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REGISTERED NUMBER: 14981703 (England and Wales)




















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Period 5 July 2023 to 31 December 2024

for

Wiltshire Motor Company Limited

Wiltshire Motor Company Limited (Registered number: 14981703)






Contents of the Consolidated Financial Statements
for the Period 5 July 2023 to 31 December 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


Wiltshire Motor Company Limited

Company Information
for the Period 5 July 2023 to 31 December 2024







DIRECTORS: A J Bailey
J A Bailey





REGISTERED OFFICE: Chippenham Motor Company
Bumpers Way
Bumpers Farm
Chippenham
Wiltshire
SN14 6LF





REGISTERED NUMBER: 14981703 (England and Wales)

Wiltshire Motor Company Limited (Registered number: 14981703)

Group Strategic Report
for the Period 5 July 2023 to 31 December 2024

The directors present their strategic report of the company and the group for the period 5 July 2023 to 31 December 2024.

On 22 September 2023 the group set up an employee ownership trust (EOT), Chippenham Motor Company Employee Ownership Trust 2023. Prior to this date the group was headed by Adam Bailey Limited. The shares in Adam Bailey Limited held by A J Bailey and J A Bailey were acquired by Wiltshire Motor Company Limited which is 100% owned by the EOT. The EOT has a corporate trustee, Chippenham Motor Company EOT Limited, which is dormant other than its role as trustee.

REVIEW OF BUSINESS
The Group's principal activity for the period ended 31 December 2024 is the sales and service of new and used motor vehicles together with the associated sale of parts and accessories.

The UK new car market recorded its second consecutive year of growth with total registrations of 1.95 million new cars sold during 2024 - an increase of 2.6% over the previous year. Over the full year, growth was delivered entirely by fleets, up 11.8% accounting for a record six in every 10 new car registrations. Conversely, registrations by private buyers fell by 8.7%, which was less than in 2020, when social distancing restrictions during the pandemic shut down the market for three months. The year saw pure electric car sales (BEVs) rise by over 21% taking a market share of total new car sales to almost 20%, largely driven by the fleet sector. Private consumer demand came under considerable challenges with cost of living pressures and high interest rates constraining growth.

In terms of how the franchise that we represent performed compared with the national market, Kia sales grew by 4.2%. We have retained Authorised Repairer status for Peugeot, Citroën, Volvo and Ford, and kept SEAT, having relinquished the sales franchise during the year. This enables us to continue to serve our longstanding customers and retain their service and repair business in our Workshops.

The high interest rates had the effect of almost doubling the monthly repayments of customers funding their new cars on Personal Contract Plans looking to change their cars at the expiry of their 3-year contract, and this led to many deferring the decision and extending their contract for a further period. Consumer demand was also affected by the market slowdown in the middle of the year due to uncertainty surrounding the outcome of the General Election. Furthermore, a Court of Appeal ruling against undisclosed commissions to car dealers in October introduced further uncertainty into both the new and used car markets.

It looks as though the challenging economic climate we are facing will remain with us for the foreseeable future, and with it comes the increasing pressures on the cost of living driven by high utility costs and interest rates, resulting in pressure on retail demand in the automotive sector. Following the new Government's Budget, the Group is also confronted with an increase in Business Rates and Employer National Insurance contributions from April 2025 which will add significant increases to the overhead cost structure of the business. This, together with the ongoing war in Ukraine and the new Republican administration in the USA will inevitably affect both the market and our business, but the Group approaches the year ahead with cautious optimism, assisted by the growing attractiveness and range of the Kia franchise, and the growing opportunities in the Used Car market.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal challenges of the group continue due to the economy and competition from other dealerships and manufacturers.

Financial Instruments
The group's principal financial instruments comprise of cash, borrowings, trade debtors and trade creditors. The main purpose of these financial instruments is to raise finance for the group's operations. The main risks arising from the group's financial instruments are:

Interest rate risk
Interest rate risks arise from the group's exposure to interest rate fluctuations and is managed by use of a mixture of fixed and floating facilities.

Liquidity risk
In order to maintain liquidity to ensure that sufficient funds and available for the ongoing and future development, the group uses a mixture of long term and short term debt finance.

Credit risk
Credit risk arises from the group's trade debtors and in order to minimise this, limits are set based on a combination of payment history and third party credit references. Outstanding amounts are monitored regular based upon debt ageing and collection history.


