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

The Company’s primary business activities for 2024 were the the sale of new and used cars and commercial vehicles, vehicle servicing and repairs, and the supply of spare parts.

The Company has now been operating for over 31 years. As a privately owned dealer group, prior to becoming an Employee Ownership Trust (EOT) in May 2024, this achievement is widely recognised as extremely rare in the industry and worthy of note.

2024 proved to be a very challenging year operationally due to many factors. These included the on-going cost of living crisis, continued inflationary pressure, high interest rates, weak retail demand, minimal economic growth and a new car market distorted by large volumes of low margin Motability sales. The new car market was 1,952,778 units in 2024 an increase of 2,61% on the same period in 2023 when 1,903,054 new cars were registered. The SMMT forecasts the market will grow marginally to 1,964,000 units in 2025. Whilst the size of the new car market has recovered from the lows of the pandemic, when supply was restricted, it is still well below the figures of the late 2010’s, when for example 2.31 million new cars were registered in 2019.

Turnover for 2024 was £493m compared to £561m in 2023 which represents a 12.1% decrease. The Company’s pre tax loss for 2024 was £7.05m compared to a pre-tax profit for 2023 £1.84m, and a £5.36m loss (2023: a £4.05m profit) on a consolidated group basis. This was the Company’s first loss in its 30 + years history. There were however a number of factors contributing to this that need to be considered. General market conditions remained weak, with the economy skirting recession and minimal economic growth for the year, consumer retail confidence remained very weak throughout the year; utility costs and interest rates remained high; the increase in low margin Motability sales accounting for approximately 20 % of the national new car market, adversely affected the Group at a much higher percentage. The Company has some of the highest registering Motability territories in the UK in locations that demand the highest operational costs. The negative effect Motability had on the Group’s profitability has been significant. It has had a twofold implication. The group was significantly impacted by several of its geographical locations which are amongst the highest registering Motability centres in the UK where it registers a very high volume of low margin Motability cars. This also impacted aftersales where this Parc is being maintained at much lower labour warranty rates. In addition, some of our brands, in particular Nissan and MG are amongst the highest registering brands for Motability in the UK; the correct decision to exit the loss-making Fiat franchises in 2023 has led to a number of facilities yet to be re-franchised and the need for residual stock clearance. The Renault franchises were loss making in 2024 (The Group has now exited Renault at end May 2025 when all UK contracts nationwide come up for renewal) Nissan, where the Group has 13 dealerships, remained problematic during the year in part due to the high level of Motability sales but also due the impact of Nissan’s widely publicised global financial issues. Having carried out the sale of the Company to the Employee Ownership Trust (EOT) the business incurred significant professional and consultancy costs in achieving this plus increased interest costs on the loan from Barclays which facilitated the EOT; both of these have negatively impacted on profitability. The Group also invested a cumulative £4m on new corporate identity for many of its Nissan dealerships. Decisions were made by the board during H2 2023 to carry out £4 million of Visual Identity works at several of its Nissan Dealerships as part of its Franchise obligations. These works were subsequently carried out during late 2023 and throughout 2024 creating a ‘perfect storm‘ scenario. The £4 million of works resulted in both interest charges and depreciation cost being incurred in 2024 at a time when the market also weakened negatively impacting profitability.

These costs have had a negative effect on the financial performance, in what remains a weak market. Finally, the impact of the government’s ZEV mandate led a number of car manufacturers to restrict supply of ICE cars whilst pushing sales of EVs. Many of the issues highlighted above will have adversely impacted the whole motor trade sector not just the Group and will no doubt be reflected in the generally weaker financial results for 2024. As a result of the above the Company has carried out a strategic review that included reducing costs and ensuring long term sustainability for the business, reflecting the evolving challenges of rising costs and changes in the marketplace. In light of the economic climate, the Board proactively took the decision to sell the St Albans investment property to a private investor. The sale completed in June 2025 for £5m with the net sale proceeds reducing the borrowings with Barclays.

