REGISTERED NUMBER: 00858063 (England and Wales)

Jordan & Company (Hull) Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31st December 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

T J Rix

Miss S J Rix

P J Hasnip

R M A Clarke

D J Lambert

J I Doyle

R E Wilde

H J Rix

M Fry

REGISTERED OFFICE:

45-52 Witham

Kingston Upon Hull

East Yorkshire

HU9 1BS

REGISTERED NUMBER:

00858063 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

HU2 8BA

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

REVIEW OF BUSINESS

Jordan & Company has historically operated a Stellantis dealership, which includes Fiat, Abarth, Jeep and Alfa Romeo cars and Fiat Professional commercial vehicles. During 2024, the company ceased to be a Stellantis car dealership and instead became their local dealer for commercial vehicles, retaining the Fiat Professional brand and adding the Peugeot LCV brand. In addition to this, Jordan & Company started to sell new and used Motor Homes and Campervans from brands including Hobby, Auto-Trail and Globetraveller towards the end of the year.

The strength of the market was adversely affected by higher interest rates, which impacted consumer demand for new and used vehicles. This combined with the change of business to result in volumes and turnover from new and used car sales to reduce significantly (Turnover 44.6% down). The switch to commercial vehicle sales did however result in turnover for commercial vehicles increasing by 17.8% and the company’s turnover increasing by 8% overall. Unfortunately, a combination of higher overheads from the business change and reduced margins caused the business to register losses of £399K, compared to £83K profit in the previous year.

The company also supplies many vehicle chassis to be converted into motorhomes and ambulances. This market also suffered from supply constraints, which restricted the availability of chassis units, although this situation was more stable than the previous year.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties affecting the business include the following: -

- Debtors: the company maintains strong relationships with its key customers through its sales team. In addition, the company operates a defined credit control policy.

- Pension funding risk: the company offers both a defined contribution scheme and a stakeholder pension scheme. The company does not operate a final salary scheme.

- Environmental risks: the company places considerable emphasis on environmental compliance and not only seeks to ensure on-going compliance with the relevant legislation but strives to ensure that best practice is incorporated into its key processes.

- Major disruption/disaster: the company has contingency plans which it reviews regularly. The IT infrastructure includes a full back up service off site.

- Legislation: the company monitors current and forthcoming legislation regularly both directly and through membership of various trade associations. The company not only seeks to ensure on-going compliance but strives to ensure that it incorporates best practice.

- Litigation: the company is subject to litigation from time to time. The outcome of legal action is always uncertain and there is always the risk that it may prove more costly and time consuming than expected. There is a risk that litigation could be instigated in the future which could materially impact the company. The company endeavours to maintain adequate insurance levels for all appropriate insurable risks.

- Competitive risk: the company operates within a highly competitive market. The company maintains many supply options and has control over its own storage and logistics chain. Investment, legislation and supply barriers in the market are significant for smaller operators and new entrants.

- Sales & Marketing: new and replacement business is being won continually. New and existing markets have been developed in line with the company's strategy. Key customer relationships are monitored on a regular basis.

- Cyber Security: the company recognises the growing threat of cyber and cyber enabled fraud and has measures in place to protect its systems and information from attack. It continues to assess and upgrade its procedures and systems as the cyber threat develops and evolves.

ON BEHALF OF THE BOARD:

R E Wilde - Director

22nd September 2025

The directors present their report with the financial statements of the company for the year ended 31st December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of selling motor vehicles.

DIVIDENDS

No dividends will be distributed for the year ended 31st December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report.

T J Rix

Miss S J Rix

P J Hasnip

R M A Clarke

D J Lambert

J I Doyle

R E Wilde

H J Rix

Other changes in directors holding office are as follows:

M Fry was appointed as a director after 31st December 2024 but prior to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT

We have covered our strategic intent, future developments and risk in this section and feel there is nothing more to add.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R E Wilde - Director

22nd September 2025

Opinion

We have audited the financial statements of Jordan & Company (Hull) Limited (the 'company') for the year ended 31st December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31st December 2024 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

Due to 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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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 Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.

Michael Stocks FCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

HU2 8BA

22nd September 2025

TURNOVER

33,649,967

31,142,241

Cost of sales

31,970,442

29,383,307

GROSS PROFIT

1,679,525

1,758,934

Administrative expenses

2,261,173

1,706,792

(581,648

)

52,142

Other operating income

49,869

56,516

OPERATING (LOSS)/PROFIT and

(LOSS)/PROFIT BEFORE TAXATION

(531,779

)

108,658

Tax on (loss)/profit

5

(132,943

)

25,434

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(398,836

)

83,224

CURRENT ASSETS

Stocks

7

3,857,401

7,658,116

Debtors

8

1,115,746

2,206,066

Cash in hand

558

359

4,973,705

9,864,541

CREDITORS

Amounts falling due within one year

9

5,276,836

9,768,836

NET CURRENT (LIABILITIES)/ASSETS

(303,131

)