Wiltshire Motor Company Limited (Registered number: 14981703)

Group Strategic Report
for the Period 5 July 2023 to 31 December 2024

FINANCIAL KEY PERFORMANCE INDICATORS
The Director uses a number of key performance measures to monitor and manage performance within the business. The key performance indicators used are turnover, gross profit and operating profit and these are disclosed in the financial statements. The director monitors these key performance indicators on a regular basis throughout the year to ensure the group's strategy is achieved.

FUTURE DEVELOPMENTS
The business is firmly established in two trading locations in Chippenham, and we continue to focus on methods by which we can grow volumes across all departments of the business, whilst seeking to improve margins and maintain a firm control on staffing levels and costs.

ON BEHALF OF THE BOARD:





A J Bailey - Director


3 April 2025

Wiltshire Motor Company Limited (Registered number: 14981703)

Report of the Directors
for the Period 5 July 2023 to 31 December 2024

The directors present their report with the financial statements of the company and the group for the period 5 July 2023 to 31 December 2024.

INCORPORATION
The group was incorporated on 5 July 2023.

On 22 September 2023 the group set up an employee ownership trust (EOT), Chippenham Motor Company Employee Ownership Trust 2023. Prior to this date the group was headed by Adam Bailey Limited. The shares in Adam Bailey Limited held by A J Bailey and J A Bailey were acquired by Wiltshire Motor Company Limited which is 100% owned by the EOT. The EOT has a corporate trustee, Chippenham Motor Company EOT Limited, which is dormant other than its role as trustee.

DIVIDENDS
No dividends will be distributed for the period ended 31 December 2024.

DIRECTORS
The directors who have held office during the period from 5 July 2023 to the date of this report are as follows:

A J Bailey - appointed 5 July 2023
J A Bailey - appointed 5 July 2023

Both the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are 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 directors are required to:

- select suitable accounting policies 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Sumer Auditco Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A J Bailey - Director


3 April 2025

Report of the Independent Auditors to the Members of
Wiltshire Motor Company Limited

Opinion
We have audited the financial statements of Wiltshire Motor Company Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 affairs as at 31 December 2024 and of the group's profit for the period 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 UK, including the FRC'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 directors' 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 and 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Wiltshire Motor Company Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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 a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Group and industry, we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery, employment law and company legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the Group. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with
laws and regulations and fraud;
- Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;
- Reviewing the Group's legal costs to check for non-compliance with laws and regulations and fraud;
- Review of tax compliance with the involvement of our tax specialists in the audit;
- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of
expenses;
- Testing transactions entered into outside of the normal course of the Group's business; and
- Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as journals
with round numbers.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Wiltshire Motor Company Limited


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 a Report of the Auditors 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.




David Iain Black (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited
Statutory Auditors
Hermes House
Fire Fly Avenue
Swindon
Wiltshire
SN2 2GA

4 April 2025

Wiltshire Motor Company Limited (Registered number: 14981703)

Consolidated
Income Statement
for the Period 5 July 2023 to 31 December 2024

Notes £   

TURNOVER 38,858,961

Cost of sales 36,188,396
GROSS PROFIT 2,670,565

Administrative expenses 2,144,295
526,270

Other operating income 6,423
OPERATING PROFIT 4 532,693


Interest payable and similar expenses 5 179,506
PROFIT BEFORE TAXATION 353,187

Tax on profit 6 164,359
PROFIT FOR THE FINANCIAL PERIOD 188,828
Profit attributable to:
Owners of the parent 188,828

Wiltshire Motor Company Limited (Registered number: 14981703)

Consolidated
Other Comprehensive Income
for the Period 5 July 2023 to 31 December 2024

Notes £   

PROFIT FOR THE PERIOD 188,828


OTHER COMPREHENSIVE INCOME
Merger relief reserve 5,516,180
Income tax relating to other comprehensive
income

-
OTHER COMPREHENSIVE INCOME FOR
THE PERIOD, NET OF INCOME TAX

5,516,180
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD

5,705,008

Total comprehensive income attributable to:
Owners of the parent 5,705,008

Wiltshire Motor Company Limited (Registered number: 14981703)

Consolidated Balance Sheet
31 December 2024

Notes £    £   
FIXED ASSETS
Tangible assets 8 997,378
Investments 9 -
997,378

CURRENT ASSETS
Stocks 10 2,848,524
Debtors 11 2,694,787
Cash at bank and in hand 562,396
6,105,707
CREDITORS
Amounts falling due within one year 12 4,353,750
NET CURRENT ASSETS 1,751,957
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,749,335

