Company registration number 04203848 (England and Wales)
MEADENS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
MEADENS LIMITED
COMPANY INFORMATION
Directors
Peter Sexton
Tom Sexton
Jack Sexton
Susan Sexton
Secretary
Susan Sexton
Company number
04203848
Registered office
53 Kent Road
Southsea
Hampshire
PO5 3HU
Auditor
Sumer Audit
53 Kent Road
Southsea
Hampshire
United Kingdom
PO5 3HU
Business address
69 Somerford Road
Dorset
Christchurch
BH23 3QA
Bankers
NatWest
130 Commercial Road
Portsmouth
Hampshire
PO1 1ES
MEADENS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
8
Statement of cash flows
9
Notes to the financial statements
10 - 24
MEADENS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Review of the business

The company's principal activity is that of motor retailer. The company sells new and used vehicles and services and repairs vehicles. At 31 December 2024 the company operated Skoda new and used franchises from two locations and was an approved service facility for Mitsubishi customers. In addition, during the year the company took on an Omoda & Jaecoo franchise at their site in Christchurch.

The results for the year are set out in the profit and loss account on page 7.

The turnover for the year was £27,098,125, a decrease of 6% over the previous year's turnover of £28,765,941. The profit for the financial year after tax was £134,923 (2023 - £141,231).

The financial position of the company is set out in the balance sheet on page 8.

The net assets of the company were £1,637,013 (2023 - £1,682,090).

Principal risks and uncertainties

The main risk to the company is that of fluctuations in general economic conditions. This risk is partly mitigated by the sale of both new and used cars and aftersales services. Specific risks include the impact of interest rate rises, environmental concerns and legislation, the loss of key personnel and exchange rate fluctuations. The board of directors have met to consider these risks and uncertainties and will continue to actively monitor them on an ongoing basis.

Future developments

The directors anticipate the business environment will be challenging and competitive. They believe that the company is in a good financial position to deal with the challenges moving forward.

Following the development of the Christchurch site in 2023 the directors are focusing on building the trade. The new franchise represents a significant opportunity for the business.

Financial instruments

The company has a normal sector level of exposure to price, credit, liquidity and cash flow risks arising from trading activities. The company does not enter into any hedging transactions.

On behalf of the board

Peter Sexton
Director
9 September 2025
MEADENS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

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

Principal activities
The principal activity of the company was that of motor trader.
Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £180,000. The directors do not recommend payment of a further dividend.

Directors

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

Peter Sexton
Tom Sexton
Jack Sexton
Susan Sexton
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditor

The auditor, Sumer Audit, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risks and uncertainties.

Statement of disclosure to auditor
So far as the directors are aware, there is no relevant audit information of which the company's auditor are unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information.
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Peter Sexton
Director
9 September 2025
MEADENS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors are responsible for preparing the annual report 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 UK 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.

MEADENS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MEADENS LIMITED
- 4 -
Opinion

We have audited the financial statements of Meadens Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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

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

MEADENS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MEADENS LIMITED
- 5 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, 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 directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

MEADENS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MEADENS LIMITED
- 6 -

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

- Obtaining an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements and operations;

- Obtaining an understanding of the company’s policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud; and

- Discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud through our knowledge and understanding of the company and our sector-specific experience.

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: employment law, and compliance with the UK Companies Act.

In addition to the above, our procedures to respond to risks identified included the following:

- Making enquiries of management, about any known or suspected instances of non-compliance with laws and regulations and fraud;

- Reading correspondence with regulators;

- Challenging assumptions and judgements made by management in their significant accounting estimates; and

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

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

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Peter Reading FCCA (Senior Statutory Auditor)
For and on behalf of Sumer Audit
9 September 2025
Chartered Accountants
Statutory Auditor
Southsea
Sumer Audit is the trading name of Sumer Auditco Limited
MEADENS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
27,098,125
28,765,941
Cost of sales
(25,558,341)
(27,196,197)
Gross profit
1,539,784
1,569,744
Administrative expenses
(1,168,252)
(1,090,895)
Other operating income
64,619
9,167
Operating profit
4
436,151
488,016
Interest payable and similar expenses
7
(293,221)
(231,041)
Profit before taxation
142,930
256,975
Tax on profit
8
(8,007)
(115,744)
Profit for the financial year
134,923
141,231
Retained earnings brought forward
1,414,961
1,558,730
Dividends
9
(180,000)
(285,000)
Retained earnings carried forward
1,369,884
1,414,961

The profit and loss account has been prepared on the basis that all operations are continuing operations.

