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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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FORD & SLATER LIMITED
COMPANY INFORMATION
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FORD & SLATER LIMITED
CONTENTS
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FORD & SLATER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their Strategic Report for Ford & Slater Limited (the 'Company') for the year ended 31 December 2024.
Principal activities The principal activity of the Company throughout the year was the sale and provision of services in respect of commercial vehicles and the sale of spare parts for commercial vehicles and trailers. Ford & Slater Limited is one of the largest DAF sales dealers in the UK. Business review The Company performance represented a year of steady progress. Whilst economic growth slowed significantly in the second half of the year, UK GDP increased by 0.9% in 2024 following a 0.4% increase in 2023. The Bank of England reduced its Base Rate from 5.25% in December 2023 to 4.75% in December 2024 as inflation returned to lower levels; Consumer Prices Index (CPI) inflation decreased from 4.0% in December 2023 to 2.5% in December 2024. The UK new truck market (>6 tonnes GVW) decreased by 2.7% from 46,227 units in 2023 to 44,988 units in 2024. DAF Trucks achieved a 28.40% market share >6 tonnes GVW in their 30th year of market leadership. The new truck supply chain situation, in particular bodybuilder delays, eased significantly during the second half of 2024 thereby enabling the delivery and registration of significant volumes of new trucks to customers. Certain key performance indicators utilised by the directors to monitor performance are detailed below: 2024 2023 New truck sales (number of invoiced units) 2,311 2,152 MOT First Time Pass percentage (%) 98.3% 98.4% Parts First Time Pick percentage (%) 94.7% 94.8% Return on Equity (%) 6.5% 5.1% Overall turnover increased significantly from £323.2 million in 2023 to £364.6 million in 2024. The strong performance of the Company was highlighted when DAF Trucks recognised Ford & Slater Limited with a Premium League Dealer Award for excellent all-round dealer performance and the European Electric Truck Dealer Award at the International Dealer Meeting in January 2025. Vehicle sales revenues increased from £214.1 million in 2023 to £244.7 million in 2024. Although the UK truck market size and DAF Trucks market share were lower in 2024 than in the prior year, the number of trucks sold by the Company was higher as bodybuilder supply chain performance improved during the second half of 2024. The level of profits generated by vehicle sales increased as a result of the above; Ford & Slater Limited remained one of the larger DAF sales dealers within the UK measured by vehicle registrations and the directors were pleased with the operational and financial performance of the vehicle sales area.
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FORD & SLATER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors continued to actively promote after sales activities which generate the majority of company profits.
Parts revenues increased from £63.4 million in 2023 to £67.2 million in 2024 due to improved performance from the four dealership locations acquired in September 2022 and significantly higher levels of DAF Trucks manufacturer warranty activity. However, the overall level of profits generated by the parts business area was below 2023 due partly to ongoing gross profit margin pressures; in addition the Company achieved fewer of the quarterly parts purchasing targets set by PACCAR Inc. Parts. Service revenues increased from £45.7 million in 2023 to £52.6 million in 2024, in part due to customer rate increases. The Company continued to develop its highly successful HGV Apprentice program to mitigate the continued shortage of HGV technicians and HGV technician salary inflation. The overall level of service profits was ahead of the prior year level. Administrative expenses increased due to higher business activity levels and the annual pay increase, while sensible cost control and efficiency measures operated across the Company after a period of significant growth and inflationary pressures. The level of profits achieved on the disposal of fixed assets equalled £0.8 million in 2024, a similar level to £0.7 million in 2023. The Company’s interest expense equalled £2.6 million in 2024, a similar level to £2.7 million in 2023. The phasing of hire purchase borrowings arranged/repaid in relation to revenue generating vehicles, as well as upwards and downwards movements in the Bank of England Base Rate did mean that the monthly interest costs in the second half of 2024 were on a downward trend. As a result of the above factors, the Company’s profit before taxation of £2.6 million in 2024 was higher than the prior year level of £1.2 million. The pension scheme asset, calculated on an FRS 102 ‘Retirement Benefits’ basis, included within the Balance Sheet as at 31 December 2024 equals £9.8 million (2023: pension scheme asset of £7.7 million). The constituent elements are discussed further within note 26 to the financial statements. Fixed asset additions to revenue generating vehicles decreased from £30.3 million in 2023 to £2.4 million in 2024, as a result of the Company’s decision to reduce the size of its contract hire portfolio. The Company net debt position as at 31 December 2024 was £26.3 million (2023 net debt: £46.7 million); this significant decrease in borrowings was mainly due to the repayment of hire purchase debt agreements to finance long-term contract hire agreements supplying new DAF vehicles to certain key customers. New truck stock and trade creditors (mainly comprising amounts owed to PACCAR in respect of new vehicles) were lower as at 31 December 2024 due to the delivery of new trucks to customers in the second half of 2024 whilst new truck order volumes were lower. The great majority of factory build orders placed with DAF Trucks are covered by customer capital expenditure purchase orders due to their high value and specialist nature.
