Dexel Holdings Ltd Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 14609312

Dexel Holdings Ltd

Financial Statements

31 March 2025

Dexel Holdings Ltd

Financial Statements

Year ended 31 March 2025

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	4

Independent auditor's report to the members	6

Consolidated statement of income and retained earnings	11

Company statement of income and retained earnings	12

Consolidated statement of financial position	13

Company statement of financial position	14

Consolidated statement of cash flows	15

Notes to the financial statements	16

Dexel Holdings Ltd

Officers and Professional Advisers

The board of directors	M Mellon
	B A France
	J A Brunton
	J B France

Company secretary	B A France

Registered office	128/144 Staniforth Road
	Sheffield
	S9 3JQ

Auditor	Hebblethwaites
	Chartered accountants & statutory auditors
	2 Westbrook Court
	Sharrow Vale Road
	Sheffield
	S11 8YZ

Dexel Holdings Ltd

Strategic Report

Year ended 31 March 2025

The directors present their strategic report for the year ended 31 March 2025. PRINCIPAL ACTIVITY AND OBJECTIVE The groups principal activities are the retailing of tyres, accessories, MOTs, servicing, repairs and maintenance for passenger vehicles as well as commercial tyre and related services for all trucks, buses, industrial and agricultural vehicles . The group believes customer service, as a means to maximise long-term customer retention is key. The group will continue to focus on staff development and investment in new technology and processes to help deliver these goals. The group will also continue to review its sell out structure and portfolio to drive margin increases. REVIEW OF BUSINESS The directors are pleased with the year's overall financial performance and are happy to report an increased gross profit and margin. The directors feel these increases are reflective of pricing and stocking policy changes and a further increase in productivity. Some of these changes have been brought about through changing purchasing patterns and demand in what has at times been a challenging market. We have in the past year deployed a new website that will allow for optimised on-line sales while also providing a platform to expand our on-line presence across multiple platforms. This year has once again been a year of heavy investment in both new and existing fixed assets, including the purchase of new premises in Scunthorpe and redevelopment of 2 depots. This brings to a close the programme of planned large-scale depot re-developments to bring certain premises in line with modern standards. Long-term loans have been secured to finance a large part of these investments, although a part of these have arrived post March 25. Further to this, the accounts enclosed also reflect a a 20-year loan, where the initial 10-year agreement started in 2015 is due for renewal this year. As such, the remaining £675K on this loan is temporarily shown in Creditors falling due this year, while at the time of writing a new loan for the remaining 10 years of the loan has been agreed. KEY PERFORMANCE INDICATORS The group employs a number of KPIs to monitor performance across all business functions, these include financial performance indicators, retail sales activity, commercial customer service levels and staff productivity. The directors believe most of these are too industry specific to help understand this set of financial results. We feel that a push for efficiency of paramount importance, for this reason, a number of ROI or efficiency based KPIs are playing a more prominent role in our business. PRINCIPAL RISKS AND UNCERTAINTIES The risks affecting the business are continually monitored and assessed by the directors to minimise their impact upon the group in both the day to day and long term. The principal risks and uncertainties affecting us at present are staff shortages, in areas, a shrinking or aging employment pool and a lack of visibility of our industry. Further to this, the increased tax pressure are affecting both B-to-B and B-to-C sales and will continue to do so for the coming years. The board are satisfied we have sufficient proven strategies to combat these risks. FUTURE DEVELOPMENTS This year the board will apply considerable focus to cross sales and staff development.

This report was approved by the board of directors on 20 October 2025 and signed on behalf of the board by:

J B France

Director

Registered office:

128/144 Staniforth Road

Sheffield

S9 3JQ

Dexel Holdings Ltd

Directors' Report

Year ended 31 March 2025

The directors present their report and the financial statements of the group for the year ended 31 March 2025 .