CREDITORS
Amounts falling due after more than one
year

13

(1,835,292

)

PROVISIONS FOR LIABILITIES 17 (217,902 )
NET ASSETS 696,141

CAPITAL AND RESERVES
Called up share capital 18 100
Merger relief reserve 19 5,516,180
Retained earnings 19 (4,820,139 )
SHAREHOLDERS' FUNDS 696,141

The financial statements were approved by the Board of Directors and authorised for issue on 3 April 2025 and were signed on its behalf by:





A J Bailey - Director


Wiltshire Motor Company Limited (Registered number: 14981703)

Company Balance Sheet
31 December 2024

Notes £    £   
FIXED ASSETS
Tangible assets 8 -
Investments 9 99
99

CURRENT ASSETS
Debtors 11 1
NET CURRENT ASSETS 1
TOTAL ASSETS LESS CURRENT
LIABILITIES

100

CAPITAL AND RESERVES
Called up share capital 18 100
SHAREHOLDERS' FUNDS 100

Company's profit for the financial year 5,008,967

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 3 April 2025 and were signed on its behalf by:





A J Bailey - Director


Wiltshire Motor Company Limited (Registered number: 14981703)

Consolidated Statement of Changes in Equity
for the Period 5 July 2023 to 31 December 2024

Called up Merger
share Retained relief Total
capital earnings reserve equity
£    £    £    £   

Changes in equity
Issue of share capital 100 - - 100
Contribution to employee ownership
trust

-

(5,008,967

)

-

(5,008,967

)
Total comprehensive income - 188,828 5,516,180 5,705,008
Balance at 31 December 2024 100 (4,820,139 ) 5,516,180 696,141

Wiltshire Motor Company Limited (Registered number: 14981703)

Company Statement of Changes in Equity
for the Period 5 July 2023 to 31 December 2024

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 100 - 100
Contribution to employee ownership
trust

-

(5,008,967

)

(5,008,967

)
Total comprehensive income - 5,008,967 5,008,967
Balance at 31 December 2024 100 - 100

Wiltshire Motor Company Limited (Registered number: 14981703)

Consolidated Cash Flow Statement
for the Period 5 July 2023 to 31 December 2024

Notes £   
Cash flows from operating activities
Cash generated from operations 1 1,341,703
Interest paid (179,506 )
Net cash from operating activities 1,162,197

Cash flows from investing activities
Purchase of net assets of group 100
Net cash from investing activities 100

Cash flows from financing activities
Share issue 99
Contribution to employee ownership trust (600,000 )
Net cash from financing activities (599,901 )

Increase in cash and cash equivalents 562,396
Cash and cash equivalents at beginning
of period

2

-

Cash and cash equivalents at end of
period

2

562,396

Wiltshire Motor Company Limited (Registered number: 14981703)

Notes to the Consolidated Cash Flow Statement
for the Period 5 July 2023 to 31 December 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

£   
Profit before taxation 353,187
Depreciation charges 280,704
Decrease in net assets of group 528,306
Finance costs 179,506
Cash generated from operations 1,341,703

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31 December 2024
31.12.24 5.7.23
£    £   
Cash and cash equivalents 562,396 -


3. ANALYSIS OF CHANGES IN NET DEBT

At 5.7.23 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand - 562,396 562,396
- 562,396 562,396
Debt
Debts falling due within 1 year - (2,256,281 ) (2,256,281 )
Debts falling due after 1 year - (1,835,292 ) (1,835,292 )
- (4,091,573 ) (4,091,573 )
Total - (3,529,177 ) (3,529,177 )

Wiltshire Motor Company Limited (Registered number: 14981703)

Notes to the Consolidated Financial Statements
for the Period 5 July 2023 to 31 December 2024

1. STATUTORY INFORMATION

Wiltshire Motor Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The financial statements consolidate the accounts of Wiltshire Motor Company Limited and all of its subsidiary undertakings ('subsidiaries'). Intercompany transactions and balances between group companies are therefore eliminated in full.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances.

The items in the financial statements where these estimates and judgements have been made include:

Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values of all assets are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 11 for the carrying amount of the property plant and equipment, and note 2 for the useful economic lives for each class of assets.

