REGISTERED NUMBER: 04652938 (England and Wales)

Vantage Motor Group Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

9

Statement of Comprehensive Income

13

Balance Sheet

14

Statement of Changes in Equity

15

Cash Flow Statement

16

Notes to the Cash Flow Statement

17

Notes to the Financial Statements

18

DIRECTORS:

T J A Swindin

A Mallory

REGISTERED OFFICE:

Knaresborough Toyota

York Road

Knaresborough

HG5 0SS

REGISTERED NUMBER:

04652938 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

BANKERS:

National Westminster Bank plc

3rd Floor

2 Whitehall Quay

Leeds

LS1 4HR

SOLICITORS:

Wilkin Chapman Rollitts LLP

Citadel House

58 High Street

Hull

HU1 1QE

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

Financial highlights

The following are considered to be financial KPIs of the Company.

-

Turnover of £273.3 million (2023: £272.2 million)

-

Operating profit of £3.544 million (2023: £2.460 million)

-

Profit before tax £1.295 million (2023: £0.929 million)

-

Operating EBITDA (being operating profit plus depreciation and amortisation and excluding surplus on disposal of business) £4.829 million (2023: £3.408 million)

-

Shareholders' funds £2.363 million (2023: £9.105 million)

-

Net debt £18.017 million (2023: £7.100 million)

The directors have concluded that there are no relevant non-financial KPIs to disclose in the financial statements.

REVIEW OF BUSINESS

The Directors are pleased to report a net profit before tax of £1.295 million in the year ended 31 December 2024.

Our dealership portfolio is set out below, there have been no additions or disposals of sites since the year end. Geographically, our representation is entirely in North and West Yorkshire and Lancashire:

Franchise Dealerships

At 31 Dec 2024

At 31 Dec 2023

Toyota

9

9

Lexus

2

2

Kia

1

1

Skoda

1

1

Total Sales Outlets

13

13

Looking at continuing activities, our key performance indicators are as follows:

KPI

2024

2023

Gross profit margin %

11.4

10.7

Operating margin %

1.3

0.9

Profit before taxation return on sales %

0.5

0.3

Return on capital employed %

16.1

13.3

Long term debt gearing %

812.4

98.0

The UK New Car market in 2024 was relatively stable in comparison with the previous year reflecting a small increase of just 2.6% in the total market. The Government's ZEV mandate was introduced with effect from the beginning of 2024. This has undoubtedly negatively impacted the new car market as manufacturers attempt to balance registrations while achieving the full EV share objective of 22% of the new car market. Toyota registrations fell by 7.7% in the year as their model range transitions to BEV. In this challenging new car trading environment, our new car volume fell by 2%. Pressure on new car gross margins continued this year resulting in a further fall to 8.5% from 9.6% last year.

Our used car sales in 2024 were in line with the previous year selling almost exactly the same number of cars. We were however able to significantly improve our retained gross margin. This grew from a return of 6.1% last year to 7.5% this year. This was achieved through careful stock management and robust pricing to the market. Our used car performance was a large factor in the Group's overall increase in gross profit return on sales.

Our continued strong customer retention strategy resulted in Aftersales revenues increasing again this year by 11%. Our continued customer retention strategies are crucial in ensuring growth in revenues to offset inflationary cost pressures. We work closely with our manufacturer partners, in particular Toyota and Lexus, and have a shared clear customer and vehicle retention strategy.

Our management of Used cars and growth in Aftersales Revenues offset the decline in new car profitability and enabled the Group to increase overall Gross Profit generated in the year by £1.986m. Costs continue to increase in the current inflationary environment. Administrative expenses rose by 3.4% in 2024, we will continue to ensure costs are managed in line with Revenues generated and gross margins returned. Management of gross returns and costs in 2024 resulted in an increase in Operating Profit of £1.084m to £3.544m (2023: £2.460m).

We reported last year that P M White retired as director and the company bought back his entire shareholding. This transaction was funded by Toyota Financial Services plc; the maintenance of this debt has resulted in additional interest charges for the Group. Interest costs increased in 2024 by £0.718m. After taking account of these additional funding costs the Group was able to increase profit before tax to £1.295m (2023: £0.929m)

Cash Flow and Investment

The Group generated EBITDA of £4.829 million (2023: £3.480m) in the year. During the year we invested £2.993m in fixed asset additions, the largest element of this investment being the completion of two further Toyota Retail Concept refurbishments. We also completed a very significant workshop refresh in our Leeds Toyota and Lexus Centre and invested in two Smart Paint booths creating an additional revenue stream for the Group. These refurbishments were funded by a combination of finance leases amounting to £1.651m and term loans totalling £0.750m. Taking into account, also, the funding of the share buyback, our total long term debt rose to £19.922m (2023: £10.455m). Total debt is 84% of written down value of our property portfolio at end of 2024. Whilst gearing has risen significantly given reduction in shareholders funds and increase in debt, we have a clear repayment strategy and will see gearing steadily reduce over the next few years.