MEADENS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,981,961
3,713,000
Investment property
12
413,656
-
0
3,395,617
3,713,000
Current assets
Stocks
13
3,244,990
3,239,988
Debtors
14
624,707
421,901
Cash at bank and in hand
471,787
243,160
4,341,484
3,905,049
Creditors: amounts falling due within one year
15
(4,569,560)
(4,586,500)
Net current liabilities
(228,076)
(681,451)
Total assets less current liabilities
3,167,541
3,031,549
Creditors: amounts falling due after more than one year
16
(1,292,243)
(1,045,714)
Provisions for liabilities
Deferred tax liability
19
238,285
303,745
(238,285)
(303,745)
Net assets
1,637,013
1,682,090
Capital and reserves
Called up share capital
22
14,385
14,385
Share premium account
121,468
121,468
Capital redemption reserve
131,276
131,276
Distributable profit and loss reserves
1,369,884
1,414,961
Total equity
1,637,013
1,682,090

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 9 September 2025 and are signed on its behalf by:
Peter Sexton
Director
Company registration number 04203848 (England and Wales)
MEADENS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
736,697
690,237
Interest paid
(293,221)
(231,041)
Income taxes paid
-
0
(46,077)
Net cash inflow from operating activities
443,476
413,119
Investing activities
Purchase of tangible fixed assets
(479,255)
(2,758,361)
Proceeds from disposal of tangible fixed assets
418,786
570,009
Loan advanced
(273,100)
-
0
Net cash used in investing activities
(333,569)
(2,188,352)
Financing activities
Proceeds from borrowing
724,277
477,064
Proceeds from new bank loans
-
0
1,200,000
Repayment of bank loans
(139,318)
(67,842)
Net finance lease (repayments)/advances
(286,239)
115,396
Dividends paid
(180,000)
(210,000)
Net cash generated from financing activities
118,720
1,514,618
Net increase/(decrease) in cash and cash equivalents
228,627
(260,615)
Cash and cash equivalents at beginning of year
243,160
503,775
Cash and cash equivalents at end of year
471,787
243,160
MEADENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
1
Accounting policies
Company information

Meadens Limited is a private company limited by shares incorporated in England and Wales. The registered office is 53 Kent Road, Southsea, Hampshire, PO5 3HU.

1.1
Accounting convention

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

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

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

1.2
Going concern

Notwithstanding the net current liability position at the balance sheet date, a true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

At 31 December 2024 the company owed the directors £871,434 (2023: £963,823). The directors will only withdraw all or part of these balances to the extent that funds are available.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets - goodwill

Goodwill is stated at cost less accumulated amortisation.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
Over 50 years
Short leasehold land and buildings
Over the useful economic life of the asset
Plant and machinery
20% Straight line and over the term of the lease
Fixtures, fittings & equipment
20% Straight line
Computer equipment
33 1/3% Straight line
Motor vehicles
2% Straight line per month

Freehold land and assets in the course of construction are not depreciated.

MEADENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -

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

Certain assets included within short leasehold land and buildings have been assessed as having a useful economic life of 20 years. This exceeds the current lease period but reasonable expectation is that the lease will be renewed at the end of the current lease period.

1.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

1.8
Stocks

Stocks, including consignment stocks, are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash at bank and in hand

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

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

MEADENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

Other financial liabilities

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

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

MEADENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

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

1.12
Taxation

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

Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

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

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

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

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

MEADENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The key estimates and assumptions applicable to the financial statements include

1. The useful economic lives of non current assets, and

2. Assessment of the fair value of used vehicle stock.

3
Turnover

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
New and used car sales
25,753,525
27,461,060
Aftersales
1,282,492
1,271,074
Other trading income
62,108
33,807
27,098,125
28,765,941
MEADENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
23,275
22,875
Depreciation of owned tangible fixed assets
381,048
376,318
Depreciation of tangible fixed assets held under finance leases
26,492
37,646
Profit on disposal of tangible fixed assets
(21,111)
(80,805)
Operating lease charges
218,724
223,760
5
Employees

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

2024
2023
Number
Number
Sales
21
16
Aftersales
22
24
Administration
7
7
Total
50
47