Directors

The directors who served the company during the year were as follows:

M Mellon
B A France
J A Brunton
J B France

Dividends

Particulars of recommended dividends are detailed in note 13 to the financial statements.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 20 October 2025 and signed on behalf of the board by:

J B France

Director

Registered office:

128/144 Staniforth Road

Sheffield

S9 3JQ

Dexel Holdings Ltd

Independent Auditor's Report to the Members of Dexel Holdings Ltd

Year ended 31 March 2025

Opinion

We have audited the financial statements of Dexel Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2025 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We considered the nature of the industry and its control environment, and reviewed the groups documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management, and directors about their own identification and assessment of the risks of irregularities including those that are specific to the business sector. - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment and health and safety legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit We assessed the susceptibility of the groups financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, and relevant regulators including the Health and Safety Executive. 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report

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

Richard William Murdoch BA(Hons) FCA

(Senior Statutory Auditor)

For and on behalf of

Hebblethwaites

Chartered accountants & statutory auditors

2 Westbrook Court

Sharrow Vale Road

Sheffield

S11 8YZ

21 October 2025

Dexel Holdings Ltd

Consolidated Statement of Income and Retained Earnings

Year ended 31 March 2025

		2025	2024
			(restated)
Note		£	£
Turnover	4	16,756,637	17,007,428

Cost of sales	9,796,701	10,390,238
	-------------	-------------
Gross profit	6,959,936	6,617,190

Administrative expenses		6,542,654	6,197,342
Other operating income	5	66,508	79,214
		------------	------------
Operating profit	6	483,790	499,062

Other interest receivable and similar income	10	13,109	–
Interest payable and similar expenses	11	107,815	69,864
		------------	------------
Profit before taxation		389,084	429,198

Tax on profit	12	107,206	121,842
		---------	---------
Profit for the financial year and total comprehensive income		281,878	307,356
		---------	---------

Dividends paid and payable	13	( 116,215)	( 113,491)

Retained earnings at the start of the year	2,494,014	2,300,149
	------------	------------
Retained earnings at the end of the year	2,659,677	2,494,014
	------------	------------

All the activities of the group are from continuing operations.

Dexel Holdings Ltd

Company Statement of Income and Retained Earnings

Year ended 31 March 2025

		2025	2024
			(restated)
Note		£	£
Profit for the financial year and total comprehensive income		116,215	–
Dividends paid and payable	13	( 116,215)	–

Retained earnings at the start of the year	–	–
	---------	----
Retained earnings at the end of the year	–	–
	---------	----

Dexel Holdings Ltd

Consolidated Statement of Financial Position

31 March 2025

	2025	2024
		(restated)
Note	£	£

Fixed assets

Intangible assets	14	14,800	22,200
Tangible assets	15	5,815,456	5,196,585
		------------	------------
		5,830,256	5,218,785

Current assets

Stocks	17	1,417,967	1,430,018
Debtors	18	2,116,910	2,219,013
Cash at bank and in hand		3,056	544,852
		------------	------------
		3,537,933	4,193,883

Creditors: amounts falling due within one year	20	4,214,247	3,752,201
		------------	------------
Net current (liabilities)/assets		( 676,314)	441,682
		------------	------------
Total assets less current liabilities		5,153,942	5,660,467

Creditors: amounts falling due after more than one year	21	938,554	1,663,847

Provisions	23	234,340	181,235
		------------	------------
Net assets		3,981,048	3,815,385
		------------	------------

Capital and reserves

Called up share capital	27	124,526	124,526
Revaluation reserve	28	1,213,587	1,213,587
Other reserves, including the fair value reserve	28	( 16,742)	( 16,742)
Profit and loss account	28	2,659,677	2,494,014
		------------	------------
Shareholders funds		3,981,048	3,815,385
		------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 20 October 2025 , and are signed on behalf of the board by:

J B France

Director

Company registration number: 14609312

Dexel Holdings Ltd

Company Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Investments	16	124,526	124,526
		---------	---------
Total assets less current liabilities		124,526	124,526
		---------	---------

Capital and reserves

Called up share capital	27	124,526	124,526
		---------	---------
Shareholders funds		124,526	124,526
		---------	---------

The profit for the financial year of the parent company was £ 116,215 (2024: £Nil).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 20 October 2025 , and are signed on behalf of the board by:

J B France

Director

Company registration number: 14609312

Dexel Holdings Ltd

Consolidated Statement of Cash Flows

Year ended 31 March 2025

	2025	2024
		(restated)
Note	£	£

Cash flows from operating activities

Profit for the financial year	281,878	307,356

Adjustments for:
Depreciation of tangible assets	379,995	281,263
Amortisation of intangible assets	7,400	7,400
Other interest receivable and similar income	( 13,109)	–
Interest payable and similar expenses	107,815	69,864
Gains on disposal of tangible assets	( 43,596)	( 32,382)
Tax on profit	107,206	121,842

