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[PhilipMoseley]

I have to admit being a 'Ling' fan.
Did someone call her a fruitcake?
A £36million online turnover in 2008? There's obviously something right with the mix.
I think there is a tremendous future for 'Live Interaction' in e-commerce, I tried it yesterday for the first time and we picked up 5% increase for the day just on a trial version. . . we have a lot more trialling to do to get the finished product, but would expect an ever greater increase. Thanks Ling.
I also know where I'll be going for my next car, once this bl**dy recession is over of course

[leehack]

A £36million online turnover in 2008? There's obviously something right with the mix.

Big figures are just nice eye candy to catch people's attention (as it did with you). Profit is the only important figure. If (for instance) you turnover £36m but have costs of £35,990,000 then you made less than a McDonald's operative. Look for profit figures only, the rest is useless number crunching.

Ask HBOS about their turnover lol........

[leehack]

CUE: Ling to let us know profit is high too......

[LINGsCARS.com]

Big figures are just nice eye candy to catch people's attention (as it did with you). Profit is the only important figure. If (for instance) you turnover £36m but have costs of £35,990,000 then you made less than a McDonald's operative. Look for profit figures only, the rest is useless number crunching.

Ask HBOS about their turnover lol........

I do not think you are suggesting my figures are untrue, although that could be read between the lines by cynics... so let me be clear:

I would not disagree with that except to add that cash in the bank is even more important. Unlike 99% of the motor trade, I have loads of spare cash in the bank This is primarily because I do not ever need to buy the cars or service any debt. Ling World Headquarters office building is owned with a 65% mortgage balance outstanding.

In Jan-Dec 2008, I moved £35m+ of cars at retail value.

In April 2007-Mar 2008 (last accounts) I moved £28m of new cars, that is £277,104 of actual invoiced turnover (ex VAT), £88,073 of net profit (and paid circa £15k of Corporation Tax) after all payroll, dividends and costs. This is available for view at Companies House, so is hardly private.

This year (management accounts only) April 2008-Mar 2009, I moved £36.5m of new cars, £355,000 of actual invoiced turnover (ex VAT) and £120k of net profit. I will say this still needs accounting, I may well accrue some into the next year to reduce tax liabilities, so is not finalised and is not due to be filed until January 2010.

Sales in 2009 have so far been up on same months 2008, so the future looks just fine, despite the current "crunch".

Fundamentally things are just fine, fine.

Hope that makes things clear and stops idle speculation.

[leehack]

Right on cue.....

I'm fully aware I could find out your company finances if I was interested, I'm only interested in my own though. I was making a point that turnover means nothing whatsoever, I wouldn't need to guess about yours or insinuate anything, I'd just go and find out as you mention if i was interested.

However, if you give me some shares for free, I will gladly take some interest for you.

PS - there was no idle speculation, it was a general point about turnover figures, not directed or aimed at you at all. I'd write straight to you or address you, if you or your company were the subject.

[LINGsCARS.com]

Glad you are fully aware... glad I am on cue. Are you going to declare YOUR figures? (just out of interest?) I did not aim the "idle speculation" at you, I just didn't want to develop a financial argument over figures, so thought I should declare them. Especially as your previous post was almost trolling me for them Don't get uptight. Chill.

The reason I use cars at retail figures is to give a sensible scale, compared to car dealerships. Then, you can compare apples with apples. If I bought the cars before financing them, that would be my turnover (£35m). As it is, (thankfully) my accounting turnover is just my invoiced commission. Buying cars is a mug's game IMHO.

If you saw how much a typical motor trader needed to borrow, and realised that they make just 1% return on sales... it is frightening. Plus they have massive overheads and massive debts. No wonder so many are collapsing.

[leehack]

The reason I use cars at retail figures is to give a sensible scale, compared to car dealerships. Then, you can compare apples with apples.

If you saw how much a typical motor trader needed to borrow, and realised that they make just 1% return on sales... it is frightening. Plus they have massive overheads. No wonder so many are collapsing.

I've seen it, I have 2 friends in the car trade, hundreds of thousands of pounds sitting on forecourts getting washed every 3 days. Horrific in today's climate, but not much better in prime time. You clearly have a successful business and tamed the dragons which is always good to see, so I genuinely wish you the best of luck. The more people doing things wrong, the more you can only benefit.

PS - a few shares would be appreciated, just to show you are really nice .

[LINGsCARS.com]

Sorry, I was editing while you posted.

You would think, with all that money at stake, the car industry would make a better fist of the web.

They are fixated with physical sales.

[leehack]

Are you going to declare YOUR figures? (just out of interest?)

I know my penis is larger than yours Ling, I have no need to get it out in public. Nov 08 accounts show just under 35k gross profit if you are interested though. Just like yours, mine will be there for all to see too .

[LINGsCARS.com]

I know my penis is larger than yours Ling, I have no need to get it out in public. Nov 08 accounts show just under 35k gross profit if you are interested though. Just like yours, mine will be there for all to see too .

Lee, great.

I don't mind people talking about this (probably like you) but it's nice for people to know that they need to show their hand

[PhilipMoseley]

. . like I said you can't beat 'live chat', I think that was the direction of the thread, can't remember .
Anyhow, as you stated somewhere else Ling, contract hire is going to do well as less and less individuals will be able to get finance for motors and who wants to take on the gamble of 'depreciation' - and as most posters here are small businesses they will get the VAT back on the deal.
Best of Luck Ling Long may your nett profits gross up.
Try saying that after you've just got back from the pub . . .

[jont]

The reason I use cars at retail figures is to give a sensible scale, compared to car dealerships. Then, you can compare apples with apples. If I bought the cars before financing them, that would be my turnover (£35m). As it is, (thankfully) my accounting turnover is just my invoiced commission.

Ishow just under 35k gross profit

Based on Microsoft's figures Lee must have turned over £100 billion last year. Nice one matey.

[chris ashdown]

Based on Microsoft's figures Lee must have turned over £100 billion last year. Nice one matey.

is that excluding his offshore accounts and Toxic debts

[leehack]

I did drop a pound on a beach in Cornwall that I never found, does that class an an offshore account?

[Mike Hughes]

I did drop a pound on a beach in Cornwall that I never found, does that class an an offshore account?

Only if the tide comes in far enough.

Mike

PS. probably better to declare it as an on-shore loss. That way it should be tax deductable.