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REGISTERED NUMBER: 10148577 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

HOLDCROFT HYUNDAI LIMITED

HOLDCROFT HYUNDAI LIMITED (REGISTERED NUMBER: 10148577)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

| Page |

Company Information | 1 |

Strategic Report | 2 |  | to |  | 7

Report of the Directors | 8 |  | to |  | 10

Report of the Independent Auditors | 11 |  | to |  | 14

Statement of Income and Retained Earnings | 15 |

Statement of Financial Position | 16 |

Notes to the Financial Statements | 17 |  | to |  | 27

HOLDCROFT HYUNDAI LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTORS: | T G Holdcroft

| D A Holdcroft

| M E Holdcroft

| P L Holdcroft

| M J McCormick

| C D Greenhall

| REGISTERED OFFICE: | C/o TG Holdcroft (Motors) Ltd

| Leek Road

| Hanley

| Stoke on Trent

| Staffordshire

| ST1 6AT

| BUSINESS ADDRESS: | Leek Road

| Hanley

| Stoke on Trent

| Staffordshire

| ST1 6AT

| REGISTERED NUMBER: | 10148577 (England and Wales)

| AUDITORS: | Sumer Auditco Limited

| Chartered Accountants & Statutory Auditors

| Stone House

| Stone Road Business Park

| Stoke-on-Trent

| ST4 6SR

| BANKERS: | Barclays Bank Plc

| Town Road

| Hanley

| Stoke On Trent

| Staffordshire

| ST1 2PJ

HOLDCROFT HYUNDAI LIMITED (REGISTERED NUMBER: 10148577)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

PRINCIPAL ACTIVITY AND REVIEW OF THE BUSINESS

The principal activity of the company is that of motor vehicle sales, motor vehicle servicing, motor vehicle repairs and motor vehicle parts sales. Holdcroft Hyundai Ltd represents the Hyundai brand in Stoke on Trent, Crewe, Ellesmere Port (Cheshire Oaks), Stafford, Macclesfield, Stockport and Oldham.

2024 has been a very challenging year within the Hyundai division of our company. Overall profit before taxation has reduced from £779,580 in 2023 to £165,204. Turnover for the company of £279,696,213 is a 5.7% reduction versus the previous year in which the value was £296,706,388. There are a few aspects to this decline in profitability, however, the reduction in overall new vehicle gross margin has been the key area of underperformance.

The volume of new vehicles sold from our retail sites has stood up well compared to previous year, however, the retained margin has become a victim of the need for volume, this has ultimately led to additional dealer discount and consequent erosion of dealer margin.

New Motability sales units declined very slightly by 3.6% but the main volume decrease was in the corporate sector where we had a 7.4% decrease in unit sales versus our 2023 performance.

Used retail sales for our outlets remained mainly static with only a 2.4% year on year increase, profitability of these units struggled through the first quarter of 2024 but through continued focus on purchasing practices and pricing strategy this improved considerably as the year developed.

Used car values within the wholesale market remain very strong and sourcing good value stock still proves to be a challenge. Our group trade centre has been a beneficiary during this time with the sale of non-franchise wholesale vehicles achieving strong margins.

The aftersales departments at our Hyundai businesses have performed incredibly well through the year and both Service and Parts revenues have increased year on year. Service Turnover increased by 11.5% with parts sales increasing by 12.7%. Our Parts trade division continues to win additional business and provides an efficient, reliable and competitive service to franchised dealers, independent garages and accident repair centres across a large geographical area from the south midlands to the north of Manchester. The hard work and efficiency of our highly trained employees is demonstrated through the gross margins of both service and parts departments which have increased versus 2023 (Service 12%, Parts 8%).

The gross profit for the company remained static with a small 1.22% increase versus 2023 but an increase in departmental expenditure and interest costs meant the overall profit before tax fell.

Customer satisfaction remains at the heart of our organisation, and we are committed to providing an industry leading consumer journey for all of our customers. Throughout the year we have harvested feedback using several independent platforms from many satisfied customers. They highlight product knowledge, good attitude and professionalism as the top characteristics they see in our sales teams. We will continue to invest in our employees through training and development to ensure they have the ability to deliver customer service at the highest possible level. The development of the next generation of new talent is key to moving our business forward and investment in apprentices and graduates will again be at the top of our agenda. We work closely with local schools and colleges to engage with young people that are looking to take their first career steps, and we are keen to promote the positive outcomes that can be achieved through a position in the retail motor industry.

The needs of our customers, employees, suppliers and business stakeholders required careful consideration through the many key decision-making points during the year and the senior management team of our Holdcroft Hyundai outlets have again risen to these challenges.