Changes in:
Stocks	12,051	112,124
Trade and other debtors	102,103	( 66,583)
Trade and other creditors	( 294,608)	( 227,954)
	---------	---------
Cash generated from operations	647,135	572,930

Interest paid	( 107,815)	( 69,864)
Interest received	13,109	–
Tax paid	( 35,610)	( 44,054)
	---------	---------
Net cash from operating activities	516,819	459,012
	---------	---------

Cash flows from investing activities

Purchase of tangible assets	( 650,075)	( 333,686)
Proceeds from sale of tangible assets	48,702	32,382
	---------	---------
Net cash used in investing activities	( 601,373)	( 301,304)
	---------	---------

Cash flows from financing activities

Proceeds from borrowings	–	450,000
Repayments of borrowings	( 94,663)	( 64,180)
Payments of finance lease liabilities	( 286,717)	( 171,673)
Dividends paid	( 116,215)	( 113,491)
	---------	---------
Net cash (used in)/from financing activities	( 497,595)	100,656
	---------	---------

Net (decrease)/increase in cash and cash equivalents		( 582,149)	258,364
Cash and cash equivalents at beginning of year		544,852	286,488
		---------	---------
Cash and cash equivalents at end of year	19	( 37,297)	544,852
		---------	---------

Dexel Holdings Ltd

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 128/144 Staniforth Road, Sheffield, S9 3JQ.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the balance sheet date, a bank loan has been classified as a current liability because its contractual maturity date was within 12 months of the year end. This loan was taken out approximately 10 years ago, and the repayment terms were profiled over a 20 year period. This accounting presentation gives rise to a net current liability position in the balance sheet of £676,314. The directors are in discussions with the groups bankers regarding the renewal of the loan facility. Based on the groups financial performance, strong asset backing and history of support from the bank, the directors have no reason to believe that the facility will not be renewed on acceptable terms. Accordingly, the directors believe the group has adequate resources and consider it appropriate to prepare the financial statements on the going concern basis.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Dexel Holdings Ltd and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Judgements and key sources of estimation uncertainty

In the process of applying the company's accounting policies, the directors are required to make certain estimates, judgements and assumptions that they believe are reasonable based upon the information available. These estimates and assumptions affect the reported amount of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the periods presented. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known. The estimate and assumptions that have a significant risk of causing material adjustments to the carrying amounts of assets and liabilities within the next financial year are as follows: Tangible assets The charge in respect of depreciation is derived after determining as estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives and residual values of the groups assets may vary depending on several factors such as technological innovation, maintenance programmes and future market conditions. They are determined by management at the time the asset is acquired and reviewed annually for appropriateness.

Revenue recognition

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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Computer software is being amortised evenly over its estimated useful life of five years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	10% straight line
Computer software	-	20 % straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment Freehold land and buildings are held at cost less accumulated depreciation. Cost includes a value determined at 1 January 2017(the transition date to FRS 102), which was the fair value of the property at that date, in accordance with the transitional provisions of FRS 102.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	and not provided
Plant and machinery	-	20% straight line
Motor vehicles	-	25% straight line

Depreciation is not provided on freehold buildings as the value in use of the properties concerned and the anticipated long expected useful life, coupled with high expected residual value, mean that any depreciation charge would not be material.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

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

Finance leases and hire purchase contracts

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 useful lives or the lease term, whichever is the shorter.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

The company operates a number of defined contribution pension schemes. The assets of these schemes are held separately from those of the company in independently administered funds. Contributions payable for the year are charged in the profit and loss account.

