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REGISTERED NUMBER: 02537934 (England and Wales)

| Unaudited Financial Statements |

| for the Year Ended 31 December 2024 |

| for |

| Stephen A. Sims (Cars) Limited |

| Stephen A. Sims (Cars) Limited (Registered number: 02537934) |

Contents of the Financial Statements

for the Year Ended 31 December 2024

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Stephen A. Sims (Cars) Limited |

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | S A Sims

| S W Bromley

| SECRETARY: | S W Bromley

| REGISTERED OFFICE: | McMullen Road

| DARLINGTON

| County Durham

| DL1 1XT

| REGISTERED NUMBER: | 02537934 (England and Wales)

| ACCOUNTANTS: | Clive Owen LLP

| Chartered Accountants

| 140 Coniscliffe Road

| DARLINGTON

| Co Durham

| DL3 7RT

| Stephen A. Sims (Cars) Limited (Registered number: 02537934) |

Balance Sheet

31 December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 1,259 |  | 1,425 |  |

Tangible assets | 5 | 1,589,312 |  | 1,585,460 |  |

Investment property | 6 | 185,551 |  | 185,551 |  |

1,776,122 |  | 1,772,436 |  |

CURRENT ASSETS

Stocks | 7 | 1,641,590 |  | 1,679,066 |  |

Debtors | 8 | 226,810 |  | 135,891 |  |

Cash in hand | 1,300 |  | 1,120 |  |

1,869,700 |  | 1,816,077 |  |

CREDITORS

Amounts falling due within one year | 9 | 2,447,812 |  | 2,294,402 |  |

NET CURRENT LIABILITIES | (578,112 | ) | (478,325 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,198,010 |  | 1,294,111 |  |

CREDITORS

Amounts falling due after more than one year | 10 | (54,696 | ) | (176,612 | ) |

PROVISIONS FOR LIABILITIES | 12 | (29,022 | ) | (29,016 | ) |

NET ASSETS | 1,114,292 |  | 1,088,483 |  |

CAPITAL AND RESERVES

Called up share capital | 13 | 280,161 |  | 280,161 |  |

Share premium | 1,433 |  | 1,433 |  |

Revaluation reserve | 252,223 |  | 252,223 |  |

Capital redemption reserve | 6,750 |  | 6,750 |  |

Retained earnings | 573,725 |  | 547,916 |  |

SHAREHOLDERS' FUNDS | 1,114,292 |  | 1,088,483 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

| Stephen A. Sims (Cars) Limited (Registered number: 02537934) |

Balance Sheet - continued

31 December 2024

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 July 2025 and were signed on its behalf by:

S A Sims - Director

| Stephen A. Sims (Cars) Limited (Registered number: 02537934) |

Notes to the Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Stephen A. Sims (Cars) 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. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| There were no material departures from that standard.

| The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Income recognition

| Income is recognised on the delivery of a vehicle, or the point of sale of a part or accessory.

| Turnover from vehicle servicing is recognised once the service is complete.

| 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.

| Website costs is being amortised evenly over its estimated useful life of ten years.

| 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 provided

| Plant and machinery | - | 15% on reducing balance

| Fixtures and fittings | - | 15% on reducing balance

| Motor vehicles | - | 20% on cost

| Computer equipment | - | 33% on cost

| The directors consider that the freehold property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account. The directors perform annual impairment reviews in accordance with FRS 102 to ensure that the carrying value is not lower than the recoverable amount.

| Tangible fixed assets are measured at cost less accumulated depreciation and impairment.

| Investment property

| Investment property is included at fair value. Gains are recognised in the Profit and Loss Account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Stephen A. Sims (Cars) Limited (Registered number: 02537934) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

| Taxation

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

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

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

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

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

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

| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| Company operate a defined contribution scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

| Related party transactions

| All transactions entered into with companies were concluded under normal market conditions, therefore no further disclosure is necessary in accordance with FRS102 section 1A.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 28 (2023 - 26 ) .

