REGISTERED NUMBER: 04188029 (England and Wales)

SEVENTY SEVEN COMPANY LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Strategic Report

2

to

4

Report of the Directors

5

to

6

Report of the Independent Auditors

7

to

9

Income Statement

10

Other Comprehensive Income

11

Statement of Financial Position

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

to

21

DIRECTORS:

G W Briggs-Price

D Briggs-Price

A P Briggs-Price

REGISTERED OFFICE:

SMC Motorhomes

Northern Road

Newark

Nottinghamshire

NG24 2ET

REGISTERED NUMBER:

04188029 (England and Wales)

SENIOR STATUTORY AUDITOR:

Rachel Rudkin FCCA

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

14 London Road

Newark

Nottinghamshire

NG24 1TW

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

REVIEW OF BUSINESS

The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and complexity of the business and is written in the context of the risks and uncertainties faced.

The company made a profit before tax of £2.9M compared to £4.3M in the previous year. Sales have increased by 4.9%, mainly driven by an increase in new vehicle sales. The financial position at the year end shows an increase in net assets of £1.8M .

The company remains consistently profitable and there are no planned changes to the principal activities of the company in the next financial year.

KEY PERFORMANCE INDICATORS

The directors use a range of performance measures to monitor and manage the business. The performance measures are split into financial and non-financial key performance indicators as set out below:

Profit ratios:

Gross profit margin - 11.2% (2023: 14.7%)

Net profit margin - 7.3% (2023: 11.3%)

Liquidity ratio:

Current ratio - 2.5 (2023: 2.9)

Activity ratios:

Debtor days - 1 (2023: 2)

Creditor days - 102 (2023: 67)

Stock holding days - 193 (2023: 163)

Capital ratio:

Stock / Capital employed - 1 (2023: 0.8)

The above KPIs are calculated and reviewed on a regular basis by the directors and used to monitor and manage the company's performance.

Creditor days have fallen as have stock holding days due to the high demand for vehicles. Debtor days are minimal as vehicles are not released until payment is received.

SECTION 172(1) STATEMENT

The directors of the company act in accordance with the duties set out in section 172(1) of the Companies Act 2006 to promote the success of the company for the benefit of its members, and in doing so have regard (amongst other matters) to:

- The likely consequences of any decision in long term

- The interests of the company`s employees

- The need to foster the company`s business relationships with suppliers, customers and others

- The impact of the company`s operation on the community and the environment

- The desirability of the company maintaining a reputation for high standards of the business conduct

- The need to act fairly as between members of the company

Longevity and stakeholders are at the forefront of the company`s decision making process. Informed, calculated decisions are made to ensure the long-term future of the business and continued support for its stakeholders.

Recognition and maintenance of the symbiotic relationship between suppliers, employees and customers is of paramount importance in the company`s long term objectives.

The company acknowledge that employees play a fundamental role in achieving the long-term goals and maintaining a reputation for high standards.

Employees are provided with training for industry recognised qualifications, competitive remuneration and an environment to progress within the business.

Seventy Seven Company Limited works closely with a select number of manufacturers, ensuring a more focussed relationship and clearer lines of communications. This relationship with the manufacturer assists the company with delivering positive outcomes for our customers, delivering high standards, as we strive to meet their needs.

The company appreciates the important role it plays within the local community. Seventy Seven Company understands the positive impacts of offering long term futures for its employees and the reassurances and benefits this gives within the local community. Every year the company with the help of its employees, take part in charitable events. Community clubs and societies benefit from various sponsorships.

In recent times the company as strived to reduce its carbon footprint. This as seen significant investment in solar and battery technology. Generating greener energy. Future projects are being explored to reduce the carbon footprint further, such as water reclamation.

The company strives towards maintaining high standards. To assist with achieving these goals they are a member of the National Caravan Council (NCC) and are an accredited Fiat Professional service centre.

The company is an owner manager family business. All members are involved in the key decisions made by the company.

The directors’ responsibilities towards shareholders are directly interconnected with their responsibilities towards future shareholders of the company.

FUTURE DEVELOPMENTS

The quality motorhome market remains buoyant and the company continues to explore marketing opportunities to build profitable trade. The company has re-established its presence at national and regional trade shows as restrictions eased. The trading premises at Newark have also been expanded subsequent to the year-end.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors continually monitor the key risks facing the company together with assessing the controls used for managing these risks. The board of directors formally reviews and documents the principal risks facing the business at least annually.

Other principal risks and uncertainties facing the company are derived from general economic uncertainty and the ability of suppliers to meet high demand. Exposure to currency risk is managed through the use of fixed rate contracts and options.

ON BEHALF OF THE BOARD:

G W Briggs-Price - Director

30 September 2025

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

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of sales of motorhomes and cars, bodywork repairers and the servicing of vehicles.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 is £210,000

DIRECTORS

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

G W Briggs-Price

D Briggs-Price

A P Briggs-Price

Other changes in directors holding office are as follows:

A K Briggs-Price ceased to be a director after 31 December 2024 but prior to the date of this report.

STREAMLINED ENERGY AND CARBON REPORTING

Energy consumption

The total consumption of energy in the year equated to 460,455kWh.

The total usage in relation to scope one emissions was 264,217kWh.

The total usage in relation to scope two emissions was 196,238kWh.

Methodology

The adopted methodology used is based on the Greenhouse Gas Protocol Corporate Reporting Standard reporting on equivalent CO2 emissions from organisational boundary.

Information has been gathered from utility supplier invoices and collated into kWh for all corresponding UK based operations, directly owned or operated by Seventy Seven Company Limited (i.e. the organisational boundary).

These have been converted to equivalent tonnes of carbon dioxide (tCO2e) using the published UK Government GHG Conversion Factors for Company Reporting for 2024.

Ratios

An intensity ratio in which the company monitors is tCO2e v £1,000,000 turnover.

In 2024, this equated to emissions of 2.2 tCO2e per £1,000,000 of turnover.

Measures taken to improve efficiency

During 2024 we undertook the following improvements to reduce our energy consumption and carbon emissions:

Installation of battery storage for use in conjunction with previously installed solar panels.

From our existing solar panels installations, we generated 83,342 of kWh of electricity offsetting 17.3 tonnes of equivalent carbon emissions.

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;

-	state whether applicable 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.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

G W Briggs-Price - Director

30 September 2025

Opinion

We have audited the financial statements of Seventy Seven Company Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, 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 31 December 2024 and of its profit 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 six, 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:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of tangible fixed assets, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, Vehicle operating licences, and Employment laws. This inspection included a review of the business operating licences for any evidence of non-compliance, in addition to the assessment of the company's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations

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.

Rachel Rudkin FCCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

14 London Road

Newark

Nottinghamshire

NG24 1TW

30 September 2025

REVENUE

3

40,456,254

38,538,987

Cost of sales

35,928,618

32,872,019

GROSS PROFIT

4,527,636

5,666,968

Administrative expenses

1,407,722

1,200,613

OPERATING PROFIT

5

3,119,914

4,466,355

Interest receivable and similar income

109,074

81,432

3,228,988

4,547,787

Interest payable and similar expenses

6

294,128

194,063

PROFIT BEFORE TAXATION

2,934,860

4,353,724

Tax on profit

7

923,696

1,063,970

PROFIT FOR THE FINANCIAL YEAR

2,011,164

3,289,754

PROFIT FOR THE YEAR

2,011,164

3,289,754

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,011,164

3,289,754

FIXED ASSETS

Property, plant and equipment

9

3,075,814

2,538,303

CURRENT ASSETS

Inventories

10

17,805,717

13,680,277

Debtors

11

829,491

1,220,935

Cash at bank and in hand

8,080,479

7,665,530

26,715,687

22,566,742

CREDITORS

Amounts falling due within one year

12

10,891,665

7,749,785

NET CURRENT ASSETS

15,824,022

14,816,957

TOTAL ASSETS LESS CURRENT LIABILITIES

18,899,836

17,355,260

CREDITORS

Amounts falling due after more than one year

13

(300,000

)

(700,000

)

PROVISIONS FOR LIABILITIES

18

(305,615

)

(162,203

)

NET ASSETS

18,294,221

16,493,057

CAPITAL AND RESERVES

Called up share capital

19

11,000

11,000

Retained earnings

18,283,221

16,482,057

18,294,221

16,493,057

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

G W Briggs-Price - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

11,000

13,439,276

13,450,276

Changes in equity

Dividends

-

(246,973

)

(246,973

)

Total comprehensive income

-

3,289,754

3,289,754

Balance at 31 December 2023

11,000

16,482,057

16,493,057

Changes in equity

Dividends

-

(210,000

)

(210,000

)

Total comprehensive income

-

2,011,164

2,011,164

Balance at 31 December 2024

11,000

18,283,221

18,294,221

1.	GENERAL INFORMATION

Seventy Seven Company Limited is a private limited company, limited by shares, incorporated in England and Wales. The address of the registered office is given in the company information on page one of these financial statements. The nature of the company's operations and principal activities are detailed in the report of the directors on page three.

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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with 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 under the historical cost convention.

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 33.7.

This information is included in the consolidated financial statements of Seventy Seven Company Holdings Limited and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

Significant judgements and estimates

In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

There are no critical accounting judgements or estimation uncertainty that, in the opinion of the directors, will have a material effect on the financial statements.

