REGISTERED NUMBER: 02121148 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2025

FOR

CHARLES TRENT OLDCO LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

J Trent

M J Trent

N Trent

SECRETARY:

M J Trent

REGISTERED OFFICE:

Trent House

8 St Georges Avenue

Upper Parkstone

Poole

Dorset

BH12 4ND

REGISTERED NUMBER:

02121148 (England and Wales)

AUDITORS:

Cook & Partners Limited

Statutory Auditor

Manufactory House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

SOLICITORS:

Steele Raymond LLP

Richmond Point

43 Richmond Hill

Bournemouth

BH2 6LR

The directors present their strategic report for the year ended 31st January 2025.

REVIEW OF BUSINESS

The company has been dormant for this financial year after the transfer of trade last year.

PRINCIPAL RISKS AND UNCERTAINTIES

While the company remains dormant there are not considered to be any principal risks and uncertainties.

FUTURE PLANS

The company is expected to remain dormant for the foreseeable future.

ON BEHALF OF THE BOARD:

M J Trent - Director

30th July 2025

The directors present their report with the financial statements of the company for the year ended 31st January 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of vehicle recycling.

DIVIDENDS

The total distribution of dividends for the year ended 31st January 2025 will be £ 345,364 .

DIRECTORS

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

J Trent

M J Trent

N Trent

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he 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, Cook & Partners Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M J Trent - Director

30th July 2025

Opinion

We have audited the financial statements of Charles Trent Oldco Limited (the 'company') for the year ended 31st January 2025 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 31st January 2025 and of its loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

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

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including Fraud.

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:

Auditors approach to assessing the risks of material misstatement due to irregularities, including fraud.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity. The following laws and regulations are considered to be significant to the entity:

Financial reporting Standard 102

Companies Act 2006

UK General Data Protection Regulation

Environmental Agency

We assessed the risks of material misstatement in respect of fraud as follows:

> Discussed the risk of material misstatement due to irregularities, including fraud with management at the planning stage to confirm that risks had been adequately identified and that the controls in place are sufficient for the size and nature of the business to reduce those risks to an acceptably low level.

> Undertook an initial analytical review of the financial statements to identify any potentially unusual or unexpected relationships or high risk audit areas.

> Completed a risk assessment checklist to aid in the identification of risks for a company of this size and nature.

> We considered the risk of fraud through management override of controls, a common risk in a company of this size and nature, in response; we incorporated testing of manual journal entries into our audit approach and undertook a purely substantive approach to the audit with no reliance placed on controls.

> Accounting policies were reviewed at the planning stage to identify any subjective measurements or complex transactions where management would have the potential to show bias.

> Ensured all in the audit team are aware of the risks identified and particular areas that were susceptible to misstatement and during the audit planning meeting.

> Throughout the audit additional substantive testing was undertaken in areas where there was perceived to be a medium or high risk of misstatement.

> Audit testing was undertaken in a manner that was unpredictable in nature, selection and timing when compared to previous years work.

> The engagement Partners final review of the audit file and financial statements included a detailed review of all areas of medium or high risk identified at the planning stage of the audit.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above:

> Financial reporting Standard 102, Companies Act 2006 and UK General Data Protection Regulation. The audit team all have a good understanding of the requirements under these laws and regulations common to most trading businesses and were alert throughout the audit to any potential instances of non-compliance.

> Further, at both the planning and completion stage of the audit enquiries where made of management any known instances of fraud or non-compliance with laws and regulations

> These representations were corroborated where possible through the review of board minutes. No contradictory evidence was noted.

We consider that the work detailed above has ensured that the likelihood of detection of irregularities including fraud is considered to be high both at management level and during our audit approach. It is however worth noting that there is an inherent difficulty in detecting irregularities and there is no guarantee that all irregularities have been identified.

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.