2025 will bring its own set of challenges and obstacles for us to overcome but with a strong, stable leadership team we will endeavour to make the speedy decisions for the benefit of all our stakeholders within the organisation.

HOLDCROFT HYUNDAI LIMITED (REGISTERED NUMBER: 10148577)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

FUTURE DEVELOPMENTS

The company continues to develop both current and new relationships with our OEM, finance, insurance and technology partners in pursuit of opportunities to enhance the organisation for the future. We have partnered with new entrants to the UK market through 2024 and continue to hold meaningful conversations with a number of new OEM entrants that are looking to expand into both the European and the UK market. Any decision we take will be with the best interests of all our enlightened shareholders at the forefront. The UK motor retail landscape is changing rapidly and we, as an organisation, aim to ensure we that we engage with all partners and fully explore all opportunities on their own merits as these present themselves.

We will continue investments in both our people and technologies to advance both our customer experiences as well as that of our employees and be open minded to new initiatives that the changing landscape of global retail in general is experiencing. Within our businesses the focus of the senior team is always on the future and making changes that will benefit the entire organisation on multiple levels.

PRINCIPAL RISKS AND UNCERTAINTIES

There are a range of risks and uncertainties facing the company and the comments listed below are not intended to be exhaustive. The focus is on those specific risks and uncertainties that the Directors believe could have a significant impact on the company's performance.

A significant amount of the company's turnover and profit depends on the success of our manufacturer partners. Many of these are investing heavily in Electric Vehicle development and our own investment strategy has been shaped to compliment this. The competition from new manufacturers entering the UK market is a risk factor that we have both identified and factored into our medium to long term strategy.

As with many organisations of our size, the business environment in which we operate continues to be challenging. In particular the new retail vehicle market in the UK, which, over the last few years, has reduced significantly in size. A direct result of less new vehicles sold during the past few years has been and will continue to be a reduction in the used car market and our ability to source inventory.

CO2 emission regulations and principally the governments ZEV mandate will continue to have a significant effect on the industry over the coming years with the phasing out of Petrol and Diesel cars and other vehicles by 2035. There are still huge upgrades required to the charging infrastructure in the UK to be able to accommodate this increase in the number of Electric Vehicles and it remains an open question how this will be achieved.

Ultimately levels of business activity and profitability will be dependent on factors such as consumer confidence, product cycles, general economic activity. The increases in energy costs, payroll costs and the associated taxes and National Insurance contributions will negatively impact profitability and could also affect the levels at which investment can be sustained.

The company will strive to provide an innovative service to its existing client base, alongside continued exploitation of all the internet & social media platforms to develop in a profitable way, in what still remains to be an extremely price sensitive market.

With these risks and uncertainties in mind, we are aware that any plans for the future development of the group may be subject to unforeseen events outside of our control.

HOLDCROFT HYUNDAI LIMITED (REGISTERED NUMBER: 10148577)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

SECTION 172(1) STATEMENT

The Board of Directors always consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a)-(f) of the Companies Act 2006) in the decisions taken during the year ended 31 December 2024.

Our plan is designed to have a long-term beneficial impact on the company and to contribute to its success in delivering a high quality of service across all our outlets.

Our team members are fundamental to the delivery of our plan. We aim to be a responsible employer in our approach to the pay and benefits our team members receive. The health, safety and well-being of our team members is one of our primary considerations in the way we do business. Engagement with suppliers and customers is also key to our success. We meet with our major manufacturing partners regularly throughout the year and take the appropriate action, when necessary, to prevent involvement in modern slavery, corruption, bribery and breaches of competition law.

Our plan took into account the impact of the Group's operations on the community and environment and our wider social responsibilities, in particular how we comply with environmental legislation and pursue waste-saving opportunities and react promptly to local community concerns.

As the Board of Directors, our intention is to behave responsibly and ensure that the management operate the business in a responsible manner, operating within the high standards of business conduct and good governance expected from a business such as ours and in doing so, will contribute to the delivery of our plan. The intention is to nurture our reputation, through both the construction and delivery of our plan that reflects our beliefs and culture.

As the Board of Directors, our intention is to behave responsibly towards all our enlightened shareholders and treat them fairly and equally, so they too may benefit from the successful delivery of our plan.

HOLDCROFT HYUNDAI LIMITED (REGISTERED NUMBER: 10148577)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

We will continue to strengthen our relationship with all of our long term brand partners, customers and suppliers and remain able and willing to adapt to whatever requirements are necessary to ensure a successful outcome for all stakeholders.

Stakeholder |  | Why it is important to engage |  | Ways to engage |  | Stakeholders' key interests |

Customers |  | Engagement with our customers enables us to understand our customers' needs and empowers us to deliver relevant information, new models and aftersales services whilst retaining existing customers and attracting new ones. |  | Website, Social media, face to face, dealership locations, telephone and satisfaction surveys. |  | Availability of product range, financial offers and aftersales services together with convenience, reliability, trust and the ability to officially engage. |

Employees |  | Engagement between our employees and our customers is the primary method by which we are able to exhibit the Holdcroft Brand. Our employees are fundamental in delivering the customer experience and the key to our business success. |  | Recognition and reward environment, regular training and apprenticeship programmes. |  | Career progression, remuneration and benefits, training and development, employee interaction and well-being programmes. |

Suppliers |  | Engagement with our supply chain ensures that we are able to supply our customers with motor vehicles and aftersales products they desire or require whilst maintaining supply security as far as possible. |  | Regular supplier meetings building upon long term relationships, product updates, corporate image maintenance and infrastructure support. |  | Logistical efficiencies, cost efficiencies, maintenance of quality product supply and good working relationships.Financial viability of partners. Providing our customers with the best value for money products. |

Government |  | Policies and regulatory changes can provide both opportunities or risks to our operations. |  | Engaging with HMRC, VOSA, DVLA, OZEV, FCA, etc. Submission of tax returns and payment of tax. |  | Payment of the correct tax at the correct time. Compliance with all laws and regulations. |

HOLDCROFT HYUNDAI LIMITED (REGISTERED NUMBER: 10148577)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

ETHOS

The ongoing priorities of the business are to consolidate our position and culture within the communities we serve by providing a total customer experience from the initial sales process through to customer service, support and satisfaction. A comprehensive internal and external training and coaching program further supports our aims in providing an unrivalled, consultative experience for all our customers. By achieving this we aim to lead our industry as "the best place to work" for all our employees.

REGULATORY COMPLIANCE

The company is subject to regulatory compliance risk which could arise from a failure to comply with relevant law, regulation or codes of practice. Failure to comply would result in fines, cessation of some business activities or a public reprimand. The company mitigates this risk through a close monitoring and audit of regulatory compliance.

ENVIRONMENTAL POLICY

The company recognises its "Duty of Care" towards the environment whilst carrying out its business activities. The company always places considerable importance on complying with both legal and moral obligations towards the environment.

The company aims to encourage the reduction of energy and water consumption. Use is made of the latest building materials in the construction of new sites and the refurbishment of existing locations. For instance, modern heating and lighting controls are used. The company will assess any and all significant environmental impacts from its operations and will take the appropriate steps to reduce and manage these risks.

NON-FINANCIAL KEY PERFORMANCE INDICATORS

We use many different measurements within the organisation to monitor performance, both financial and non-financial an a daily, weekly and monthly basis. Customer feedback grants us the best possible data around how they feel we have performed versus their expectations, and we canvass this opinion through several channels. We periodically ask for feedback when we interact with our customers following either a sale or a service / repair and these questionaries help us to identify any training or recruitment needs. We also encourage feedback through open channels such as Google Reviews which we monitor daily and have a robust system in place to both respond to and provide action to positive and negative instances alike. We work towards improving these scores on a daily basis and task ourselves with achieving an industry leading standard.

FINANCIAL KEY PERFORMANCE INDICATORS

The Directors monitor the company's progress against its strategic objectives and the financial performance of the company's operations on an extremely regular basis. We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole; these being turnover, gross margin, return on sales and return on capital employed.

Turnover (Growth)

Growth comes from taking considered risks after studying and analysing our market place in conjunction with the new product offerings available to us.

For the financial year to 31st December 2024 turnover was £279,696,213 versus £296,706,388 for the same period in 2023. A 402 unit decline in unit volume through our corporate channels was the main factor in this reduction.

Gross margin

This years' gross margin was £14,085,009 (5.04%) versus a 2023 result of £13,915,537 (4.69%). Improved used vehicle and after sales margins have helped increase this ratio.

Return on Sales

The return on sales for 2024 has reduced to 0.06% versus 0.26% (pre-taxation) in 2023.

HOLDCROFT HYUNDAI LIMITED (REGISTERED NUMBER: 10148577)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

ON BEHALF OF THE BOARD:

C D Greenhall - Director

11 August 2025

HOLDCROFT HYUNDAI LIMITED (REGISTERED NUMBER: 10148577)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

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

DIVIDENDS

Dividends paid during the year amounted to £790,000. The directors have recommended that there be no final dividend.

