Company registration number 09252296 (England and Wales)
BP ROLLS HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
BP ROLLS HOLDINGS LIMITED
CONTENTS
Page
Company information
1
Strategic report
2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
BP ROLLS HOLDINGS LIMITED
COMPANY INFORMATION
- 1 -
Directors
T J Abul
D B Rolls
Company number
09252296
Registered office
Unit 28, Hopkinson Way
West Portway Industrial Estate
Andover
Hampshire
SP10 3LF
Auditor
Azets Audit Services
Secure House
Lulworth Close
Chandlers Ford
Southampton
Hampshire
SO53 3TL
BP ROLLS HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -

The directors present the strategic report for the year ended 31 October 2024.

Review of the business

The directors are pleased to report an increase in group profit after tax which amounts to £2,283,935, compared to last year's profit after tax of £933,303.

Turnover for the group, at £27,702,788 (202 3: £25,123,378) represents an increase in group sales by circa £2.6 million, 10.3%, when compared with the previous year.

Gross profit margin for the year has decreased to 25.9% compared to 27.6% last year. This, along with the increase in sales, has resulted in a gross profit of £7,183,360 compared to £6,924,067, an increase of circa £0.26m. The gross profit margin reduction is the blended and expected reduction in overall margin % from the lower gross margin expected in our Maxus business and underlying margins remain stable for existing operations. The Maxus business is performing well with sales of chassis to four major supermarkets.

The commercial vehicle side of the business remains robust and the main component of the group's revenue streams, with an ever increasing contribution from the group's mobile repair and servicing offering.

With its suite of vertically integrated services the company is excited with the opportunities this cross fertilisation brings.

Future Developments

The BP Rolls Group is actively enhancing its mobile servicing and defect resolution capabilities, with a current fleet of approximately 35 vans. This expansion enables a robust 24/7/364 service offering, seamlessly complementing the group’s vertically integrated suite of services. The company remains committed to further investments to strengthen its operational efficiency and client satisfaction.

Threats

The recent increase in employers’ National Insurance contributions has presented challenges. However, through constructive negotiations, BP Rolls has secured labour rate adjustments from its supportive client base, effectively mitigating the financial impact and maintaining strong client relationships.

Recovery from Newport Depot Fire

On August 15, 2023, BP Rolls (Newport) Limited experienced a significant fire at one of the group’s owned properties. By early 2025, a state-of-the-art replacement facility was completed and handed over to the company. With the steadfast support of the group’s insurance provider, all equipment has been replaced, enabling full operational restoration.

The company projects record-breaking turnover for 2025, reflecting a strong recovery. In May 2025, BP Rolls successfully concluded its business interruption claim with insurers. The directors are pleased to report that the insurance payments were satisfactory, with all major components of the claim resolved amicably.

Key performance indicators

The group monitors the performance of each of its trading subsidiaries comparing sales and margins achieved from its principal trading incomes of labour and parts. The results are analysed each month together with overheads and remedial action is taken if they fall below target.

On behalf of the board

D B Rolls
Director
17 June 2025
BP ROLLS HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 October 2024.

Principal activities

The principal activity of the company and group continued to be that of the provision of a motor vehicle body building and repair service.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

T J Abul
D B Rolls
Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group will be put at a General Meeting.

Directors’ confirmations

In the case of each director in office at the date the directors’ report is approved:

- so far as the director is aware, there is no relevant audit information of which the company’s auditors are unaware; and

- they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

On behalf of the board
D B Rolls
Director
17 June 2025
BP ROLLS HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law).

Under company law, 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 of the profit or loss of the company for that period. In preparing the financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- state whether applicable United Kingdom Accounting Standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements;

- make judgements and accounting estimates that are reasonable and prudent; and

- 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 safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

BP ROLLS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BP ROLLS HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of BP Rolls Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 October 2024 and of the group's profit for the year 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

BP ROLLS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BP ROLLS HOLDINGS LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

BP ROLLS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BP ROLLS HOLDINGS LIMITED
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 an auditor's report 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.

Michael Wesley FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
Statutory Auditor
Chartered Accountants
Secure House
Lulworth Close
Southampton
Hampshire
SO53 3TL
17 June 2025
BP ROLLS HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
27,702,788
25,123,378
Cost of sales
(20,519,428)
(18,199,311)
Gross profit
7,183,360
6,924,067
Administrative expenses
(5,458,600)
(6,064,405)
Other operating income
1,281,528
358,577
Operating profit
5
3,006,288
1,218,239
Interest receivable and similar income
9,740
4,801
Interest payable and similar expenses
8
(135,622)
(66,207)
Profit before taxation
2,880,406
1,156,833
Tax on profit
9
(596,471)
(223,530)
Profit for the financial year
2,283,935
933,303
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is attributable to:
- Owners of the parent company
2,283,935
924,006
- Non-controlling interests
-
0
9,297
2,283,935
933,303

The notes on pages 14 to 30 form part of these financial statements.