95,705

TOTAL ASSETS LESS CURRENT LIABILITIES

(303,131

)

95,705

CAPITAL AND RESERVES

Called up share capital

12

1,000

1,000

Retained earnings

13

(304,131

)

94,705

SHAREHOLDERS' FUNDS

(303,131

)

95,705

The financial statements were approved by the Board of Directors and authorised for issue on 22nd September 2025 and were signed on its behalf by:

T J Rix - Director

R E Wilde - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2023

1,000

486,481

487,481

Changes in equity

Dividends

-

(475,000

)

(475,000

)

Total comprehensive income

-

83,224

83,224

Balance at 31st December 2023

1,000

94,705

95,705

Changes in equity

Total comprehensive income

-

(398,836

)

(398,836

)

Balance at 31st December 2024

1,000

(304,131

)

(303,131

)

1.	STATUTORY INFORMATION

Jordan & Company (Hull) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

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

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

Going concern

The accounts have been prepared on the going concern basis and support of the parent company will be provided if required.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirement of paragraph 33.7.

Turnover

Turnover represents the amounts derived from the provision of goods and services which fall within the company's ordinary activities, all of which are continuing, stated net of value added tax.

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for any obsolete or slow moving items.

Cost represents the expenditure which has been incurred in the normal course of business in bringing the product to its present location and condition. Net realisable value means estimated selling price less all further costs to completion.

Taxation

Taxation for the year comprises of current tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company is part of a group that operates a money purchase pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the pension scheme during the year.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

1,127,235

1,032,783

Social security costs

95,718

91,817

Other pension costs

162,646

48,841

1,385,599

1,173,441

The average number of employees during the year was as follows:

2024

2023

Management

6

5

Administration

12

3

Others

18

45

36

53

2024

2023

£

£

Directors' remuneration

76,279

107,007

Directors' pension contributions to money purchase schemes

128,374

12,034

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

4.	OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

2024

2023

£

£

Pension costs

162,646

48,841

Car park income

(49,869

)

(51,618

)

Car park expenses

23,344

5,930

5.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

(132,943

)

25,434

Tax on (loss)/profit

(132,943

)

25,434

Reconciliation of total tax (credit)/charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

(Loss)/profit before tax

(531,779

)

108,658

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%)

(132,945

)

25,556

Effects of:

Expenses not deductible for tax purposes

-

118

Over provided in prior year

2

(240

)

Total tax (credit)/charge

(132,943

)

25,434

6.

DIVIDENDS

2024

2023

£

£

Ordinary shares of £1 each

Interim

-

475,000

7.

STOCKS

2024

2023

£

£

Petrol, oil and used vehicles

2,448,525

2,059,808

New vehicles

1,408,876

5,598,308

3,857,401

7,658,116

Stock includes an impairment gain charge of £82,253 (2023: £53,395 loss) in relation to slow moving and obsolete stock.

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

464,595

1,162,071

Amounts owed by group undertakings

67,718

109,230

Other debtors

450,433

934,765

Tax

133,000

-

1,115,746

2,206,066

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank overdraft (secured) (see note 10)

1,405,163

2,108,276

Trade loan (see note 10)

-

150,000

Trade creditors

2,644,276

6,596,679

Amounts owed to group undertakings

1,056,994

826,191

Corporation tax

-

25,500

Other creditors

115,929

-

Accrued expenses

54,474

62,190

5,276,836

9,768,836

10.

LOANS

The bank loan shown in note 9 above was repayable on demand, and has subsequently been repaid during the financial year.

11.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Trade creditors

-

16,234

A historic trade creditor balance was secured by a fixed and floating charge on all the assets of the ultimate parent company, this has been fully paid during the 2024 financial year.

The bank overdraft is secured by a composite guarantee between certain group companies and legal mortgages over certain properties, land and vessels.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1,000

Ordinary

£1

1,000

1,000

13.

RESERVES

Retained

earnings

£

At 1st January 2024

94,705

Deficit for the year

(398,836

)

At 31st December 2024

(304,131

)

The retained earnings represent cumulative profits and losses net of dividends.

14.	PENSION COMMITMENTS

The company is part of a group that operates a money purchase pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions of £162,646 (2023: £48,841) payable to these pension schemes during the year. The amounts outstanding at the year end were £Nil (2023: £Nil).

15.	ULTIMATE PARENT COMPANY

16.	CONTINGENT LIABILITIES

The company is party to an unlimited debenture, omnibus guarantee and set-off agreement in favour of Lloyds Banking Group in respect of group borrowings. The potential liability under this agreement amounted to £44,495,000 (2023: £45,340,921).

17.	RELATED PARTY DISCLOSURES

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

18.	ULTIMATE CONTROLLING PARTY

The company has no ultimate controlling party.