FUTURE DEVELOPMENTS

The likely future developments of the business are included in the strategic report.

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 1 January 2024 to the date of this report.

T G Holdcroft

D A Holdcroft

M E Holdcroft

P L Holdcroft

M J McCormick

C D Greenhall

Holdcroft Hyundai Limited was a subsidiary undertaking of T G Holdcroft (Holdings) Limited at the end of the year ended 31 December 2024. The Group has prepared a Streamlined Energy and Carbon Report for the financial year of the Group ending 31 December 2024 and the subsidiary has the same year end. The Group report complies with the relevant obligations on the parent to report energy and carbon information for themselves and their subsidiaries. The Group Report can be reviewed in the consolidated financial statements available from www.beta.companieshouse.gov.uk.

GOING CONCERN DISCLOSURE

The Group meets its day-to-day working capital requirements through its bank provided finance facilities and vehicle stocking loans. The Group's forecast and projections, taking account of reasonably possible changes in trading performance, show that the Group should easily be able to operate within the level of its current facilities. The Group has regular discussions with its bankers about its current and future borrowing needs and understands that future requirements will be agreed on acceptable terms. Our overdraft facilities have been renewed post year end with our bankers Barclays Bank.

The Directors have a reasonable expectation that the Company and Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

HOLDCROFT HYUNDAI LIMITED (REGISTERED NUMBER: 10148577)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

ENGAGEMENT WITH EMPLOYEES

The company's policy is to consult, coach and discuss with employees, through staff councils and at meetings, matters likely to affect employees' interest. All principal decisions taken by the company during the financial year are aimed at enhancing both the interests of the business and the interest of its employees' who are the enablers of its success.

Information of matters of concern to employees is given through weekly information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the groups' performance on a monthly basis via a dedicated employee portal.

The company's policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made wherever possible, for retaining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.

STREAMLINED ENERGY AND CARBON REPORTING

Holdcroft Hyundai Limited was a subsidiary undertaking of T G Holdcroft (Holdings) Limited at the end of the year ended 31 December 2024. The Group has prepared a Streamlined Energy and Carbon Report for the financial year of the Group ending 31 December 2024 and the subsidiary has the same year end. The Group report complies with the relevant obligations on the parent to report energy and carbon information for themselves and their subsidiaries. The Group Report can be reviewed in the consolidated financial statements available from www.beta.companieshouse.gov.uk.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 in relation to future developments of the company.

The strategic report can be found on pages 2 of these financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company 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;

- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- | 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HOLDCROFT HYUNDAI LIMITED (REGISTERED NUMBER: 10148577)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 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 company'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 company's auditors are aware of that information.

AUDITORS

The auditors are deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

C D Greenhall - Director

11 August 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

HOLDCROFT HYUNDAI LIMITED

Opinion

We have audited the financial statements of HOLDCROFT HYUNDAI LIMITED (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and 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 company's affairs as at 31 December 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 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 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 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

HOLDCROFT HYUNDAI LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

- | the 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 nine, 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

HOLDCROFT HYUNDAI 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, we considered the following:

o |  | the nature of the industry and sector, control environment and business performance including the design of the Company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets; |

o |  | results of our enquiries of management about their own identification and assessment of the risks of irregularities; |

o |  | any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to: |

| o |  | Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; |

| o |  | detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |

| o |  | the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |

o |  | the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |

Based on this approach, we were able to assess the Company risks and ensure the risks were considered throughout all areas of audit testing. The audit team was professionally sceptical throughout the audit and remained alert for inaccurate or misleading information.

Audit response to risks identified

As a result of performing the above, we identified Financial Conduct Authority and Health and Safety compliance risk as key audit matters related to the potential risk of fraud or irregularities.

Our procedures to respond to risks identified included the following:

o |  | reviewing any audits completed by regulatory bodies in the year and the outcomes of these to ensure no breach of laws and regulations; |

o |  | reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |

o |  | enquiring of management concerning actual and potential litigation and claims; |

o |  | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |

o |  | obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |

o |  | in addressing the risk of fraud through management override of controls, testing 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. |

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

HOLDCROFT HYUNDAI LIMITED

Audit testing was completed on a targeted sample basis based on our assessment of risk and materiality. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- | Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

- | Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- | Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the company to cease to continue as a going concern.

- | Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

MICHELLE COATES (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Chartered Accountants & Statutory Auditors

Stone House

Stone Road Business Park

Stoke-on-Trent

ST4 6SR

29 August 2025

HOLDCROFT HYUNDAI LIMITED (REGISTERED NUMBER: 10148577)

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

TURNOVER | 4 | 279,696,213 |  | 296,706,388 |  |

Cost of sales | (265,611,204 | ) | (282,790,851 | ) |

GROSS PROFIT | 14,085,009 |  | 13,915,537 |  |

Distribution costs | (289,611 | ) | (363,617 | ) |

Administrative expenses | (12,756,815 | ) | (12,038,032 | ) |

OPERATING PROFIT | 6 | 1,038,583 |  | 1,513,888 |  |

Interest payable and similar expenses | 8 | (873,379 | ) | (734,308 | ) |

PROFIT BEFORE TAXATION | 165,204 |  | 779,580 |  |

Tax on profit | 9 | (59,294 | ) | (124,155 | ) |

PROFIT FOR THE FINANCIAL YEAR | 105,910 |  | 655,425 |  |

Retained earnings at beginning of year | 689,940 |  | 634,515 |  |

Dividends | 10 | (790,000 | ) | (600,000 | ) |

RETAINED EARNINGS AT END OF YEAR | 5,850 |  | 689,940 |  |

HOLDCROFT HYUNDAI LIMITED (REGISTERED NUMBER: 10148577)

STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 11 | 438,100 |  | 442,617 |  |

Tangible assets | 12 | 619,406 |  | 686,860 |  |

Investments | 13 | - |  | - |  |

1,057,506 |  | 1,129,477 |  |

CURRENT ASSETS

Stocks | 14 | 25,325,657 |  | 20,702,068 |  |

Debtors | 15 | 26,394,723 |  | 15,753,668 |  |

51,720,380 |  | 36,455,736 |  |

CREDITORS

Amounts falling due within one year | 16 | (52,427,669 | ) | (36,550,906 | ) |

NET CURRENT LIABILITIES | (707,289 | ) | (95,170 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 350,217 |  | 1,034,307 |  |

PROVISIONS FOR LIABILITIES | 18 | (63,367 | ) | (63,367 | ) |

NET ASSETS | 286,850 |  | 970,940 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 1,000 |  | 1,000 |  |

Other reserves | 20 | 280,000 |  | 280,000 |  |

Retained earnings | 20 | 5,850 |  | 689,940 |  |

SHAREHOLDERS' FUNDS | 286,850 |  | 970,940 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 11 August 2025 and were signed on its behalf by:

C D Greenhall - Director

HOLDCROFT HYUNDAI LIMITED (REGISTERED NUMBER: 10148577)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | STATUTORY INFORMATION

| HOLDCROFT HYUNDAI 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 Company Information page.

2. | STATEMENT OF COMPLIANCE

| 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.

3. | ACCOUNTING POLICIES

| BASIS OF PREPARING THE FINANCIAL STATEMENTS

| The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

| The financial statements are prepared in sterling, which is the functional currency of the entity.

| FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

| The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of T G Holdcroft (Holdings) Limited which can be obtained from the registered office of the parent company; being Leek Road, Hanley, Stoke-on-Trent, Staffordshire, ST1 6AT. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

| - No cash flow statement has been presented for the company.

| - No disclosure has been given for the aggregate remuneration of key management personnel.

| PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

| The financial statements contain information about HOLDCROFT HYUNDAI LIMITED as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, T.G. Holdcroft (Holdings) Limited, Leek Road, Hanley, Stoke-on-Trent, ST1 6AT.

HOLDCROFT HYUNDAI LIMITED (REGISTERED NUMBER: 10148577)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

3. | ACCOUNTING POLICIES - continued

| SIGNIFICANT JUDGEMENTS AND ESTIMATES

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

| Significant judgements

| The carrying value of stock at the year end is reviewed in accordance with expected selling value. Demonstrator models are generally written down by 3% each month unless use would require a more appropriate percentage. Demonstrators that are intended to be used in the business for over twelve months are capitalised as tangible fixed assets and written off over the estimated useful life of 10 years. Used cars are valued against CAP (current auction price) values to ensure their carrying values are reliable.

| Key sources of estimation uncertainty

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

| As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidence by disposals during current and prior accounting periods.

| REVENUE RECOGNITION

| Turnover represents the total invoice value, excluding value added tax, of sales made during the year, together with commissions and bonuses received as a direct consequence of the invoiced amounts.

| Revenue is recognised in the period in which the work is completed.

| GOODWILL

| Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of fifty years.

| INTANGIBLE ASSETS

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

HOLDCROFT HYUNDAI LIMITED (REGISTERED NUMBER: 10148577)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

3. | ACCOUNTING POLICIES - continued

| TANGIBLE FIXED ASSETS

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Freehold property | - | not depreciated

| Plant and machinery | - | 20% on cost

| Motor vehicles | - | 10% reducing balance

| Depreciation on freehold property is not provided as any uncharged depreciation for the year, and any accumulated uncharged depreciation, would be immaterial in aggregate as a result of the group's policy to maintain its properties in good condition, which substantially prolongs their useful economic life and the estimated high residual value of the properties.