With regards to the various brands operated by the Company, Kia and MG were the best performers in a difficult market. The performance of Renault, Suzuki, and particularly Nissan was very disappointing. The fact that Nissan is our biggest partner with 13 dealerships performed poorly and had a significant adverse effect on the Company’s overall financial performance. As already highlighted much of this was down to Nissan’s global issues widely reported in the media. Historically Nissan has been an excellent performer for the Group with a very strong profit performance throughout the Company’s 30 year history. Therefore the 2024 result was, hopefully, an aberration. On a more positive note the Company has engaged closely with Nissan, and we are confident of an improved financial performance in 2025. The Company has agreed with Renault UK to exit the Group’s 3 Renault-Dacia franchises sales operations at the end of May 2025 whilst retaining aftersales at all 3 locations, after weakening financial performance in recent years This opportunity has presented itself as Renault are renewing all their European dealer contracts at that point. The MG franchise continues to perform well; the Group remains one of their largest dealer groups nationally with 10 businesses. Kia also continues to perform well, with the most recently acquired business in Colchester ( 2023 ) having a strong performance in 2024. Whilst solutions have been found for a number of the former Fiat / Alfa / Jeep dealerships, this process is ongoing, as the Group is keen to make the correct brand replacement choice for the future, even if this has had an additional adverse effect on the 2024 financial results in the short term with a small number of sites initially earmarked for disposal but now will be utilised by new brands the Group identified. However the Company believes the decision to exit these Stellantis franchises was still the correct one given the long term decline in market share performance of these brands. On a positive note the Company is in advanced discussions with a number of Chinese manufacturers, notably BYD, Chery and Geely who are new entrants to the UK market. These discussions will come to fruition in H2 2025.

A major event was the sale of Glyn Hopkin Holdings Limited to an Employee Ownership Trust (EOT) on May 16th 2024 All our manufacturer and finance partners were fully supportive of the sale, and wide support has been received by the Company’s employees. The transaction represents the largest single EOT transaction undertaken in the motor trade sector. Our bankers, Barclays provided the funding and the Company was assisted by the consultants Grant Thornton in the process. Zedra, a well established independent Trust advisor, have been appointed Trustee, and Sharon Stemp, a former corporate banker, with extensive experience of the motor trade sector who has had a long established relationship with the Company, was appointed as an additional non-executive director. As a result of carrying out the EOT the senior management team has been strengthened with various appointments at FD and COO level, with careful thought going into the Company’s next stage of development. Both have extensive experience at senior level within the industry.

The prospects for 2025 are discussed in the Directors Report. As the operating environment is likely to remain challenging in 2025 the Directors will continue to assess the requirements for any senior management changes or additions, maintaining the flexibility and agility shown in the past with a continuing focus on the Group ethos of promoting from within wherever possible and ultimately developing a sustainable succession plan.

The Company’s principal risks are set out below.

Market Risk

The Company monitors potential risks from market and financial conditions.

The economic outlook for 2025 remains challenging. Both business and consumer confidence remain low, and economic growth is forecast to be no more than 1% in 2025. The effects of the October 2024 Budget, in terms of National Insurance and Minimum Wage increases will have a negative impact on Company profitability. Utility costs also remain high. The on-going progression to Net Zero will continue to have cost implications and specific disruption to the motor industry with respect to the implications of the ZEV mandate. Another unsettling factor will be the proposed tariffs introduced by the new US Administration. On a more positive note, it is forecasted that the Bank of England Base Rate will continue to reduce in 2025, albeit at a much slower pace than originally forecasted, as inflation now appears to be under control which hopefully will lead to an improvement in both business, and especially consumer confidence. There is also likely to be a degree of political stability following the 2024 General Election, for the first time in a number of years.

Credit Risk

The Company has external debtors, and we are continually reviewing our processes and dealing with delayed payments immediately.

Liquidity Risk

The Company aims to mitigate liquidity risk by managing through daily cash flow forecasting and having access to adequate working capital facilities. The Company has longstanding relationships, forged over 30 years with our funders, and our facilities still have adequate headroom, thus enabling the raising of additional working capital or funds for expansion if required.

The Board of Directors uses risk indicators, as well as financial and non financial indicators, to ensure the Company’s ability to maintain continued profit and growth. All indicators are measured against industry standards obtained from manufacturers as well as the industry press.

The following Key Performance Indicators are observed and reviewed to measure performance:

Revenue: -12.1% (2023: 7.6%)

Operating Margin: -£5.3m (2023: £3.2m)

Shareholders’ Funds: £20.0m (2023: £25.9m)

Other key performance indicators include:

• Manufacturers targets both in terms of units sold and customer service

• Profit per branch

The Company has one female director. Staff retention among females employed by the Company remains higher than that for males. There are many nationalities working for the Company and ethnic diversity is represented throughout the business. The Company has a significant proportion of BAME employees, the number of which has grown in recent years; at management level this represents 32.4% of the workforce, including one individual at Board level. Similarly LGBT employees are also well represented, again right up to Board level.

