UNDERWOODS GARAGE (TIPTREE) LIMITED

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Lambert Chapman LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.”

Significant events

• “Following the strategic decision in 2023 to lease the sites at Colchester and cease operations at these sites. The company has had a full year of leasing the sites at Colchester, whilst operating the three remaining sites. The company now solely operates from sites in Clacton, Sudbury and Tiptree selling second hand motor vehicles whilst maintaining its authorised repairer status to provide Kia, Vauxhall, Ford and Skoda maintenance and warranty repairs.”
• “The net assets of the company have decreased to £17,904,382 (2023: £18,254,761). The company has no reliance on external funding and has working capital and available assets to support the business and its operations.”
• “Vehicles are still seen as a major capital purchase. The increased costs of living is having an impact on consumer spending which has had an impact on car sales and therefore turnover.”
• “In an uncertain economy, there are heavy price fluctuations that can often lead to used vehicle prices falling. This ultimately makes margins tighter and results in stock write downs.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

3

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -32.3%

  £39,796,903 → £26,928,056

• Cash

  -9.4%

  £3,847,294 → £3,485,050

• Net assets

  -1.9%

  £18,254,761 → £17,904,382

• Employees

  -22.5%

  102 → 79

• Operating profit

  -84.3%

  £858,707 → £134,970

• Profit before tax

  -80.4%

  £862,476 → £169,229

• Wages

  +12.9%

  £2,726,499 → £3,079,357

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers