REGISTERED NUMBER: 04318009 (England and Wales)

Grafise Holdings Limited

Group Strategic Report,

Directors' Report and

Consolidated Financial Statements

for the Year Ended 31 December 2024

Page

Company Information

1

Group Strategic Report

2

Directors' Report

4

Independent Auditors' Report

6

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Notes to the Consolidated Financial Statements

14

Directors:

C A Slaughter

P Nott

Secretary:

C A Slaughter

Registered office:

3rd Floor

86 - 90 Paul Street

London

EC2A 4NE

Registered number:

04318009 (England and Wales)

Auditors:

Cooper Parry Group Limited

Statutory Auditor

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

Review of business

The principal activity of Grafise Group Holdings Limited is that of an investment holding company holding investments in companies that trade Volvo motor vehicles. As one of the largest Volvo dealer groups operating in the UK, the group continues to deal in new and used motor vehicles, provide vehicle servicing and repairs and sell spare parts for Volvo vehicles. The group's activities are organised into the following five divisions:

- Sales of new vehicles

- Sales of used vehicles

- Sales of fleet vehicles

- Servicing and repairs

- Sales of spare parts

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover and gross margin.

The turnover of the group by division was as follows:

2024 £'000

2023 £'000

Sales of new vehicles

4,552

25,200

Sales of used vehicles

69,556

67,631

Sales of fleet vehicles

4,775

35,179

Servicing and repairs

5,618

5,174

Sales of spare parts

11,044

10,054

Other

1,760

3,523

97,305

146,761

We have experienced another challenging year with political and economic uncertainty leading to significant increases in inflation and to our own costs of interest, electricity, gas, etc. New car supply has also been inconsistent leading to disruption of the supply of used vehicle stock in addition.

Despite the challenges faced and a decrease of turnover during 2024, we are pleased in achieving good levels of profitability which has continued into 2025. We relocated our business previously based in Orpington to more modern premises in a busier location at the start of 2024 and look forward to the growth of that business during 2025.

Whilst the business environment in which we operate continues to be challenging, with the car market in the UK

remaining highly competitive the Directors' remain confident that the Company will continue to trade profitably. The Company will therefore continue to invest in improvements to sites, facilities and staff training over the next few years. We believe that despite the inevitable increases in operating costs this is necessary to enable us to satisfy the expectations of our customers and to meet the criteria of the Volvo Retail Experience.

Principal risks and uncertainties

The group's operations expose it to a variety of financial risks which include credit risk, liquidity risk and interest rate risk. The group has in place risk management policies which are implemented by the group's finance department. These policies, which are consistent with those from the previous year, seek to limit the adverse effects on the financial performance of the group by monitoring levels of debt finance and related finance costs.

Interest rate risk

The group's liquidity position does not place reliance on short term borrowings and hence such perceived risk is considered to be minimal.

Liquidity risk

The group makes efforts to manage the financial risk by the monitoring of cash flow to ensure that the is able group to meet its foreseeable debts as they fall due and to invest any cash assets profitably. A mixture of long-term and short-term debt finance is designed to ensure the group has sufficient funds available for operations and planned expansions.

Credit risk

The group's principal financial assets are stock and trade debtors. The credit risk associated with stock is limited and therefore the principal credit risk arises from its trade debtors.

In order to manage credit risk the directors set limits for customers based on a combination of payment history and third party credit references. These credit limits are reviewed regularly by the directors together with the aged debtors and collection history.

With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control.

Section 172(1) statement

The directors are accountable to shareholders for the management, performance and long-term success of the group and we consider they are constantly focused on the key stakeholders who are vital and to a great degree depend on the success of the business. These include:-

Our workforce which remains our greatest asset and of which retention and motivation of is essential. The group always aims therefore to be a reasonable employer in its approach to its employees in key areas including pay, benefits, safety, training, health and well-being.

We aim to create a culture of diversity and inclusion and to ensure that employment and progression within the group is based on equality, aptitude and the ability and willingness to work and not on the basis, of race, individual characteristics, creed or political opinion.

The nature of our business means there is constant focus on working with our suppliers and business partners to ensure the balance is maintained of strong relationships and the need to obtain value for the business.

Being a retail business the retention and growth of customers is vital to our success and we take great pride in maintaining the excellent reputation for high standards of business conduct that has taken many years to achieve. Great attention is also given to measuring customer satisfaction and taking action as appropriate to ensure that our standards remains high and continues to improve whether measured against our competitors or internal objectives.

On behalf of the board:

C A Slaughter - Director

30 September 2025

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

Principal activity

The principal activity of the group in the year under review was that of a motor trader.

