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REGISTERED NUMBER: 04577284 (England and Wales)

| Strategic Report, |

| Report of the Directors and |

| Financial Statements |

| for the Year Ended 31 December 2024 |

| for |

| Dennis Horton & Son Ltd |

| Dennis Horton & Son Ltd (Registered number: 04577284) |

Contents of the Financial Statements

for the Year Ended 31 December 2024

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 4 |

| Statement of Comprehensive Income | 6 |

| Balance Sheet | 7 |

| Statement of Changes in Equity | 8 |

| Cash Flow Statement | 9 |

| Notes to the Cash Flow Statement | 10 |

| Notes to the Financial Statements | 11 |

| Dennis Horton & Son Ltd |

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | O S Horton

| Mrs K L M Horton

| REGISTERED OFFICE: | Dennis Horton & Son Ltd

| Kingsley Road

| Lincoln

| LN6 3TA

| REGISTERED NUMBER: | 04577284 (England and Wales)

| AUDITORS: | Wright Vigar Limited

| Statutory Auditors

| Chartered Accountants & Business Advisers

| 15 Newland

| Lincoln

| Lincolnshire

| LN1 1XG

| Dennis Horton & Son Ltd (Registered number: 04577284) |

Strategic Report

for the Year Ended 31 December 2024

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

REVIEW OF BUSINESS

During the year to 31 December 2024, the company's profit on ordinary activities before tax was £890,308.

The company achieved a turnover of £45,848,142.

PRINCIPAL RISKS AND UNCERTAINTIES

There are certain risks which could materially and adversely impact the company's result compared to expectation. A summary of the key risks is set out below.

General Economic Conditions

The general economic environment and levels of consumer and business confidence have a direct impact on levels of demand in the retail motor sector. In addition, inflation, interest rates and levels of unemployment can all significantly impact sales levels. Demand is closely monitored by the company on an on-going basis (via sales and enquiry analysis) and action taken accordingly if these measures deviate from expectation.

Manufacturer Relationships

The company relies on the strength of its relationships with the vehicle manufacturers to deliver a significant component of company profitability. Changes in the fortunes and strategy of the company's key manufacturer partners could directly and materially impact the groups result. The risk is mitigated by the fact that the company represents a number of different brands, thereby reducing exposure to any one manufacturer partner.

Used Vehicle Prices

Wholesale purchase prices of used vehicles have risen steadily in 2024 and prices remain volatile. This can represent significant risk to the company and could lead to reduced margins and increased provisions on unsold stock. This risk is mitigated by a combination of regular monitoring of the used vehicle market by the company and a focus on reducing the length of time that used vehicles are held in stock and regular price reviews to ensure that vehicles are priced competitively in the market.

Business, People and Reputation

The company has invested heavily in its people and its reputation over a number of years. It is therefore reliant on these individuals to a degree in delivering the company result and reinforcing the underlying company brand. The company undertakes a regular review of remuneration and packages to ensure that it attracts and retains the best people.

Competition

The company competes with other franchised vehicle dealership, independent used vehicle sellers, private buyers and sellers, internet based dealers, independent service and repair shops and vehicle manufacturers who have entered the retail market. The company competes for the sale of new and used vehicles, the performances of warranty repairs, non-warranty repairs, routine maintenance business and for the provision of spare parts. The principal competitive factors in service and parts sales are price, familiarity with a manufacturer's brands and models and the quality of customer service.

KEY PERFORMANCE INDICATORS

The key performance indicators during the year were as follows:

| 2024 |  |  | 2023 |

£ |  |  | £ |  |

Turnover |  | 45,848,142 |  |  | 36,667,689 |

Gross profit margin |  | 8.96% |  |  | 9.42% |

Profit before tax |  | 890,308 |  |  | 656,078 |

Return on sales |  | 1.94% |  |  | 1.79% |

ON BEHALF OF THE BOARD:

O S Horton - Director

16 October 2025

| Dennis Horton & Son Ltd (Registered number: 04577284) |

Report of the Directors

for the Year Ended 31 December 2024

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 will be £280,008 (2023: £330,008).