When making decisions, the directors consider what is likely to lead to the success of the Company and to be of benefit to the members as a whole over the long term. When making such decisions, the directors also consider the interests of other key stakeholder groups and seek to arrive at conclusions which do not adversely impact those groups as a whole. For the purposes of decision making, the directors have identified key stakeholder groups, have evaluated their interests, and describe below how they have engaged with and responded to the interests of those stakeholders during the year. The areas below demonstrate the board's commitment to maintaining high standards of business conduct and professionalism.

• Providing a safe working environment

• Being part of a successful and secure organisation

This is achieved by:

• Promoting diversity within the workplace

• Maintaining a friendly working environment, with organisational values and working policies

• Providing adequate training to staff to ensure they are well equipped to fulfil their roles

• Providing health and safety training to promote safe working practices.

Customers

• Dealing with a trusted organisation and maintaining a relationship over the longer term.

• Dealing with knowledgeable staff and receiving balanced advice when purchasing a vehicle or for after sales care.

• Obtaining good value for money

• Having clarity over the pricing of vehicles and additional products and services

This is achieved by:

• Obtaining frequent customer satisfaction surveys

• Monitoring customer complaints and addressing any common themes that may arise

• Maintaining strong manufacturer relationships to deliver the best value for money to customers.

• Prompt, clear and regular communication with manufacturers

• Developing an open and collaborative relationship

This is achieved by:

• Maintaining strong manufacturer relationships through regular meetings with senior management

• Long term partnerships with manufacturers whose principles are aligned with our own

• Delivery of employment opportunities

This is achieved by::

• Providing direct employment to over 800 employees

Funders

• Maintaining open, longstanding and strong relationships with funders

This is achieved by:

• Maintaining strong relationships through regular meetings with senior management

• Strong day to day working relationships with the operational staff

Shareholders

• Strong return on investment and continued growth

• Financial discipline and strong internal controls

This is achieved by:

• Regular board meetings where periodic financials are presented

• Clear and transparent annual reporting

On behalf of the board

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

The principal activity of the company continued to be that of the sale of new and used cars and commercial vehicles, as well as the servicing and repairs of those vehicles and the supply of spare parts.

The results for the year are set out on page 20.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

2024 was a very mixed year for the Company. On the positive side was the successful completion of the EOT, the largest in the motor industry and a very significant milestone for the Business. On the negative side it was the worst trading year in the Company’s history albeit for many extenuating circumstances and the only loss-making year since the Company’s foundation over 30 years ago. As a result of this the Company has taken a number of firm actions. A major cost saving exercise has been undertaken, which will lead to savings of Circa £3m in 2025. The property portfolio has been carefully analysed with the decision to dispose of a freehold in St Albans where the business is operated by Tesla, and not by the Group. This will significantly reduce Group indebtedness, where the Company’s gearing is already at an acceptable level. A number of leasehold properties vacated by Fiat will be filled with the incoming Chinese brands already mentioned. The Group will also exit the loss making Renault / Dacia dealerships sales operations and carefully examine its portfolio of Nissan dealerships.

On a positive note, the Company’s senior management has been strengthened with further new appointments due in 2025. The Company is also in discussion with several of the new Chinese OEM entrants entering the UK market with a view to looking at specific opportunities utilising the Company’s existing property portfolio. In order to achieve better focus we have established two boards of directors, an operational board (GHL) and a Holdings board (GHH) consisting of only the statutory directors. This explains the number of resignations cited in the Report.

The key brands the Company represents continue to introduce several new hybrid and electric models and this will continue during 2024. These existing and new introductions will be highly relevant given the medium-term trajectory towards increase EV sales, necessary for OEMs to meet the ZEV mandates. Of particular note are the following models.