| Tangible assets which are not depreciated are reviewed for impairment annually by the directors in accordance with Section 17 of FRS102.

| Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

| An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

| IMPAIRMENT OF FIXED ASSETS

| A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

| For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

| For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

| INVESTMENTS IN SUBSIDIARIES

| Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

HOLDCROFT HYUNDAI LIMITED (REGISTERED NUMBER: 10148577)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

3. | ACCOUNTING POLICIES - continued

| STOCKS

| Motor vehicle stocks are stated at the lower of net purchase price and net realisable value. A review of the net realisable values of stock is conducted on a regular basis and values are adjusted to prevailing market value. The market value is assessed with reference to external benchmarking publications and applying historical industry knowledge on the pricing of those vehicles. by reference to make and specific models. We also ensure stocks that exist at the year end are valued correctly by sampling against further post year end actual sales data. Whilst this data is deemed representative of current values it is possible that ultimate sales values can vary from those applied.

| Parts stocks are valued on a first-in, first-out basis and are written down to net realisable value by providing for obsolescence on a time in stock based formula approach.

| Consignment vehicle inventories are regarded as being effectively under the control of the company and are included within stock on the balance sheet as the company has the ability to direct the use of, and obtain substantially all of the remaining benefits from, the asset. Control includes the ability to prevent other entities from directing the use of, and obtaining the benefits from, an asset even though legal title has not yet passed. The corresponding liability is included in trade creditors.

| FINANCIAL INSTRUMENTS

| Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

| Debt instruments are subsequently measured at amortised cost.

| Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

| For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

| Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

| Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

| Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

HOLDCROFT HYUNDAI LIMITED (REGISTERED NUMBER: 10148577)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

3. | ACCOUNTING POLICIES - continued

| TAXATION

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

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

| DEFERRED TAX

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

| PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

| The company operates a defined contribution plan for its employees. Amounts in respect of defined contribution plans are recognised as an expense in the profit and loss account when they are due.

| EMPLOYEE BENEFITS

| The company provides a range of benefits to employees.

| Short term benefits, including holiday pay, are recognised as an expense in the profit and loss account in the period in which they are incurred.

4. | TURNOVER

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

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

| 31.12.24 |  | 31.12.23

£ | £ |

| Sale of goods | 279,696,213 |  | 296,706,388 |  |

279,696,213 |  | 296,706,388 |  |

| An analysis of turnover by geographical market is given below:

| 31.12.24 |  | 31.12.23

£ | £ |

| United Kingdom | 279,696,213 |  | 296,706,388 |  |

279,696,213 |  | 296,706,388 |  |

HOLDCROFT HYUNDAI LIMITED (REGISTERED NUMBER: 10148577)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

5. | EMPLOYEES AND DIRECTORS

| 31.12.24 |  | 31.12.23

£ | £ |

| Wages and salaries | 6,819,557 |  | 6,518,054 |  |

| Social security costs | 699,741 |  | 675,322 |  |

| Other pension costs | 174,824 |  | 161,036 |  |

7,694,122 |  | 7,354,412 |  |

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

| 31.12.24 |  | 31.12.23

| Admin and management | 46 |  | 49 |  |

| Other operatives | 121 |  | 113 |  |

167 |  | 162 |  |

| 31.12.24 |  | 31.12.23

£ | £ |

| Directors' remuneration | 111,503 |  | 156,737 |  |

| Directors' pension contributions to money purchase schemes | 3,581 |  | 2,112 |  |

6. | OPERATING PROFIT

| The operating profit is stated after charging:

| 31.12.24 |  | 31.12.23

£ | £ |

| Depreciation - owned assets | 114,890 |  | 111,254 |  |

| Loss on disposal of fixed assets | 83,273 |  | 18,285 |  |

| Goodwill amortisation | 4,517 |  | 4,516 |  |

7. | AUDITORS' REMUNERATION

| 31.12.24 |  | 31.12.23

£ | £ |

| Fees payable to the company's auditors and their associates for the audit of the company's financial statements | 16,920 |  | 16,920 |  |