Jeff Oliver (Senior Statutory Auditor)

for and on behalf of Cook & Partners Limited

Statutory Auditor

Manufactory House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

30th July 2025

TURNOVER

-

32,288,394

Cost of sales

-

26,456,705

GROSS PROFIT

-

5,831,689

Administrative expenses

1

6,334,583

OPERATING LOSS

4

(1

)

(502,894

)

Interest receivable and similar income

-

328,277

(1

)

(174,617

)

Interest payable and similar expenses

5

-

155,303

LOSS BEFORE TAXATION

(1

)

(329,920

)

Tax on loss

6

-

-

LOSS FOR THE FINANCIAL YEAR

(1

)

(329,920

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1

)

(329,920

)

CURRENT ASSETS

Debtors

8

1,804,382

2,149,747

TOTAL ASSETS LESS CURRENT LIABILITIES

1,804,382

2,149,747

CAPITAL AND RESERVES

Called up share capital

9

75

75

Other reserves

10

28

28

Retained earnings

10

1,804,279

2,149,644

SHAREHOLDERS' FUNDS

1,804,382

2,149,747

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

M J Trent - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1st February 2023

75

8,479,564

28

8,479,667

Changes in equity

Dividends

-

(6,000,000

)

-

(6,000,000

)

Total comprehensive income

-

(329,920

)

-

(329,920

)

Balance at 31st January 2024

75

2,149,644

28

2,149,747

Changes in equity

Dividends

-

(345,364

)

-

(345,364

)

Total comprehensive income

-

(1

)

-

(1

)

Balance at 31st January 2025

75

1,804,279

28

1,804,382

Cash flows from operating activities

Cash generated from operations

1

(1

)

188,265

Interest paid

-

(155,303

)

Net cash from operating activities

(1

)

32,962

Cash flows from investing activities

Purchase of intangible fixed assets

-

(3,000

)

Purchase of tangible fixed assets

-

(796,527

)

Sale of tangible fixed assets

-

21,727

Interest received

-

328,277

Net cash from investing activities

-

(449,523

)

Cash flows from financing activities

Loan repayments in year

-

(212,121

)

New hire purchases in year

-

245,976

Intercompany Loan movements

-

354,088

Hire purchase repayments in year

-

(724,057

)

Amount withdrawn by directors

-

(194,727

)

Transfer of overdraft to group

-

1,749,359

Transfer of cash balances to group

-

(16,135

)

Equity dividends paid

1

-

Net cash from financing activities

1

1,202,383

Increase in cash and cash equivalents

-

785,822

Cash and cash equivalents at beginning of year

2

-

(785,822

)

Cash and cash equivalents at end of year

2

-

-

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

2025

2024

£

£

Loss before taxation

(1

)

(329,920

)

Depreciation charges

-

1,079,562

Profit on disposal of fixed assets

-

(16,562

)

Finance costs

-

155,303

Finance income

-

(328,277

)

(1

)

560,106

Increase in stocks

-

(1,256,418

)

Increase in trade and other debtors

-

(114,063

)

Increase in trade and other creditors

-

998,640

Cash generated from operations

(1

)

188,265

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 31st January 2025

31.1.25

1.2.24

£

£

Year ended 31st January 2024

31.1.24

1.2.23

£

£

Cash and cash equivalents

-

62,528

Bank overdrafts

-

(848,350

)

-

(785,822

)

4.	MAJOR NON-CASH TRANSACTIONS

During the year an intercompany loan balance of £345,364 (2024: £6,000,000) due to the company from Charles Trent Property Limited was reassigned to Charles Trent Holdings Limited via a distribution in specie.

On the 29th September 2023 the trade, assets and liabilities of the company were transferred at no gain and no loss to Charles Trent Limited (Formally Charles Trent New Co Limited) the net value of the trading assets at 29th September 2023 was £1,804,382.

During the year this intercompany loan of £1,804,382 owed to the company by Charles Trent Limited was reassigned to Charles Trent Holdings Limited.

Included within the transfer of assets and liabilities was a bank overdraft of £1,749,359 and cash or cash equivalent balances of £16,135 as reflected in the cash flow statement.

1.	STATUTORY INFORMATION

Charles Trent Oldco 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

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 company ceased to trade on 29th September 2023. Its trade, assets and liabilities were transferred to a fellow subsidiary company as per the detailed note below.

The directors intend to keep the company open for the foreseeable future in a dormant state.

Given the above factors the accounts have been prepared on a going concern basis.