DIRECTORS

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

O S Horton

Mrs K L M Horton

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

AUDITORS

The auditors, Wright Vigar Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

O S Horton - Director

16 October 2025

Report of the Independent Auditors to the Members of

Dennis Horton & Son Ltd

Opinion

We have audited the financial statements of Dennis Horton & Son Ltd (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.

Report of the Independent Auditors to the Members of

Dennis Horton & Son Ltd

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:

Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework.

- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and people charged with governance.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

- Substantive procedures performed in accordance with the ISAs (UK).

- Challenging assumptions and judgments made by management in its significant accounting estimates.

- Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals.

- Assessing the extent of compliance with the relevant laws and regulations.

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

Use of our report

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

James Sewell (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

16 October 2025

| Dennis Horton & Son Ltd (Registered number: 04577284) |

Statement of Comprehensive

Income

for the Year Ended 31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

TURNOVER | 4 | 45,848,142 |  | 36,667,689 |  |

Cost of sales | 41,742,083 |  | 33,213,882 |  |

GROSS PROFIT | 4,106,059 |  | 3,453,807 |  |

Administrative expenses | 2,971,826 |  | 2,625,951 |  |

OPERATING PROFIT | 7 | 1,134,233 |  | 827,856 |  |

Interest receivable and similar income | 5,522 |  | 6,183 |  |

1,139,755 |  | 834,039 |  |

Interest payable and similar expenses | 8 | 249,447 |  | 177,961 |  |

PROFIT BEFORE TAXATION | 890,308 |  | 656,078 |  |

Tax on profit | 9 | 229,436 |  | 146,092 |  |

PROFIT FOR THE FINANCIAL YEAR | 660,872 |  | 509,986 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 660,872 |  | 509,986 |  |

| Dennis Horton & Son Ltd (Registered number: 04577284) |

Balance Sheet

31 December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 11 | 1 |  | 3,101 |  |

Tangible assets | 12 | 3,848,720 |  | 3,986,879 |  |

3,848,721 |  | 3,989,980 |  |

CURRENT ASSETS

Stocks | 13 | 4,516,124 |  | 4,938,333 |  |

Debtors | 14 | 836,581 |  | 854,039 |  |

Prepayments and accrued income | 146,094 |  | 307,906 |  |

Cash at bank and in hand | 271,677 |  | 701 |  |

5,770,476 |  | 6,100,979 |  |

CREDITORS

Amounts falling due within one year | 15 | 6,261,222 |  | 6,915,289 |  |

NET CURRENT LIABILITIES | (490,746 | ) | (814,310 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,357,975 |  | 3,175,670 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (675,680 | ) | (844,065 | ) |

PROVISIONS FOR LIABILITIES | 19 | (262,998 | ) | (293,172 | ) |

NET ASSETS | 2,419,297 |  | 2,038,433 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 182,000 |  | 182,000 |  |

Revaluation reserve | 21 | 317,653 |  | 317,653 |  |

Capital redemption reserve | 21 | 178,000 |  | 178,000 |  |

Retained earnings | 21 | 1,741,644 |  | 1,360,780 |  |

SHAREHOLDERS' FUNDS | 2,419,297 |  | 2,038,433 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2025 and were signed on its behalf by:

O S Horton - Director

| Dennis Horton & Son Ltd (Registered number: 04577284) |

Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |  | Capital |

| share |  | Retained |  | Revaluation |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 January 2023 | 182,000 |  | 1,180,802 |  | 317,653 |  | 178,000 |  | 1,858,455 |  |

Changes in equity

Total comprehensive income | - |  | 509,986 |  | - |  | - |  | 509,986 |  |

Dividends | - |  | (330,008 | ) | - |  | - |  | (330,008 | ) |

Balance at 31 December 2023 | 182,000 |  | 1,360,780 |  | 317,653 |  | 178,000 |  | 2,038,433 |  |

Changes in equity

Total comprehensive income | - |  | 660,872 |  | - |  | - |  | 660,872 |  |

Dividends | - |  | (280,008 | ) | - |  | - |  | (280,008 | ) |

Balance at 31 December 2024 | 182,000 |  | 1,741,644 |  | 317,653 |  | 178,000 |  | 2,419,297 |  |

| Dennis Horton & Son Ltd (Registered number: 04577284) |

Cash Flow Statement

for the Year Ended 31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,657,005 |  | 748,668 |  |

Interest paid | (244,602 | ) | (169,760 | ) |

Interest element of finance lease payments paid | (4,845 | ) | (8,201 | ) |

Tax paid | (130,207 | ) | (142,082 | ) |

Net cash from operating activities | 1,277,351 |  | 428,625 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (57,557 | ) | (289,372 | ) |

Interest received | 5,522 |  | 6,183 |  |

Net cash from investing activities | (52,035 | ) | (283,189 | ) |

Cash flows from financing activities

Loan repayments in year | (174,807 | ) | (187,815 | ) |

Capital repayments in year | (41,020 | ) | (42,542 | ) |

Amount withdrawn by directors | (51,067 | ) | (11,474 | ) |

Equity dividends paid | (280,008 | ) | (330,008 | ) |

Net cash from financing activities | (546,902 | ) | (571,839 | ) |

Increase/(decrease) in cash and cash equivalents | 678,414 |  | (426,403 | ) |

Cash and cash equivalents at beginning of year | 2 | (406,737 | ) | 19,666 |  |

Cash and cash equivalents at end of year | 2 | 271,677 |  | (406,737 | ) |

| Dennis Horton & Son Ltd (Registered number: 04577284) |

Notes to the Cash Flow Statement

for the Year Ended 31 December 2024

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

| 2024 |  | 2023

£ | £ |

| Profit before taxation | 890,308 |  | 656,078 |  |

| Depreciation charges | 198,816 |  | 156,911 |  |

| Finance costs | 249,447 |  | 177,961 |  |

| Finance income | (5,522 | ) | (6,183 | ) |

1,333,049 |  | 984,767 |  |

| Decrease/(increase) in stocks | 422,209 |  | (1,002,415 | ) |

| Decrease/(increase) in trade and other debtors | 247,422 |  | (164,770 | ) |

| (Decrease)/increase in trade and other creditors | (345,675 | ) | 931,086 |  |

| Cash generated from operations | 1,657,005 |  | 748,668 |  |

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

£ | £ |

| Cash and cash equivalents | 271,677 |  | 701 |  |

| Bank overdrafts | - |  | (407,438 | ) |

271,677 |  | (406,737 | ) |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 701 |  | 240,863 |  |

| Bank overdrafts | (407,438 | ) | (221,197 | ) |

(406,737 | ) | 19,666 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.1.24 | Cash flow | At 31.12.24

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 701 |  | 270,976 |  | 271,677 |  |

| Bank overdrafts | (407,438 | ) | 407,438 |  | - |  |

(406,737 | ) | 678,414 |  | 271,677 |  |

| Debt

| Finance leases | (74,827 | ) | 41,020 |  | (33,807 | ) |

| Debts falling due within 1 year | (321,488 | ) | 39,490 |  | (281,998 | ) |

| Debts falling due after 1 year | (810,684 | ) | 135,317 |  | (675,367 | ) |

(1,206,999 | ) | 215,827 |  | (991,172 | ) |

| Total | (1,613,736 | ) | 894,241 |  | (719,495 | ) |

| Dennis Horton & Son Ltd (Registered number: 04577284) |

Notes to the Financial Statements

for the Year Ended 31 December 2024

1. | COMPANY INFORMATION

| Dennis Horton & Son Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Kingsley Road, Lincoln, LN6 3TA.