Kia

EV3 – Full Electric – Q1

Sportage ICE & HEV – Q3

EV4 Full Electric – Q3

EV5 Full Electric – Q3 / Q4

MG

MG S5 – Full Electric – Q2

MG S6 – Full Electric – Q4

MG HS HEV – Q3

Suzuki

Vitara – Full Electric – Q3/Q4

Nissan

Nissan Micra - Full Electric Q3/Q4

Nissan Leaf - Full Electric Q1 2026

The Company ensures that excellent communication takes place with customers, our manufacturing partners, and our financial partners such as Barclays, Santander and Lombard. In order to do this with respect to customers we have made extensive use of new technology.

Full and fair consideration is given to the employment of disabled persons, having regard to their particular aptitudes and abilities. Wherever possible continuing employment is provided for employees who become disabled, with appropriate arrangements for re training being made where necessary.

The Company places significant emphasis on its employees’ involvement in the business at all levels. Managers are remunerated according to results wherever possible, and all employees are kept informed of issues affecting the Company through formal and informal meetings. Members of the management team regularly visit all Company locations and discuss matters of current interest, improvement opportunities and any concerns with employees. The Company has a large number of employees with 5, 10, 15, 20, 25 and 30 years’ customer service. This wealth of experience and continuity of staff has a significant positive impact on its trading performance.

As part of the EOT, the Group created an EOT Staff Member Board whereby employees were voted by their colleagues to represent all employees. This provides an opportunity for new ideas or concerns to be formally brought to the Board.

The Directors have assessed the going concern status of the Company. That assessment includes changes in interest rates, inflationary pressures and consumer confidence. It also considers both the National and Global economic climate.

Consequently, the Directors have concluded that the business remains a going concern for the foreseeable future.

As a result of the losses in the year the Directors have undertaken a complete review of the business and now no longer represent Renault/Dacia and Alpine for Sales but remain as Official Authorised Repairers (AR) for Aftersales.

In addition, the group's management structure has undergone several changes throughout 2025.

To mitigate against the pressures on the Automotive Sector - particularly with Nissan, the group has diversified its portfolio by successfully franchising in H2 2025 with BYD across 4 locations together with Chery in 2 markets as well as other Chinese OEMs.

Post year end trading in 2024 has improved but remains challenging and the group will continue to make a loss for 2025 albeit at a predicted lower level than 2024.

The full impact of all the changes noted above will impact the 2026 results and the group is forecasting a return to profitability in 2026.

Our greenhouse gas emissions and energy usage data for the year:

The directors report the company’s emissions with reference to the latest Greenhouse Gas Protocol Corporate Accounting and reporting Standard (GHG Protocol). The 2024 UK Government GHG Conversion Factors for Company Reporting published by the UK Department for Environment Food & Rural Affairs (DEFRA) are used to convert energy used in the company's operations to emissions of CO2. Carbon emission factors for purchased electricity are calculated according to the 'location-based grid average’ method. This reflects the average emissions of the organisations grid where the energy consumption occurs. Data sources include billing from the energy supplier and the organisations internal fuel usage systems. In the prior year the 2019 UK Government GHG Conversion Factors for Company Reporting were used and data for transport emissions could not be obtained.

The report is based on the requirements under Companies Act 2006, 414CB ( 2A ) and shall include the following:

a) A description of the company’s governance arrangements in relation to assessing and managing climate-related risks and opportunities.

b) A description of how the company identifies, assesses, and manages climate-related risks and opportunities.

c) A description of how processes for identifying, assessing, and managing climate-related risks are integrated into the company’s overall risk management process.

d) A description of the principal climate-related risks and opportunities arising in connection with the company’s operations, and the time periods by reference to which those risks and opportunities are assessed.

e) A description of the actual and potential impacts of the principal climate related risk and opportunities on the company’s business model and strategy.

f) An analysis of the company’s business model and strategy, taking into consideration different climate-related scenarios.

g) A description of the targets used by the company to manage climate related risks and to realize climate-related opportunities and of performance against those targets.

h) A description of the key performance indicators used to assess targets used to assess progress against targets used to manage climate related risks and realize climate-related opportunities and of the calculations on which those key performance indicators are based.

Company's governance arrangements

Ron Ruske and Hady Laba are tasked with strategic oversight of the climate related risk. Climate risk is discussed on an annual basis to tie in with the financial year when progress can be assessed.

The company is committed to reducing carbon emissions both in the company’s activities and in its energy use. The timeframe is consistent with the UK Government’s Net Zero pledge by 2050.