BP ROLLS HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
3,442
19,970
Tangible assets
11
5,661,450
2,816,170
5,664,892
2,836,140
Current assets
Stocks
14
3,018,049
1,272,868
Debtors
15
9,603,658
5,895,760
Cash at bank and in hand
1,638,797
2,190,664
14,260,504
9,359,292
Creditors: amounts falling due within one year
16
(12,267,592)
(7,133,379)
Net current assets
1,992,912
2,225,913
Total assets less current liabilities
7,657,804
5,062,053
Creditors: amounts falling due after more than one year
17
(744,152)
(742,774)
Provisions for liabilities
Deferred tax liability
20
682,925
372,487
(682,925)
(372,487)
Net assets
6,230,727
3,946,792
Capital and reserves
Called up share capital
22
1,000
1,000
Profit and loss reserves
6,229,727
3,945,792
Total equity
6,230,727
3,946,792
The financial statements were approved by the board of directors and authorised for issue on 17 June 2025 and are signed on its behalf by:
17 June 2025
D B Rolls
Director
Company registration number 09252296 (England and Wales)
BP ROLLS HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
1,115,901
1,115,901
Current assets
Debtors
15
1,367,181
980,190
Cash at bank and in hand
1,013
721
1,368,194
980,911
Creditors: amounts falling due within one year
16
(681,428)
(694,145)
Net current assets
686,766
286,766
Net assets
1,802,667
1,402,667
Capital and reserves
Called up share capital
22
1,000
1,000
Profit and loss reserves
1,801,667
1,401,667
Total equity
1,802,667
1,402,667

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £400,000 (2023 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 17 June 2025 and are signed on its behalf by:
17 June 2025
D B Rolls
Director
Company registration number 09252296 (England and Wales)
BP ROLLS HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
Balance at 1 November 2022
1,000
3,021,786
3,022,786
57,953
3,080,739
Year ended 31 October 2023:
Profit for the year
-
933,303
933,303
-
933,303
Other comprehensive income:
Amounts attributable to non-controlling interests
-
(9,297)
(9,297)
9,297
-
Total comprehensive income
-
924,006
924,006
9,297
933,303
Non-controlling interest's shares purchased in subsidiary
-
-
-
(67,250)
(67,250)
Balance at 31 October 2023
1,000
3,945,792
3,946,792
-
0
3,946,792
Year ended 31 October 2024:
Profit and total comprehensive income
-
2,283,935
2,283,935
-
2,283,935
Balance at 31 October 2024
1,000
6,229,727
6,230,727
-
0
6,230,727
BP ROLLS HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2022
1,000
1,401,667
1,402,667
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 31 October 2023
1,000
1,401,667
1,402,667
Year ended 31 October 2024:
Profit and total comprehensive income
-
400,000
400,000
Balance at 31 October 2024
1,000
1,801,667
1,802,667
BP ROLLS HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,630,983
1,128,623
Interest paid
(135,622)
(66,207)
Income taxes paid
(53,340)
(339,588)
Net cash inflow from operating activities
1,442,021
722,828
Investing activities
Purchase of tangible fixed assets
(3,427,664)
(652,767)
Proceeds on disposal of tangible fixed assets
1,664,891
1,162,957
Re-purchase of shares in subsidiary
-
(67,250)
Interest received
9,740
4,801
Net cash (used in)/generated from investing activities
(1,753,033)
447,741
Financing activities
Repayment of bank loans
(65,416)
(49,823)
Payment of finance leases obligations
(175,439)
(172,864)
Net cash used in financing activities
(240,855)
(222,687)
Net (decrease)/increase in cash and cash equivalents
(551,867)
947,882
Cash and cash equivalents at beginning of year
2,190,664
1,242,782
Cash and cash equivalents at end of year
1,638,797
2,190,664
BP ROLLS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
1
Accounting policies
Company information

BP Rolls Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 28, Hopkinson Way, West Portway Industrial Estate, Andover, Hampshire, SP10 3LF.

The group consists of BP Rolls Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company BP Rolls Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 31 October 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

The group's principal activity is the provision of a motor vehicle body building and repair service.

Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers during the year. Revenue is recognised when the company becomes entitled to it - usually on the completion of the agreed work.

BP ROLLS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 15 -
1.5
Intangible fixed assets - goodwill

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

If a subsidiary, associate or business is subsequently sold or closed, any goodwill arising on acquisition that was written off directly to reserves or that has not been amortised through the profit and loss account is taken into account in determining the profit or loss on sale or closure.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Goodwill - over 5 to 10 years

The directors consider that 5 to 10 years is a reasonable estimate of the expected economic life of the goodwill.

1.6
Tangible fixed assets

Fixed assets are stated at historical cost less depreciation and less any impairment losses.

Depreciation is provided on all tangible fixed assets at rates calculated to write each asset down to its estimated residual value over its expected useful. life, as follows:-

Freehold Land
no depreciation
Freehold property improvements
over 10 years
Short leasehold improvements
over 5 years
Long leasehold property/freehold buildings
over 50 years
Fixtures and fittings
over 2, 3, 4, 5 and 7 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

Fixed asset investments are stated at historical cost less any provision for diminution in value.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value. Cost of finished goods and work in progress includes attributable labour and material costs. Net realisable value is based upon estimated selling price less further costs expected to be incurred to completion and disposal. Provision is made for obsolete and slow-moving items.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

BP ROLLS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
1.10
Financial instruments

Amounts payable or receivable on derivatives held to manage interest rate risk. (including swap agreements) are recognised over .the period of the contract. Changes in the derivative's fair value are not recognised.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying mount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

BP ROLLS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Full provision is made for deferred tax assets and liabilities arising from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes.

BP ROLLS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

The group operates a defined contribution pension scheme. The pension costs charged in the financial statements represent the contributions payable by the group during the year.

1.15
Leases

Assets financed under finance leases and similar arrangements such as hire purchase contracts, are capitalised in the balance shee t and depreciated over their useful economic lives.

The interest element of payments under such arrangements is charged to the profit and loss account so as to give a periodic charge commensurate with the balance outstanding.

Rentals paid under operating leases are charged to the profit and loss account as they fall due.

1.16
Government grants

A grant is recognised i n income when the grant proceeds are received (or receivable) provided that the terms of the grant do not impose future performance-related conditions.

If the terms of a grant do impose performance-related conditions on the recipient, the grant is only recognised in income when the performance related conditions are met.

Any grants that are received before the revenue recognition criteria are met are recognised in the entity's financial statements as a liability.

BP ROLLS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 19 -
2
Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as disclosed in the accounting policies.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are as disclosed in the accounting policies.

Work in Progress

Work in Progress (WIP) is measured on a cost basis where this is not released to the Profit and Loss Account until the job has been completed and is ready for customer collection. Therefore, controls have been implemented to release the cost when the revenue in recognised within the Profit and Loss Account to ensure that the cost matches the income within the financial statements and that the cut off of revenue and expenses is correct.

3
Turnover and other revenue

2024
2023
£
£
Turnover analysed by class of business
Repairs and servicing of vehicles
19,814,642
19,313,241
Sale of electric vehicles
7,587,666
5,621,657
Management charge received
300,480
188,480
27,702,788
25,123,378
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
27,702,788
25,123,378
2024
2023
£
£
Other revenue
Interest income
9,740
4,801
Grants received
20,000
20,220
Insurance income on revenue items
1,251,179
303,636
BP ROLLS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 20 -
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
1,500
1,525
Audit of the financial statements of the company's subsidiaries
28,500
23,975
30,000
25,500
For other services
Preparation of consolidated financial statements
3,500
3,350
Taxation compliance services
5,500
4,150
9,000
7,500
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(20,000)
(20,220)
Depreciation of owned tangible fixed assets
609,589
494,656
Depreciation of tangible fixed assets held under finance leases
80,330
49,325
Profit on disposal of tangible fixed assets
(1,469,465)
(331,169)
Amortisation of intangible assets
16,528
16,528
Cost of stocks recognised as an expense
14,792,553
12,944,715
Operating lease charges
687,832
610,607
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
4
4
2
2
Admin
105
92
-
-
Productive
116
118
-
-
Total
225
214
2
2
BP ROLLS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
6
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
8,529,123
7,626,937
-
0
-
0
Social security costs
842,467
748,021
-
-
Pension costs
182,541
161,617
-
0
-
0
9,554,131
8,536,575
-
0
-
0
7
Directors' remuneration
The directors do not receive remuneration from the BP Rolls Holdings Limited as a standalone company, instead the directors have been remunerated by companies within the group. Total directors' remuneration has been detailed below:
2024
2023
£
£
Remuneration for qualifying services
429,677
630,572
Company pension contributions to defined contribution schemes
4,921
74,281
434,598
704,853
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
321,844
432,000

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023: 2).

