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REGISTERED NUMBER: 11625717 (England and Wales)







GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

FAINTREE HOLDINGS LIMITED

FAINTREE HOLDINGS LIMITED (REGISTERED NUMBER: 11625717)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Statement of 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 17


FAINTREE HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2024







DIRECTORS: Mrs K J Wedgbury
P G Wedgbury





REGISTERED OFFICE: Mercury House
Stafford Park 1
Telford
Shropshire
TF3 3BD





REGISTERED NUMBER: 11625717 (England and Wales)





AUDITORS: Stanton Ralph & Co Limited
Chartered Accountants
Statutory Auditor
The Old Police Station
Whitburn Street
Bridgnorth
Shropshire
WV16 4QP

FAINTREE HOLDINGS LIMITED (REGISTERED NUMBER: 11625717)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2024

The directors present their strategic report of the company and the group for the year ended 31st December 2024.

REVIEW OF BUSINESS
The directors of the group are pleased to report the overall performance of the group.

The group continues to strengthen with the total equity increasing to £2,340,699 from £2,228,423.
Turnover has increased to £30,420,977 (£25,229,230 in 2023)
Gross profit margins decreased to 5.53% (6.00% in 2023)

The supply of new cars has improved during the first three quarters but was still very limited.

Our expectations were to see the improvement in the first quarter however this only started to improve in the final quarter.

The group anticipates that this will continue into 2025.

Used cars saw a substantial drop in sales prices which had an impact on profitability in quarter and continued into 2025.

Utility prices have lowered however they are still higher than in previous years.

PRINCIPAL RISKS AND UNCERTAINTIES
Business risk
The group monitors its performance regularly against budgets and undertakes monthly review.

The group operates within a highly competitive industry with consumers having a wide variety of similar choices. In order to seek to mitigate the risk the group strategically decides upon what it considers to be the most effective dealership locations. The directors consider large numbers of the group's consumers to be brand loyal.

Liquidity risk
The group's most significant purchases relate to vehicle inventory, of which the majority is purchased using secured stocking loans. The directors continually monitor stocks and associated stocking loans.

Credit risk
The directors consider credit risk to be low. Payments for vehicle sales are received on transfer of the vehicle, so that the group has very limited credit exposure.

KEY PERFORMANCE INDICATORS, DEVELOPMENTS AND PERFORMANCE DURING THE YEAR
The group monitors turnover by product type, operating profit before grant income and funding levels as key performance indicators.

Sales by individual product type are considered commercially sensitive to the group. Details of sales by aggregated product type are included in note 3 to the financial statements,

Cash on hand increased by £145,643 from £1,026,113 in the prior year to £1,171,756 at the balance sheet date.

ON BEHALF OF THE BOARD:





P G Wedgbury - Director


22nd July 2025

FAINTREE HOLDINGS LIMITED (REGISTERED NUMBER: 11625717)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2024

The directors present their report with the financial statements of the company and the group for the year ended 31st December 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the sale of vehicle and provision of motor services and repairs.

The principal activity of the company is that of a holding company.

DIVIDENDS
An interim dividend of £60,000 was paid on the A1 ordinary shares and £60,000 on the A2 ordinary shares during the year (2023: £54,500 on A1 shares and £54,500 on A2 shares).

Dividends totalling £55,050 (2023: £56,580) were paid from Faintree Garage Limited to minority shareholders.

RESEARCH AND DEVELOPMENT
The group has not carried out any research and development over the last year.

FUTURE DEVELOPMENTS
The group anticipates continued profitability for the year to 31st December 2025 and subsequently.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report.

Mrs K J Wedgbury
P G Wedgbury

Other changes in directors holding office are as follows:

S G Wedgbury - resigned 30th September 2024

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.

FAINTREE HOLDINGS LIMITED (REGISTERED NUMBER: 11625717)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2024


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.

ON BEHALF OF THE BOARD:





P G Wedgbury - Director


22nd July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FAINTREE HOLDINGS LIMITED

Opinion
We have audited the financial statements of Faintree Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2024 which comprise the Consolidated Statement of 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 31st December 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FAINTREE HOLDINGS LIMITED


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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FAINTREE HOLDINGS LIMITED


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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit
evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and
non-compliance with laws and regulations, our procedures include the following:

- Enquiring of the directors and senior management
- Discussing among the engagement team, including the tax team, how and where fraud might occur in the
financial statements
- Obtaining an understanding of the legal and statutory framework that the company operates in. The key
laws and regulations we considered in this context include the Companies Act 2006, Tax Legislation and
Environmental and Health and Safety legislation.