| Stephen A. Sims (Cars) Limited (Registered number: 02537934) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

4. | INTANGIBLE FIXED ASSETS

| Website

| costs

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 1,660 |  |

| AMORTISATION

| At 1 January 2024 | 235 |  |

| Amortisation for year | 166 |  |

| At 31 December 2024 | 401 |  |

| NET BOOK VALUE

| At 31 December 2024 | 1,259 |  |

| At 31 December 2023 | 1,425 |  |

5. | TANGIBLE FIXED ASSETS

| Fixtures

| Freehold |  | Plant and |  | and

| property |  | machinery |  | fittings

£ | £ | £ |

| COST OR VALUATION

| At 1 January 2024 | 1,497,684 |  | 278,597 |  | 125,178 |  |

| Additions | - |  | 9,948 |  | 4,867 |  |

| At 31 December 2024 | 1,497,684 |  | 288,545 |  | 130,045 |  |

| DEPRECIATION

| At 1 January 2024 | - |  | 243,393 |  | 103,976 |  |

| Charge for year | - |  | 5,540 |  | 3,566 |  |

| At 31 December 2024 | - |  | 248,933 |  | 107,542 |  |

| NET BOOK VALUE

| At 31 December 2024 | 1,497,684 |  | 39,612 |  | 22,503 |  |

| At 31 December 2023 | 1,497,684 |  | 35,204 |  | 21,202 |  |

| Stephen A. Sims (Cars) Limited (Registered number: 02537934) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

5. | TANGIBLE FIXED ASSETS - continued

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 January 2024 | 49,234 |  | 94,855 |  | 2,045,548 |  |

| Additions | 3,505 |  | 3,191 |  | 21,511 |  |

| At 31 December 2024 | 52,739 |  | 98,046 |  | 2,067,059 |  |

| DEPRECIATION

| At 1 January 2024 | 25,462 |  | 87,257 |  | 460,088 |  |

| Charge for year | 4,393 |  | 4,160 |  | 17,659 |  |

| At 31 December 2024 | 29,855 |  | 91,417 |  | 477,747 |  |

| NET BOOK VALUE

| At 31 December 2024 | 22,884 |  | 6,629 |  | 1,589,312 |  |

| At 31 December 2023 | 23,772 |  | 7,598 |  | 1,585,460 |  |

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

| Fixtures

| Freehold |  | Plant and |  | and

| property |  | machinery |  | fittings

£ | £ | £ |

| Valuation in 2006 | 252,223 |  | - |  | - |  |

| Cost | 1,245,461 |  | 288,545 |  | 130,045 |  |

1,497,684 |  | 288,545 |  | 130,045 |  |

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| Valuation in 2006 | - |  | - |  | 252,223 |  |

| Cost | 52,739 |  | 98,046 |  | 1,814,836 |  |

52,739 |  | 98,046 |  | 2,067,059 |  |

| If freehold property had not been revalued it would have been included at the following historical cost:

2024 | 2023 |

£ | £ |

| Cost | 1,245,461 |  | 1,245,461 |  |

| The freehold properties previous revaluation was used as the deemed cost in the 2016 accounts on transition to FRS 102.

| Stephen A. Sims (Cars) Limited (Registered number: 02537934) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

6. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 January 2024

| and 31 December 2024 | 185,551 |  |

| NET BOOK VALUE

| At 31 December 2024 | 185,551 |  |

| At 31 December 2023 | 185,551 |  |

| Investment property was valued on a fair value basis by the directors on 31 December 2024.