8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
110,436
22,995
Other interest
25,186
43,212
Total finance costs
135,622
66,207
BP ROLLS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 22 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
216,899
158,301
Deferred tax
Origination and reversal of timing differences
379,572
65,229
Total tax charge
596,471
223,530

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,880,406
1,156,833
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.50%)
720,102
260,287
Tax effect of expenses that are not deductible in determining taxable profit
7,264
127
Unutilised tax losses carried forward
(5,361)
-
0
Permanent capital allowances in excess of depreciation
(125,166)
(40,603)
Other non-reversing timing differences
-
0
3,719
Tax at marginal rate
(368)
-
0
Taxation charge
596,471
223,530
BP ROLLS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 23 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 November 2023 and 31 October 2024
227,728
Amortisation and impairment
At 1 November 2023
207,758
Amortisation charged for the year
16,528
At 31 October 2024
224,286
Carrying amount
At 31 October 2024
3,442
At 31 October 2023
19,970
The company had no intangible fixed assets at 31 October 2024 or 31 October 2023.
11
Tangible fixed assets
Group
Freehold Land and Property
Freehold property improvements
Short leasehold improvements
Plant and machinery
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 November 2023
508,717
1,142,172
181,213
2,096,645
1,698,192
5,626,939
Additions
1,989,168
251,868
-
0
594,817
894,772
3,730,625
Disposals
-
0
-
0
-
0
(32,000)
(219,713)
(251,713)
At 31 October 2024
2,497,885
1,394,040
181,213
2,659,462
2,373,251
9,105,853
Depreciation and impairment
At 1 November 2023
47,850
431,429
138,434
1,429,972
763,084
2,810,769
Depreciation charged in the year
32,354
63,059
4,242
180,688
409,576
689,919
Eliminated in respect of disposals
-
0
-
0
-
0
(5,333)
(50,954)
(56,287)
At 31 October 2024
80,204
494,488
142,676
1,605,327
1,121,706
3,444,403
Carrying amount
At 31 October 2024
2,417,681
899,552
38,537
1,054,135
1,251,545
5,661,450
At 31 October 2023
460,867
710,743
42,779
666,673
935,108
2,816,170
The company had no tangible fixed assets at 31 October 2024 or 31 October 2023.
BP ROLLS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
11
Tangible fixed assets
(Continued)
- 24 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
422,766
148,726
-
0
-
0
Plant and machinery
181,283
275,923
-
-
604,049
424,649
-
-

The depreciation charge in respect of the above assets was £80,330 (2023: £49,325).

12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
1,115,901
1,115,901
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023 and 31 October 2024
1,115,901
Carrying amount
At 31 October 2024
1,115,901
At 31 October 2023
1,115,901
BP ROLLS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 25 -
13
Subsidiaries

Details of the company's subsidiaries at 31 October 2024 are as follows:

Name of undertaking
Principal activity
Class of
% Held
shares held
Direct
Indirect
BP Rolls Group Limited
Holding company
Ordinary
100.00
-
B P Rolls Limited
Motor vehicle body building and repair service
Ordinary
0
100.00
BP Rolls (Newport) Limited
Commercial vehicle repair
Ordinary
0
100.00
BP Rolls (Hull) Limited
Motor vehicle servicing
Ordinary
0
100.00
BP Rolls Automotive Ltd
Motor vehicle servicing
Ordinary
0
100.00
BP Rolls (Maxus) Ltd
Electric van dealership and servicing
Ordinary
100.00
-
BP Rolls (North West) Limited
Motor vehicle servicing
Ordinary
0
100.00
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
814,922
544,715
-
-
Work in progress
2,203,127
728,153
-
-
3,018,049
1,272,868
-
-
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
8,087,294
3,854,152
-
0
-
0
Amounts owed by group undertakings
-
-
1,366,130
979,139
Other debtors
576,346
190,663
1,051
1,051
Prepayments and accrued income
899,751
1,741,544
-
0
-
0
9,563,391
5,786,359
1,367,181
980,190
Deferred tax asset (note 20)
40,267
109,401
-
0
-
0
9,603,658
5,895,760
1,367,181
980,190
BP ROLLS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 26 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
52,021
73,248
-
0
-
0
Obligations under finance leases
19
245,274
163,319
-
0
-
0
Trade creditors
9,325,128
4,520,236
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
332,801
50,100
Corporation tax payable
216,999
53,438
-
0
-
0
Other taxation and social security
815,989
813,781
-
-
Deferred income
-
0
15,000
-
0
-
0
Other creditors
910,373
1,193,761
348,627
644,045
Accruals and deferred income
701,808
300,596
-
0
-
0
12,267,592
7,133,379
681,428
694,145
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
491,896
536,085
-
0
-
0
Obligations under finance leases
19
252,256
206,689
-
0
-
0
744,152
742,774
-
-
Amounts included above which fall due after five years are as follows:
Payable by instalments
247,189
227,905
-
-
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
543,917
609,333
-
0
-
0
Payable within one year
52,021
73,248
-
0
-
0
Payable after one year
491,896
536,085
-
0
-
0