Audit response to risks identified
Our procedures to respond to risks identified included the following:
- Reviewing the financial statement disclosures and testing to supporting documentation to assess
compliance with relevant laws and regulations
- Enquiring of management and the directors concerning actual and potential litigation and claims
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud
- Completing focused testing on all revenue streams via a detailed review of a sample of documents
supporting revenue recorded during the year.
- Reviewing managements forecasts, including an assessment of their reasonableness, for the recoverability of tax losses.
- Addressing the risk of fraud through management override of controls via reviewing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting
estimates are indicative of a potential bias and evaluating the business rationale of any significant
transactions that are unusual or outside the normal course of business
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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
FAINTREE HOLDINGS 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.




Darren Foot FCA (Senior Statutory Auditor)
for and on behalf of Stanton Ralph & Co Limited
Chartered Accountants
Statutory Auditor
The Old Police Station
Whitburn Street
Bridgnorth
Shropshire
WV16 4QP

22nd July 2025

FAINTREE HOLDINGS LIMITED (REGISTERED NUMBER: 11625717)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31ST DECEMBER 2024

31.12.23 31.12.24
£    Notes £   

25,229,230 TURNOVER 3 30,420,977

23,715,838 Cost of sales 28,737,378
1,513,392 GROSS PROFIT 1,683,599

1,004,368 Administrative expenses 1,031,363
509,024 652,236

48,118 Other operating income 4 24,001
557,142 OPERATING PROFIT 6 676,237

621 Interest receivable and similar income 403
557,763 676,640

300,959 Interest payable and similar expenses 7 292,649
256,804 PROFIT BEFORE TAXATION 383,991

58,051 Tax on profit 8 96,665
198,753 PROFIT FOR THE FINANCIAL YEAR 287,326

- OTHER COMPREHENSIVE INCOME -
198,753 TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

287,326

Profit attributable to:
106,143 Owners of the parent 233,293
92,610 Non-controlling interests 54,033
198,753 287,326

Total comprehensive income attributable to:
106,143 Owners of the parent 233,293
92,610 Non-controlling interests 54,033
198,753 287,326

FAINTREE HOLDINGS LIMITED (REGISTERED NUMBER: 11625717)

CONSOLIDATED BALANCE SHEET
31ST DECEMBER 2024

31.12.23 31.12.24
£    £    Notes £    £   
FIXED ASSETS
3,263,661 Tangible assets 11 3,201,999
- Investments 12 -
3,263,661 3,201,999

CURRENT ASSETS
3,325,776 Stocks 13 3,863,380
646,085 Debtors 14 593,719
1,026,113 Cash at bank and in hand 1,171,756
4,997,974 5,628,855
CREDITORS
4,459,939 Amounts falling due within one year 15 5,113,797
538,035 NET CURRENT ASSETS 515,058
3,801,696 TOTAL ASSETS LESS CURRENT LIABILITIES 3,717,057

CREDITORS
(1,437,133 ) Amounts falling due after more than one
year

16

(1,245,956

)

(136,140 ) PROVISIONS FOR LIABILITIES 20 (130,402 )
2,228,423 NET ASSETS 2,340,699

CAPITAL AND RESERVES
500 Called up share capital 21 500
880,557 Merger reserve 22 880,557
914,229 Retained earnings 22 1,027,522
1,795,286 SHAREHOLDERS' FUNDS 1,908,579

433,137 NON-CONTROLLING INTERESTS 432,120
2,228,423 TOTAL EQUITY 2,340,699

The financial statements were approved by the Board of Directors and authorised for issue on 22nd July 2025 and were signed on its behalf by:





P G Wedgbury - Director


FAINTREE HOLDINGS LIMITED (REGISTERED NUMBER: 11625717)

COMPANY BALANCE SHEET
31ST DECEMBER 2024

31.12.23 31.12.24
£    £    Notes £    £   
FIXED ASSETS
- Tangible assets 11 -
100 Investments 12 100
100 100

CURRENT ASSETS
57,316 Debtors 14 56,500
8,225 Cash at bank 16,273
65,541 72,773
CREDITORS
13,946 Amounts falling due within one year 15 22,425
51,595 NET CURRENT ASSETS 50,348
51,695 TOTAL ASSETS LESS CURRENT LIABILITIES 50,448