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,405,478
1,263,601
Social security costs
104,315
88,751
Pension costs
29,308
26,361
1,539,101
1,378,713
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
53,639
50,673
Company pension contributions to defined contribution schemes
462
1,021
54,101
51,694

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

MEADENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
90,636
48,866
Other interest on financial liabilities
82,186
37,125
172,822
85,991
Other finance costs:
Interest on stocking loans, finance leases and hire purchase contracts
117,639
145,050
Other interest
2,760
-
0
293,221
231,041
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
27,390
(46,077)
Adjustments in respect of prior periods
46,077
-
0
Total current tax
73,467
(46,077)
Deferred tax
Origination and reversal of timing differences
(65,460)
161,821
Total tax charge
8,007
115,744
MEADENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Taxation
(Continued)
- 17 -

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

2024
2023
£
£
Profit before taxation
142,930
256,975
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
35,733
64,244
Tax effect of expenses that are not deductible in determining taxable profit
691
509
Tax effect of utilisation of tax losses not previously recognised
(60,627)
-
0
Adjustments in respect of prior years
46,077
8,069
Effect of change in corporation tax rate
-
0
14,551
Depreciation on assets not qualifying for tax allowances
9,132
29,547
Effect of revaluations of investments
(2,144)
-
0
Tax at marginal rate
(219)
-
0
Enhanced allowances
-
0
(957)
Land remediation relief
-
0
(219)
Adjustments in respect of prior years deferred tax
(20,636)
-
0
Taxation charge for the year
8,007
115,744
9
Dividends
2024
2023
£
£
Final paid
180,000
285,000
10
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
290,000
Amortisation and impairment
At 1 January 2024 and 31 December 2024
290,000
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
MEADENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
11
Tangible fixed assets
Freehold buildings
Short leasehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2024
413,656
2,070,144
1,675,575
259,531
105,759
718,877
5,243,542
Additions
-
0
20,225
16,023
29,329
1,332
412,346
479,255
Disposals
-
0
-
0
-
0
-
0
-
0
(472,328)
(472,328)
Transfer to investment property
(413,656)
-
0
-
0
-
0
-
0
-
0
(413,656)
At 31 December 2024
-
0
2,090,369
1,691,598
288,860
107,091
658,895
4,836,813
Depreciation and impairment
At 1 January 2024
8,577
383,620
733,087
212,158
88,003
105,097
1,530,542
Depreciation charged in the year
-
0
111,976
171,042
14,338
8,247
101,937
407,540
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
-
0
(74,653)
(74,653)
Transfer to investment property
(8,577)
-
0
-
0
-
0
-
0
-
0
(8,577)
At 31 December 2024
-
0
495,596
904,129
226,496
96,250
132,381
1,854,852
Carrying amount
At 31 December 2024
-
0
1,594,773
787,469
62,364
10,841
526,514
2,981,961
At 31 December 2023
405,079
1,686,524
942,488
47,373
17,756
613,780
3,713,000
MEADENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Tangible fixed assets
(Continued)
- 19 -

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

2024
2023
£
£
Motor vehicles
174,760
396,165
12
Investment property
2024
£
Fair value
At 1 January 2024
-
0
Transfers from owner-occupied property
405,079
Net gains or losses through fair value adjustments
8,577
At 31 December 2024
413,656

Investment property comprises one property. The property is measured at fair value. The fair value of the investment property is considered to be equivalent to the cost price.

13
Stocks
2024
2023
£
£
New and used cars
2,523,378
2,853,083
Consignment vehicles
564,960
264,133
Vehicle parts and other stocks
156,652
122,772
3,244,990
3,239,988

The company holds consignment vehicle stock although legal title remains with the supplier. The consignment stock bears interest at a commercial rate until it is sold or until title passes to the company, after the end of the consignment period of 180 days, when the stock is invoiced.

14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
59,092
137,107
Corporation tax recoverable
46,077
46,077
Other debtors
273,100
31,853
Prepayments and accrued income
246,438
206,864
624,707
421,901
MEADENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
17
85,597
86,444
Obligations under finance leases
18
203,487
489,726
Other borrowings
17
2,632,760
2,293,483
Trade creditors
318,235
236,285
Corporation tax
73,467
-
0
Other taxation and social security
45,751
29,591
Deferred income
20
27,934
30,615
Other creditors
1,092,041
1,257,838
Accruals and deferred income
90,288
162,518
4,569,560
4,586,500

Other creditors includes £564,960 (2023: £264,133) in respect of consignment stock.