The bank loan are secured by fixed and floating charges on the assets of the Group incorporating specific charges over freehold and long leasehold properties owned by the Group.

The bank loans are repayable by monthly instalments over periods ranging between 7 and 25 years, the seven year loans bearing interest at 2% above base rate and the 25 year loan bearing interest at base rate plus a 1.4% margin.

BP ROLLS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 27 -
19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
245,274
163,319
-
0
-
0
In two to five years
252,256
206,689
-
0
-
0
497,530
370,008
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Obligations under finance lease are secured againist the assets to which they relate.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
682,925
372,487
-
-
Tax losses
-
-
40,267
109,401
682,925
372,487
40,267
109,401
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 November 2023
263,086
-
Charge to profit or loss
379,572
-
Liability at 31 October 2024
642,658
-

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period. T he deferred tax liability set out above is expected to reverse over the useful life of the fixed assets and relates to accelerated capital allowances that are expected to mature within the same period.

BP ROLLS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 28 -
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
171,244
161,617

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Contributions totalling £38,355 (2023: £30,565) were payable to the schemes at the end of the year and are included in creditors.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
900
900
900
900
Ordinary A shares of £1 each
100
100
100
100
1,000
1,000
1,000
1,000
23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
536,583
456,131
-
-
Between two and five years
1,268,570
1,126,449
-
-
In over five years
1,102,469
1,264,819
-
-
2,907,622
2,847,399
-
-
BP ROLLS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 29 -
24
Related party transactions

Mr D B Rolls

(Director and shareholder)

Mr D B Rolls owns a commercial property that is leased to the Group. During the year under review the rental charge for this property amounted to £273,090 (2023: £287,486). During the year repayments of £50,000 (2023: £200,000) were made to Mr D B Rolls. At the balance sheet date the amount due to Mr D B Rolls was £nil (2023: £50,000).

Postgrove Capital Limited

(Mr D B Rolls is the controlling shareholder)

The group also leases four commercial properties from Postgrove Capital Limited. The rent charge for the year amounted to £217,148 (2023: £217,750).

BP Rolls Signs & Graphics Limited

(Under common control)

During the year, the Group made sales of £70,602 (2023: £38,831) and purchases of £268,724 (2023: £239,661) from BP Rolls Signs & Graphics Limited. In addition, a mangement charge was paid by BP Rolls Signs & Graphics Limited of £300,480 (2023: £180,480). At the balance sheet date, the amount due to BP Rolls Signs & Graphics Limited was £17,134 (2023: £456,321).

The group has taken advantage of the exemption in FRS 102 from disclosing transactions with other members of the group.

25
Ultimate controlling party

The ultimate controlling party is Mr David Rolls, by virtue of his majority shareholding in BP Rolls Holdings Limited.

26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,283,935
933,303
Adjustments for:
Taxation charged
596,471
223,530
Finance costs
135,622
66,207
Investment income
(9,740)
(4,801)
Gain on disposal of tangible fixed assets
(1,469,465)
(331,169)
Amortisation and impairment of intangible assets
16,528
16,528
Depreciation and impairment of tangible fixed assets
689,919
543,981
Movements in working capital:
Increase in stocks
(1,745,181)
(30,487)
Increase in debtors
(3,777,032)
(2,273,532)
Increase in creditors
4,909,926
1,985,063
Cash generated from operations
1,630,983
1,128,623
BP ROLLS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 30 -
27
Analysis of changes in net funds - group
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
2,190,664
(551,867)
1,638,797
Borrowings excluding overdrafts
(609,333)
65,416
(543,917)
Obligations under finance leases
(370,008)
(127,522)
(497,530)
1,211,323
(613,973)
597,350
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