2. | ACCOUNTING POLICIES

| Accounting convention

| These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

| The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

| The financial statements have been prepared under the historical cost convention, (modified to include the revaluation of freehold properties and certain financial instruments at fair value). The principal accounting policies adopted are set out below.

| Turnover

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

| Sales of motor vehicles, parts and accessories are recognised on the earlier of full payment by, or delivery date to, the customer. 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.

| Revenue from commission's receivable is recognised when the amount can be reliably measured and it is probable that the company will receive the consideration.

| Intangible fixed assets - goodwill

| Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

| For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

| 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.

| Freehold land and buildings | - | 25% Straight Line

| Leasehold land and buildings | - | Over the period of the lease

| Plant and equipment | - | 10% - 25% on cost

| Fixtures and fittings | - | 10% - 25% on cost

| Motor vehicles | - | 25% on cost

| Computers | - | 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 profit or loss.

| Dennis Horton & Son Ltd (Registered number: 04577284) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Stock is valued at the lower of cost and net realisable value. Provisions are made where necessary for obsolescent, slow moving and defective stocks.

| Vehicles on consignment are recognised on the balance sheet where substantially all of the risks and rewards of ownership have passed to the company. Where vehicles have been consigned to the company but the manufacturer retains the risks and rewards of ownership, such stocks are not recognised on the balance sheet, but are disclosed as vehicles on consignment.

| All risks and rewards of ownership are deemed to have passed to the company at the point that consignment vehicles become interest bearing.

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

| Consignment vehicles which bear considerably more of the risks and responsibilities of ownership are regarded effectively as being under the control of the company and, in accordance with the FRS 102 are included in stocks on the Statement of Financial Position, although legal title has not passed to the company. The corresponding liability is included within trade creditors and is secured directly on these vehicles.

| Financial instruments

| The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Basic financial assets

| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

| Impairment of financial assets

| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

| Derecognition of financial assets

| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

| Dennis Horton & Son Ltd (Registered number: 04577284) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Classification of financial liabilities

| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

| Basic financial liabilities

| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

| Derecognition of financial liabilities

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

| Taxation

| The tax expense represents the sum of the tax currently payable and deferred tax.

| Current tax

| The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

| Deferred tax

| Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

| The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

| Employee benefits

| The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

| The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

| Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

| Dennis Horton & Son Ltd (Registered number: 04577284) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Leases

| Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

| Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

| Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

| Retirement benefits

| Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

| Impairment of fixed assets

| At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

| Cash and cash equivalents

| Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

| Equity instruments

| Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. | JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

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

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

| Critical judgements

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

| Consignment stock

| Consignment stock that is physically on the site at the year end has been included in the Statement of Financial Position on the grounds the company bears the risks and rewards of ownership attached to these vehicles. As such, the sale or return is deemed to be under the control of the company.

| Dennis Horton & Son Ltd (Registered number: 04577284) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

| Key sources of estimation uncertainty

| The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

| Stock valuations

| Stock valuations are regularly monitored against age profile and market demand. Management use a number of market tools during the appraisal process including CAP valuation guides. The directors maintain an oversight of ageing stock profiles and a monthly review of any provision required is performed.

| Useful economic lives of tangible and intangible assets

| The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

| The annual amortisation charge for intangible fixed assets is sensitive to changes in the estimated useful economic lives of the intangible assets. The useful economic lives are re-assessed annually and are amended when necessary to reflect current estimates, based on economic utilisation.

| Valuation of freehold property

| The company’s freehold property is measured at market value for financial reporting purposes. The estimate value of the freehold property is based on an open market value and has been determined by an independent firm of licenced commercial property agents during 2020. The directors have reviewed the valuation at the year end and consider that it remains appropriate. The valuation of the company’s freehold land and property totalled £3,067,274 (2023 - £3,076,420).