CAPITAL AND RESERVES
500 Called up share capital 21 500
51,195 Retained earnings 22 49,948
51,695 SHAREHOLDERS' FUNDS 50,448

105,642 Company's profit for the financial year 118,753

The financial statements were approved by the Board of Directors and authorised for issue on 22nd July 2025 and were signed on its behalf by:





P G Wedgbury - Director


FAINTREE HOLDINGS LIMITED (REGISTERED NUMBER: 11625717)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST DECEMBER 2024

Called up
share Retained Merger
capital earnings reserve
£    £    £   
Balance at 1st January 2023 500 917,086 880,557

Changes in equity
Dividends - (109,000 ) -
Total comprehensive income - 106,143 -
Balance at 31st December 2023 500 914,229 880,557

Changes in equity
Dividends - (120,000 ) -
Total comprehensive income - 233,293 -
Balance at 31st December 2024 500 1,027,522 880,557
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1st January 2023 1,798,143 398,655 2,196,798

Changes in equity
Dividends (109,000 ) (58,128 ) (167,128 )
Total comprehensive income 106,143 92,610 198,753
Balance at 31st December 2023 1,795,286 433,137 2,228,423

Changes in equity
Dividends (120,000 ) (55,050 ) (175,050 )
Total comprehensive income 233,293 54,033 287,326
Balance at 31st December 2024 1,908,579 432,120 2,340,699

FAINTREE HOLDINGS LIMITED (REGISTERED NUMBER: 11625717)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST DECEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2023 500 54,554 55,054

Changes in equity
Dividends - (109,001 ) (109,001 )
Total comprehensive income - 105,642 105,642
Balance at 31st December 2023 500 51,195 51,695

Changes in equity
Dividends - (120,000 ) (120,000 )
Total comprehensive income - 118,753 118,753
Balance at 31st December 2024 500 49,948 50,448

FAINTREE HOLDINGS LIMITED (REGISTERED NUMBER: 11625717)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2024

31.12.23 31.12.24
£    Notes £   
Cash flows from operating activities
1,488,300 Cash generated from operations 1 761,098
- Interest element of hire purchase
payments paid

(16,212

)
- Tax paid (72,456 )
1,488,300 Net cash from operating activities 672,430

Cash flows from investing activities
(62,538 ) Purchase of tangible fixed assets (107,728 )
967 Sale of tangible fixed assets 16,000
621 Interest received 403
(60,950 ) Net cash from investing activities (91,325 )

Cash flows from financing activities
(575,655 ) Loan repayments in year (244,556 )
(34,407 ) Finance lease repayments (21,832 )
276,676 Amount introduced by directors 153,135
(182,424 ) Amount withdrawn by directors (155,064 )
(58,128 ) Dividend to minority interest (55,050 )
(953,513 ) Stocking loan movement 7,679
(109,000 ) Equity dividends paid (120,000 )
(1,636,451 ) Net cash from financing activities (435,688 )

(209,101 ) Increase/(decrease) in cash and cash equivalents 145,417
1,234,549 Cash and cash equivalents at beginning
of year

2

1,025,448

1,025,448 Cash and cash equivalents at end of
year

2

1,170,865

FAINTREE HOLDINGS LIMITED (REGISTERED NUMBER: 11625717)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2024

1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

31.12.24 31.12.23
£    £   
Profit for the financial year 287,326 198,753
Depreciation charges 153,790 149,288
Profit on disposal of fixed assets (400 ) -
Depreciation of leasehold land 3,563 3,563
Grant income (20,000 ) (20,481 )
Finance costs 292,649 300,959
Finance income (403 ) (621 )
Taxation 96,665 58,051
813,190 689,512
(Increase)/decrease in stocks (537,604 ) 106,182
Decrease/(increase) in trade and other debtors 50,731 (283,357 )
Increase in trade and other creditors 434,781 975,963
Cash generated from operations 761,098 1,488,300

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:

Year ended 31st December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 1,171,756 1,026,113
Bank overdrafts (891 ) (665 )
1,170,865 1,025,448
Year ended 31st December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,026,113 1,234,848
Bank overdrafts (665 ) (299 )
1,025,448 1,234,549


FAINTREE HOLDINGS LIMITED (REGISTERED NUMBER: 11625717)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 1,026,113 145,643 1,171,756
Bank overdrafts (665 ) (226 ) (891 )
1,025,448 145,417 1,170,865
Debt
Finance leases (33,051 ) 17,256 (15,795 )
Debts falling due within 1 year (140,426 ) (4,153 ) (144,579 )
Debts falling due after 1 year (1,325,501 ) 157,813 (1,167,688 )
(1,498,978 ) 170,916 (1,328,062 )
Total (473,530 ) 316,333 (157,197 )

FAINTREE HOLDINGS LIMITED (REGISTERED NUMBER: 11625717)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024

1. STATUTORY INFORMATION

Faintree Holdings 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The values shown have been rounded to the nearest £1.