4. Turnover

Turnover arises from:

	2025	2024
		(restated)
	£	£
Goods	13,343,089	13,704,789
Services	3,413,548	3,302,639
	-------------	-------------
	16,756,637	17,007,428
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

5. Other operating income

	2025	2024
		(restated)
	£	£
Other operating income	66,508	79,214
	--------	--------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2025	2024
		(restated)
	£	£
Amortisation of intangible assets	7,400	7,400
Depreciation of tangible assets	379,995	281,263
Gains on disposal of tangible assets	( 43,596)	( 32,382)
Impairment of trade debtors	31,072	(107)
	---------	---------

7. Auditor's remuneration

	2025	2024
		(restated)
	£	£
Fees payable for the audit of the financial statements	6,500	6,200
	-------	-------

8. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Production staff	127	130
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
		(restated)
	£	£
Wages and salaries	4,264,688	4,117,014
Social security costs	401,139	387,093
Other pension costs	122,290	112,534
	------------	------------
	4,788,117	4,616,641
	------------	------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
		(restated)
	£	£
Remuneration	171,458	197,254
Company contributions to defined contribution pension plans	57,162	54,550
	---------	---------
	228,620	251,804
	---------	---------

The number of directors who accrued benefits under company pension plans was as follows:

	2025	2024
		(restated)
	No.	No.
Defined contribution plans	4	4
	----	----

10. Other interest receivable and similar income

	2025	2024
		(restated)
	£	£
Interest on cash and cash equivalents	13,109	–
	--------	----

11. Interest payable and similar expenses

	2025	2024
		(restated)
	£	£
Interest on banks loans and overdrafts	78,365	49,302
Interest on obligations under finance leases and hire purchase contracts	29,450	20,562
	---------	--------
	107,815	69,864
	---------	--------

12. Tax on profit

Major components of tax expense

	2025	2024
		(restated)
	£	£

Current tax:

UK current tax income	54,101	24,382

Deferred tax:

Origination and reversal of timing differences	53,105	97,460
	---------	---------
Tax on profit	107,206	121,842
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 22.46 %).

	2025	2024
		(restated)
	£	£
Profit on ordinary activities before taxation	389,084	429,198
	---------	---------
Profit on ordinary activities by rate of tax	97,271	96,398
Effect of expenses not deductible for tax purposes	9,905	10,280
Effect of capital allowances and depreciation	30	1,484
Change of tax rate	–	13,680
	---------	---------
Tax on profit	107,206	121,842
	---------	---------

13. Dividends

	2025	2024
		(restated)
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	116,215	113,491
	---------	---------

14. Intangible assets

Group	Goodwill	Computer software	Total
	£	£	£
Cost
At 1 April 2024 (as restated) and 31 March 2025	641,295	37,000	678,295
	---------	--------	---------
Amortisation
At 1 April 2024	641,295	14,800	656,095
Charge for the year	–	7,400	7,400
	---------	--------	---------
At 31 March 2025	641,295	22,200	663,495
	---------	--------	---------
Carrying amount
At 31 March 2025	–	14,800	14,800
	---------	--------	---------
At 31 March 2024	–	22,200	22,200
	---------	--------	---------

The company has no intangible assets.

15. Tangible assets

Group	Freehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2024 (as restated)	4,589,552	1,467,097	1,610,779	7,667,428
Additions	600,098	39,101	364,773	1,003,972
Disposals	–	–	( 164,808)	( 164,808)
	------------	------------	------------	------------
At 31 March 2025	5,189,650	1,506,198	1,810,744	8,506,592
	------------	------------	------------	------------
Depreciation
At 1 April 2024	70,527	1,321,766	1,078,550	2,470,843
Charge for the year	26,944	60,731	292,320	379,995
Disposals	–	–	( 159,702)	( 159,702)
	------------	------------	------------	------------
At 31 March 2025	97,471	1,382,497	1,211,168	2,691,136
	------------	------------	------------	------------
Carrying amount
At 31 March 2025	5,092,179	123,701	599,576	5,815,456
	------------	------------	------------	------------
At 31 March 2024	4,519,025	145,331	532,229	5,196,585
	------------	------------	------------	------------

The company has no tangible assets.

The directors have taken advantage of the transitional provisions of FRS102 to revalue freehold and leasehold property on a one-off basis. The properties were valued at market value at the transition date of 31 March 2016 by WPA, Chartered Surveyors, of Paradise Square, Sheffield. The directors consider that freehold properties are maintained such that their residual value is at least equal to their net book value. As a result the corresponding depreciation on buildings would not be material and therefore is not charged in the profit and loss account. The refurbishments costs to properties are depreciated over a 10 year period, to reflect the planned cycle of branch refurbishments, which is charged to the profit and loss. The directors perform annual impairment reviews in in accordance with the requirements of FRS 102 to ensure that the carrying value is not lower than the recoverable amount.

