| 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 |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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. |
| Other changes in directors holding office are as follows: |
| 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: |
| 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. |
| for and on behalf of |
| Chartered Accountants |
| Statutory Auditor |
| The Old Police Station |
| Whitburn Street |
| Bridgnorth |
| Shropshire |
| WV16 4QP |
| 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 |
| PROFIT FOR THE FINANCIAL YEAR |
| - | 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 |
| Investments | 12 |
| CURRENT ASSETS |
| Debtors | 14 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Retained earnings | 22 |
| SHAREHOLDERS' FUNDS |
| 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 |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31st December 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31st December 2024 |
| 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 |
| 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 |
| 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 |
| Freehold property | - |
| Improvements to property | - |
| Equipment | - |
| 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 |
| 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 |
| NET BOOK VALUE |
| At 31st December 2024 |
| At 31st December 2023 |
| 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 |
| Registered office: Mercury House, Stafford Park 1, Telford, Shropshire, TF3 3BD |
| Nature of business: |
| % |
| Class of shares: | holding |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: Vanguard Way, Battlefield Enterprise Park, Shrewsbury, Shropshire, SY13 3TG |
| Nature of business: |
| % |
| Class of shares: | holding |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Profit/(loss) for the year | ( |
) |
| 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 |
| Directors' current accounts | 70,695 | 68,767 | 56,000 | 56,000 |
| Deferred tax asset | - | - | - | 816 |
| Prepayments | 73,135 | 55,086 |
| 550,970 | 599,773 |
| 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 |
| 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 | - | - |
| Tax | 102,403 | 72,456 |
| Social security and other taxes | 105,180 | 120,007 |
| Accrued expenses | 192,360 | 241,216 |
| Stocking loan | 1,102,898 | 914,255 | - | - |
| 5,113,797 | 4,459,939 |
| 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 | ( |
) |
| Charge to Income Statement during year |
| 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: | £ | £ |
| A1 Ordinary | £0.50 | 329 | 329 |
| A2 Ordinary | £0.50 | 106 | 106 |
| 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). |