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 group financial statements have been prepared under the provision of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 and applicable accounting standards.

The consolidated financial statements incorporate the financial statements of the company and its subsidiaries. Control exists where the group has the power to govern the financial and operating policies of the entity via holding a majority of voting rights. Where a subsidiary is not wholly owned reserves attributable to minority shareholders are shown as non-controlling interests.

All intra-group balances, transactions, income and expenses are eliminated on consolidation. The consolidated accounts are prepared using uniform accounting policies.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover comprises revenue recognised by the group in respect of goods and services supplied, exclusive of VAT and trade discounts. Sales are recognised on the transfer of risks and rewards to the customers; for vehicles this is considered to be the transfer of ownership and for services the completion of the related work.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 1% on cost and over the period of the lease
Improvements to property - 5% on cost
Equipment - 50% on cost and 25% on cost

Freehold land with a cost of £571,395 is not depreciated. Assets are depreciated from the date that they are brought into use.

FAINTREE HOLDINGS LIMITED (REGISTERED NUMBER: 11625717)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Where demonstrator vehicles are held for resale they are depreciated on a monthly basis to reflect the reduced value from usage.

Consignment stocks and the related vehicle creditor payment obligations are included in the financial statements once the company becomes unconditionally obligated to acquire the stocks from the manufacturer under the terms of the supply agreement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 year 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Grants received
Capital grants received are included as deferred income and released to the income statement over the life of the relevant asset. Revenue grants received are released to the profit and loss account so as to match the related expenditure.

Finance costs
Finance costs are charged to the income statement over the capital repayment term of the debt so that the amount charged is at a constant rate on the carrying amount.

FAINTREE HOLDINGS LIMITED (REGISTERED NUMBER: 11625717)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administration expenses.

Loans and borrowings
Loans and borrowing are initially recognised at transaction price including transaction costs. Subsequently they are measured at amortised cost using the effective rate of interest method, less impairment. If an arrangement constitutes a financial transaction it is measured at present value.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

31.12.24 31.12.23
£    £   
Sale of vehicles 28,185,575 23,246,616
Workshop sales 2,235,402 1,982,614
30,420,977 25,229,230

An analysis of turnover by geographical market is given below:

31.12.24 31.12.23
£    £   
United Kingdom 30,420,977 25,229,230
30,420,977 25,229,230

4. OTHER OPERATING INCOME
31.12.24 31.12.23
£    £   
Sundry receipts 4,001 27,637
Grant amortisation 20,000 20,481
24,001 48,118

5. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 1,299,263 1,103,202
Social security costs 134,965 111,507
Other pension costs 28,015 21,521
1,462,243 1,236,230

The average number of employees during the year was as follows:
31.12.24 31.12.23

Management 2 2
Administration 40 35
42 37

FAINTREE HOLDINGS LIMITED (REGISTERED NUMBER: 11625717)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

5. EMPLOYEES AND DIRECTORS - continued

31.12.24 31.12.23
£    £   
Directors' remuneration 34,568 33,354

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.24 31.12.23
£    £   
Depreciation - owned assets 146,968 142,543
Depreciation - assets on hire purchase contracts 6,822 6,743
Profit on disposal of fixed assets (400 ) -
Auditors' remuneration 25,740 36,000

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Bank interest - 2,372
Bank loan interest 90,897 109,289
Other interest payable 16,212 4,847
Stocking loan interest 180,964 181,589
Hire purchase 4,576 2,862
292,649 300,959

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
UK corporation tax 102,403 72,456

Deferred tax (5,738 ) (14,405 )
Tax on profit 96,665 58,051

FAINTREE HOLDINGS LIMITED (REGISTERED NUMBER: 11625717)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24 31.12.23
£    £   
Profit before tax 383,991 256,804
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 23.521 %)

95,998

60,403

Effects of:
Expenses not deductible for tax purposes 550 445
Depreciation in excess of capital allowances 5,847 12,665
Trading losses carried forward 108 -
Deferred tax (5,738 ) (14,405 )
Brought forward group losses - (1,057 )
Profit/loss on disposal (100 ) -
Total tax charge 96,665 58,051

From 1 April 2023 the main corporation tax rate has increased from 19% to 25%.