4. | TURNOVER

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

| An analysis of turnover by class of business is given below:

| 2024 |  | 2023

£ | £ |

| Sale of goods | 42,913,192 |  | 34,073,732 |  |

| Rendering of services | 2,068,110 |  | 1,832,621 |  |

| Commissions receivable | 866,840 |  | 761,336 |  |

45,848,142 |  | 36,667,689 |  |

5. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 1,931,034 |  | 1,844,003 |  |

| Social security costs | 122,460 |  | 119,521 |  |

| Other pension costs | 78,489 |  | 63,547 |  |

2,131,983 |  | 2,027,071 |  |

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

| 2024 |  | 2023

| Sales | 16 |  | 16 |  |

| Aftersales | 41 |  | 36 |  |

| Administration | 4 |  | 6 |  |

| Directors | 2 |  | 2 |  |

63 |  | 60 |  |

| Dennis Horton & Son Ltd (Registered number: 04577284) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

6. | DIRECTORS' REMUNERATION

|  | 2023 |  |  | 2023 |  |

|  | £ |  |  | £ |  |

| Remuneration for qualifying services |  | 38,892 |  |  | 38,337 |  |

| Company pension contributions to defined contribution schemes |  | 48,510 |  |  | 24,510 |  |

|  | 87,402 |  |  | 62,847 |  |

| The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

7. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2024 |  | 2023

£ | £ |

| Other operating leases | 61,000 |  | 67,000 |  |

| Depreciation - owned assets | 195,716 |  | 153,811 |  |

| Goodwill amortisation | 3,100 |  | 3,100 |  |

| Fees payable to the company's auditor for the audit of the company's financial statements | 21,000 |  | 21,256 |  |

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

|  | 2024 |  |  | 2023 |  |

|  | £ |  |  | £ |  |

| Interest on financial liabilities measured at amortised cost: |  |

| Interest on bank overdrafts and loans |  | 56,894 |  |  | 61,636 |  |

| Other interest on financial liabilities |  | 187,708 |  |  | 108,124 |  |

|  | 244,602 |  |  | 169,760 |  |

| Other finance costs: |  |

| Interest on finance leases and hire purchase contracts |  | 4,845 |  |  | 8,201 |  |

|  | 249,447 |  |  | 177,961 |  |

9. | 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 | 259,610 |  | 117,674 |  |

| Deferred tax | (30,174 | ) | 28,418 |  |

| Tax on profit | 229,436 |  | 146,092 |  |

| UK corporation tax has been charged at 25% (2023 - 23.52%).

| Dennis Horton & Son Ltd (Registered number: 04577284) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

9. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

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

| 2024 |  | 2023

£ | £ |

| Profit before tax | 890,308 |  | 656,078 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.521%) | 222,577 |  | 154,316 |  |

| Effects of:

| Expenses not deductible for tax purposes | 725 |  | (6,548 | ) |

| Capital allowances in excess of depreciation | - |  | (20,830 | ) |

| Depreciation in excess of capital allowances | 37,153 |  | - |  |

| Adjustments to tax charge in respect of previous periods | - |  | (8,505 | ) |

| Remeasurement of deferred tax for change in rates | (30,174 | ) | 28,418 |  |

| recognised |

| Fixed asset differences | (845 | ) | (759 | ) |

| Total tax charge | 229,436 |  | 146,092 |  |

10. | DIVIDENDS

| 2024 |  | 2023

£ | £ |

| Ordinary shares of £1 each

| Final | 280,008 |  | 330,008 |  |

11. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 62,000 |  |

| AMORTISATION

| At 1 January 2024 | 58,899 |  |

| Amortisation for year | 3,100 |  |

| At 31 December 2024 | 61,999 |  |

| NET BOOK VALUE

| At 31 December 2024 | 1 |  |

| At 31 December 2023 | 3,101 |  |

| Dennis Horton & Son Ltd (Registered number: 04577284) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