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.12.24 |  | 31.12.23

£ | £ |

| Interest on amounts due to group undertakings | 140,145 |  | 137,173 |  |

| Manufacturer stocking plan charges | 733,234 |  | 597,135 |  |

873,379 |  | 734,308 |  |

HOLDCROFT HYUNDAI LIMITED (REGISTERED NUMBER: 10148577)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

9. | 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 | 59,294 |  | 124,155 |  |

| Tax on profit | 59,294 |  | 124,155 |  |

| 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 | 165,204 |  | 779,580 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%) | 41,301 |  | 194,895 |  |

| Effects of:

| Expenses not deductible for tax purposes | - |  | 1,129 |  |

| Capital allowances in excess of depreciation | - |  | (64,060 | ) |

| Depreciation in excess of capital allowances | 17,993 |  | - |  |

| Changes in Corporation Tax rates | - |  | (7,809 | ) |

| Total tax charge | 59,294 |  | 124,155 |  |

10. | DIVIDENDS

| 31.12.24 |  | 31.12.23

£ | £ |

| Ordinary shares of £1 each

| Interim | 790,000 |  | 600,000 |  |

11. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 451,650 |  |

| AMORTISATION

| At 1 January 2024 | 9,033 |  |

| Amortisation for year | 4,517 |  |

| At 31 December 2024 | 13,550 |  |

| NET BOOK VALUE

| At 31 December 2024 | 438,100 |  |

| At 31 December 2023 | 442,617 |  |

HOLDCROFT HYUNDAI LIMITED (REGISTERED NUMBER: 10148577)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

11. | INTANGIBLE FIXED ASSETS - continued

| Goodwill relates to the investment in ALM Garages Limited and arises on the hive up of the subsidiary's trade and assets as at 30 June 2022.

12. | TANGIBLE FIXED ASSETS

| Freehold |  | Plant and |  | Motor |

| property |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 January 2024 | 100,000 |  | 1,242,610 |  | 490,445 |  | 1,833,055 |  |

| Additions | - |  | 109,495 |  | 309,983 |  | 419,478 |  |

| Disposals | - |  | - |  | (416,517 | ) | (416,517 | ) |

| At 31 December 2024 | 100,000 |  | 1,352,105 |  | 383,911 |  | 1,836,016 |  |

| DEPRECIATION

| At 1 January 2024 | - |  | 1,094,328 |  | 51,867 |  | 1,146,195 |  |

| Charge for year | - |  | 77,237 |  | 37,653 |  | 114,890 |  |

| Eliminated on disposal | - |  | - |  | (44,475 | ) | (44,475 | ) |

| At 31 December 2024 | - |  | 1,171,565 |  | 45,045 |  | 1,216,610 |  |

| NET BOOK VALUE

| At 31 December 2024 | 100,000 |  | 180,540 |  | 338,866 |  | 619,406 |  |

| At 31 December 2023 | 100,000 |  | 148,282 |  | 438,578 |  | 686,860 |  |

| Cost or valuation at 31 December 2024 is represented by:

| Freehold |  | Plant and |  | Motor |

| property |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ |

| Cost | 100,000 |  | 1,352,105 |  | 383,911 |  | 1,836,016 |  |

13. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertaking

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 4,165,662 |  |

| PROVISIONS

| At 1 January 2024

| and 31 December 2024 | 4,165,662 |  |

| NET BOOK VALUE

| At 31 December 2024 | - |  |

| At 31 December 2023 | - |  |

HOLDCROFT HYUNDAI LIMITED (REGISTERED NUMBER: 10148577)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

13. | FIXED ASSET INVESTMENTS - continued

| The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

| Sandon Road Motors (Stafford) Limited

| Registered office: Astonfields Road, Stafford, Staffordshire, ST16 3UF

| Nature of business: non-trading

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| ALM Garages Limited

| Registered office: Leek Road, Hanley, Stoke On Trent, Staffordshire, United Kingdom, ST1 6AT

| Nature of business: non-trading

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

14. | STOCKS

| 31.12.24 |  | 31.12.23

£ | £ |

| Finished goods | 25,325,657 |  | 20,702,068 |  |

| Vehicle stocks include £13,808,283 (2023: £11,999,255) of consignment stocks. The asset has been recorded on the balance sheet, matched by the corresponding liability, to accord with paragraph 2.8 of Financial Reporting Standard 102, regarding the substance of transactions. The principal terms of the consignment agreement are such that the company effectively contracts the stock, and bears the risks of ownership and obtains substantially all the remaining benefit of the assets.

| The stock write down in line with the stated stock valuation policy is £325,012 (2023: £333,385).

15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.24 |  | 31.12.23

£ | £ |

| Trade debtors | 18,331,107 |  | 9,594,373 |  |

| Amounts owed by group undertakings | 5,436,972 |  | 5,464,506 |  |

| Tax | 159,331 |  | 178,630 |  |

| VAT | 1,475,422 |  | - |  |

| Prepayments | 991,891 |  | 516,159 |  |

26,394,723 |  | 15,753,668 |  |

| Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.