The company sell vehicles and the manufacturers of the models sold by Glyn Hopkin Ltd are all turning towards electric vehicles. Glyn Hopkin Ltd actively promote the advantages of these cars over petrol driven models.

Energy consumption is assessed annually and Glyn Hopkin Ltd work with ME Design Consultancy Ltd to investigate potential ways of reducing this.

Energy Performance Certificates have been commissioned on some of the properties and with ratings from A to D show that the units are energy efficient. We list the buildings and ratings as follows:

Workshop, AL4 0LH - C

13 Northgate End, CM23 2ET - C

9 Bilton Road, CM1 2UP - D

8 Bilton Road, CM1 2UP - C

Glyn Hopkins Fiat Garage, IG9 5TZ – B

Glyn Hopkins Suzuki Garage, IG9 5TZ - B

Glyn Hopkins Workshop, IG9 5TZ - B

GHL Watford WD17 2JJ - B

GHL Bedford, MK42 7QN - B

GHL Romford – London Road, RM7 9NP - B

GHL Milton Keynes, MK6 4AG - C

GHL Colchester Renault, CO1 2BZ - D

GHL Colchester Honda, CO4 9TF - B

GHL Waltham Abbey, EN9 1JD - C

GHL Colchester Nissan, CO1 2GN – B

GHL Colchester Renault, CO1 2GN - A

GHL East London, E12 5LH - C

GHL North London, N16 5TB - C

GHL Bilton Road, CM1 2UP

13 Northgate, CM23 2ET - D

Climate-related risks and opportunities are identified and embedded into business-as-usual practices as identified below.

Identifying, assessing and managing climate related risk and opportunities. How processes for identifying, assessing and managing climate-related risks are integrated into the company's overall risk management process.

We have identified the climate scenario analysis timeframes and risks to be:

Short Term (2025-2027)

In this timeframe, we gain insights into imminent climate change implications, guiding decisions for enhanced resilience. We anticipate strict enforcement of transition risks, as we move towards a low-carbon economy.

Medium Term (2028-2037)

The effects of climate change are anticipated to become more noticeable, particularly in terms of reactive and inactive scenarios for physical risks. Transition risks will intensify in this period, requiring governmental responses to tackle evolving challenges.

Long Term (2038-2052)

The most substantial threat arises from physical risks, especially in reactive and inactive scenarios. Businesses need comprehensive preparation to navigate and manage the resulting outcomes in these situations. This timeframe is consistent with the UK Government’s Net Zero pledge by 2050.

We have identified the three temperature warming scenarios. The climate scenario analysis explores three distinct scenarios; Proactive (<2°C), Reactive (2-3°C), and Inactive (>3°C), based on projected increases in global average temperature by 2100 compared to pre-industrial levels to correspond with the goals in the Paris Agreement. A climate scenario depicts potential future climate conditions that may directly or indirectly impact business operations, such as through regulatory changes, evolving market dynamics, or acute weather events such as storms and wildfires.

Scenarios Warming Pathway

Below 2°C (“Proactive”):

Organisations begin to align more closely with the Paris Agreement and Science Based Targets initiative (1.5°C), for an orderly and coordinated transition to a low-carbon economy.

Between 2-3°C (“Reactive”):

Businesses respond to patchwork policies, with intermittent action, aligning with current forecasts.

Above 3°C (“Inactive”):

The business-as-usual scenario. The Bank of England models a recession; minimal climate action and global

emissions rise unchecked.

In this scenario, there is a concerted effort to address climate change. Governments, industries, and the public collaborate to ensure that the global average temperature rise remains significantly below 2°C by the year 2100.

Organisations proactively align with the Paris Agreement and the Science- Based Target Initiative, working towards achieving net zero emissions by 2050. While there are notable transition risks associated with this scenario,

the proactive measures taken can mitigate the severity of the long-term physical hazards of climate change.

The outcomes of COP26 are likely to steer us towards this scenario. In this context, the response to climate change is characterised by delays and adhoc measures, resulting in a projected global warming of 2-3°C by the year 2100. Governments implement policies and legislation in an unstructured manner, contributing to heightened transition risks in the medium term.

Short-term business operations persist as usual, with decarbonisation efforts concentrated primarily in high-emission sectors. This trajectory carries the highest transition risks, due to a lack of coordinated efforts from governments, amplifying the severity of physical impacts as specific tipping points are reached.