At the 31 December 2024 the group had cash at bank of £1.905 million (2023: £3.355m).

Current Trading, Post Balance Sheet event and future investment requirements

The national new car market was up 3.5% in the first six months of 2025, however Toyota registrations were down a further 7% in this period. Despite the challenging new car market, we started the year strongly, aided by consistent used car sales and robust aftersales performance, we have exceeded Group profit and cost objectives to date.

Inflation remains circa 3.8% in 2025, however we have benefitted from further bank base interest rate reductions with the rate now at 4%. Wage and salary costs continue to rise following NLW increase of 6.7% on 1st April 2025 combined with the impact of the Employers National Insurance increases. We are monitoring these closely and will take action to mitigate if increases in gross profits are not able to keep pace with the increase in our underlying costs and administrative expenses.

We have continued to be cash generative throughout the current year to date with EBITDA significantly greater than our ongoing loan repayment commitments. We have completed a further site refurbishment as part of our commitment to a programme of Toyota Retailer Transformation and will complete our sixth site before the end of the year. We expect to complete the remaining three facility refurbishments in 2026. The investment is significant, and funding packages are being provided by Toyota Financial Services.

Going Concern

The Group has remained in a net positive cash position throughout the year. Toyota Financial Services have funded our capital projects and have agreed funding for our existing capital commitments. The Group management team have shown through careful business planning that we are able to adapt quickly, proactively and effectively to the various challenges of the current new car ZEV mandate requirements.

Management have prepared detailed and flexible analysis of the potential impact on revenues and cash resources and have demonstrated the ability to adapt these when necessary. The Group has a business plan for 2025 which is cash positive with headroom in excess of our debt repayment liabilities for the year. There are no significant un-funded capital expenditure requirements in the foreseeable future.

Consequently, after making appropriate enquires, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Directors continue to adopt the going concern basis in preparing the annual report and accounts.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company uses a number of financial instruments which include loans, cash, equity investments and other various items such as trade debtors and trade creditors which arise directly from its operations.

The existence of these financial instruments exposes the Company to a number of financial risks, which are described in more detail below.

The significant risks arising from the Company's financial instruments are interest rate risk, liquidity risk and credit risk. The directors review and agree policies for the management of each of these risks which are set out below. These policies are consistent with those from the previous year.

Interest rate risk

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

Liquidity risk

The Company makes effort to manage the financial risk by monitoring of cash flow to ensure that the Company is able to meet its foreseeable debts as they fall due and to invest any cash assets profitably.

Credit risk

The Company's principal financial assets are cash and trade debtors. The credit risk associated with cash is limited and therefore the principal risks arise 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 references. These credit risks are reviewed regularly by the directors together with the aged debtors and collection history.

SECTION 172(1) STATEMENT

The directors of a company must act in accordance with a set of personal duties. These duties are detailed in s172 of the UK Companies Act 2006 summarised as follows:

Directors of companies must act in a manner which would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

-

the likely consequences of any decision in the 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 operations on the community and the environment;

-

the desirability of the company maintaining a reputation for high standards of business conduct; and

-

the need to act fairly as between members of the company.

Any decisions which are made by the directors take into account short, medium and long term consequences. It is always the intentions of the directors to take into account the interests of the company's team members whose safety and well-being are at the forefront of any decision making. Team members are treated with respect and courtesy, and their training needs and personal development are constantly supported. The Group encourages open and honest dealings both internally and externally. Regular dialogue is maintained with all key customers, suppliers and stakeholders.

High standards are expected of the products and services we sell and our team members we employ. Integrity is extremely important to in all aspects of the way we do business. The quality of our provision of services and delivery of products is regularly audited and checked by our manufacturer partners. Our team members are suitably trained to deliver expertise in both products and service delivery.

Each business in the Group is actively encouraged to become involved with and support the local community in which it operates.

ON BEHALF OF THE BOARD:

T J A Swindin - Director

29 September 2025

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

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 was £nil (2023 £nil).

