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Case Studies

Millwood Motor Company Limited

From a 1960s built Shell forecourt, and forecourt shop we have jointly overseen the re-development of the entire 2 acre site into a state of the art Shell forecourt, Spar convenience store and showroom for Caterham cars. The Caterham cars showroom being the only factory approved outlet external to the manufacturers.

The balance of the site is leased to Mitsubishi Motor Company Retail Group who operate a new and used dealership and service department on site. All of this was carried out through the winter of 2008 during the height of the economic downturn.

Key to the project was:-

  • Locating the very best forecourt designer in ACT Design of Cheltenham.
  • Putting together a highly competitive funding package with RBS.
  • Submitting and agreeing VAT repayment claims in respect of the Italian and Elida cases concerning previously operated Rover and Vauxhall franchises. These alone raised in excess of £160,000.
  • Achieving the most competitive supply agreements.
  • Choosing the best software systems.

Ongoing areas of expertise require:-

  • In depth knowledge of VAT issues relating to property. Not understanding the need and timing of an ‘Option to Tax’, might just be the most expensive mistake you ever make.
  • Full appreciation of current legislation concerning Capital Allowance claims. Failing to plan the timing of capital acquisitions is a hugely costly oversight.
  • The mundane, but critical payroll and data processing. Trading margins are thin and up to date management figures and critical analysis are critical.

Our involvement with Millwood Motor Company is just one reason why so many businesses affiliated to the motor trade see GCSD as the accountants of choice. We are not just processors of payroll and accounting paperwork – if you want proactive advice you will not do better than to contact us today.

The Whiteshill Star Inn Limited

Ken Dickens first consulted us in November 2009, having purchased the lease to the Whiteshill Star through a Limited company and having secured an extension to that lease.

The whole site was desperately in need of total refurbishment and with the financial viability of neighbourhood pubs in some doubt it seemed a very brave move.

When we were first asked to become involved, the re-development was just beginning. There were two disused cottages that would convert in to bed and breakfast accommodation. The owner’s accommodation was to be partly pushed upward into the attic void so that further bed and breakfast accommodation could be created.

Ken wanted the whole accountancy function under one roof – a one stop shop. An all in one service is a cost effective option that has become something of a speciality of ours over the years – and it makes life so simple for clients at a fixed monthly cost with no annual surprises. We now deal with the accounts, book keeping, VAT, PAYE, Corporation tax returns, personal tax returns, along with any ongoing advice needed by Ken both on a proactive basis and to tackle problems when they arise.

One of the first tasks we had to do for Ken was to correct the company name. The company had been formed by the formation agents in the wrong name – meaning unnecessary time and hence costs. We have an in-house formation service for limited companies that will normally complete all the formalities and provide the documentation needed to open a company bank account within 24 hours. It is also a cost effective route to getting it right first time.

The ongoing development work has meant careful scrutiny of property improvement costs. Under the current capital allowance regime it is important to carefully review expenditure to maximise allowances in respect of qualifying expenditure on the property. This has had the benefit of minimising Corporation tax and maximising cash flow – helping to partly funding ongoing costs of development work.

For the business to progress the next logical step was to acquire the freehold site, which was known to be available. Raising funds for the purchase of any business is challenging – but pubs and restaurants are particularly difficult. For more than two years we worked with Ken to finally achieve a successful outcome, with a high street bank. From the initial business plan that we prepared, numerous amendments followed as the trade improved and the re-development progressed.

We understand the licensed trade and the time constraints of business. We provide efficient and cost effective solutions that leave licensees time to do what they do best – run their business.

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