Dividends

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

Directors

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

C A Slaughter

P Nott

Streamlined energy and carbon reporting

Type

2023 Consume d kwh

2023 Emissions metric tonnes CO2e

2024 Consumed kwh

2024 Emissions metric tonnes CO2e

Gas (Scope 1)

695,981

127.1

507,850

92.7

Electric (Scope 2)

713,269

147.6

697,700

114.4

Transport (Scope 1)

1,197,279

277.11

1,371,224

316.0

Total

2,606,529

551.8

2,576,774

523.1

Intensity Ratio (Turnover)

3.7

5.6

Intensity Ratio (Employees)

3.5

3.2

The methodology used in the calculation of these disclosures was based on the HM Government Environmental Reporting Guidelines 2019 and the Greenhouse Gas Reporting conversion factors of 2024.

Consumption data was extracted from supplier invoices across all sites

The intensity ratio has been calculated by applying metric tonnes equivalent per £m turnover (tCO2e/£m).

It is important to note that our business moved to an agency style agreement during 2023 which was effective for the whole of 2024 the consequence of which reduced our turnover by approximately one third from £146.7m to £97.3m which impacted significantly on the calculation used for comparison of the intensity ratio.

We have therefore included a further calculation of (tC02e/employee)

Energy efficiency actions taken

We continue to make ongoing improvements to plant and equipment as we refurbish our current sites and seek to improve efficiency and reduce the use of energy and waste wherever possible.

Along with the UK's transition to electric vehicles, of which the Volvo brand which we represent is at the forefront, we continue to invest heavily in improvements to our vehicle charging infrastructure across all our sites and have significantly increased our own use of electric and hybrid vehicles. We completed the installation of solar energy panels at our Eltham location which were operational from February 2024 and also commenced a further installation at our Guildford site towards the end of 2024 which will be active from March 2025. We continue to upgrade showrooms, workshops and office areas with more energy efficient LED lighting.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

On behalf of the board:

C A Slaughter - Director

30 September 2025

Opinion

We have audited the financial statements of Grafise Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company 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 group's and of the parent company affairs as at 31 December 2024 and of the group's 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 group 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the 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 Group Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report 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 Group 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 Group Strategic Report and the Directors' Report 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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 an Auditors' 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.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the group and the industry in which it operates, and considered the risk of acts by the group that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.

During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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.

Lorraine Clark ACCA (Senior Statutory Auditor)

for and on behalf of Cooper Parry Group Limited

Statutory Auditor

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

30 September 2025

Turnover

3

97,304,968

146,760,782

Cost of sales

(88,285,036

)

(137,323,214

)

Gross profit

9,019,932

9,437,568

Administrative expenses

(7,366,608

)

(5,279,904

)

1,653,324

4,157,664

Other operating income

4

644,384

1,191,666

Operating profit

2,297,708

5,349,330

Interest receivable and similar income

108,558

91,799

2,406,266

5,441,129

Interest payable and similar expenses

7

(153,071

)

(203,065

)

Profit before taxation

8

2,253,195

5,238,064

Tax on profit

10

(163,375

)

(535,709

)

Profit for the financial year

2,089,820

4,702,355

Other comprehensive income

-

-

Total comprehensive income for the year

2,089,820

4,702,355

Profit attributable to:

Owners of the parent

2,089,820

4,702,355

Total comprehensive income attributable to:

Owners of the parent

2,089,820

4,702,355

Fixed assets

Intangible assets

12

-

-

Tangible assets

13

6,052,388

2,902,563

Investments

14

239,513

239,513

6,291,901

3,142,076

Current assets

Stocks

15

9,666,707

11,512,525

Debtors

16

16,123,874

16,665,510

Cash in hand

4,178,899

5,858,856

29,969,480

34,036,891

Creditors

Amounts falling due within one year

17

8,869,677

11,762,395

Net current assets

21,099,803

22,274,496

Total assets less current liabilities

27,391,704

25,416,572

Creditors

Amounts falling due after more than one year

18

(1,461,357

)

(1,817,071

)

Provisions for liabilities

22

(1,792,205

)

(1,551,179

)

Net assets

24,138,142

22,048,322

Capital and reserves

Called up share capital

23

9,618

9,618

Capital redemption reserve

24

20,000

20,000

Retained earnings

24

24,108,524

22,018,704

Shareholders' funds

24,138,142

22,048,322

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:

C A Slaughter - Director

Fixed assets

Intangible assets

12

-

-

Tangible assets

13

-

-

Investments

14

1,453,561

1,453,561

1,453,561

1,453,561

Current assets

Debtors

16

2,455,344

2,455,344

Creditors

Amounts falling due within one year

17

2,889,890

2,889,890

Net current liabilities

(434,546

)

(434,546

)

Total assets less current liabilities

1,019,015

1,019,015

Capital and reserves

Called up share capital

23

9,618

9,618

Retained earnings

24

1,009,397

1,009,397

Shareholders' funds

1,019,015

1,019,015

Company's profit for the financial year

-

-

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:

C A Slaughter - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

9,618

17,316,349

20,000

17,345,967

Changes in equity

Total comprehensive income

-

4,702,355

-

4,702,355

Balance at 31 December 2023

9,618

22,018,704

20,000

22,048,322

Changes in equity

Total comprehensive income

-

2,089,820

-

2,089,820

Balance at 31 December 2024

9,618

24,108,524

20,000

24,138,142

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

9,618

1,009,397

1,019,015

Changes in equity

Profit for the year

-

-

-

Balance at 31 December 2023

9,618

1,009,397

1,019,015

Changes in equity

Profit for the year

-

-

-

Balance at 31 December 2024

9,618

1,009,397

1,019,015

1.	Statutory information

Grafise Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the group and rounded to the nearest pound.