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FORD & SLATER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
In common with industry norms, the Company generally purchases new trucks with the assistance of dealer stocking plan arrangements provided by PACCAR. The dealer stocking plan arrangements include the requirement that vehicles need to be paid for in full at 180 days from date of invoice.
In the event that the Company is unable to complete the sale of new vehicles within the above timescale, it may need to obtain similar financing from other sources. This risk is addressed through our strong manufacturer relationship and the excellent support PACCAR continues to provide to its most loyal dealers, our unutilised borrowing capacity and a wide range of actions the Company could pursue to dispose of stock vehicles amongst our diverse truck sales customer base, if necessary. The Company’s commercial risks include repair and maintenance contracts and residual values. The Company maintains vehicles to manufacturer standards in the most cost-effective manner, thereby minimising whole life maintenance costs and ensuring high resale values. The Company reviews its residual values through the life of a contract and makes adjustments accordingly. The majority of profits are generated from the DAF Trucks franchise. However, the DAF sales franchise agreements continue indefinitely provided that minimum sales targets and dealer standards set by the manufacturer are met; and the directors see no reason why these franchise agreements will not continue for the foreseeable future. Whilst there is a degree of customer concentration for new truck sales this risk is mitigated by a diverse customer base for parts and service sales and regular dialogue with key customers.
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FORD & SLATER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Section S172 Statement
The success of the Company is dependent on the support of all of our stakeholders. Building positive relationships with stakeholders that share our values, those of a family-owned company that takes decisions with a long-term view in mind, is extremely important to us. Employees Employees are key to our success and we want them to succeed individually and as a team. The Company engages with employees through stories shared on the Ford & Slater Limited website, X, Instagram and LinkedIn. Regular supervisor meetings cover a range of topics such as health and safety, financial performance, outlook and training opportunities. The Company carefully monitors staff turnover to better understand the reasons why staff have opted to pursue alternative career opportunities. The apprentice panel offers trainees the opportunity to have their say on issues affecting the Company and apprentices. Company newsletters are regularly distributed to keep all employees informed of developments. Shareholders The directors include the two main shareholders that both work full-time in their role as Joint Managing Directors. With significant shareholder input as would be expected, the directors take care to have regard to the likely consequences on all stakeholders of the decisions and actions which they take. Where possible, decisions are carefully discussed with affected employees and are therefore fully understood and supported by them. Customers Our mission statement is to exceed our customer’s expectations by offering high quality transport services in an ethical manner at competitive prices. The Company seeks to achieve this by utilising the synergies within our dealership group, offering innovative solutions and a “one-stop shop” provided by highly motivated and skilled long-term employees, reinvesting profits to provide modern, safe premises. The directors spend considerable time with our customers to understand their needs and views and listen to how we can improve our offer and service for them. Suppliers DAF Trucks is our sole manufacturer relationship, consequently our interests are wholly aligned with DAF Trucks, unlike other dealers with competing manufacturer relationships. DAF Trucks is a subsidiary of PACCAR Inc., the worldwide quality leader in the design and manufacture of premium light, medium and heavy-duty commercial vehicles. The directors invest significant time and effort to build excellent relationships throughout the PACCAR Inc. organisation, including through the National and International Dealer Councils where Ford & Slater Limited holds a number of influential positions. Communities The Company is committed to make a positive contribution to our local communities. Corporate and social responsibility is important because (a) it benefits our local communities and improves the environment, (b) it enables the directors to gain a better understanding of the communities we work and live in; and (c) it encourages team spirit and builds positive employee morale and engagement. The Company has been working alongside Leicestershire Cares since 2008, an initiative of Business in the Community, and this connection enables our workforce to become involved in a wide number of community initiatives.