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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.


10. DIVIDENDS
31.12.24 31.12.23
£    £   
A1 Ordinary shares of £0.50 each
Interim 60,000 54,499
A2 Ordinary shares of £0.50 each
Interim 60,000 54,501
120,000 109,000

FAINTREE HOLDINGS LIMITED (REGISTERED NUMBER: 11625717)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

11. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Motor
Totals property property Equipment vehicles
£    £    £    £    £   
COST
At 1st January 2024 4,033,434 3,065,833 5,175 836,606 125,820
Additions 107,728 10,741 - 96,987 -
Disposals (15,600 ) - - - (15,600 )
At 31st December 2024 4,125,562 3,076,574 5,175 933,593 110,220
DEPRECIATION
At 1st January 2024 769,773 123,187 4,566 565,970 76,050
Charge for year 153,790 28,644 148 116,655 8,343
At 31st December 2024 923,563 151,831 4,714 682,625 84,393
NET BOOK VALUE
At 31st December 2024 3,201,999 2,924,743 461 250,968 25,827
At 31st December 2023 3,263,661 2,942,646 609 270,636 49,770

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st January 2024
and 31st December 2024 61,165
DEPRECIATION
At 1st January 2024 30,636
Charge for year 6,822
At 31st December 2024 37,458
NET BOOK VALUE
At 31st December 2024 23,707
At 31st December 2023 30,529

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
At 1st January 2024
and 31st December 2024 100
NET BOOK VALUE
At 31st December 2024 100
At 31st December 2023 100

FAINTREE HOLDINGS LIMITED (REGISTERED NUMBER: 11625717)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Faintree Garage Limited
Registered office: Mercury House, Stafford Park 1, Telford, Shropshire, TF3 3BD
Nature of business: Vehicle sale and vehicle services
%
Class of shares: holding
£1 A ordinary shares 77.50
31.12.24 31.12.23
£    £   
Aggregate capital and reserves 2,649,300 2,584,202
Profit for the year 240,148 411,601

Faintree SEAT Limited
Registered office: Vanguard Way, Battlefield Enterprise Park, Shrewsbury, Shropshire, SY13 3TG
Nature of business: Vehicle sale and vehicle services
%
Class of shares: holding
Ordinary £1 shares 100.00
31.12.24 31.12.23
£    £   
Aggregate capital and reserves (358,449 ) (406,874 )
Profit/(loss) for the year 48,425 (209,490 )


13. STOCKS

Group
31.12.24 31.12.23
£    £   
New vehicle stock 1,422,093 782,149
Used vehicle stock 2,319,842 2,399,718
Parts stock 121,445 143,909
3,863,380 3,325,776

Secured against stock is the stocking loan, see note 19.

14. DEBTORS

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Amounts falling due within one year:
Trade debtors 395,991 467,670 - -
Other debtors 11,149 8,250 500 500
Directors' current accounts 70,695 68,767 56,000 56,000
Deferred tax asset - - - 816
Prepayments 73,135 55,086 - -
550,970 599,773 56,500 57,316

FAINTREE HOLDINGS LIMITED (REGISTERED NUMBER: 11625717)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

14. DEBTORS - continued

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Amounts falling due after more than one year:
Other debtors 42,749 46,312 - -

Aggregate amounts 593,719 646,085 56,500 57,316

Other debtors due greater than one year relates to property purchased under a short term rental agreement which is subsequently rented to directors. The property is written off over the life of the lease.

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Bank loans and overdrafts (see note 17) 145,470 141,091 - -
Hire purchase contracts (see note 18) 15,795 20,340 - -
Trade creditors 3,449,691 2,950,574 - -
Amounts owed to group undertakings - - 16,604 8,326
Tax 102,403 72,456 - -
Social security and other taxes 105,180 120,007 - -
Accrued expenses 192,360 241,216 5,821 5,620
Stocking loan 1,102,898 914,255 - -
5,113,797 4,459,939 22,425 13,946

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

Group
31.12.24 31.12.23
£    £   
Bank loans (see note 17) 1,167,688 1,325,501
Hire purchase contracts (see note 18) - 12,711
Accruals and deferred income 78,268 98,921
1,245,956 1,437,133