Under this scenario, business operations persist without significant changes, and emissions continue to climb until 2040, resulting in a global temperature increase surpassing 3°C. Public pressure and a rise in physical climate change events compel governments to finally take decisive climate action. The energy and fuel markets experience high levels of volatility. Long-term policies are introduced in a piecemeal fashion, creating a patchwork of initiatives. Governments resort to costly low-carbon technologies, such as carbon capture and storage, as a solution to address the climate crisis. This scenario witnesses the surpassing of several tipping points, leading to an escalation in the severity of physical impacts.

The following have been identified as climate-related risks. Time frames are difficult to assess but risks are monitored by Glyn Hopkin Ltd so that action can be taken if any are identified.

Policy and Legal

Increased pricing of Greenhouse Gas emissions

Enhanced emissions reporting obligations

Mandates on and regulation of existing products and services

Exposure to litigation

Technology

Substitution of existing products and services with lower emission options

Unsuccessful investment in new technologies

Costs to transition to lower emissions technology

Market

Changing customer behaviour

Uncertainty in market signals

Reputation

Shifts in consumer preferences

Stigmatization of sector

Increased stakeholder concern or negative stakeholder feedback

Potential Financial Impacts

Increased operating costs (e.g., higher compliance costs, increased insurance premiums)

Write-offs, asset impairment, and early retirement of existing assets due to policy changes

Increased costs and/or reduced demand for products and services resulting from fines or judgements

Write-offs and early retirement of existing assets. Reduced demand for products and services

Capital investments in technology development. Costs to adopt/deploy new practices and processes

Reduced demand for goods and services due to shift in consumer preferences

Increased production costs due to changing input prices (e.g., energy, water) and output requirements (e.g., waste treatment)

Abrupt and unexpected shifts in energy costs

Change in revenue mix and sources, resulting in decreased revenues

Re-pricing of assets (e.g., land valuations, securities valuations)

Reduced revenue from decreased demand for goods/services

Reduced revenue from negative impacts on workforce management and planning (e.g., employee attraction and retention)

Reduction in capital availability

Climate-related Physical Risks

Increased severity of extreme weather events such as cyclones and floods

Chronic

Changes in precipitation patterns and extreme variability in weather patterns, rising mean temperatures, and rising sea levels

Potential Financial Impacts

Reduced revenue from decreased capacity (e.g., transport difficulties, supply chain interruptions)

Reduced revenue and higher costs from negative impacts on workforce

(e.g., health, safety, absenteeism)

Write-offs and early retirement of existing assets (e.g., damage to property and assets in "high- risk" locations)

Increased capital costs (e.g., damage to facilities)

Reduced revenues from lower sales/output

Increased insurance premiums and potential for reduced availability of insurance on assets in "high-risk" locations.

This section identifies the climate-related opportunities under categories as listed.

Resource efficiency

The organization is looking to reduce operating costs by improving efficiency across the business and in particular in relation to energy efficiency but also including broader materials, water, and waste management. Such actions could result in direct cost savings to the organizations' operations over the medium to long term and contribute to the global efforts to curb emissions. Innovation in technology is assisting this transition; such innovation includes developing efficient heating solutions, LED lighting technology, retrofitting buildings, employing geothermal power, offering water usage and treatment solutions. A key factor in the company’s business is the development in motor technology and in particular electric vehicles.

Energy source

It is the company’s ambition that a major percentage of the energy generation in the future shall be from low emission alternatives such as wind, and solar. Globally investments in renewable energy capacity are exceeding investments in fossil fuel generation. The trend toward decentralized clean energy sources, rapidly declining costs, improved storage capabilities, and subsequent global adoption of these technologies are significant.

As a company Glyn Hopkin Ltd realise that to shift the energy usage toward low emission energy sources could potentially save on annual energy costs.

Products and services

The company sell vehicles from manufacturers who are innovating and developing new low-emission products. This improves Glyn Hopkin Ltd's competitive position and capitalize on shifting consumer and producer preferences. In particular there is a greater emphasis from car manufacturers on a product's carbon footprint in its marketing and labelling. In addition, the manufacturers are placing emphasis on reducing emissions by adoption of energy-efficiency measures along the supply chain. Glyn Hopkin Ltd give feedback to all manufacturers on client responses and the effect these principles have on their decisions as to which vehicles to purchase.

