ACCOUNTS - Final Accounts

Hire purchase and finance leases

Minimum lease payments under hire purchase fall due as follows:

Company Registration Number 03584144

	CROXDALE FAST-FIT LIMITED

	FINANCIAL STATEMENTS

	31 MAY 2025

CROXDALE FAST-FIT LIMITED

REGISTERED NUMBER: 03584144

STATEMENT OF FINANCIAL POSITION

AS AT 31 MAY 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	6		2,411,330		2,291,760
Investment property	7		360,000		350,000
			2,771,330		2,641,760
Current assets
Debtors: amounts falling due within one year	8	2,227,155		1,898,540
Cash at bank and in hand	9	161,235		389,987
		2,388,390		2,288,527
Creditors: amounts falling due within one year	10	(519,209)		(920,974)
Net current assets			1,869,181		1,367,553
Total assets less current liabilities			4,640,511		4,009,313
Creditors: amounts falling due after more than one year	11		(45,809)		(120,149)
Provisions for liabilities
Deferred tax	13	(33,178)		(132,178)
			(33,178)		(132,178)
Net assets			4,561,524		3,756,986

Capital and reserves
Called up share capital		1,000	1,000
Revaluation reserve	15	497,921	161,576
Profit and loss account	15	4,062,603	3,594,410
		4,561,524	3,756,986

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CROXDALE FAST-FIT LIMITED

REGISTERED NUMBER: 03584144

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MAY 2025

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

N F H Corner

Director

Date: 20 October 2025

The notes on pages 3 to 14 form part of these financial statements.

Page 2

CROXDALE FAST-FIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

1.	General information

The company is a private company limited by shares, incorporated and domiciled in the United Kingdom. The company is tax resident in the United Kingdom.
The principal activity of the company is the operation of fast fit auto centres. The company operates from its various fast fit centres. Its registered office is Scrafton Lodge, Leyburn, North Yorkshire, DL8 4RR.
The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

The company continued to trade profitability during the year ended 31 May 2025. The directors believe the company has adequate resources to continue in operational existence for the forseeable future. The directors have considered the on-going cost of living crisis as part of their going concern assessment, and their view is that, while they acknowledge the siginficant impact the cost of living crisis has brought and will continue to bring over the coming weeks and months, the directors feel the company is well placed to negotiate the unique set of conditions currently facing the UK economy.
The directors have considered the availability of funding both internally and externally, including their overdraft facility and continued support from their ultimate parent company, New Equipment Holdings Limited, who have confirmed they intend to support the Company for at least 12 months from the date these financial statements are signed. The directors have satisfied themselves with the adequacy of the support from their ultimate parent company in their determination of the going concern assessment for the company.
In reaching their conclusion the directors have considered the liquidity of the Company over a period of 12 months from the date of the sign off of these financial statements. After consideration of all factors, the directors continues to adopt the going concern basis of preparing the financial statements.

Page 3

CROXDALE FAST-FIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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CROXDALE FAST-FIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

2.Accounting policies (continued)

2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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CROXDALE FAST-FIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

2.Accounting policies (continued)

2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Licences

years

2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	2%	straight line
Plant and machinery	-	5%	straight line
Motor vehicles	-	30%	- 63% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 6

CROXDALE FAST-FIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

2.Accounting policies (continued)

2.13

Investment property

Investment property is carried at fair value determined by the directors annually, using recent property valuations performed by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.17

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

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CROXDALE FAST-FIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results.

Valuation of land and buildings
The Company values both its freehold land and buildings and investment property at an open market value. These are reviewed on a regular basis for reasonableness. The directors have considered the impact of both internal and external factors in making this judgement and due to the value in use they believe that no impairment is required.

Employees

The average monthly number of employees, including directors, during the year was 34 (2024 - 32).

5.	Intangible assets

		Licences
		£
	Cost
	At 1 June 2024	15,000
	At 31 May 2025	15,000
	Amortisation
	At 1 June 2024	15,000
	At 31 May 2025	15,000
	Net book value
	At 31 May 2025	-
	At 31 May 2024	-

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CROXDALE FAST-FIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

6.	Tangible fixed assets

	Freehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost or valuation
At 1 June 2024	1,644,787	948,379	784,826	3,377,992
Additions	137,659	107,761	353,242	598,662
Disposals	-	-	(800,418)	(800,418)
Revaluations	124,708	-	-	124,708
At 31 May 2025	1,907,154	1,056,140	337,650	3,300,944
Depreciation
At 1 June 2024	180,237	661,231	244,764	1,086,232
Charge for the year on owned assets	32,936	36,633	55,750	125,319
Charge for the year on financed assets	-	1,578	21,900	23,478
Disposals	-	-	(136,277)	(136,277)
On revalued assets	(209,138)	-	-	(209,138)
At 31 May 2025	4,035	699,442	186,137	889,614
Net book value
At 31 May 2025	1,903,119	356,698	151,513	2,411,330
At 31 May 2024	1,464,550	287,148	540,062	2,291,760