12. | TANGIBLE FIXED ASSETS

| Freehold |  | Leasehold |

| land and |  | land and |  | Plant and

| buildings |  | buildings |  | equipment

£ | £ | £ |

| COST

| At 1 January 2024 | 3,122,718 |  | 495,263 |  | 676,047 |  |

| Additions | 6,750 |  | 21,130 |  | 8,939 |  |

| At 31 December 2024 | 3,129,468 |  | 516,393 |  | 684,986 |  |

| DEPRECIATION

| At 1 January 2024 | 46,298 |  | 127,294 |  | 373,066 |  |

| Charge for year | 15,896 |  | 25,549 |  | 79,683 |  |

| At 31 December 2024 | 62,194 |  | 152,843 |  | 452,749 |  |

| NET BOOK VALUE

| At 31 December 2024 | 3,067,274 |  | 363,550 |  | 232,237 |  |

| At 31 December 2023 | 3,076,420 |  | 367,969 |  | 302,981 |  |

| Fixtures |

| and |  | Motor |

| fittings |  | vehicles |  | Computers |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024 | 514,144 |  | 174,505 |  | 327,416 |  | 5,310,093 |  |

| Additions | 7,783 |  | 500 |  | 12,455 |  | 57,557 |  |

| At 31 December 2024 | 521,927 |  | 175,005 |  | 339,871 |  | 5,367,650 |  |

| DEPRECIATION

| At 1 January 2024 | 332,660 |  | 151,736 |  | 292,160 |  | 1,323,214 |  |

| Charge for year | 57,875 |  | 1,591 |  | 15,122 |  | 195,716 |  |

| At 31 December 2024 | 390,535 |  | 153,327 |  | 307,282 |  | 1,518,930 |  |

| NET BOOK VALUE

| At 31 December 2024 | 131,392 |  | 21,678 |  | 32,589 |  | 3,848,720 |  |

| At 31 December 2023 | 181,484 |  | 22,769 |  | 35,256 |  | 3,986,879 |  |

| Land and buildings with a carrying amount of £2,000,000 were revalued at 7 December 2020 by Fisher German LLP, independent valuers on the basis of market value. The valuation conforms to International Valuation Standards and was based on market transactions on arm's length terms for similar properties.

| The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

|  | Freehold land and buildings |  |

|  | 2024 |  |  | 2023 |  |

|  | £ |  |  | £ |  |

| Cost |  | 2,850,124 |  |  | 2,960,185 |  |

| The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

|  | 2024 |  |  | 2023 |  |

|  | £ |  |  | £ |  |

| Plant and equipment |  | 48,296 |  |  | 102,433 |  |

| Dennis Horton & Son Ltd (Registered number: 04577284) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

13. | STOCKS

2024 | 2023 |

£ | £ |

| Parts and accessories | 145,589 |  | 79,018 |  |

| Vehicle stock | 4,370,535 |  | 4,859,315 |  |

4,516,124 |  | 4,938,333 |  |

14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade debtors | 332,035 |  | 553,097 |  |

| Other debtors | 135,452 |  | - |  |

| Directors' current accounts | 277,046 |  | 225,979 |  |

| Corporation tax recoverable | 92,048 |  | 74,963 |  |

836,581 |  | 854,039 |  |

15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Bank loans and overdrafts (see note 17) | 135,317 |  | 536,412 |  |

| Other loans (see note 17) | 146,681 |  | 192,514 |  |

| Finance leases (see note 18) | 33,494 |  | 41,446 |  |

| Trade creditors | 5,183,227 |  | 5,679,355 |  |

| Corporation tax | 276,845 |  | 130,357 |  |

| Other taxation and social security | 169,538 |  | 92,656 |  |

| Other creditors | 202,468 |  | 132,715 |  |

| Accruals and deferred income | 113,652 |  | 109,834 |  |

6,261,222 |  | 6,915,289 |  |

16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2024 | 2023 |

£ | £ |

| Bank loans (see note 17) | 675,367 |  | 810,684 |  |

| Finance leases (see note 18) | 313 |  | 33,381 |  |

675,680 |  | 844,065 |  |

17. | LOANS

| An analysis of the maturity of loans is given below:

