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REGISTERED NUMBER: 13235282 (England and Wales)

| Financial Statements |

| For The Year Ended 31st December 2024 |

| for |

| Maxus Gloucestershire Limited |

| Maxus Gloucestershire Limited (Registered number: 13235282) |

Contents of the Financial Statements

For The Year Ended 31st December 2024

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| Maxus Gloucestershire Limited |

Company Information

For The Year Ended 31st December 2024

| DIRECTORS: | R Morgan

| J Morgan

| A Williams

| M George

| REGISTERED OFFICE: | Forest Vale Road

| Forest Vale Industrial Estate

| Cinderford

| Gloucestershire

| GL14 2PH

| REGISTERED NUMBER: | 13235282 (England and Wales)

| AUDITORS: | Wildin (Auditors) Limited

| Kings Buildings

| Lydney

| Gloucestershire

| GL15 5HE

| Maxus Gloucestershire Limited (Registered number: 13235282) |

Balance Sheet

31st December 2024

| 31.12.24 | 31.12.23 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 2,746 |  | 3,991 |  |

CURRENT ASSETS

Stocks | 5 | 141,318 |  | 1,961,106 |  |

Debtors | 6 | 222,477 |  | 275,474 |  |

Cash at bank and in hand | 95,612 |  | 443,526 |  |

459,407 |  | 2,680,106 |  |

CREDITORS

Amounts falling due within one year | 7 | 59,659 |  | 2,426,590 |  |

NET CURRENT ASSETS | 399,748 |  | 253,516 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 402,494 |  | 257,507 |  |

PROVISIONS FOR LIABILITIES | 8 | 687 |  | 998 |  |

NET ASSETS | 401,807 |  | 256,509 |  |

CAPITAL AND RESERVES

Called up share capital | 9 | 100 |  | 100 |  |

Retained earnings | 10 | 401,707 |  | 256,409 |  |

SHAREHOLDERS' FUNDS | 401,807 |  | 256,509 |  |

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 Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 7th July 2025 and were signed on its behalf by:

R Morgan - Director

| Maxus Gloucestershire Limited (Registered number: 13235282) |

Notes to the Financial Statements

For The Year Ended 31st December 2024

1. | STATUTORY INFORMATION

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

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

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

| The company is a qualifying entity for the purposes of FRS102, being a member of a group where the parent of that group prepare publicly available consolidated financial statements, including the company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit and loss of the group.

| The company in its own merits is classed as small within the group and prepare accounts under the FRS102 reduced disclosure Section 1A "Small Entities" and therefore takes advantage of all exemptions applicable to presentation of the financial statements.

| The financial statements of the company are consolidated in the financial statements of Bowson Group Limited. These consolidated financial statements are available form its registered office, Forest Vale Road, Forest Vale Industrial Estate, Cinderford, Gloucestershire, GL14 2PH.

| Related party exemption

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

| 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.

| Key sources of estimation uncertainty

| The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows;

| Stock Valuation

| Stock valuation is regularly monitored against age profile and market demand. Management use a number of market tools during the appraisal process including Glass' and CAP valuation guides. The directors maintain oversight of ageing stock profiles and a monthly review of any provision required is performed.

| Maxus Gloucestershire Limited (Registered number: 13235282) |

Notes to the Financial Statements - continued

For The Year Ended 31st December 2024

2. | ACCOUNTING POLICIES - continued

| Turnover

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

| 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.

| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes, the following criteria must also be met before revenue is recognised:

| Sale of goods

| Revenue from the sale of goods is recognised when all the following conditions are satisfied:

| -the Company has transferred the significant risks and rewards of ownership to the buyer;

| -the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

| -the amount of revenue can be measured reliably;

| -it is probable that the Company will receive the consideration due under the transaction;

| -the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| Rendering of services

| Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

| - the amount of revenue can be measured reliably;

| - it is probable that the Company will receive the consideration due under contract;

| - the stage of completion of the contract at the end of the reporting period can be measured reliably, and;

| - the costs incurred and the costs to complete the contract can be measured reliably.

| Commissions receivable

| Revenue from the sale of Finance and Insurance products is recognised on the effective commencement of the policy sold.

| Tangible fixed assets

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

| Plant and machinery | - | 25% on cost

| Fixtures and fittings | - | 20% on cost

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

| 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 the profit or loss.

| Impairment of fixed assets

| At each reporting period end date, the company reviews the carrying amounts of it tangible 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.

| Maxus Gloucestershire Limited (Registered number: 13235282) |

Notes to the Financial Statements - continued

For The Year Ended 31st December 2024

2. | ACCOUNTING POLICIES - continued

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

| Consignment stock has been included within the company statement of financial position on the grounds that the company considerably bears the risk and rewards of ownership attached to theses vehicles. As such, the consignment stock is considered to be under the control of the company.

