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Registration number: 06443139

Hickleys Limited
Annual Report and Financial Statements
for the Year Ended 31 December 2024

Hickleys Limited

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4 to 5
Statement of Directors' Responsibilities | 6
Independent Auditor's Report | 7 to 10
Profit and Loss Account | 11
Statement of Comprehensive Income | 12
Balance Sheet | 13
Statement of Changes in Equity | 14
Statement of Cash Flows | 15
Notes to the Financial Statements | 16 to 30

Hickleys Limited

Company Information

Directors | Mr D R G Meikle Mr D E Henderson Mr R N Huish

Registered office | Castle Street Tangier Taunton Somerset TA1 4AU

Auditors | ML Audit LLP Statutory Auditors Winchester House Deane Gate Avenue Taunton Somerset TA1 2UH

Hickleys Limited

Strategic Report for the Year Ended 31 December 2024

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

Principal activity

The principal activity of the company is related to the motor industry and the distribution of healthcare products.

Fair review of the business

2025 marks a momentous milestone for the company as we celebrate our 100th year in business. This centenary is not only a testament to the company’s resilience, adaptability and innovation but also a powerful reminder of our deep-rooted commitment to our customers, partners and our people.
Over the past year we have navigated economic uncertainty and rising operational costs with diligence and agility. Our strong performance demonstrates the success of our long-term strategic investments and a culture that balances tradition with forward-thinking innovation.
Business Structure Review
During the year, the directors undertook a strategic review of the Group’s operations. As a result, it was decided to restructure the business into three separate trading companies, each dedicated to a distinct area of our activities. This change was implemented to enhance strategic focus, improve operational efficiency, and provide greater clarity when assessing the performance of each business unit.
The three new trading entities are:
• Hickleys Garage Equipment & Diagnostics (trading as Hickleys Ltd) – serving our garage equipment supply, installation, and diagnostic equipment supply and services markets.
• Hickleys Workshop (trading as Hickleys Technical Workshops Ltd and established in August 2024) – focusing on our vehicle servicing, repairs, and related workshop activities.
• Hickleys Healthcare (trading as Hickleys Healthcare Ltd and established 1 January 2025) – delivering our range of healthcare equipment and services.
This structure enables each business to operate with clear objectives, dedicated management, and tailored strategies, while allowing the Group to measure performance and allocate resources more effectively.
Business Performance Highlights
Diagnostic Division - Our reputation as a trusted national supplier continues to strengthen despite growing competition from lower-priced products. Our policy is to offer our customers high-quality products which exhibit technical excellence and proven reliability.
Garage Equipment - The rapid expansion of this division over the past few years continues. We have an ongoing policy of engineer recruitment and have put in place a comprehensive training programme. Our installation, calibration and repair services now cover the whole of the UK. The division is robust and profitable.
Digital Innovation
We have continued investing in platforms that improve efficiency including a new accounting software system and enhancements to our customer relationship management systems.

Hickleys Limited

Strategic Report for the Year Ended 31 December 2024

The company's key financial and other performance indicators during the year were as follows:

| Unit | 2024 | 2023
Revenue | £ | 11,271,765 | 10,851,745
Net profit after tax | £ | 833,121 | 579,288

We remain in a strong financial position with solid cash reserves, a prudent approach to debt and sustained profitability.
Hickleys is very proud of its legacy – a century of innovation, service and integrity. Yet we are not defined by our past. With a talented team, loyal customer base and bold strategy for the future, we are poised for success in our second century.
On behalf of the Board, I thank all our employees, customers and partners for their support and commitment.

Principal risks and uncertainties

The company is not subject to risks other than the normal business risks.

Approved and authorised by the Board on 3 September 2025 and signed on its behalf by:

Mr D R G Meikle Director

Hickleys Limited

Directors' Report for the Year Ended 31 December 2024

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

Directors of the company

The directors who held office during the year were as follows:

Mr D R G Meikle

Mr D E Henderson

Mr R N Huish

Dividends

The directors recommend a final dividend payment of £Nil be made in respect of the financial period ended 31 December 2024 (2023 - £Nil).

Financial instruments

Objectives and policies

The directors plan to concentrate on expanding market share within key growth areas whilst maintaining profitability in mature markets.

Price risk, credit risk, liquidity risk and cash flow risk

Price risk - the company is exposed to price risk as a result of its operations. Fluctuations in commodity prices are low risk due to the nature of the products sold. The company does not hold equities or securities.
Credit risk - the company has procedures to check new customers and monitors existing customers. Procedures are in place to regularly review credit levels given and minimize risk to an acceptable level.
Liquidity risk - the company has a strong balance sheet and has maintained an appropriate level of working capital to ensure the company can meet its short term liabilities as they fall due.
Interest rate cash flow risk - the company's exposure to interest rates are minimal.

Future developments

The company’s strategic plan is to continue to identify and focus on niche markets which we perceive to have a long term growth potential. We recognise that some of our existing business will naturally contract as technology changes. This has been the case for many years and our current existence and future success are due to our ability to recognise new developing markets and retreat from declining sectors.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Hickleys Limited

Directors' Report for the Year Ended 31 December 2024

Approved by the Board on 3 September 2025 and signed on its behalf by:

Mr D R G Meikle Director |  |

Hickleys Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | 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.

Hickleys Limited

Independent Auditor's Report to the Members of Hickleys Limited

Qualified opinion

We have audited the financial statements of Hickleys Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, 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 qualified opinion on financial statements

We were not appointed as auditor of the company until after 31 December 2023 and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2023, which are included in the balance sheet at £1,494,918, by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount was necessary.

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 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 qualified 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 were 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 included in the annual report, other than the financial statements and our auditor’s report 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.

Hickleys Limited

Independent Auditor's Report to the Members of Hickleys Limited

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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

• | the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, in the light of our 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 and the Directors' Report.

Arising solely from the limitation on the scope of our work relating to inventory, referred to above:

• | we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

• | we were unable to determine whether adequate accounting records have been kept.

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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 6, 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.

Hickleys Limited

Independent Auditor's Report to the Members of Hickleys Limited

Auditor 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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

• | obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;

• | inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud;

• | discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

• | undertaken a review of manual journals processed in the accounting system, applying professional scepticism to ensure they are in line with our expectation that they are not unusual in the normal course of business.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Key audit matters

In addition to the matter described in the basis for qualified opinion section, we have determined the matters described below to the key audit matters to be communicated in our report:
The company was not required to have a statutory audit for the year ended 31 December 2023 as the company was deemed to be small in size and the members had not required the company to obtain an audit under section 476 of the Companies Act 2006. Accordingly, the corresponding figures for the year ended 31 December 2023 were unaudited.

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.

Hickleys Limited

Independent Auditor's Report to the Members of Hickleys Limited

Mr Nigel Fry (Senior Statutory Auditor)
For and on behalf of ML Audit LLP, Statutory Auditor
Winchester House
Deane Gate Avenue
Taunton
Somerset
TA1 2UH

15 September 2025

Hickleys Limited

Profit and Loss Account for the Year Ended 31 December 2024

| Note | Continuing operations 2024 £ | Discontinued operations 2024 £ | Total 2024 £ | Continuing operations 2023 £ | Discontinued operations 2023 £ | Total 2023 £
Turnover | 3 | 10,282,725 | 989,040 | 11,271,765 | 9,317,982 | 1,533,763 | 10,851,745
Cost of sales |  | (7,016,909) | (676,124) | (7,693,033) | (6,405,516) | (996,719) | (7,402,235)
Gross profit |  | 3,265,816 | 312,916 | 3,578,732 | 2,912,466 | 537,044 | 3,449,510
Administrative expenses |  | (2,405,167) | (204,954) | (2,610,121) | (2,360,955) | (372,351) | (2,733,306)
Other operating income | 4 | 98,849 | - | 98,849 | 28,452 | - | 28,452
Operating profit | 6 | 959,498 | 107,962 | 1,067,460 | 579,963 | 164,693 | 744,656
Other interest receivable and similar income | 7 | 46,529 | - | 46,529 | 14,933 | - | 14,933
Profit before tax |  | 1,006,027 | 107,962 | 1,113,989 | 594,896 | 164,693 | 759,589
Tax on profit | 11 | (253,648) | (27,220) | (280,868) | (141,208) | (39,093) | (180,301)
Profit for the financial year |  | 752,379 | 80,742 | 833,121 | 453,688 | 125,600 | 579,288

The company has no recognised gains or losses for the year other than the results above.

Hickleys Limited

Statement of Comprehensive Income for the Year Ended 31 December 2024

| 2024 £ | 2023 £
Profit for the year | 833,121 | 579,288
Total comprehensive income for the year | 833,121 | 579,288

Hickleys Limited

(Registration number: 06443139)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 13 | 588,338 | 508,788
Current assets |  |  |
Stocks | 14 | 1,423,515 | 1,494,918
Debtors | 15 | 1,399,048 | 1,714,654
Cash at bank and in hand | 16 | 1,580,106 | 1,299,513
|  | 4,402,669 | 4,509,085
Creditors: Amounts falling due within one year | 17 | (1,922,702) | (2,250,933)
Net current assets |  | 2,479,967 | 2,258,152
Total assets less current liabilities |  | 3,068,305 | 2,766,940
Provisions for liabilities | 18 | (89,163) | (140,646)
Net assets |  | 2,979,142 | 2,626,294
Capital and reserves |  |  |
Called up share capital | 20 | 1,000 | 1,000
Profit and loss account |  | 2,978,142 | 2,625,294
Total equity |  | 2,979,142 | 2,626,294

Approved and authorised by the Board on 3 September 2025 and signed on its behalf by:

Mr D R G Meikle Director |  |

Hickleys Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

| Share capital £ | Retained earnings £ | Total £
At 1 January 2024 | 1,000 | 2,625,294 | 2,626,294
Profit for the year | - | 833,121 | 833,121
Dividends | - | (480,273) | (480,273)
At 31 December 2024 | 1,000 | 2,978,142 | 2,979,142

| Share capital £ | Retained earnings £ | Total £
At 1 January 2023 | 1,000 | 2,554,060 | 2,555,060
Profit for the year | - | 579,288 | 579,288
Dividends | - | (508,054) | (508,054)
At 31 December 2023 | 1,000 | 2,625,294 | 2,626,294

Hickleys Limited

Statement of Cash Flows for the Year Ended 31 December 2024

| Note | 2024 £ | 2023 £
Cash flows from operating activities
Profit for the year |  | 833,121 | 579,288
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 6 | 138,872 | 107,208
Profit on disposal of tangible assets | 5 | (14,724) | (400)
Finance income | 7 | (46,529) | (14,933)
Income tax expense | 11 | 280,868 | 180,301
|  | 1,191,608 | 851,464
Working capital adjustments |  |  |
Decrease/(increase) in stocks | 14 | 71,403 | (168,408)
Decrease/(increase) in trade debtors | 15 | 315,606 | (554,076)
(Decrease)/increase in trade creditors | 17 | (347,784) | 411,835
(Decrease)/increase in provisions | 18 | (63,850) | 15,800
(Decrease)/increase in deferred income, including government grants |  | (116,169) | 298,945
Cash generated from operations |  | 1,050,814 | 855,560
Income taxes paid | 11 | (132,779) | (103,922)
Net cash flow from operating activities |  | 918,035 | 751,638
Cash flows from investing activities |  |  |
Interest received | 7 | 46,529 | 14,933
Acquisitions of tangible assets |  | (325,628) | (323,640)
Proceeds from sale of tangible assets |  | 121,930 | 400
Net cash flows from investing activities |  | (157,169) | (308,307)
Cash flows from financing activities |  |  |
Dividends paid | 21 | (480,273) | (508,054)
Net increase/(decrease) in cash and cash equivalents |  | 280,593 | (64,723)
Cash and cash equivalents at 1 January |  | 1,299,513 | 1,364,236
Cash and cash equivalents at 31 December |  | 1,580,106 | 1,299,513

Hickleys Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales, United Kingdom.

The address of its registered office is:
Castle Street
Tangier
Taunton
Somerset
TA1 4AU
England

These financial statements were authorised for issue by the Board on 3 September 2025.

2 | Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company meets its day-to-day working capital requirements through its trading activity. The directors are confident that the company has sufficient cash reserves and adequate resources to continue trading for the foreseeable future. The directors are not aware of any known risks or factors which would indicate the company was at risk of being unable to meet its obligations, financial or otherwise, and accordingly continues to prepare its financial statements on a going concern basis.

Hickleys Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

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 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 stock provision involves significant estimation uncertainty. Management assesses inventory for impairment by considering factors such as age, condition and obsolescence. Judgement is required in estimating the extent of slow-moving or obsolete stock and this is considered to have a significant risk of causing a material adjustment to the carrying value of stock. The carrying value of stock at 31 December 2024 is £1,423,515 (2023 - £1,494,918).

The company’s depreciation policy involves significant judgement in estimating the useful economic lives and residual values of property, plant and equipment. These estimates are reviewed annually and adjusted if expectations differ from previous estimates. The carrying amount of property, plant and equipment at 31 December 2024 is £588,338 (2023 - £508,788).

The bad debt provision involves significant estimation uncertainty. Management assesses recoverability of their debts based on historical losses, customer risk profiles, and current economic conditions. Assumptions such as recovery expectations are reviewed regularly, and the provision adjusted accordingly. The carrying amount of trade debtors at 31 December 2024 is £1,111,972 (2023 - £1,578,957.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when all of the following conditions are satisfied:
- the amount of revenue can be reliably measured;
- all of the significant risks and rewards of ownership have been transferred to the customer;
- the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.

Government grants

Government grants are accrued on a systematic basis over the period that the related costs have been recognised. Where the costs have already been incurred then government grants are credited to the profit and loss account in full.

Hickleys Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, less any estimated residual value, over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Property improvements | Straight line over the life of the lease
Other property, plant and equipment | 10%-33% straight line and 16%-33% reducing balance

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised in administrative expenses in the profit and loss account in the year it is charged. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Hickleys Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made. Goodwill has been fully amortised.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | Straight line over 2-4 years
Other intangible assets | Straight line over 2 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average method.
The cost of finished goods and work in progress 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, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Hickleys Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
Recognition and measurement
An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expense in the profit and loss account.
Impairment
Financial instruments are assessed for impairment at the end of each reporting period.

Hickleys Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

3 | Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

| 2024 £ | 2023 £
Sale of garage and diagnostics equipment | 8,983,197 | 8,171,143
Provision of vehicle servicing and repairs | 989,040 | 1,533,763
Sale of healthcare and mobility products | 1,299,528 | 1,146,839
| 11,271,765 | 10,851,745

The analysis of the company's turnover for the year by market is as follows:

| 2024 £ | 2023 £
UK | 11,146,001 | 10,707,132
Europe | 63,134 | 110,089
Rest of world | 62,630 | 34,524
| 11,271,765 | 10,851,745

4 | Other operating income

The analysis of the company's other operating income for the year is as follows:

| 2024 £ | 2023 £
Government grants | 53,758 | 28,452
Management charges receivable | 45,091 | -
| 98,849 | 28,452

5 | Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

| 2024 £ | 2023 £
Gain on disposal of tangible assets | 14,724 | 400

Hickleys Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

6 | Operating profit

Arrived at after charging/(crediting):

| 2024 £ | 2023 £
Depreciation expense | 138,872 | 107,208
Foreign exchange (gains)/losses | (97,534) | 2,483
Profit on disposal of property, plant and equipment | (14,724) | (400)

7 | Other interest receivable and similar income

| 2024 £ | 2023 £
Interest income on bank deposits | 46,529 | 14,905
Other finance income | - | 28
| 46,529 | 14,933

8 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2024 £ | 2023 £
Wages and salaries | 2,128,353 | 2,297,431
Social security costs | 12,419 | 8,295
Pension costs, defined contribution scheme | 258,987 | 148,562
Redundancy costs | - | 22,146
| 2,399,759 | 2,476,434

The average number of persons employed by the company (including directors) during the year, analysed by category, was as follows:

| 2024 No. | 2023 No.
Engineers and technicians | 29 | 29
Sales, administration and management | 29 | 34
Directors | 3 | 3
| 61 | 66

Hickleys Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

9 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2024 £ | 2023 £
Remuneration | 114,493 | 80,032
Contributions paid to money purchase schemes | 156,771 | 68,935
| 271,264 | 148,967

During the year the number of directors who were receiving benefits and share incentives was as follows:

| 2024 No. | 2023 No.
Accruing benefits under money purchase pension scheme | 3 | 3

10 | Auditors' remuneration

| 2024 £ | 2023 £
Audit of the financial statements | 21,500 | -
Other fees to auditors |  |
All other assurance services | 7,315 | 7,000

11 | Taxation

Tax charged/(credited) in the income statement:

| 2024 £ | 2023 £
Current taxation |  |
UK corporation tax | 268,501 | 132,779
UK corporation tax adjustment to prior periods | - | 4,839
| 268,501 | 137,618
Deferred taxation |  |
Arising from origination and reversal of timing differences | 12,367 | 42,683
Tax expense in the income statement | 280,868 | 180,301

Hickleys Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 23.52%).
The differences are reconciled below:

| 2024 £ | 2023 £
Profit before tax | 1,113,989 | 759,589
Corporation tax at standard rate | 278,497 | 178,655
Increase in UK and foreign current tax from adjustment for prior periods | - | 4,839
Effect of revenues exempt from taxation | - | (156)
Effect of expense not deductible in determining taxable profit (tax loss) | 2,371 | 435
Deferred tax credit from unrecognised tax loss or credit | - | (127)
Deferred tax credit from unrecognised temporary difference from a prior period | - | (6,250)
Deferred tax expense relating to changes in tax rates or laws | - | 2,905
Total tax charge | 280,868 | 180,301

Deferred tax

Deferred tax assets and liabilities

2024 | Liability £
Accelerated capital allowances | 121,262
Other short term timing differences | (44,249)
| 77,013

2023 | Liability £
Accelerated capital allowances | 87,336
Other short term timing differences | (22,690)
| 64,646

Hickleys Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

12 | Intangible assets

| Goodwill £ | Other intangible assets £ | Total £
Cost or valuation
At 1 January 2024 | 113,505 | 42,600 | 156,105
At 31 December 2024 | 113,505 | 42,600 | 156,105
Amortisation
At 1 January 2024 | 113,505 | 42,600 | 156,105
At 31 December 2024 | 113,505 | 42,600 | 156,105
Carrying amount
At 31 December 2024 | - | - | -

Amortisation is recognised within administrative expenses within the profit and loss account.
The directors have estimated the goodwill to have useful economic lives of between 2-4 years.

Hickleys Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

13 | Tangible assets

| Property improvements £ | Other property, plant and equipment £ | Total £
Cost or valuation
At 1 January 2024 | 42,479 | 1,638,697 | 1,681,176
Additions | 1,200 | 324,428 | 325,628
Disposals | (11,091) | (830,929) | (842,020)
At 31 December 2024 | 32,588 | 1,132,196 | 1,164,784
Depreciation
At 1 January 2024 | 37,483 | 1,134,905 | 1,172,388
Charge for the year | 1,653 | 137,219 | 138,872
Eliminated on disposal | (11,091) | (723,723) | (734,814)
At 31 December 2024 | 28,045 | 548,401 | 576,446
Carrying amount
At 31 December 2024 | 4,543 | 583,795 | 588,338
At 31 December 2023 | 4,996 | 503,792 | 508,788

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings and £4,543 (2023 - £4,996) in respect of long leasehold land and buildings.

14 | Stocks

| 2024 £ | 2023 £
Work in progress | - | 2,410
Finished goods | 1,423,515 | 1,492,508
| 1,423,515 | 1,494,918

Impairment of stocks

The amount of impairment loss included in profit or loss is £Nil (2023 - £49,165). The amount of reversal of impairment recognised in profit or loss is £116,273 (2023 - £Nil).