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FORD & SLATER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Regulators The Company engages with regulators such as the Driver and Vehicle Standards Agency (DVSA) and the SMMT through a range of forums to communicate our views to policy makers relevant to our business. The directors take legal and regulatory developments into account when considering future actions. Streamlined Energy and Carbon Reporting The Company is a subsidiary of Strevens Vehicles Holdings Limited and therefore the SECR disclosures required in relation to both Strevens Vehicles Limited and the Company have been included in the Strevens Vehicles Limited Annual Report on pages 5 - 7. The Strevens Vehicles Limited Annual Report has been prepared for the same financial year as the Company.
This report was approved by the board and signed on its behalf.
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FORD & SLATER 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.
The profit for the year, after taxation, amounted to £1,750,396 (2023 - £1,237,291).
Dividends totalling £Nil (2023: £Nil) have been declared and paid during the year. No further dividends have been declared or paid post 31 December 2024.
The directors who served during the year were:
As per the SMMT registration statistics, truck market registrations (> 6 tonnes) decreased from 46,227 units in 2023 to 44,988 units in 2024, nevertheless this represented a normal level of UK truck market registrations.
During the first half of 2024, a number of truck manufacturers including DAF Trucks suffered registration delays associated with the introduction of industry-wide General Safety Regulations and Cyber Security improvements. These were substantially overcome by the third quarter of 2024, but lead times also shortened significantly during the year ended 31 December 2024 due to lower new truck market demand. The latest 2025 market forecast suggests a further 5% decrease to approximately 39,900 registrations in 2025 with an uncertain economic outlook, the ongoing war in Ukraine, conflict in the Middle East and a downward trend borrowing costs. The UK truck market should be closely related to GDP, business and consumer confidence. The need for increasingly fuel-efficient, environmentally cleaner new HGVs with enhanced safety features (to protect vulnerable road users) to enter UK cities provides a medium-term underpin to the UK truck market and there remain limited alternatives to road transportation generally. It is widely acknowledged that de-carbonization of the HGV transport sector is more challenging than replacing the combustion engine within cars and vans; it will progress more slowly and occur over a longer timeframe. The 2025 aftersales forecast is for service revenues to increase due to higher hourly labour charge-out rates, whilst parts sales are forecast to decrease as a result of the lower age of the UK HGV vehicle parc; the Company continues to focus on margin retention through productivity and efficiency gains. Activity levels remain strong and the Company remains well placed to take advantage of any market opportunities that may be presented. Based on anticipated market trends and current activity levels, the Company outlook is positive in terms of overall profitability. The Strevens Vehicles Holdings Limited group (the ‘Group’) cash position and net asset position of the Company (and the Group) demonstrate adequate resources to adopt the going concern basis.
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FORD & SLATER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors believe that our loyal employees, strong manufacturer relationship and diverse customer base should provide the Company with future opportunities.
Financial risk management
The Company has both interest bearing assets and interest bearing liabilities. Interest bearing assets comprise only cash balances, interest bearing liabilities comprise only hire purchase commitments. The assets and liabilities are subject to interest rate fluctuations. The Company is exposed to liquidity risk. The Company has committed financing facilities through its parent undertaking which regularly monitors available cash balances and facilities to ensure that the Company has sufficient funds to meet its obligations. The Company does not enter into derivative financial instruments, including interest rate swaps and foreign exchange contracts. The Company is exposed to credit risk as a result of its operations. Prior to sales being made, appropriate checks are performed over the ability of the customer to pay. Regular reviews of credit limits and monitoring of the aged debtors ledger are utilised to minimise the risk to the Company on an ongoing basis. Customer credit risk is partially mitigated by the relatively high number of individual transactions that are undertaken with new vehicle sales customers during the course of a year.
During the year, the policy of providing employees with information about the Company has continued through internal media in which employees have been encouraged to present their suggestions and views on the Company’s performance. Regular meetings are held between local management and employees to allow the free flow of information and ideas.
The Company’s Articles of Association provide, subject to the provisions of UK legislation, an indemnity for directors and officers of the Company in respect of liabilities they may incur in the discharge of their duties or in the exercise of their powers, including any liabilities relating to the defence of any proceedings brought against them which relate to anything done or omitted, by them as officers or employees of the Company.
Appropriate directors’ and officers’ liability insurance cover is in place in respect of all the Company’s directors. Employee involvement During the year, the policy of providing employees with information about the Company has continued through internal media in which employees have been encouraged to present their suggestions and views on the Company’s performance. Regular meetings are held between local management and employees to allow the free flow of information and ideas.
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FORD & SLATER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
On 12 September 2025, Ford & Slater signed for the purchase of the Sheffield freehold dealership located at Orgreave Drive, Sheffield for a consideration of £1,100,000. The completion date has been agreed as 29 September 2025. As the purchase was agreed and completed after the balance sheet date, no adjustment has been made to the financial statements for the year ended 31 December 2024.