| At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling prices 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.

| Financial instruments

| Cash and cash equivalents

| Cash and cash equivalents are basic financial instruments 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.

| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

| Financial instruments are recognised 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.

| Basic financial assets

| Basic financial assets, which include trade and other 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 financial asset is measured at the present value of the future receipts discounted at a market rate.

| 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.

| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

| Derecogniton 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.

| Maxus Gloucestershire Limited (Registered number: 13235282) |

Notes to the Financial Statements - continued

For The Year Ended 31st December 2024

2. | 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 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

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

| Going concern

| The accounts have been prepared on a going concern basis which the directors consider appropriate.

| At the year end date the company had net current assets of £401,683, the directors have considered the ability of the company to continue as a going concern and in doing so have reviewed the future trading forecasts up to December 2025 and the availability of working capital within the business. The forecasts have centred around the cash position and availability and ongoing provision of bank and manufacturer facilities to the company.

| The business had performed ahead of budget as they sold off large portions of their stock. The business maintains a healthy liquidity position as well as continued strong relationship with the manufacturer who offer the company vehicle funding. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

| 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 evidence a residual interest in the assets of the company after deducting all of its liabilities.

| Basic Financial liabilities

| Basic financial liabilities, including trade and other creditors, and loans from fellow group companies, 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 payments discounted at a market rate of interest.

| Derecognition of financial liabilities

| Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

| Maxus Gloucestershire Limited (Registered number: 13235282) |

Notes to the Financial Statements - continued

For The Year Ended 31st December 2024

2. | ACCOUNTING POLICIES - continued

| Employee benefits

| The cost 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.

3. | EMPLOYEES AND DIRECTORS

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

4. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |

| machinery |  | fittings |  | Totals

£ | £ | £ |

| COST

| At 1st January 2024

| and 31st December 2024 | 3,865 |  | 2,361 |  | 6,226 |  |

| DEPRECIATION

| At 1st January 2024 | 1,330 |  | 905 |  | 2,235 |  |

| Charge for year | 773 |  | 472 |  | 1,245 |  |

| At 31st December 2024 | 2,103 |  | 1,377 |  | 3,480 |  |

| NET BOOK VALUE

| At 31st December 2024 | 1,762 |  | 984 |  | 2,746 |  |

| At 31st December 2023 | 2,535 |  | 1,456 |  | 3,991 |  |

5. | STOCKS

| 31.12.24 |  | 31.12.23

£ | £ |

| Stocks | 141,318 |  | 1,961,106 |  |

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

| 31.12.24 |  | 31.12.23

£ | £ |

| Trade debtors | 38,567 |  | 39,672 |  |

| Amounts owed by group undertakings | 180,520 |  | - |  |

| VAT | 3,390 |  | 211,260 |  |

| Prepayments | - |  | 24,542 |  |

222,477 |  | 275,474 |  |

| Maxus Gloucestershire Limited (Registered number: 13235282) |

Notes to the Financial Statements - continued

For The Year Ended 31st December 2024

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

| 31.12.24 |  | 31.12.23

£ | £ |

| Trade creditors | 5,165 |  | 5,342 |  |

| Amounts owed to group undertakings | - |  | 2,367,195 |  |

| Tax | 48,734 |  | 23,086 |  |

| Accrued expenses | 5,760 |  | 30,967 |  |

59,659 |  | 2,426,590 |  |

8. | PROVISIONS FOR LIABILITIES

| 31.12.24 |  | 31.12.23

£ | £ |

| Deferred tax | 687 |  | 998 |  |

| Deferred |

| tax |

£ |

| Balance at 1st January 2024 | 998 |  |

| Credit to Income Statement during year | (311 | ) |

| Balance at 31st December 2024 | 687 |  |

9. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 100 | Ordinary | £1 | 100 |  | 100 |  |

10. | RESERVES

| Retained

| earnings

£ |

| At 1st January 2024 | 256,409 |  |

| Profit for the year | 145,298 |  |

| At 31st December 2024 | 401,707 |  |

11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Jacqueline Anne Mannion (Senior Statutory Auditor)

| for and on behalf of Wildin (Auditors) Limited

12. | RELATED PARTY DISCLOSURES

| The parent company is Bowson Group Ltd. The registered office address is Forest Vale Road, Forest Vale Industrial Estate, Cinderford, Gloucestershire, GL14 2PH.

| Maxus Gloucestershire Limited (Registered number: 13235282) |

Notes to the Financial Statements - continued

For The Year Ended 31st December 2024

13. | ULTIMATE CONTROLLING PARTY

| The controlling party is R Morgan.

| The Ultimate Holding Company is Bowson Group Limited.