7. | STOCKS

2024 | 2023 |

£ | £ |

| Vehicle stock | 921,217 |  | 1,120,240 |  |

| Parts stock | 83,058 |  | 73,280 |  |

| Consignment stock | 637,315 |  | 485,546 |  |

1,641,590 |  | 1,679,066 |  |

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

2024 | 2023 |

£ | £ |

| Trade debtors | 115,879 |  | 22,181 |  |

| Other debtors | 13,198 |  | 14,973 |  |

| Amounts owed by related

| undertakings | 27,079 |  | 13,662 |  |

| Prepayments and accrued income | 70,654 |  | 85,075 |  |

226,810 |  | 135,891 |  |

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

2024 | 2023 |

£ | £ |

| Bank loans and overdrafts | 308,956 |  | 350,095 |  |

| Other loans | 74,330 |  | 163,074 |  |

| Hire purchase contracts | 6,345 |  | 6,000 |  |

| Trade creditors | 318,282 |  | 350,071 |  |

| Amount due to related

| undertaking | 280,922 |  | 308,228 |  |

| Taxation and social security | 113,989 |  | 89,869 |  |

| Other creditors | 1,247,504 |  | 950,504 |  |

| Directors' current accounts | - |  | 933 |  |

| Accruals and deferred income | 97,484 |  | 75,628 |  |

2,447,812 |  | 2,294,402 |  |

| Consignment vehicles which bear interest are regarded effectively as being under the control of the company and, in accordance with FRS 102, are included within stocks on the balance sheet, although legal title has not passed to the company. The corresponding liability is included within new vehicle funding and is secured directly on these vehicles.

| Stephen A. Sims (Cars) Limited (Registered number: 02537934) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2024 | 2023 |

£ | £ |

| Bank loans - 1-2 years | - |  | 61,058 |  |

| Other loans - 1-2 years | 1,087 |  | 50,006 |  |

| Other loans - 2-5 years | - |  | 2,260 |  |

| Hire purchase contracts | 53,609 |  | 63,288 |  |

54,696 |  | 176,612 |  |

11. | SECURED DEBTS

| The following secured debts are included within creditors:

2024 | 2023 |

£ | £ |

| Bank loans | 61,058 |  | 122,116 |  |

| Hire purchase contracts | 59,954 |  | 69,288 |  |

| Other creditors | 1,132,022 |  | 854,005 |  |

1,253,034 |  | 1,045,409 |  |

| The loan balances are secured on the land and buildings at McMullen Road, Darlington, DL1

| 1XT. Other creditors and hire purchases are secured against the assets to which they relate.

12. | PROVISIONS FOR LIABILITIES

2024 | 2023 |

£ | £ |

| Deferred tax | 29,022 |  | 29,016 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 29,016 |  |

| Accelerated capital allowances | 6 |  |

| Balance at 31 December 2024 | 29,022 |  |

13. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 224,125 | Ordinary | £1 | 224,125 |  | 224,125 |  |

| 2 | 'A' Ordinary Non-Voting | £1 | 2 |  | 2 |  |

| 56,034 | B Ordinary | £1 | 56,034 |  | 56,034 |  |

280,161 |  | 280,161 |  |

| Stephen A. Sims (Cars) Limited (Registered number: 02537934) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

13. | CALLED UP SHARE CAPITAL - continued

| The rights attached to the Ordinary and B Ordinary shares in the capital of the company shall confer on the holders thereof the right to vote upon any resolution proposed at any General Meeting of the Company and shall be eligible for dividends.

| The 'A' Ordinary shares in the capital of the company shall not confer on the holders thereof the right to vote upon any resolution proposed at any General Meeting of the Company and any member present at a General Meeting holding only 'A' shares shall not be counted when calculating whether a quorum is present. The 'A' Ordinary shares shall be eligible for dividends.

14. | RELATED PARTY DISCLOSURES

|  | 2024 |  |  | 2023 |

|  | £ |  |  | £ |

| Amounts due to directors |  |  | - |  |  | 933 |

| No interest has been charged.

15. | GUARANTEES AND OTHER FINANCIAL COMMITMENTS

| Unlimited inter company guarantee given to the company's bankers on 17 November 2016 by Stephen A Sims (Cars) Limited, Fast-Fit Express Limited and Clutch Express Limited.