Markets

Glyn Hopkin Ltd pro-actively seek opportunities with new vehicle manufacturers who may be able to diversify their activities and better position themselves for the transition to a lower-carbon economy. This is particularly true in developed and developing countries as they work to shift to a lower-carbon economy.

The key brands the Company represents continue to introduce several new hybrid and electric models and this will continue during 2025. These existing and new introductions will be highly relevant given the medium term trajectory towards increase EV sales, necessary for OEMs to meet the ZEV mandates. Of particular note are the following models:

• Kia EV 3 - BEV Q1

• Kia Sportage – HEV. Q3

• Kia EV 4 – BEV Q3

• Kia EV 5 – BEV Q3 / Q4

• MG S 5 – BEV Q2

• MG S 6 – BEV Q4

• MG HS – HEV Q3

• Suzuki Vitara – BEV Q3 / Q4

• Nissan Micra – Q3 / Q4

• Nissan Leaf – Q3 / Q4

Resilience

Climate resilience involves companies such as Glyn Hopkin Ltd developing adaptive capacity to respond to climate change and to better manage the associated risks and seize opportunities, including the ability to respond to transition risks and physical risks. Opportunities include improving efficiency, assisting manufacturers with designing and developing new vehicles.

A major concern for Glyn Hopkin Ltd would be the effect of climate-related risks on new vehicle deliveries. Therefore sufficient stock is maintained to allow for this scenario.

In order to potentially reduce the company’s energy consumption, M E Design Consultancy Ltd have provided Glyn Hopkin Ltd with details of typical energy savings that can be achieved by utilizing solar energy at their sites.

A description of the targets used by the company to manage climate related risks and to realise climate-related opportunities and of performance against those targets.

Targets are set for energy consumption, water usage and waste production.

Energy consumption

Annual Streamlined Energy and Carbon reports are prepared. The 2024/25 identifies the scope 1 and scope 2 emissions as noted in the table above.

Water consumption

The total water consumption as advised by Glyn Hopkin Ltd is 28,015m3

Waste

Waste from the workshops is removed by Enva (batteries, oil etc). Waste paper is taken to be shredded, and cardboard from the skips is taken away by Biffa.

A description of the key performance indicators used to assess progress against targets used to manage climate-related risks and to realise climate related opportunities and of the calculations on which those key performance indicators are based.

A key performance indicator is the Steamlined Energy and Carbon report and the associated calculations identified above. This is prepared annually and indicates the total scope 1 and scope 2 emissions and reports on energy saving measures undertaken and proposed.

M E Design Consultancy Ltd were requested to prepare a report into the possibility of installing solar photovoltaics at the sites.

The estimated cost is £1,000 for every KW produced according to preliminary discussions between M E Design Consultancy and a solar photovoltaics provider, DES Electrical. At the head office 296 modules could be installed on the roof at an estimated cost provided by DES Electrical of £118,400. The total annual electrical consumption at the head office as reported in the ESOS report is 534,135 KWs. The solar panels would produce an estimated 117,210 KWs per annum.

Executive summary

The report identifies that Glyn Hopkin Ltd actively acknowledge the potential risks and opportunities that climate-related scenarios present.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and 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;

• 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.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

We have audited the financial statements of Glyn Hopkin Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity 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).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its 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 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 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 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.

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 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.

We have nothing to report in respect of the following matters in relation to which 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 remuneration specified by law are not made; or

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

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 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.

The income statement has been prepared on the basis that all operations are continuing operations.

Glyn Hopkin Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Saffery LLP, St Catherine's Court, Berkeley Place, Bristol, BS8 1BQ. The principal place of business is 279-289 London Road, Romford, RM7 9NP.

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 £1,000.

The financial statements have been prepared under the historical cost convention, unless otherwise specified in these accounting policies and in accordance with FRS 102. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Glyn Hopkin Holdings Limited. These consolidated financial statements are available from its registered office, c/o Saffery LLP, St Catherine's Court, Berkeley Place, Bristol, BS8 1BQ.

The Directors have assessed the going concern status of the Company. That assessment includes changes in interest rates, inflationary pressures and consumer confidence. It also considers both the National and Global economic climate.true

Consequently, the Directors have concluded that the business remains a going concern for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

• the Company has transferred the significant risks and rewards of ownership to the buyer;

• the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

• the amount of revenue can be measured reliably;

• it is probable that the Company will receive the consideration due under the transaction; and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from services rendered is recognised in proportion to the stage of completion of the transaction at the reporting date. The stage of completion is assessed by reference to time expended on services that are charged on a labour rate basis. The income received in respect of warranty policies sold and administered by the Company is recognised over the period of the policy on a straight line basis. The unrecognised income is held within deferred income.

