Company No: 02634095 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

Directors	S Maule
	S C Whale

Secretary

N Ward

Registered office	48 Gracechurch Street
	London
	EC3V 0EJ
	United Kingdom

Company number

02634095 (England and Wales)

Accountant	Kreston Reeves LLP
	Springfield House
	Springfield Road
	Horsham
	West Sussex
	RH12 2RG

	Note	31.12.2024		31.12.2023
		£		£
Fixed assets
Tangible assets	3	68,122		110,383
		68,122		110,383
Current assets
Debtors	4	589,380		686,430
Cash at bank and in hand		737,661		610,229
		1,327,041		1,296,659
Creditors: amounts falling due within one year	5	( 790,930)		( 803,213)
Net current assets		536,111		493,446
Total assets less current liabilities		604,233		603,829
Creditors: amounts falling due after more than one year	6	( 50,000)		( 103,623)
Net assets		554,233		500,206
Capital and reserves
Called-up share capital	8	2,137		2,137
Share premium account		4,243		4,243
Capital redemption reserve		26		26
Profit and loss account		547,827		493,800
Total shareholder's funds		554,233		500,206

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Luther Pendragon Limited (registered number: 02634095) were approved and authorised for issue by the Board of Directors on 24 September 2025. They were signed on its behalf by:

S Maule Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Luther Pendragon Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 48 Gracechurch Street, London, EC3V 0EJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	depreciated over the life of the lease
Fixtures and fittings	3 - 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the
contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

2. Employees

	31.12.2024		31.12.2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	24		24

3. Tangible assets

	Land and buildings		Fixtures and fittings		Total
	£		£		£
Cost
At 01 January 2024	17,868		513,754		531,622
Additions	0		6,930		6,930
Disposals	0		( 145,939)		( 145,939)
At 31 December 2024	17,868		374,745		392,613
Accumulated depreciation
At 01 January 2024	12,509		408,730		421,239
Charge for the financial year	1,787		47,197		48,984
Disposals	0		( 145,732)		( 145,732)
At 31 December 2024	14,296		310,195		324,491
Net book value
At 31 December 2024	3,572		64,550		68,122
At 31 December 2023	5,359		105,024		110,383

4. Debtors

	31.12.2024		31.12.2023
	£		£
Trade debtors	154,536		253,484
Amounts owed by Ultimate Parent undertakings	293,250		239,821
Prepayments	78,260		101,472
Deferred tax asset	2,339		2,339
Other debtors	60,995		89,314
	589,380		686,430

5. Creditors: amounts falling due within one year

	31.12.2024		31.12.2023
	£		£
Bank loans	50,000		50,000
Trade creditors	42,601		240,274
Amounts owed to fellow subsidiaries	20,110		20,110
Amounts owed to directors	3,929		3,929
Accruals	236,619		109,970
Corporation tax	85,174		68,396
Other taxation and social security	291,206		276,286
Other creditors	61,291		34,248
	790,930		803,213

6. Creditors: amounts falling due after more than one year

	31.12.2024		31.12.2023
	£		£
Bank loans	50,000		100,000
Other creditors	0		3,623
	50,000		103,623

There are no amounts included above in respect of which any security has been given by the small entity.

7. Deferred tax

	31.12.2024		31.12.2023
	£		£
At the beginning of financial year	2,339		( 702)
Credited to the Profit and Loss Account	0		3,041
At the end of financial year	2,339		2,339

8. Called-up share capital

	31.12.2024		31.12.2023
	£		£
Allotted, called-up and fully-paid
213,700 Ordinary shares of £ 0.01 each	2,137		2,137

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	31.12.2024		31.12.2023
	£		£
within one year	135,840		135,840
between one and five years	101,880		237,720
	237,720		373,560

10. Related party transactions

Transactions with owners holding a participating interest in the entity

	31.12.2024		31.12.2023
	£		£
Luther Pendragon Holdings Limited - Parent Company	293,250		239,831

During the year the company continued to provide an interest free loan to Luther Pendragon Holdings Limited. At the balance sheet date the amount due from Luther Pendragon Holdings Limited was as per above.

Transactions with entities in which the entity itself has a participating interest

	31.12.2024		31.12.2023
	£		£
Linstock Communications Limited - Subsidiary	20,110		20,110

During the year the company continued to be provided with an interest free loan from Linstock Communications Limited. At the balance sheet date the amount due to Linstock Communications Limited was as per above.

11. Ultimate controlling party

Parent Company:

Luther Pendragon Holdings Limited,

48 Gracechurch Street, London, England, EC3V 0EJ

The company's immediate and ultimate parent is Luther Pendragon Holdings Limited, a company incorporated in England and Wales. There is no one ultimate controlling party.
The company and its parent comprise a small group. The company has therefore taken advantage of the exemption provided by section 399 of the Companies Act 2006 not to prepare group financial statements.