HOLDCROFT HYUNDAI LIMITED (REGISTERED NUMBER: 10148577)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.24 |  | 31.12.23

£ | £ |

| Bank loans and overdrafts (see note 17) | 2,250,643 |  | 1,271,032 |  |

| Trade creditors | 40,214,545 |  | 26,585,841 |  |

| Amounts owed to group undertakings | 8,981,429 |  | 7,625,780 |  |

| Social security and other taxes | 123,352 |  | 125,072 |  |

| VAT | - |  | 389,459 |  |

| Accruals and deferred income | 857,700 |  | 553,722 |  |

52,427,669 |  | 36,550,906 |  |

| Included in trade creditors is stocking loan agreements of £37,011,656 (2023: £23,572,803).

| The bank overdraft is secured by a debenture on bank standard form dated 27th April 1995, a first legal mortgage over the freehold properties of the group and cross guarantee (unlimited) dated 26th February 1997 between T G Holdcroft (Newcastle) Limited, Holdcroft Renault Limited, Hanley Realisations Limited, Holdcroft Honda Limited, Holdcroft Hyundai Limited, Holdcroft North Staffs Limited, TMK Finance Limited, ALM Garages Limited, T G Holdcroft (Motors) Limited, Holdcroft Nissan Limited, Stuart Graham Limited, T G Holdcroft (Holdings) Limited, Holdcroft Properties Limited and HP 2011 Limited.

| The company is also party to a composite banking arrangement with Barclays Bank Plc dated 28 February 2007.

| Amounts owed to group undertakings are unsecured, interest free, and are repayable on demand.

17. | LOANS

| An analysis of the maturity of loans is given below:

| 31.12.24 |  | 31.12.23

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 2,250,643 |  | 1,271,032 |  |

18. | PROVISIONS FOR LIABILITIES

| 31.12.24 |  | 31.12.23

£ | £ |

| Deferred tax

| Accelerated capital allowances | 63,367 |  | 63,367 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 63,367 |  |

| Balance at 31 December 2024 | 63,367 |  |

HOLDCROFT HYUNDAI LIMITED (REGISTERED NUMBER: 10148577)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.24 |  | 31.12.23

| value: | £ | £ |

| 1,000 | Ordinary | £1 | 1,000 |  | 1,000 |  |

20. | RESERVES

| Profit and loss account - This reserve records retained earnings and accumulated losses.

| Non distributable reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in the other comprehensive income.

| Other reserve - This reserve represents non-distributable profits which cannot be distributed until the properties to which it relates are sold outside of the group.

21. | CONTINGENCIES

| The company is party to a cross guarantee (unlimited) dated 26 February 1997 between T G Holdcroft (Holdings) Limited, T G Holdcroft (Newcastle) Limited, Holdcroft Renault Limited, Hanley Realisations Limited, Holdcroft Honda Limited, Holdcroft North Staffs Limited, TMK Finance Limited, T G Holdcroft (Motors) Limited, Stuart Graham Limited, Holdcroft Properties Limited, HP2011 Limited, Holdcroft Nissan Limited, Holdcroft Hyundai Limited and ALM Garages Limited. The company is also party to an additional cross guarantee dated 15 November 2013 to include HP 2011 Limited. The total indebtedness to the bank at 31 December 2024 was £5,647,673 (31 December 2023: £16,059,640).

| In addition the company has a fixed and floating charge debenture over the whole of its assets in favour of T G Holdcroft (Holdings) Limited.

22. | RELATED PARTY DISCLOSURES

| The company has taken advantage of the exemption from the disclosures required by paragraph 33.1A of Financial Reporting Standard 102 regarding transactions between fellow group companies as the subsidiary is a wholly owned member, and the group financial statements in which this subsidiary is included are publicly available.

23. | EVENTS AFTER THE END OF THE REPORTING PERIOD

| There were no material events after the end of the reporting period up to the date of approval of the

| financial statements by the Board.

24. | ULTIMATE CONTROLLING PARTY

| The company regards T. G. Holdcroft (Holdings) Limited, a company registered in England and Wales, as its ultimate parent undertaking. T.G Holdcroft (Holdings) Limited is the only group company that prepares consolidated financial statements including the accounts of the company. The consolidated financial statements can be obtained from www.beta.companieshouse.gov.uk.

| The ultimate controlling party is Mr T G Holdcroft by virtue of his 52.00% shareholding in the ultimate holding company.