,000

Amounts falling due 2-5 years
Bank loans	520,000	58,333
	520,000	58,333
Amounts falling due after more than 5 years
Bank loans	130,000	-
	708,333	158,333

The banking facilities are secured over the assets of the group. The NatWest loan incurs interest at 3.4% and the CBILS loan is interest free for the first 12 months then interest is charged at 2.24%.

21.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group
		2020	2019
		£	£

Within one year	182,442	48,691
Between 1-5 years	403,763	7,537
	586,205	56,228

Page 28


RYEMARC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

22.	Deferred taxation
	Group

	2020	2019
	£	£

At beginning of year	(99,359)	(73,095)
Charged to profit or loss	26,492	(26,264)
At end of year	(72,867)	(99,359)

Company

	2020	2019
	£	£

At beginning of year	5,612	10,167
Charged to profit or loss	(2,772)	(4,555)
At end of year	2,840	5,612

The provision for deferred taxation is made up as follows:
	Group	Group	Company	Company
	2020	2019	2020	2019
	£	£	£	£

Accelerated capital allowances	(87,006)	(112,518)	2,840	5,612
Other timing differences	14,139	13,159	-	-
	(72,867)	(99,359)	2,840	5,612

Page 29


RYEMARC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

23.	Provisions
	Group

	Dilapidations	Other	Total
	£	£	£

At 1 January 2020	51,226	144,295	195,521
Charged to profit or loss	25,613	50,565	76,178
At 31 December 2020	76,839	194,860	271,699

The dilapidations provision relates to the potential future payments needed to rectify leasehold properties to their original condition. This amount has been estimated by the company using the most appropriate information available.
Other provisions relate to warranty and leakage provisions.

24.	Share capital
		2020	2019
		£	£

Allotted, called up and fully paid

100,459 (2019 - 100,459) Ordinary Shares shares of £1.00 each	100,459	100,459

All shares rank equally in voting rights, dividends and capital distributions and do not confer any rights of redemption.

25.

Reserves

Revaluation reserve
This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.
Capital redemption reserve
This reserve records the nominal value of shares repurchased by the company.
Profit and loss accounts
This reserve records retained earnings and accumulated losses.
Other reserves
This represents a merger reserve.

Page 30


RYEMARC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

26.	Pension commitments

The Group operates defined contribution pension schemes. The assets of the schemes are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the funds and amounted to £181,847 (2019 - £206,106). Contributions totaling £74,414 (2019 - £77,406) were payable to the fund at 31 December 2020 and are included in creditors.

27.	Commitments under operating leases as Lessee
	At 31 December 2020 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2020	2019
		£	£

Land and buildings
Not later than 1 year	349,506	349,506
Later than 1 year and not later than 5 years	946,723	1,175,313
Later than 5 years	60,000	180,916
	1,356,229	1,705,735

		Group	Group
		2020	2019
		£	£

Other
Not later than 1 year	376,903	222,189
Later than 1 year and not later than 5 years	128,452	32,011
	505,355	254,200

The company has no commitments under non-cancellable operating leases at the reporting date.

28.	Commitments under operating lease as a lessor
	The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
		Group	Group	Company	Company
		2020	2019	2020	2019
		£	£	£	£


Not later than 1 year	-	-	252,194	252,194
Later than 1 year and not later than 5 years	-	-	945,728	1,008,776
Later than 5 years	-	-	-	189,146
	-	-	1,197,922	1,450,116

Page 31


RYEMARC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

29.

Related party transactions

Included within other creditors of the Group are amounts due to the director of £19,317 (2019 - £26,777).
The director is considered to be the only key management personnel, details of his remuneration can be seen in note 8.
During the year the Group was charged £63,552 (2019 - £51,942) in respect of purchases from, and charged £51,317 (2019 - £95,865) in respect of sales to National Accident Repair Group Limited, a connected entity. At the year end a balance of £7,648 (2019 - £8,199) was owed from National Accident Repair Group Limited. The Group also received dividends of £75,000 (2019 - £60,000) from the entity.

30.	Post balance sheet events

Following the year end, the group purchased a new trading property in Cirencester for £1,010,000. They purchased a further £140,000 worth of plant and machinery already at the property as part of the transaction. The property will be used to continue current trade.
A further loan of £950,000 was taken out after the year end from the group's current bankers.

31.	Controlling party

The group was under the control of Mr R C Tutt, the sole director of the group by virtue of his shareholding.

Page 32