Hickleys Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

15 | Debtors

Current | Note | 2024 £ | 2023 £
Trade debtors |  | 1,111,972 | 1,578,957
Amounts owed by related parties | 23 | 97,075 | -
Other debtors |  | 91,029 | 41,237
Prepayments |  | 98,972 | 94,460
|  | 1,399,048 | 1,714,654

16 | Cash and cash equivalents

| 2024 £ | 2023 £
Cash on hand | 339 | 457
Cash at bank | 1,579,767 | 1,299,056
| 1,580,106 | 1,299,513

17 | Creditors

| Note | 2024 £ | 2023 £
Due within one year |  |  |
Trade creditors |  | 837,346 | 948,934
Social security and other taxes |  | 247,955 | 340,532
Outstanding defined contribution pension costs |  | 97,995 | 20,450
Other creditors |  | 42,457 | 90,602
Accruals |  | 245,672 | 418,691
Corporation tax liability | 11 | 268,501 | 132,779
Deferred income |  | 182,776 | 298,945
|  | 1,922,702 | 2,250,933

Hickleys Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

18 | Provisions for liabilities

| Deferred tax £ | Other provisions £ | Total £
At 1 January 2024 | 64,646 | 76,000 | 140,646
Increase/(decrease) in existing provisions | 12,367 | (15,235) | (2,868)
Increase/(decrease) from transfers and other changes | - | (48,615) | (48,615)
At 31 December 2024 | 77,013 | 12,150 | 89,163

There are no unused tax losses or unused tax credits.
The deferred tax provision is not expected to reverse significantly in the next twelve months, although this is subject to estimation uncertainty.

19 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £258,987 (2023 - £148,562).
Contributions totalling £97,995 (2023 - £20,450) were payable to the scheme at the end of the year and are included in creditors.

20 | Share capital

Authorised, allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary shares of £1 each | 800 | 800 | 800 | 800
Ordinary B shares of £1 each | 200 | 200 | 200 | 200
| 1,000 | 1,000 | 1,000 | 1,000

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions: The ordinary shares have full voting rights and rights to dividends at the discretion of the directors.
Ordinary B shares have the following rights, preferences and restrictions: The ordinary shares have full voting rights and rights to dividends at the discretion of the directors.

Hickleys Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

21 | Dividends

Interim dividends paid

|  | 2024 £ |  | 2023 £
Interim dividend of £380.10 (2023 - £425.31) per each Ordinary shares |  | 304,085 |  | 340,244
Interim dividend of £880.94 (2023 - £839.05) per each Ordinary B shares |  | 176,188 |  | 167,810
|  | 480,273 |  | 508,054

22 | Analysis of changes in net debt

| At 1 January 2024 £ | Financing cash flows £ | At 31 December 2024 £
Cash and cash equivalents |  |  |
Cash equivalents | 1,299,513 | 280,593 | 1,580,106
| 1,299,513 | 280,593 | 1,580,106

23 | Related party transactions

Key management personnel

Key management is considered to be the directors and senior management.

Key management compensation

| 2024 £ | 2023 £
Salaries and other short term employee benefits | 412,490 | 297,035

Transactions with directors

2024 | At 1 January 2024 £ | Advances to director £ | Repayments by director £ | At 31 December 2024 £
Loan repayable on demand upon which interest is charged at HM Revenue and Customs approved rates | 7,408 | 7,806 | (14,200) | 1,014

Hickleys Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

2023 | At 1 January 2023 £ | Advances to director £ | Repayments by director £ | At 31 December 2023 £
Loan repayable on demand upon which interest is charged at HM Revenue and Customs approved rates | 11,843 | 5,855 | (10,290) | 7,408

Summary of transactions with parent

The company has taken advantage of the exemptions in Financial Reporting Standard Section 33.1A, and has not disclosed transactions between wholly owned members of the same group.

24 | Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Hickleys Holdings Limited, incorporated in England and Wales, United Kingdom. Hickleys Holdings Limited shares the same registered office as the company.
The ultimate controlling party are the directors of Hickleys Holdings Limited who own 100% of the called up share capital.

25 | Non adjusting events after the financial period

On 1 January 2025, Hickleys Limited discontinued their activities in the healthcare trade and transferred this to Hickleys Healthcare Limited. In the 2024 financial statements, the healthcare trade accounted for 11.5% of revenue and 22.7% of profit before tax.