DIRECTORS

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

T J A Swindin

A Mallory

Other changes in directors holding office are as follows:

P M White - resigned 2 January 2024

GOING CONCERN

The Group has remained in a net positive cash position throughout the year. The Group management team have shown, through careful business planning, that we are able to adapt quickly, proactively and effectively to the various challenges of the recent new car supply issues following the pandemic. We are confident that we will be able to take any necessary measures to mitigate the current inflationary cost impacts.

Management have prepared detailed and flexible analysis of the potential impact on revenues and cash resources and have demonstrated the ability to adapt these when necessary. The Group has a business plan for 2025 which is cash positive with significant headroom in excess of our debt repayment liabilities for the year. There are no significant un-funded capital expenditure requirements in the foreseeable future.

Consequently, after making appropriate enquires, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Directors continue to adopt the going concern basis in preparing the annual report and accounts.

ENGAGEMENT WITH EMPLOYEES

Employee involvement

The Company keeps its employees informed on matters affecting them as employees and on the performance of the Company through periodic meetings. Other information is distributed through publications such as the Annual Accounts, the Staff Handbook, Team Briefing notes and Company Intranet Hub.

Disabled employees

It is the Company's policy that full consideration is given to applications for employment by disabled persons, having regard to the respective aptitudes and abilities of the applicant concerned. In the event of the employees becoming disabled, continuity of employment and appropriate training is arranged where practicable. As far as possible, disabled employees are treated equally with other employees as regards training, career development and promotion.

STREAMLINED ENERGY AND CARBON REPORTING

This section includes our mandatory reporting of energy and greenhouse gas emissions for the period 1 January 2024 to 31 December 2024, pursuant to the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, implementing the government's Streamlined Energy and Carbon Reporting (SECR) policy.

Our methodology to calculate our greenhouse gas emissions is based on the 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance (March 2019)', using DESNZ's 2023 and 2024 conversion factors as appropriate. In some cases, consumption has been extrapolated from available data or direct comparison made to a comparable period.

We report using a financial control approach to define our organisational boundary. We have reported all material emission sources required by the regulations for which we deem ourselves to be responsible and have maintained records of all source data and calculations.

During the reporting period, Retail Concept upgrades were implemented across the remainder of the group, these upgrades completely refresh the sites and include more efficient lighting and screens. We also continue to monitor and regularly review gas and electricity consumption across our Toyota sites, with the majority of the sites receiving targeted consumption reports on a daily basis.

The table below includes total energy consumption (reported as kWh) and greenhouse gas emissions for the sources required by the regulations, along with our intensity ratio.

01/01/2024 - 31/12/2024

01/01/2023- 31/12/2023

Total Energy Consumption - Used for Emission Calculations (kWh)

5,410,689

4,893,685

Gas Combustion Emissions, Scope 1 (tCO2e)

228.2

248.4

Purchased Electricity Emissions, Scope 2 (tCO2e)

374.1

341.2

Vehicle Fuel Combustion Emissions, Scope 1 (tCO2e)

550.3

446.9

Vehicle Fuel Combustion Emissions, Scope 3 (tCO2e)

9.4

2.5

Total Gross Reported Emissions (tCO2e)

1,162.7

1,039.0

Turnover (£m)

273.3

272.2

Intensity Ratio: Turnover (tCO2e / £m)

4.3

3.8

DISCLOSURE IN THE STRATEGIC REPORT

Disclosures of financial risks and the Company's financial performance during the year, and future prospects, are set out in the strategic report.

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.

AUDITORS

The auditors, Smailes Goldie, will be proposed for re-appointment in accordance with section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

T J A Swindin - Director

29 September 2025

Opinion

We have audited the financial statements of Vantage Motor Group Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 seven, 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:

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

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

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

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

- tested journal entries to identify unusual transactions;

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

- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

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

- reviewing correspondence with relevant regulators and the company's legal advisors.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

William Cowell FCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

29 September 2025

TURNOVER

4

273,292

272,217

Cost of sales

242,272

243,183

GROSS PROFIT

31,020

29,034

Administrative expenses

27,476

26,574

OPERATING PROFIT

6

3,544

2,460

Interest payable and similar expenses

7

2,249

1,531

PROFIT BEFORE TAXATION

1,295

929

Tax on profit

8

387

271

PROFIT FOR THE FINANCIAL YEAR

908

658

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

908

658

FIXED ASSETS

Intangible assets

9

1,155

1,260

Tangible assets

10

25,971

24,158

Investments

11

-

-

27,126

25,418

CURRENT ASSETS

Stocks

12

26,070

28,355

Debtors

13

6,849

7,853

Cash at bank

1,905

3,355

34,824

39,563

CREDITORS

Amounts falling due within one year

14

39,960

46,513

NET CURRENT LIABILITIES

(5,136

)