Stock provisioning
Significant estimates are involved in the determination of stock provisions. Management exercise judgement in determining whether the costs of a particular item of stock are recoverable on an item by item basis. Management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability and future usage. A provision is made where a loss can be reliably estimated.

Impairment of debtors
The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 14 for the net carrying amount of the debtors and associated impairment provision.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

-the Company has transferred the significant risks and rewards of ownership to the buyer;
-the Company retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;
-the amount of turnover can be measured reliably;
-it is probable that the Company will receive consideration due under the transaction; and
-the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Sales of vehicles are recognised on delivery to the customer together with the associated manufacture bonus income. Any other manufacturer income in relation to achieving targets is recognised on an accruals basis.

Sale of parts are recognised at point of sale or delivery of goods to the customer. Service sales are recognised on completion of all work and handover to the customer.

Wiltshire Motor Company Limited (Registered number: 14981703)

Notes to the Consolidated Financial Statements - continued
for the Period 5 July 2023 to 31 December 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed 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.

Depreciation 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:

Leasehold land and buildings- 10% straight line
Equipment,, fixtures and fittings- 20% straight line

Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

The directors consider the substance of stocking arrangements with manufacturers and where the group has access to the benefits of the stock and exposure to the risk and costs, the stock is treated as an asset of the group.

Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme and also contributes to the personal pension plans of certain permanent employee. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Contributions to employee ownership trust
Contributions to the employee ownership trust set up by the group are accounted for as a distribution of profits at the point the contribution is made and are therefore reflected in the statement of changes in equity.

Wiltshire Motor Company Limited (Registered number: 14981703)

Notes to the Consolidated Financial Statements - continued
for the Period 5 July 2023 to 31 December 2024

3. EMPLOYEES AND DIRECTORS
£   
Wages and salaries 2,230,324
Social security costs 204,449
Other pension costs 40,770
2,475,543

The average number of employees during the period was as follows:

Sales staff 9
Service and parts staff 31
Administration staff and management 16
56

The average number of employees by undertakings that were proportionately consolidated during the period was NIL.

£   
Directors' remuneration 44,249

4. OPERATING PROFIT

The operating profit is stated after charging:

£   
Depreciation - owned assets 280,703

5. INTEREST PAYABLE AND SIMILAR EXPENSES
£   
Bank loan interest 178,301
Corporation tax interest 1,205
179,506

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
£   
Current tax:
UK corporation tax 111,426

Deferred tax 52,933
Tax on profit 164,359

Tax effects relating to effects of other comprehensive income

Gross Tax Net
£    £    £   
Merger relief reserve 5,516,180 - 5,516,180

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Wiltshire Motor Company Limited (Registered number: 14981703)

Notes to the Consolidated Financial Statements - continued
for the Period 5 July 2023 to 31 December 2024

8. TANGIBLE FIXED ASSETS

Group
Equipment,
Leasehold fixtures
land and and
buildings fittings Totals
£    £    £   
COST
Additions 1,004,848 273,233 1,278,081
At 31 December 2024 1,004,848 273,233 1,278,081
DEPRECIATION
Charge for period 186,701 94,002 280,703
At 31 December 2024 186,701 94,002 280,703
NET BOOK VALUE
At 31 December 2024 818,147 179,231 997,378

9. FIXED ASSET INVESTMENTS

Company



Shares in
group
undertakings
£
COST
Additions 99
At 31 December 2024 99
NET BOOK VALUE
At 31 December 2024 99

The group's subsidiaries at the balance sheet date included in the consolidated accounts are the following:

Company name Registered office Nature of
business
Class of
shares held
% Held
Subsidiaries
Adam Bailey Limited Chippenham Motor
Company, Bumpers
Way, Chippenham,
Wiltshire, SN14 6LF
Holding
company
Ordinary 100%
Chippenham Motor Company
Limited
Chippenham Motor
Company, Bumpers
Way, Chippenham,
Wiltshire, SN14 6LF
Sale,
maintenance
and repair of
motor vehicles
and related
parts and
accessories
Ordinary 100%
Malmesbury Road Garage Limited Chippenham Motor
Company, Bumpers
Way, Chippenham,
Wiltshire, SN14 6LF
Dormant
company
Ordinary 100%

Wiltshire Motor Company Limited (Registered number: 14981703)

Notes to the Consolidated Financial Statements - continued
for the Period 5 July 2023 to 31 December 2024

10. STOCKS


Group
£   
Vehicle Stock 2,198,724
Parts Stock 266,247
Consignment Stock 383,553
2,848,524

The directors have reviewed the substance of the stocking arrangements with the manufacturers, and consider that the consignment stock held by the group is in substance an asset of the comany. The group has access to the benefits of the stock and exposure to the risk and costs of holding it. The group has therefore recognised the consignment stock in its balance sheet at 31 December 2024 and a corresponding liability to the manufacturers.

