The director presents the strategic report for the year ended 30 April 2025.
Yet another year of strong performance, maximising opportunities in the retail sector, on the back of great product, customer retention, and an experienced committed workforce. Used car margins improved by 1% to just over 10%, at the same time growing volumes slightly too. Aftersales enjoyed growth of 5% on the back of increased customer opportunities. Overall head count increased by 4 in the period, taking the total to 62 employees.
Although demand remained poor for EV’s in the retail sector, over the 12 months EV’s sales representing 15% of the total new car sales of 900 units; a significant improvement on the previous year, and in line with manufacturer/government expectation. And a very strong retail performance knowing the majority of EV’s are registered to business/fleet users. Used car residual values have started to return to pre-covid levels, on the back of better supply of new. Putting the emphasis on managing age profit of the used car stock, as well as demonstrators. Direct purchasing of quality used stock hasn’t been easy, limiting margin retention and risking poorer age profile and high rectification costs. Once again, we have relied on quality part exchanges, we can sell with confidence, from the new car business we have generated, rather than pushing volume at any cost.
Total turnover in the 12-month period increased by 10% on the previous financial year, to £42.8M. Overall gross profit fell slightly from 11.4% to 11%. Profit before tax increased by 27% on the previous year, coming in at £2.66M. Profit as a percentage of turnover at 6.2% (including interest received of £748,000.00 in the period), before interest 4.5%
During the period property rents of £213,400.00 were paid to Piccadilly Holdings Limited by Piccadilly Motors Limited. Profit as a percentage of turnover for the year, after of rent, came in at 5.1%, an improvement 0.61% on the previous year, and well above industry average. Cost of heat, light and power in the year reduced by 21% to £44,378.00, after investing in more efficient lighting and heating equipment.
Total cost of wages in the period increased by 4%. Our Kia business at Knaresborough continued to trade well; as has Wakefield, now in its 5th year with the Kia Brand, benefitting from more repeat business. Finishing with the Stellantis Brands has allowed the business focus purely on our core Kia activities.
New vehicle turnover over for the 12 months across the sites reached £23.2M, up 21%, a combination of increased volume and higher transaction prices. Number of new vehicles invoiced in the 12 months increased from 792 to 900, all Kia Brand product. New vehicle gross profit fell in the period to 6.75% a small reduction of 0.15%, caused by the increase in market competition, helped by lesser volume of low margin Motability sales in the period. The total number of vehicles sold in the period, including trade part exchanges came in at 2031 units, up 5% year on year.
In the same period used car volumes increased slightly to 651 units, gross profit remained strong at 10% in the trading period. Sales ratio used to new at 0.72:1.0, due to shortage of used suitable to sell with confidence, without incurring excessive reconditioning cost and lowering of standards. Throughout the year the average days a used car was in stock equated to less than 25 days, significantly better than industry average, made up of highly desirable stock and high demand for the product we sell. At the end of the year the sites had single numbers of used cars over 30 days in stock, all of which have subsequently sold, without losses.
Gross profit on vehicle trade sales, after auction fees and preparation, is up in the year to £414,778.00, equating to £864.00 per unit. Gross profit on these sales increased to 11.5%, greater than our retail margins. Total trade volume of 480 units, made up of higher mileage older cars not meeting our high standards of retail quality, or non-Franchise part exchanges offering more profit in the trade than retail. This improvement in performance, reflects level of demand and our attention to detail, presenting the cars to the highest possible standards.
Fixed costs in the vehicle department as a percentage of gross profit came in at 25%, well below the industry benchmark, and an improvement of 1% year on year.
Finance commission receivable throughout the 12-month period, represented only 0.33% of total turnover, a fall on the previous year from 0.6%. Total income generated £142,012.00, made up of only £240.00 average income per transaction, which we believe to be reasonable in relationship to the work involved. At the same time many of the new customers, making up the majority, will have enjoyed Finance Deposit Advances of more than £1,000.00 per transaction.
Workshop labour sales (excluding sub-contract) over the 12-months increased to £1.54M, representing a year-on-year growth of 10%. In the same period the retail element remained strong, making up 68% of the total labour sales (69% previous year).