(6,950

)

TOTAL ASSETS LESS CURRENT LIABILITIES

21,990

18,468

CREDITORS

Amounts falling due after more than one year

15

(19,196

)

(8,924

)

PROVISIONS FOR LIABILITIES

18

(431

)

(439

)

NET ASSETS

2,363

9,105

CAPITAL AND RESERVES

Called up share capital

19

41

84

Share premium

20

-

324

Revaluation reserve

20

1,628

1,643

Capital redemption reserve

20

159

116

Retained earnings

20

535

6,938

SHAREHOLDERS' FUNDS

2,363

9,105

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

T J A Swindin - Director

A Mallory - Director

Called up

share

Retained

Share

capital

earnings

premium

£'000

£'000

£'000

Balance at 1 January 2023

84

6,265

324

Changes in equity

Total comprehensive income

-

673

-

Balance at 31 December 2023

84

6,938

324

Changes in equity

Share buyback consideration

(43

)

(7,650

)

-

Cancellation of share premium

-

324

(324

)

Total comprehensive income

-

923

-

Balance at 31 December 2024

41

535

-

Capital

Revaluation

redemption

Total

reserve

reserve

equity

£'000

£'000

£'000

Balance at 1 January 2023

1,658

116

8,447

Changes in equity

Total comprehensive income

(15

)

-

658

Balance at 31 December 2023

1,643

116

9,105

Changes in equity

Share buyback consideration

-

43

(7,650

)

Total comprehensive income

(15

)

-

908

Balance at 31 December 2024

1,628

159

2,363

Cash flows from operating activities

Cash generated from operations

1

2,303

6,034

Interest paid

(2,013

)

(1,421

)

Interest element of hire purchase or finance lease rental payments paid

(236

)

(110

)

Tax paid

(154

)

(445

)

Net cash from operating activities

(100

)

4,058

Cash flows from investing activities

Purchase of tangible fixed assets

(2,993

)

(3,397

)

Sale of tangible fixed assets

-

10

Net cash from investing activities

(2,993

)

(3,387

)

Cash flows from financing activities

New loans in year

8,400

1,000

New finance leases in year

1,651

2,120

Loan repayments in year

(203

)

(1,246

)

Finance lease capital repayments in year

(381

)

(150

)

Amount withdrawn by directors

(174

)

(1,287

)

Share buyback

(7,650

)

-

Net cash from financing activities

1,643

437

(Decrease)/increase in cash and cash equivalents

(1,450

)

1,108

Cash and cash equivalents at beginning of year

2

3,355

2,247

Cash and cash equivalents at end of year

2

1,905

3,355

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£'000

£'000

Profit before taxation

1,295

929

Depreciation charges

1,180

845

Profit on disposal of fixed assets

-

(2

)

Amortisation charges

105

105

Finance costs

2,249

1,531

4,829

3,408

Decrease/(increase) in stocks

2,285

(1,439

)

Decrease/(increase) in trade and other debtors

964

(1,902

)

(Decrease)/increase in trade and other creditors

(5,775

)

5,967

Cash generated from operations

2,303

6,034

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£'000

£'000

Cash and cash equivalents

1,905

3,355

Year ended 31 December 2023

31.12.23

1.1.23

£'000

£'000

Cash and cash equivalents

3,355

2,247

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£'000

£'000

£'000

Net cash

Cash at bank

3,355

(1,450

)

1,905

3,355

(1,450

)

1,905

Debt

Debts falling due within 1 year

(1,531

)

805

(726

)

Debts falling due after 1 year

(8,924

)

(10,272

)

(19,196

)

(10,455

)

(9,467

)

(19,922

)

Total

(7,100

)

(10,917

)

(18,017

)

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Going concern

The strategic report sets out the company's financial performance, future prospects and details of principal risks and uncertainties.

The financial statements have been prepared on the going concern basis. The Directors have taken note of the guidance issued by the Financial Reporting Council on Going Concern Assessments in determining that this is the appropriate basis of preparation of the financial statements and have considered a number of factors including details forecasts, projections and funding available to the company. The directors are satisfied that sufficient funding will be available to enable it to meet its liabilities as they fall due at least until September 2026.

On this basis, the directors believe the company is well placed to manage it business risks successfully taking into account the uncertainties surrounding the current general economic outlook.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing their annual report and accounts.

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.