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


Group Company
£    £   
Trade debtors 185,483 -
Other debtors 2,418,553 -
Called up share capital not paid 1 1
Prepayments and accrued income 90,750 -
2,694,787 1

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


Group
£   
Bank loans and overdrafts (see note 14) 82,405
Other loans (see note 14) 2,173,876
Trade creditors 1,105,548
Corporation Tax 111,426
Social security and other taxes 202,704
Other creditors 253,759
Accruals and deferred income 424,032
4,353,750

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR


Group
£   
Bank loans (see note 14) 1,835,292

Wiltshire Motor Company Limited (Registered number: 14981703)

Notes to the Consolidated Financial Statements - continued
for the Period 5 July 2023 to 31 December 2024

14. LOANS

An analysis of the maturity of loans is given below:


Group
£   
Amounts falling due within one year or on demand:
Bank loans 82,405
Consignment Stock 383,553
Other Loans 165,396
Stocking Loan 1,624,927
2,256,281
Amounts falling due between one and two years:
Bank loans - 1+ year 88,890
Amounts falling due between two and five years:
Bank loans - 2-5 years 172,615
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 1,573,787

Stocking loans are secured against the individual vehicle stock included within these financial statements of the same value.

Bank loans owed by the company's subsidiary Chippenham Motor Company Limited are repayable in monthly instalments and interest is charged at 2.6% per annum. Bank loans are secured by fixed and floating charges over the subsidiary's assets dated 2 May 2014 and 23 December 2015.

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non- cancellable operating leases
£   
Within one year 595,023
Between one and five years 2,352,000
In more than five years 5,577,000
8,524,023

Wiltshire Motor Company Limited (Registered number: 14981703)

Notes to the Consolidated Financial Statements - continued
for the Period 5 July 2023 to 31 December 2024

16. FINANCIAL INSTRUMENTS

Group Company
£ £
Financial assets
Financial assets that are debt
instruments measured at
amortised cost




3,166,432




1

Financial liabilities
Financial liabilities measured
at amortised cost


(5,870,911

)


-

Financial assets are debt instruments measured at amortised cost comprise of trade and other debtors and cash and equivalents.

Financial liabilities measured at amortised cost comprise of trade and other creditors, accruals, intercompany, bank loans. stocking loans and other loans.

17. PROVISIONS FOR LIABILITIES


Group
£   
Deferred tax 217,902

Group
Deferred
tax
£   
Provided during period 217,902
Balance at 31 December 2024 217,902

18. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal
value: £   
100 Share capital 1 £1 100

100 Ordinary shares of £1 each were allotted at par during the period.

19. RESERVES

Group
Merger
Retained relief
earnings reserve Totals
£    £    £   

Profit for the period 188,828 188,828
Merger relief reserve - 5,516,180 5,516,180
Contribution to EOT (5,008,967 ) - (5,008,967 )
At 31 December 2024 (4,820,139 ) 5,516,180 696,041


Wiltshire Motor Company Limited (Registered number: 14981703)

Notes to the Consolidated Financial Statements - continued
for the Period 5 July 2023 to 31 December 2024

20. RELATED PARTY DISCLOSURES

The company has taken advantage of the available exemptions from reporting transactions with other group companies. During the period rent of £245,000 was paid to Suffolk Life Annuities Limited an entity which a director has a beneficial interest. In addition, rent of £92,217 was paid to AJB Commercial Properties Limited an entitiy in which a director has a beneficial interest.

21. ULTIMATE CONTROLLING PARTY

The directors consider the ultimate controlling party to be Chippenham Motor Company EOT Limited as trustee of the Chippenham Motor Company Employee-Ownership Trust 2003 by virtue of it owning 100% of the shares of Wiltshire Motor Company Limited.

22. EMPLOYEE OWNERSHIP TRUST

During the period the group made a contribution of £5,008,967 to the EOT. The obligation to make future payments of the deferred consideration lies with the Trust and so the liability for future payments has not been recognised by the company.