On the 29th September 2023 the company disposed of its trade, assets and liabilities to a fellow subsidiary company Charles Trent Limited (formerly Charles Trent Newco Limited) on a no gain no loss basis.

The profit and loss account comparative therefore only reflects 8 months of trading at 31st January 2024.

For the remaining 4 months profit and loss and year end balance sheet comparative position please refer to the financial statements of Charles Trent Limited (Registered number: 14938085) or the consolidated accounts of Charles Trent Holdings Limited (Registered number: 12215966) for 2024 and Charles Trent Holdco 1 Limited (Registered number: 14937974) for 2025.

On the 29th September 2023 the assets and liabilities transferred to Charles Trent Limited (formally Charles Trent Newco Limited) were as follows:

Intangible assets

£210,665

Tangible assets

£5,855,487

Stock

£3,538,168

Debtors

£1,693,045

Taxation assets

£110,001

Cash and cash equivalents

£16,135

Creditors

(£3,343,240

)

Social security and other taxes

(£1,374,993

)

Bank overdraft

(£1,749,359

)

Bank loans

(£821,969

)

Hire purchase liabilities

(£2,329,557

)

Net assets disposed of via an intercompany loan

£1,804,382

Turnover

Turnover represents amounts invoiced, excluding VAT, in respect of the sale of goods and services to customers, excepting third party storage and recovery charges. These charges represent amounts paid by Charles Trent Limited on behalf of their insurance company clients to compensate those third parties for the recovery and storage of the insured vehicle. These charges are charged, at cost, to the respective insurance company by Charles Trent Limited. The directors believe that such recharges do not constitute turnover, and to include them separately would distort the reporting of business performance. This policy is generally accepted by the sector.

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.

Tangible fixed assets

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

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases 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 the future payments is treated as a liability.

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 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.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

-

4,603,849

Social security costs

-

425,136

Other pension costs

-

141,901

-

5,170,886

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

2025

2024

Administration and support

-

72

Production

-

150

-

222

2025

2024

£

£

Directors' remuneration

-

15,360

4.	OPERATING LOSS

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

2025

2024

£

£

Hire of plant and machinery

-

7,041

Depreciation - owned assets

-

900,665

Depreciation - assets on hire purchase contracts or finance leases

-

139,314

Profit on disposal of fixed assets

-

(16,562

)

Computer software amortisation

-

39,583

Auditors remuneration

1,000

13,200

Auditors remuneration for non audit services

1,000

8,800

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

-

47,125

Hire purchase interest

-

108,178

-

155,303

6.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31st January 2025 nor for the year ended 31st January 2024.

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is the same as the standard rate of corporation tax in the UK.

2025

2024

£

£

Loss before tax

(1

)

(329,920

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

-

(82,480

)

Effects of:

leasehold property

Losses and capital allowances transferred to group

-

82,480

super deduction used

Total tax charge

-

-

7.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Final

345,364

6,000,000

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed by group undertakings

1,804,382

2,149,747

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

72

Ordinary

£1

72

72

1

Ordinary A

£1

1

1

1

Ordinary B

£1

1

1

1

Ordinary C

£1

1

1

75

75

10.

RESERVES

Retained

Other

earnings

reserves

Totals

£

£

£

At 1st February 2024

2,149,644

28

2,149,672

Deficit for the year

(1

)

(1

)

Dividends

(345,364

)

(345,364

)

At 31st January 2025

1,804,279

28

1,804,307

11.	ULTIMATE PARENT COMPANY

Charles Trent Holdco 1 Limited is regarded by the directors as being the company's ultimate parent company.

Charles Trent Holdings Limited was the ultimate parent company until 7th August 2024. On the 7th August 2024 100% of the share capital of Charles Trent Holdings Limited was transferred to Charles Trent Holdco 1 Limited in a share for share exchange as part of a group restructuring.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st January 2025 and 31st January 2024:

2025

2024

£

£

M J Trent

Balance outstanding at start of year

-

(747

)

Amounts advanced

-

747

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

J Trent

Balance outstanding at start of year

-

(96,630

)

Amounts advanced

-

96,630

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

N Trent

Balance outstanding at start of year

-

(97,350

)

Amounts advanced

-

97,350

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-