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Group	Freehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
At 31 March 2025	83,796	70,128	1,164,468	1,318,392
	--------	--------	------------	------------
At 31 March 2024	–	54,004	403,063	457,067
	--------	--------	------------	------------

16. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 April 2024 as restated and 31 March 2025	124,526
	---------
Impairment
At 1 April 2024 as restated and 31 March 2025	–
	---------

Carrying amount
At 1 April 2024 and 31 March 2025	124,526
	---------
At 31 March 2024	124,526
	---------

Dexel Tyre Company Limited Registered office: 128/144 Staniforth Road, Sheffield, S9 3JQ The company is included by full consideration on a line by line basis.

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
Dexel Tyre Company Limited	Trading company, included on a line by line basis	Ordinary	100
Autocom Units Limited	Dormant company	Ordinary	100
City Tyre Experts Limited	Dormant company	Ordinary	100
Dock Tyre Company Limited	Dormant company	Ordinary	100
Mr Exhaust and One Stop Motorist Centre Limited	Dormant company	Ordinary	100
Sayers Tyres and Exhaust Limited	Dormant company	Ordinary	100

The registered office of the subsidiary companies is 128/144 Staniforth Road, Sheffield, S9 3JQ.

The results and capital and reserves for group undertakings not included in the consolidated financial statements are as follows:

	Capital and reserves		Profit/(loss) for the year
	2025	2024	2025	2024
	£	£	£	£
Subsidiary undertakings
Dexel Tyre Company Limited	62,263	62,263	–	–
Autocom Units Limited	3,000	3,000	–	–
City Tyre Experts Limited	2	2	–	–
Dock Tyre Company Limited	1	1	–	–
Mr Exhaust and One Stop Motorist Centre Limited	100	100	–	–
Sayers Tyres and Exhaust Limited	100	100	–	–
	--------	--------	----	----

Dexel Tyre Company Limited Registered office: 128/144 Staniforth Road, Sheffield, S9 3JQ The company is included by full consideration on a line by line basis.

17. Stocks

	Group		Company
	2025	2024	2025	2024
		(restated)	(restated)
	£	£	£	£
Goods for resale	1,417,967	1,430,018	–	–
	------------	------------	----	----

18. Debtors

	Group		Company
	2025	2024	2025	2024
		(restated)	(restated)
	£	£	£	£
Trade debtors	1,831,782	1,932,963	–	–
Directors loan account	145,759	181,867	–	–
Other debtors	139,369	104,183	–	–
	------------	------------	----	----
	2,116,910	2,219,013	–	–
	------------	------------	----	----

The debtors above include the following amounts falling due after more than one year:

	Group		Company
	2025	2024	2025	2024
		(restated)	(restated)
	£	£	£	£
Other debtors	34,821	32,768	–	–
	--------	--------	----	----

19. Cash and cash equivalents

Cash and cash equivalents comprise the following:

	2025	2024
		(restated)
	£	£
Cash at bank and in hand	3,056	544,852
Bank overdrafts	( 40,353)	–
	--------	---------
	( 37,297)	544,852
	--------	---------

20. Creditors: amounts falling due within one year

	Group		Company
	2025	2024	2025	2024
		(restated)	(restated)
	£	£	£	£
Bank loans and overdrafts	782,366	84,352	–	–
Trade creditors	2,600,753	2,890,288	–	–
Corporation tax	59,009	40,518	–	–
Social security and other taxes	361,793	311,600	–	–
Obligations under finance leases and hire purchase contracts	265,687	229,797	–	–
Other creditors	144,639	195,646	–	–
	------------	------------	----	----
	4,214,247	3,752,201	–	–
	------------	------------	----	----

In respect of the bank borrowings due within one year of £782,366 (2024: £84,352), this relates to loans secured on the assets to which they relate to. At the balance sheet date the annual fixed rate of interest ranged between 4% and 7.5%. Included within creditors falling due within one year, is an amount of £265,687 (2024: £229,797) in relation to hire purchase contracts, which are secured on the assets which they relate to.