16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
907,243
1,045,714
Other borrowings
17
385,000
-
0
1,292,243
1,045,714
Amounts included above which fall due after five years are as follows:
Payable by instalments
498,790
629,793
17
Loans and overdrafts
2024
2023
£
£
Bank loans
992,840
1,132,158
Other loans
3,017,760
2,293,483
4,010,600
3,425,641
Payable within one year
2,718,357
2,379,927
Payable after one year
1,292,243
1,045,714
MEADENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Loans and overdrafts
(Continued)
- 21 -

The company has granted general charges over all of the company's assets to secure funding from Volkswagen Financial Services (UK) Limited and Volkswagen Bank Gmbh. Amounts owed at the year end comprised used vehicle funding £1,874,388 (2023: £1,767,148).

The company has granted a first legal charge over the investment property and associated assets and fixed and floating charges over all the property and undertakings of the company to secure the loan from NatWest Bank Plc.

The NatWest Loan is repayable over ten years and interest is charged at 3.35%pa over the Bank Base Rate.

18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
203,487
489,726

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

19
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
245,269
354,984
Tax losses
-
(43,585)
Skoda deferred grant
(6,984)
(7,654)
238,285
303,745
2024
Movements in the year:
£
Liability at 1 January 2024
303,745
Credit to profit or loss
(65,460)
Liability at 31 December 2024
238,285
MEADENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
20
Deferred income
2024
2023
£
£
Arising from Retailer support grant
27,934
30,615

Retailer support has been provided by Skoda UK to assist with the upgrading of the Brockenhurst dealership. This has been spent on fixtures, fittings, plant and machinery and will be released in line with the depreciation of those assets over the coming years.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
29,308
26,361

The company participates in an auto enrolment defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The company contributes a specified percentage of payroll costs to the retirement benefit scheme to fund the benefits. The only obligation of the company with respect to the scheme is to make the specified contributions.

22
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
Ordinary A shares of £1 each
3,741
3,741
Ordinary B shares of £1 each
3,741
3,741
Ordinary C shares of £1 each
2,301
2,301
Ordinary D shares of £1 each
2,301
2,301
Ordinary E shares of £1 each
2,301
2,301
14,385
14,385

The ordinary shares carry no right to fixed income and rank equally for any capital distribution on winding up.

MEADENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
23
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
210,017
212,467
Between two and five years
749,670
775,687
In over five years
730,667
914,667
1,690,354
1,902,821
Lessor

The operating lease represent s a lease to a third part y. The lease is negotiated over terms of 10 years and rentals are agreed to 2028. The lease include s a provision for five-yearly rent reviews according to prevailing market conditions. There are no options in place for either party to extend the lease term.

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
Within one year
58,542
56,042
Between two and five years
155,000
213,542
213,542
269,584
24
Related party transactions

Balances totalling £871,434 (2023: £963,823) are due to the directors of the company at the year end, of which £385,000 (2023: £485,000) bears interest at 15% per annum and is payable in more than 12 months. The remaining balances are repayable on demand. In addition a balance of £273,100 is owed by a company in which two of the directors have an interest. This loan is repayable on demand.

25
Ultimate controlling party

Peter Sexton, a director, is the ultimate controlling party.

MEADENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
26
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
134,923
141,231
Adjustments for:
Taxation charged
8,007
115,744
Finance costs
293,221
231,041
Gain on disposal of tangible fixed assets
(21,111)
(80,805)
Fair value gain on investment properties
(8,577)
-
0
Depreciation and impairment of tangible fixed assets
407,540
413,964
Movements in working capital:
Increase in stocks
(5,002)
(713,606)
Decrease/(increase) in debtors
70,294
(77,339)
(Decrease)/increase in creditors
(139,917)
662,689
Decrease in deferred income
(2,681)
(2,682)
Cash generated from operations
736,697
690,237
27
Analysis of changes in net debt
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
243,160
228,627
471,787
Borrowings excluding overdrafts
(3,425,641)
(584,959)
(4,010,600)
Obligations under finance leases
(489,726)
286,239
(203,487)
(3,672,207)
(70,093)
(3,742,300)
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