Commission income and manufacturer bonuses

Commissions receivable for arranging vehicle financing and related insurance products are included in revenue. Manufacturer bonuses are considered a reduction in the cost of vehicles sold, and hence are credited against cost of sales in the income statement. These are recognised when earned.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Assets in the course of construction are not depreciated.

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.

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

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.

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

The company holds consignment stock vehicles which are regarded as being effectively under the control of the Company and are included within stock on the balance sheet as the Company has the significant risks and rewards of ownership even though legal title has not yet passed. The corresponding liability is included in trade creditors.

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 current liabilities.

The company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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, 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 company 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 company 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, net of transaction costs, 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.

Finance costs are charged to profit or loss over the term of the debt using the effective rate of interest method so that 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company 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 company.

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 income statement 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 company’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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has 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. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

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 leases asset are consumed.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Used vehicle stock is usually a depreciating stock item and usually devalues monthly, making the estimated stock value uncertain. Consideration has been given to the directors to the level of provision against vehicle stocks. In determining the provision required the directors have used guidance from independent valuation tools and their knowledge of the industry.

Manufacturer bonuses are dependent on a number of factors and hence there is an element of estimation within the amounts accrued. The directors use their many years of experience between them and also general industry expectations in arriving at the value to be included.

Vehicles held on consignment are recognised on the balance sheet where the Company has determined that it holds the significant risks and rewards attached to these vehicles.

All turnover arose within the United Kingdom.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).

The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

Details of security provided:

A floating charge exists over all stocks of used motor vehicles to secure loans made by the finance companies to the Group. At 31st December 2024 the indebtedness due to the finance companies was £20,486,000 (2023: £25,022,214).

RCI Financial Services Limited

RCI Financial Services Limited (formerly Nissan Finance (GB) Limited) hold a debenture dated 19 June 2003 which is secured by fixed and floating charges over the company and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant and machinery.

Title retention on assets other than any assets in relation to which RCIFS provides funding for the Company, and which arising the Company's ordinary course of business

Santander Consumer (UK) Plc

Santander Consumer (UK) Plc hold a debenture dated 4 February 2009 which is secured by fixed and floating charges over the undertaking and all property present and future, including goodwill, uncalled capital, buildings, fixtures, and fixed plant and machinery.

Barclays Bank PLC

Barclays Bank PLC hold a debenture and cross guarantee dated 15 March 2022 which is secured by fixed and floating charges. the floating charge covers all the property or undertaking of the company, and the agreement contains a negative pledge.

In the year Barclays Bank PLC registered a further debenture dated 16 May 2024 which is secured by fixed and floating charges over all property or undertaking of the company.

Lombard

Glyn Hopkin Holdings Limited guarantees the loan.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

The Company operates a defined contributions pension scheme. 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 fund and amounted to £415,000 (2023 - £584,000). Contributions totalling £118,000 (2023 - £1,000) were payable to the fund at the reporting date and are included in creditors.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Magellan 2000 Limited, which is controlled by J R Beveridge, invoiced the company £44,450 (2023 - £31,000) for services provided during the year. The balance due to Magellan 2000 Limited at 31 December 2024 is £nil (2023 - £nil).

Only the directors are considered to be key management personnel. Directors' remuneration is disclosed in note 6.

The company has taken advantage of the exemption available to not disclose transactions between the company and its parent entity as it is part of a wholly owned group.

The immediate parent company is Glyn Hopkin Holdings Limited, a company registered in the United Kingdom, with the registered address of c/o Saffery LLP, St Catherine's Place, Berkeley Place, Clifton , Bristol, BS8 1BQ. These financial statements are included in the consolidated financial statements of Glyn Hopkin Holdings Limited, which are publicly available on Companies House.

On 16th May 2024, all shares held in Glyn Hopkin Holdings Limited were transferred to the Glyn Hopkin Employee Ownership Trust, making the Trust the ultimate controlling party of Glyn Hopkin Limited. Following this, there is no single ultimate beneficial owner.