21. Creditors: amounts falling due after more than one year

	Group		Company
	2025	2024	2025	2024
		(restated)	(restated)
	£	£	£	£
Bank loans and overdrafts	486,438	1,238,762	–	–
Obligations under finance leases and hire purchase contracts	446,598	415,308	–	–
Other creditors	5,518	9,777	–	–
	---------	------------	----	----
	938,554	1,663,847	–	–
	---------	------------	----	----

Included within creditors: amounts falling due after more than one year is an amount of £325,141 (2024: £358,532) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

In respect of the bank borrowings due after one year of £486,438 (2024: £1,238,762), this relates to loans secured on the assets to which they relate to. At the balance sheet date the annual fixed rate of interest ranged between 4% and 7.5%. Included within creditors falling due after one year, is an amount of £446,598 (2024: £415,308) in relation to hire purchase contracts, which are secured on the assets which they relate to.

22. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	Group		Company
	2025	2024	2025	2024
		(restated)	(restated)
	£	£	£	£
Not later than 1 year	265,687	229,797	–	–
Later than 1 year and not later than 5 years	446,598	415,308	–	–
	---------	---------	----	----
	712,285	645,105	–	–
	---------	---------	----	----

23. Provisions

Group	Deferred tax (note 24)
	£
At 1 April 2024 (as restated)	181,235
Additions	53,105
	---------
At 31 March 2025	234,340
	---------

The company does not have any provisions.

24. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2025	2024	2025	2024
		(restated)	(restated)
	£	£	£	£
Included in provisions (note 23)	234,340	181,235	–	–
	---------	---------	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2025	2024	2025	2024
		(restated)	(restated)
	£	£	£	£
Provisions	181,235	83,775	–	–
Deferred tax - timing differences	53,105	97,460	–	–
	---------	---------	----	----
	234,340	181,235	–	–
	---------	---------	----	----

25. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 122,290 (2024: £ 112,534 ).

26. Prior period adjustment

During the year ended 31 March 2025, the Directors identified a prior year error in the treatment of property revaluations on transition to FRS 102. On transition the group elected to use valuations as deemed cost. Five properties were revalued upwards by £1.22m, whilst one property was revalued down by £732k. The loss on revaluation was incorrectly netted off against the revaluation reserve rather than being recognised directly in retained earnings. This resulted in the revaluation reserve being understated and retained earnings overstated by £732k. The error has been corrected by restating prior year comparatives, the impact of the restatement is as follows:

	As previous stated £000	As restated £000
	£	£
Revaluation reserve	482	1,214
Retained earnings	3,225	2,493
Total equity	3,815	3,815

There is no impact on total equity or profit for the year. The adjustment relates solely to the allocation between reserves.

27. Called up share capital

Issued, called up and fully paid

	2025		2024
			(restated)
	No.	£	No.	£
Ordinary A shares of £ 1 each	35,892	35,892	35,892	35,892
Ordinary B shares of £ 1 each	26,370	26,370	26,370	26,370
Ordinary C shares of £ 1 each	31,132	31,132	31,132	31,132
Ordinary D shares of £ 1 each	31,132	31,132	31,132	31,132
	---------	---------	---------	---------
	124,526	124,526	124,526	124,526
	---------	---------	---------	---------

28. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.

29. Analysis of changes in net debt

	At 1 Apr 2024	Cash flows	At 31 Mar 2025
	£	£	£
Cash at bank and in hand	544,852	(541,796)	3,056
Bank overdrafts	–	(40,353)	(40,353)
Debt due within one year	(314,149)	(693,551)	(1,007,700)
Debt due after one year	(1,654,070)	721,034	(933,036)
	------------	---------	------------
	( 1,423,367)	( 554,666)	( 1,978,033)
	------------	---------	------------

30. Directors' advances, credits and guarantees

The group made payments to Director A of £17,400, during the year (2024: £16,125). The group received payments of £15,000 (2024: £31,125) from Director A. At the year end Director A owed the group £30,810 (2024: £45,810). The group made payments to Director B of £72,533 (2024: £90,038). The group received payments of £84,894 (2024: £100,214) from Director B. At the year end Director B owed the group £10,011 (2024: £22,372). The group made payments to Director C of £58,223 (2024: £134,437). The group received payments of £55,020 (2024: £58,498) from Director C. At the year end Director C owed the group £62,352 (2024: £59,149). The group made no payments to Director D, during the year (2024: £24,675). The group received payments of £11,950 (2024: £29,725) from Director D. At the year end Director D owed the group £42,586 (2024: £54,536).