Parts sales in the period realised a small increased to £1.62M, only 1.2% year on year growth. Gross Profits including purchase bonuses remained unchanged at 24.4%. Stock levels finished the year before write-off at £44,000.00, down £11,000.00 year on year; turning over 37 times in the year at net values. Obsolete parts stock write-off at the end of the period took account of all items with little to no demand, and a commercial decision was made on all parts in stock not moved for 12 months. This was a relatively low-cost exercise, in line with the levels of total stock. Allowing the business to start the next financial year with very clean stock on the shelf. Improvements in stock management policy continue to minimise levels of obsolete stock.
Customer satisfaction is at the centre of everything the business stands for. Our commitment to treat all customers in the same way we ourselves would expect to be treated, remains a core value. It goes without saying all parties benefit from this.
Trading in the first 4 months of the 2025/26 financial year is more challenging, turnover down £0.5M, same period year on year, yet profit as a percentage of turnover remains static at 3.7% for the same period. Net profit excluding interest received at £454,092.00 during the 4 months to the end of August 2025, a year-on-year drop of £20,272.00. The key month of September is proving extremely challenging. And we expect the next 7 months of the financial year to continue to prove more challenging, faced with aggressive competition, new Brands entering the market, several experiencing rapid growth, and at the same time buyers’ confidence showing a slight downturn.
Income from car finance, we expect to remain unchanged, as we have never considered this a big part of our business model. Greater access to quality used cars, from reputable sources, allowing us to grow volumes and turnover, getting back to selling used/new ratio of 1.0:1.0. And growth in after sales will help offset any reduction in other areas of the business.
The Kia business continues to perform well at both locations, and although the new vehicle order bank has reduced, the business is still aiming to finish the year achieving Manufacturers set annual targets.
Cash reserves on fixed term deposits, although rates have fallen, this is still a significant contributor.
April to September 2025 we have completely refurbished the Wakefield Kia business on the back of finishing the Knaresborough Dealership, to include the latest Kia Global Store Concept. At the same time increasing the size of the showroom by introducing first floor offices and canteen. An investment of nearly £400K. Both showrooms now meet the latest specifications, making for great working conditions as well as exceptional customer experience. At the same time, we continue to invest in the business by installing two 80KW fast chargers at Knaresborough Kia site at a total cost of £120K to future proof increasing EV demand.
On behalf of the board
The director presents his annual report and financial statements for the year ended 30 April 2025.
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £50,000. The director does not recommend payment of a further dividend.
The director who held office during the year and up to the date of signature of the financial statements was as follows:
In accordance with the company's articles, a resolution proposing that Buckle Barton Limited be reappointed as auditor of the group will be put at a General Meeting.
We have audited the financial statements of Piccadilly Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 group's and parent 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 director with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the director's report have been prepared in accordance with applicable legal requirements.
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.
- We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation and occupational health and employment legislation.
- We enquired of the directors for evidence of non compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.
- We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any instances of fraud that had taken place during the accounting period.
- The risk of fraud and non compliance with laws and regulations and fraud was discussed within the audit team and teste were planned and performed to address these risks. We identified the potential for fraud in the following areas - revenue recognition.
- We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.
- We enquired of the directors about actual and potential litigation and claims.
- We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
- In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non compliance with laws and regulations and cannot be expected to detect all fraud and non compliance with laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the period was £411,814 (2024 - £789,911 profit).
Piccadilly Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Boroughbridge Road, Knaresborough, North Yorkshire, HG5 0LZ.
The group consists of Piccadilly Holdings Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The consolidated group financial statements consist of the financial statements of the parent company Piccadilly Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 April 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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 recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
The fair value of the Freehold Land and Buildings has been arrived at on the basis of a valuation carried out at 30 April 2025 by the Director of the company using an open market value basis by reference to market evidence of transaction prices for similar properties.
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 April 2025 by the Director of the company using an open market value basis by reference to market evidence of transaction prices for similar properties.
Details of the company's subsidiaries at 30 April 2025 are as follows:
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
Amounts contracted for but not provided in the financial statements:
Advances or credits have been granted by the group to its directors as follows:
Dividends totalling £50,000 (2024 - £565,000) were paid in the year in respect of shares held by the company's director.
Loans have been granted by the group to its directors as follows: