DONALDS GARAGE (IPSWICH) LIMITED

• ⚠

  Annual accounts overdue

  Due 2026-04-30.

• ⚠

  Material uncertainty over going concern

  A bank loan covenant in respect of bank loans in the parent company was breached at the year end. Subsequent to the year end the parent company obtained a reservation of rights letter from the bank detailing that they are not currently taking any action in respect of the breach. There have been further breaches in subsequent quarters after the year end and the bank have continued to not take any action in respect of these breaches. As the reservations of rights does not constitute a waiver of the covenant, the bank reserves the right to take action in respect of these breaches. The directors' judgment in preparing these accounts is that they do not expect the bank to take any action. As the covenant was in breach at the year end, under accounting standards, the loan has been disclosed in the parent company financial statements as repayable on demand. However, given the breach of covenant there is a risk that the bank could take action in respect of the breaches which indicates that there is a material uncertainty related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern.

1. DONALDS GARAGE (IPSWICH) LIMITED 2004-06-17 → present
2. POWERSOURCE LIMITED 2004-03-25 → 2004-06-17

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

Grant Thornton UK LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“A bank loan covenant in respect of bank loans in the parent company was breached at the year end. Subsequent to the year end the parent company obtained a reservation of rights letter from the bank detailing that they are not currently taking any action in respect of the breach. There have been further breaches in subsequent quarters after the year end and the bank have continued to not take any action in respect of these breaches. As the reservations of rights does not constitute a waiver of the covenant, the bank reserves the right to take action in respect of these breaches. The directors' judgment in preparing these accounts is that they do not expect the bank to take any action. As the covenant was in breach at the year end, under accounting standards, the loan has been disclosed in the parent company financial statements as repayable on demand. However, given the breach of covenant there is a risk that the bank could take action in respect of the breaches which indicates that there is a material uncertainty related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern.”

Significant events

• “The company has given an unlimited cross-guarantee in respect of the loans and overdrafts of the ultimate holding company and fellow subsidiaries. At the year end the total contingent liability secured under the above, excluding the company's own liabilities, amounted to £7,151,698 (2023: £4,716,816).”
• “There are unlimited cross guarantees in relation to amounts outstanding under vehicle stocking loans. The amount outstanding at the year end, excluding the company's own liability, was £13,270,248 (2023: £9,351,503).”

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

Filings

2

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

  +16%

  £25,056,346 → £29,072,305

• Cash

  +374.5%

  £117,124 → £555,780

• Net assets

  -7.1%

  £3,030,592 → £2,815,880

• Employees

  -4.7%

  43 → 41

• Operating profit

  -47.5%

  £380,376 → £199,520

• Profit before tax

  -230.5%

  £156,455 → -£204,198

• Wages

  +26.9%

  £1,118,651 → £1,419,522

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