FAINTREE HOLDINGS LIMITED (REGISTERED NUMBER: 11625717)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

17. LOANS

An analysis of the maturity of loans is given below:

Group
31.12.24 31.12.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 891 665
Bank loans 144,579 140,426
145,470 141,091
Amounts falling due between two and five years:
Bank loans - 2-5 years 501,516 526,577
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 666,172 798,924

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.12.24 31.12.23
£    £   
Net obligations repayable:
Within one year 15,795 20,340
Between one and five years - 12,711
15,795 33,051

FAINTREE HOLDINGS LIMITED (REGISTERED NUMBER: 11625717)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.12.24 31.12.23
£    £   
Bank overdraft 891 665
Bank loans 1,312,267 1,465,927
Hire purchase contracts 15,795 33,051
Stocking loans 1,102,898 914,255
2,431,851 2,413,898

The bank loans and overdrafts are secured by a charge over certain of the groups freehold premises and other assets.

The stocking loans are secured against vehicle stocks.

Amounts due under hire purchase agreements are secured against the associated vehicles.

Faintree Garage Limited and Faintree Seat Limited are party to a cross guarantee in respect of certain bank indebtedness of the companies. At the year end total amounts subject to the guarantee were £1,312,267 (2023:£1,465,927).

20. PROVISIONS FOR LIABILITIES

Group
31.12.24 31.12.23
£    £   
Deferred tax 130,402 136,140

Group
Deferred
tax
£   
Balance at 1st January 2024 136,140
Credit to Statement of Comprehensive Income during year (5,738 )
Balance at 31st December 2024 130,402

Company
Deferred
tax
£   
Balance at 1st January 2024 (816 )
Charge to Income Statement during year 816
Movement in year
Balance at 31st December 2024 -

FAINTREE HOLDINGS LIMITED (REGISTERED NUMBER: 11625717)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
658 A1 Ordinary £0.50 329 329
213 A2 Ordinary £0.50 106 106
129 B Ordinary £0.50 65 65
500 500

Each share class carries full rights in the company with respect to voting, dividends and distributions.

22. RESERVES

Retained earnings
Retained earnings contains the aggregate historic profits of the group less distributions paid to shareholders. Where subsidiaries are not wholly owned by the parent company the reserve only records the group's share of profits and shareholder distributions.

Non-controlling interests
Where subsidiaries are not wholly owned the reserve represents the historic aggregation of profits due to the minority shareholders and distributions made by subsidiaries directly to minority shareholders.

Merger reserve
As a result of group re-organisation in November 2018 the group elected to apply merger accounting under FRS102 to account for the business combination. The reserve represents the difference between the deemed consideration payable as part of the restructure and the net book value of the net assets acquired. The reserve only represents the group's share of the assets acquired; where a subsidiary is not wholly owned the minority shareholders share of assets is included within non-controlling interests.

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st December 2024 and 31st December 2023:

31.12.24 31.12.23
£    £   
Mrs K J Wedgbury
Balance outstanding at start of year 30,344 30,344
Amounts advanced 72,774 54,500
Amounts repaid (63,094 ) (54,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 40,024 30,344

P G Wedgbury
Balance outstanding at start of year 38,423 133,612
Amounts advanced 82,290 74,527
Amounts repaid (90,041 ) (169,716 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 30,672 38,423

FAINTREE HOLDINGS LIMITED (REGISTERED NUMBER: 11625717)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

S G Wedgbury
Balance outstanding at start of year - (937 )
Amounts advanced - 44,937
Amounts repaid - (44,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

No interest has been charged during the year.

24. RELATED PARTY DISCLOSURES

At the year end the other related party, K B Wedgbury owed the subsidiary Faintree Garage Limited £11,149 (2023: £8,250). No interest was charged on the amounts due.

25. POST BALANCE SHEET EVENTS

There have been no events subsequent to the year end which would have materially altered the financial statements if present at the balance sheet date.

26. ULTIMATE CONTROLLING PARTY

Mr P G Wedgbury is considered the ultimate controlling party of the company by virtue of his majority share holding in Faintree Holdings Limited.

27. PENSION COMMITMENTS

The group operates and contributes to defined contribution pension schemes in respect of employees and directors. The assets of the scheme are held separately from those of the group in independently administered funds. The pension cost charge represents contributions payable by the group to the funds and amounted to £28,205 (2023: £21,682).

Amounts owing to the funds at 31 December 2024 were £5,463 (2023: £4,303).