There have been no further significant events affecting the Group since the year end.
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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FORD & SLATER LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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; 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 to 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.
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FORD & SLATER LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FORD & SLATER LIMITED
We have audited the financial statements of Ford & Slater Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
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FORD & SLATER LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FORD & SLATER LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report 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.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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FORD & SLATER LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FORD & SLATER LIMITED (CONTINUED)
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud;
∙enquiry of entity staff in tax and compliance functions and external advisors to identify any instances of non-compliance with laws and regulations;
∙performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙reviewing the financial statements disclosures and testing these to supporting documentation to assess compliance with applicable laws and regulations;
∙discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and potential indicators of fraud; and
∙reviewing minutes of meetings of those charged with governance.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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FORD & SLATER LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FORD & SLATER LIMITED (CONTINUED)
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.
Shelley Harvey FCCA (Senior Statutory Auditor) for and on behalf of MHA, Statutory Auditor, Leicester, United Kingdom Date: MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
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FORD & SLATER LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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FORD & SLATER LIMITED
REGISTERED NUMBER: 02495131
BALANCE SHEET
AS AT 31 DECEMBER 2024
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FORD & SLATER LIMITED
REGISTERED NUMBER: 02495131
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 44 form part of these financial statements.
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FORD & SLATER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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FORD & SLATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The entity is a private company limited by shares, which is incorporated in England and Wales. The registered office address is Hazel Drive, Narborough Road South, Leicester England LE3 2JG. The Company registration number is 02495131.
The principal activity of the Company is the sales and provision of services in respect of commercial vehicles and the sale of spare parts for the commercial vehicles and trailers.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The financial statements have been presented in British Pound Sterling (£)
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Strevens Vehicles Holdings Limited as at 31 December 2024 and these financial statements may be obtained from Hazel Drive, Narborough Road South, Leicester England LE3 2JG.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking incorporated in England and Wales and is therefore exempt from the requirement to prepare consolidated financial statements under section 405 of the Companies Act 2006.
Page 18
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FORD & SLATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
After reviewing the Company's forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
The revenue shown in the Statement of Comprehensive Income represents amounts receivable or received for goods and services provided during the year, net of value added tax and trade discounts.
Vehicle and part sales are recognised when the risk and rewards of ownership are transferred to the customer and the Company has fulfilled is performance obligations, typically this is upon delivery and acceptance of the goods by the customer. Timing differences between this date and the raising of sales invoices are recognised within deferred and accrued income. Sales in relation to repairs/servicing are recognised once the work has been completed and the work has been accepted by the customer. Timing differences between this date and the raising of sales invoices are recognised within deferred and accrued income. Sales in relation to repair and maintenance contracts are recognised in line with the completion of the contractual obligations of the Company under these agreements. The performance of these contracts is monitored on a regular basis by management to ensure that the expected costs to be incurred are adequately covered by deferred income or future contract payments from the customer. When the contract is completed, any remaining deferred revenue is released. Provisions for loss making contracts are recognised as soon as they are identified and where the outcome of the contract can be predicted with reasonable certainty. Where the degree of certainty over future costs cannot be predicted with a reasonable degree of accuracy, no provisions are made. Amounts received in excess of work performed are shown within deferred income in the Balance Sheet.
Page 19
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FORD & SLATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Assets obtained under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charge to the Statement of Comprehensive Income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Page 20
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FORD & SLATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Defined benefit pension plan
Page 21
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FORD & SLATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Goodwill
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Page 22
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FORD & SLATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. In general, cost is determined on a first in first out basis.
Work in progress is valued on the basis of direct cost plus attributable overheads at normal levels of activity. No element of profit is included in the valuation of work in progress. Finished goods include the cost of materials, labour and attributable overheads at normal levels of activity. Where necessary, provision is made for obsolete and slow moving stocks. Amounts receivable under manufacture incentive agreements are recognised when the Company has achieved the criteria set out therein and agreement has been reached with the manufacturer for reimbursement. When amounts received relate directly to stock purchases made, which are still held by the Company, they are netted against the value of the remaining stock rather than being recognised as income within the financial statements.
Page 23
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FORD & SLATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations might be small. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.
Page 24
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FORD & SLATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price, net of transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
Page 25
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FORD & SLATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. (i) Useful economic lives of intangible assets The annual amortisation charge for intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, market value, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the intangible assets, and note 2.14 for the useful economic lives for each class of assets. (ii) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, market value, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the property, plant and equipment, and note 2.15 for the useful economic lives for each class of assets. (iii) Stock provisioning The Company holds stocks of vehicles and parts, which are subject to changing customer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. See note 15 for the net carrying amount of the stock and associated provision. (iv) Defined benefit pension schemes The Company has obligations to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including: life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation/asset in the Balance Sheet. The assumptions reflect historical experience and current trends. See note 26 for the disclosures relating to the defined benefit pension schemes. (v) Impairment of trade debtors The Company is required to offer credit terms to the majority of its customers for the sale of commercial vehicles, spare parts and services. Some debts will not be paid through the default of a small number of customers. Whilst there is a degree of customer concentration, this risk is partially mitigated by a diverse customer base and regular dialogue with key customers.
Page 26
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FORD & SLATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 27
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FORD & SLATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 28
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FORD & SLATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 29
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FORD & SLATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
Page 30
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FORD & SLATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 31
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FORD & SLATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 32
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FORD & SLATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 33
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FORD & SLATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 34
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FORD & SLATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 35
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FORD & SLATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 36
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FORD & SLATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 37
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FORD & SLATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 38
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FORD & SLATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
(i) Pensions
The Company operates two defined benefit pension schemes, namely the Ford & Slater Pension Scheme and the Ford & Slater No. 2 Pension Scheme (together "the schemes"), both of which are closed to new entrants. The contributions to the schemes are determined with the advice of independent qualified actuaries on the basis of triennial valuations using the projected unit method. The Company offers membership of a defined contribution pension scheme to employees who are not members of the defined benefit pension schemes. Contributions of £1,792,000 (2023 - £1,673,000) were paid into the defined contribution pension schemes during the year. (ii) Financial Reporting Standard 102 (FRS 102), Paragraph 28 'Defined benefit plans' For the purpose of FRS 102 the Company has presented the amounts recognised in the Statement of Comprehensive Income and Balance Sheet for the Ford & Slater Pension Scheme and the Ford & Slater No. 2 Pension Scheme on a combined basis, in line with paragraph 28.41 of FRS 102. There is no legal right of set off between the two defined benefit pension schemes, but the directors consider the combined presentation basis to be the most appropriate for the purposes of FRS 102. The Company made regular contributions of 26.2% of pensionable salary above the lower earnings limit into the Ford & Slater Pension Scheme until 30 June 2023. With effect from 1 July 2023, the Group made regular contributions of 25.8% of pensionable salary above the lower earnings limit into the Ford & Slater Pension Scheme in line with the new schedule of contributions agreed as part of the 6 April 2022 actuarial valuation; the Company will also pay £200,000 per annum towards scheme administration costs. With effect from 1 August 2024 the Company has made regular contributions of 17.6% of total pensionable salaries into the Ford & Slater No. 2 Pension Scheme, in line with the new schedule of contributions that was put in place following the finalisation of the 1 May 2023 actuarial valuation. Regular employer contributions in 2025 are estimated to be £600,000 for the two schemes. Deficit reduction contributions equal to £4,167 per month, or £50,000 per annum, were agreed under the recovery plan of the Ford & Slater No. 2 Pension Scheme which came into effect from 1 June 2021 onwards. Following the finalisation of the 1 May 2023 actuarial valuation in July 2024, no recovery plan or deficit reduction contributions are needed in relation to the scheme. Certain key financial information as at 31 December 2024, by individual defined benefit pension scheme, is as follows:
∙The Ford & Slater Pension Scheme fair value of scheme assets and FRS102 net pension scheme asset (within the Company Balance Sheet) were £22,800,000 (2023 - £24,200,000) and £4,200,000 (2023 - £3,000,000) respectively; and
∙The Ford & Slater No. 2 Pension Scheme fair value of scheme assets and FRS102 net pension scheme asset (within the Company Balance Sheet) were £10,000,000 (2023 - £9,800,000) and £5,600,000 (2023 - £4,700,000) respectively.
Page 39
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FORD & SLATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
26.Pension commitments (continued)
Page 40
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FORD & SLATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
26.Pension commitments (continued)
Page 41
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FORD & SLATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
26.Pension commitments (continued)
Page 42
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FORD & SLATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 43
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FORD & SLATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no further significant events affecting the Group since the year end.
The Company's immediate and ultimate parent undertaking is
Page 44
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