2024 | 2023 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | - |  | 407,438 |  |

| Bank loans | 135,317 |  | 128,974 |  |

| Other borrowings | 146,681 |  | 192,514 |  |

281,998 |  | 728,926 |  |

| Amounts falling due between one and two years:

| Bank loans | 141,916 |  | 135,317 |  |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | 266,433 |  | 334,036 |  |

| Amounts falling due in more than five years:

| Dennis Horton & Son Ltd (Registered number: 04577284) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

17. | LOANS - continued

2024 | 2023 |

£ | £ |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans more 5 yr by instal | 267,018 |  | 341,331 |  |

| Included in bank loans are the following loans:

| A secure bank loan amounting to £205,000 (2023: £275,285). The loan attracts interest of 4.84% per annum and is due to be repaid in August 2027.

| A secure bank loan amounting to £605,683 (2023: £664,372). The loan attracts interest of 4.72% per annum and is due to be repaid in 2033.

| The bank loans and overdrafts are secured by an unlimited debenture incorporating a fixed and floating charge over the company's assets, together with a charge over both the freehold and leasehold properties.

| Included within other loans is a loan due to family member amounting to £146,681 (2023: £192,514) . The loan is not secured and is repayable on demand.

18. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Finance leases |

2024 | 2023 |

£ | £ |

| Net obligations repayable:

| Within one year | 33,494 |  | 41,446 |  |

| Between one and five years | 313 |  | 33,381 |  |

33,807 |  | 74,827 |  |

| Non-cancellable |

| operating leases |

2024 | 2023 |

£ | £ |

| Within one year | 55,000 |  | 55,000 |  |

| Between one and five years | 192,500 |  | 247,500 |  |

247,500 |  | 302,500 |  |

| Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 2 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. The average interest rate on the leases is 4.37% per annum.

19. | PROVISIONS FOR LIABILITIES

2024 | 2023 |

£ | £ |

| Deferred tax | 262,998 |  | 293,172 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 293,172 |  |

| Credit to Statement of Comprehensive Income during year | (30,174 | ) |

| Balance at 31 December 2024 | 262,998 |  |

| Dennis Horton & Son Ltd (Registered number: 04577284) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

20. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 180,000 | Ordinary | £1 | 180,000 |  | 180,000 |  |

| 1,000 | Ordinary B | £1 | 1,000 |  | 1,000 |  |

| 1,000 | Ordinary C | £1 | 1,000 |  | 1,000 |  |

182,000 |  | 182,000 |  |

| Except for the declaration of dividends, the shares rank pari passu in all respects.

21. | RESERVES

| Capital |

| Retained |  | Revaluation |  | redemption |

| earnings |  | reserve |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 January 2024 | 1,360,780 |  | 317,653 |  | 178,000 |  | 1,856,433 |  |

| Profit for the year | 660,872 |  | 660,872 |  |

| Dividends | (280,008 | ) | (280,008 | ) |

| At 31 December 2024 | 1,741,644 |  | 317,653 |  | 178,000 |  | 2,237,297 |  |

22. | PENSION COMMITMENTS

|  | 2024 |  |  | 2023 |  |

| Defined contribution schemes |  | £ |  |  | £ |  |

| charge to profit or loss |  | 78,489 |  |  | 63,547 |  |

| The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

23. | DIRECTORS' TRANSACTIONS

| Included in other debtors at the year end is an amount to the sum of £277,046 (2023: £225,979) owed by the directors.

| Interest has been charged at the market rate and the balance is repayable on demand.

| The maximum amount overdrawn in the year was £319,315.

| Dividends totalling £280,008 (2023 - £330,008) were paid in the year in respect of shares held by the company's directors.

24. | ULTIMATE CONTROLLING PARTY

| Due to the equal shareholding of the directors, there was no individual ultimate controlling party during the year under review, or the preceding year.