Revenue

Revenue represents amounts charged to customers for goods and services provided during the year, excluding value added tax and trade discounts.

Vehicle sales and parts sales are recognised upon delivery to the customer, or upon collection by the customer. Servicing and workshop sales are recognised in the period in which the services are rendered. Forecourt sales are recognised at the point of sale.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Short leasehold

-

33% on cost and 10% on cost

Plant and fixtures

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Inventories

Inventories are stated at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving items. Inventories are accounted for on a first-in-first-out basis.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in profit or loss 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 that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other creditors and directors loan accounts are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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. Accounts 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.

Leasing commitments

Assets obtained under finance leases are capitalised in the statement of financial position and are depreciated over their estimated useful lives or the lease term whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of future payments is treated as a liability.

3.

REVENUE

The revenue and profit before taxation are attributable to the principal activities of the company.

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

2,183,053

2,004,471

Social security costs

208,566

187,897

Other pension costs

221,516

217,814

2,613,135

2,410,182

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

2024

2023

Management

4

5

Sales

28

24

Direct

28

30

Administration

21

19

81

78

2024

2023

£

£

Directors' remuneration

30,640

28,920

Directors' pension contributions to money purchase schemes

180,000

180,000

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

Money purchase schemes

3

3

5.	OPERATING PROFIT

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

2024

2023

£

£

Depreciation - owned assets

126,628

129,513

Profit on disposal of fixed assets

(1,536

)

-

Auditors' remuneration non-audit work

24,480

19,720

Auditors' remuneration audit work

15,000

14,250

Lease hire vehicles

-

11,753

Foreign exchange differences

34,388

23,772

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank loan interest

65,084

85,083

Bank and credit charges

17,357

17,489

Exchange rate variance

(34,388

)

(23,772

)

Stocking charges

244,075

112,763

Directors' loan interest

2,000

2,500

294,128

194,063

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

761,414

1,044,947

Corporation tax interest

18,870

6,027

Total current tax

780,284

1,050,974

Deferred tax

143,412

12,996

Tax on profit

923,696

1,063,970

Reconciliation of total tax 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

£

£

Profit before tax

2,934,860

4,353,724

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

733,715

1,088,431

Effects of:

Expenses not deductible for tax purposes

5,979

-

Depreciation in excess of capital allowances

21,721

12,660

Movement in deferred tax

143,412

12,996

Adjustments for changing tax rates

-

(50,117

)

Corporation tax interest

18,869

-

Total tax charge

923,696

1,063,970

The reversal of deferred tax liabilities in the forthcoming year is not expected to be significant.

8.

DIVIDENDS

2024

2023

£

£

A Ordinary shares of £1 each

Interim

-

28,885

B Ordinary shares of £1 each

Interim

-

8,088

C Ordinary shares of £1 each

Interim

70,000

70,000

D Ordinary shares of £1 each

Interim

70,000

70,000

E Ordinary shares of £1 each

Interim

70,000

70,000

210,000

246,973

9.	PROPERTY, PLANT AND EQUIPMENT

Freehold

Short

Plant and

Motor

property

leasehold

fixtures

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2024

2,460,853

214,303

757,873

148,757

3,581,786

Additions

660,817

-

25,381

-

686,198

Disposals

-

-

-

(26,081

)

(26,081

)

At 31 December 2024

3,121,670

214,303

783,254

122,676

4,241,903

DEPRECIATION

At 1 January 2024

363,714

176,526

422,022

81,221

1,043,483

Charge for year

55,830

6,300

52,596

11,902

126,628

Eliminated on disposal

-

-

-

(4,022

)

(4,022

)

At 31 December 2024

419,544

182,826

474,618

89,101

1,166,089

NET BOOK VALUE

At 31 December 2024

2,702,126

31,477

308,636

33,575

3,075,814

At 31 December 2023

2,097,139

37,777

335,851

67,536

2,538,303

10.	INVENTORIES

2024

2023

£

£

Vehicle inventories

17,410,408

13,162,211

Parts and work-in-progress

395,309

518,066

17,805,717

13,680,277

Inventories are stated after provisions for impairment of £298,542 (2023: £140,810).

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

58,167

209,200

Other debtors

566,475

414,625

Directors' loan accounts

27,884

423,460

Prepayments and accrued income

176,965

173,650

829,491

1,220,935

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 14)

400,000

400,000

Trade creditors

9,408,165

5,612,967

Amounts owed to group undertakings

-

210,973

Taxation

255,164

708,114

Other taxes and social security

597,792

584,834

Other creditors

9,403

19,925

Directors' loan accounts

171,741

161,735

Accrued expenses

49,400

51,237

10,891,665

7,749,785