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


Plant and machinery	83,419	-
Motor vehicles	84,438	497,591
	167,857	497,591

Page 9

CROXDALE FAST-FIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

Included in freehold property is freehold land with an estimated cost of £280,000 (2024 - £280,000), which is not depreciated.

Cost or valuation at 31 May 2025 is as follows:

			Land and buildings
			£

		At cost	1,782,446
		At valuation:
		Revaluation	124,708

			1,907,154

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
	2025	2024
	£	£


Cost	1,782,446	1,488,437
Accumulated depreciation	(572,180)	(539,244)
Net book value	1,210,266	949,193

7.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 June 2024	350,000
	Surplus on revaluation	10,000
	At 31 May 2025	360,000

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2025	2024
	£	£

Historic cost	346,214	346,214
Accumulated depreciation and impairments	(103,158)	(93,142)
	243,056	253,072

Page 10

CROXDALE FAST-FIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

Debtors

					2025	2024
					£	£


Trade debtors	20,030	39,140
Amounts owed by group undertakings	2,142,558	1,806,308
Other debtors	-	283
Prepayments and accrued income	64,567	52,809
	2,227,155	1,898,540

9.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	161,235	389,987
	161,235	389,987

10.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	176,817	165,803
Amounts owed to group undertakings	-	197,458
Corporation tax	14,625	-
Other taxation and social security	116,732	210,669
Obligations under finance lease and hire purchase contracts	109,083	286,520
Other creditors	4,536	4,346
Accruals and deferred income	97,416	56,178
	519,209	920,974

The following liabilities were secured:
	2025	2024
	£	£


Obligations under finance lease and hire purchase contracts	109,083	286,520
	109,083	286,520

Details of security provided:

The HP liabilities are secured on assets which they relate.

Page 11

CROXDALE FAST-FIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

11.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Net obligations under finance leases and hire purchase contracts	45,809	120,149
	45,809	120,149

The following liabilities were secured:
	2025	2024
	£	£


Obligations under finance lease and hire purchase contracts	45,809	120,149
	45,809	120,149

Details of security provided:

The HP liabilities are secured on assets which they relate.

Within one year	109,083	286,520
Between 1-5 years	45,809	120,149
	154,892	406,669

Page 12

CROXDALE FAST-FIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

13.	Deferred taxation

	2025	2024
	£	£

At beginning of year	132,178	159,981
Charged to profit or loss	(96,500)	(27,803)
Charged to other comprehensive income	(2,500)	-
At end of year	33,178	132,178

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	31,501	133,264
Short term timing differences	1,677	(1,086)
	33,178	132,178

14.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

1,000 (2024 - 1,000) Ordinary shares of £1.00 each	1,000	1,000

15.

Reserves

Revaluation reserve

This reserve arises on revaluation of both freehold and investment property. Deferred tax is provided on the reserve at the applicable corporation tax rate. This is a non-distributable reserve.

16.	Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £53,975 (2024 - £36,311).

Contributions totalling £4,535 (2024 - £4,347) were payable to the fund at the balance sheet date and are included in creditors.

Page 13

CROXDALE FAST-FIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

17.	Related party transactions
	The company has taken advantage of the exemption contained within Section 33 of FRS 102 "Related Party Disclosures" from disclosing transactions with entities which are part of the group headed by New Equipment Holdings Limited, since 100% of the voting rights in the company are controlled within the group and the company is included within the group accounts which are publicly available.

18.	Controlling party

The immediate ultimate parent undertaking is New Equipment Holdings Limited, a company registered in England and Wales, with registered office address of Scrafton Lodge, Leyburn, North Yorkshire, DL8 4RR. E N Corner and N F H Corner are directors of New Equipment Holdings Limited. The company was, during the year and the previous year, under the control of N F H Corner and his close family members who were interested in 100% of the issued share capital of New Equipment Holdings Limited.
The financial statements of New Equipment Holdings Limited are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

19.	Auditors' information

The auditors' report on the financial statements for the year ended 31 May 2025 was unqualified.

The audit report was signed on 20 October 2025 by Rohan Day (Senior Statutory Auditor) on behalf of Armstrong Watson Audit Limited.

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