Going concern

The financial statements have been prepared on the going concern basis. The directors have a reasonable expectation that the company and group have adequate resources to continue in operational existence for the foreseeable future. The company and group therefore continues to adopt the going concern basis in preparing its financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The group has taken advantage of the following disclosure exemption 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.

Basis of consolidation

The financial statements consolidate the accounts of Grafise Holdings Limited and all of its subsidiary undertakings ('subsidiaries').

Significant judgements and estimates

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in provisions against amounts due to the company. A detailed review of amounts owed to the company are carried out at the year end date. Whilst every attempt is made to ensure that the provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

There is estimation uncertainty in calculating stock provisions. Slow moving and obsolete stocks are monitored during the year. Whilst every attempt is made to ensure that the stock provisions are as accurate as possible, there remain a risk that the provisions do not match the ultimate unrealised value of stock held.

Turnover

Turnover comprises revenue recognised by the group in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Sales of motor vehicles and accessories are recognised on the earlier of full payment by, or delivery date to, the customer together with associated manufacturer vehicle bonus income. Any other manufacturer income in relation to achieving targets is recognised on an accrual basis. Servicing revenue is recognised on the completion of the agreed work.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the profit and loss account over its estimated economic life.

Amortisation on goodwill is provided on a 10% straight line basis.

Tangible fixed assets

Tangible fixed assets are held at cost less accumulated depreciation and impairment losses. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant and machinery - 15% on cost

Fixtures and fittings - 5-10% on cost

Motor vehicles - 15-33% on cost

Computer equipment - 10-25% on cost

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 the consolidated statement of comprehensive income.

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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

Investments

Investments held as fixed assets are recorded at fair value, where appropriate, or at cost less impairment if their fair value cannot be reliably measured.

Investment income is recognised in the financial statements when the company becomes entitled to its share of profits from the financial instrument.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the group becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the group will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the group's cash management.

Financial liabilities and equity instruments issued by the group are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

3.

Turnover

The turnover and profit before taxation are attributable to the one principal activity of the group.

All turnover arose within the United Kingdom.

4.	Other operating income

2024

2023

£

£

Sundry receipts

-

223,200

Finance commission

644,384

968,466

644,384

1,191,666

5.	Employees and directors

2024

2023

£

£

Wages and salaries

5,882,744

5,472,714

Social security costs

433,888

390,746

Other pension costs

121,634

105,714

6,438,266

5,969,174

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

2024

2023

Sales

60

52

Service and parts

84

84

Administration

22

22

166

158

The average number of employees by undertakings that were proportionately consolidated during the year was 89 (2023 - 158 ) .

6.	Directors' emoluments

2024

2023

£

£

Directors' remuneration

173,507

191,550

Directors' pension contributions to money purchase schemes

23,664

23,967

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

Money purchase schemes

1

1

7.

Interest payable and similar expenses

2024

2023

£

£

Other loan interest payable

153,071

203,065

8.	Profit before taxation

The profit is stated after charging:

2024

2023

£

£

Hire of plant and machinery

8,588

8,524

Other operating leases

1,353,751

1,083,728

Depreciation - owned assets

476,001

292,896

9.	Auditors' remuneration

2024£

2023£

Fees payable to the company's auditor for the audit of the company's annual accounts

5,750

4,725

Fees payable to the company's auditor in respect of the auditing of accounts of associates of the company

46,000

44,104

Fees payable to the company's auditor in respect of taxation compliance and other services

5,000

3,750

56,750

52,579

10.

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

85,216

535,150

Under/(over) tax provision

-

559

Total current tax

85,216

535,709

Deferred tax

78,159

-

Tax on profit

163,375

535,709

Reconciliation of total tax charge included in profit and loss

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

2024

2023

£

£

Profit before tax

2,253,195

5,238,064

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

563,299

1,309,516

Effects of:

Expenses not deductible for tax purposes

40,734

21,615

Income not taxable for tax purposes

(44,015

)

(215,587

)

Capital allowances in excess of depreciation

(273,602

)

(21,546

)

Other timing differences

78,159

-

Group relief

(201,200

)

(525,186

)

Prior year (over)/under provision

-

559

Impact of change in Corporation Tax rates on deferred tax

-

(33,662

)

Total tax charge

163,375

535,709

11.	Individual statement of comprehensive income

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.