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REGISTERED NUMBER: 01264053 (England and Wales)

| Strategic Report, Report of the Directors and |

| Financial Statements |

| for the Period 1 January 2024 to 30 December 2024 |

| for |

| Lawson Motor Company Limited |

Lawson Motor Company Limited (Registered number: 01264053)

Contents of the Financial Statements

for the Period 1 January 2024 to 30 December 2024

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 3 |

Report of the Independent Auditors | 5 |

Income Statement | 9 |

Other Comprehensive Income | 10 |

Balance Sheet | 11 |

Statement of Changes in Equity | 12 |

Cash Flow Statement | 13 |

Notes to the Cash Flow Statement | 14 |

Notes to the Financial Statements | 15 |

Lawson Motor Company Limited

Company Information

for the Period 1 January 2024 to 30 December 2024

| DIRECTORS: | Mrs A Beech

| Mr C Beech

| Mr R Beech

| Mr D Pear

| REGISTERED OFFICE: | Jubilee Garage

| Newcastle Road

| Congleton

| Cheshire

| CW12 4SB

| REGISTERED NUMBER: | 01264053 (England and Wales)

| AUDITORS: | Thompson Wright (Audit) Limited

| Ebenezer House

| Ryecroft

| Newcastle under Lyme

| Staffordshire

| ST5 2BE

Lawson Motor Company Limited (Registered number: 01264053)

Strategic Report

for the Period 1 January 2024 to 30 December 2024

The directors present their strategic report for the period 1 January 2024 to 30 December 2024.

REVIEW OF BUSINESS

The directors consider the overall financial performance of the company to be in line with expectations given the trading environment, and are confident that the company will grow over the coming years.

The directors consider the group's key performance indicators ("KPIs") to be like for like sales, gross margins and weekly vehicle sales. The directors are satisfied with the turnover for the year ended 31st December of £24,346,053 (2023: £22,205,329).

Given the results for the year, the director recommends that equity dividends be paid as detailed in the Report of the Director.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors have identified the key risks faced by the company to be market risk, financial risk, and credit risk.

MARKET RISK

The directors are constantly monitoring market prices and competitors to minimise the market risk.

LIQUIDITY RISK

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility is achieved by the existing loan facility that is in place.

FINANCIAL RISK

The company finances its operations through a mixture of retained profits and its bank loans and balances. The company's financial asset is cash. Since the nature of the company's operations are such that trade debtors are minimal, the director considers that the company has limited exposure to credit risk.

CREDIT RISK

The company's principal financial assets are mainly cash and trade debtors. The credit risk associated with cash is limited, the principal credit risk arises therefore from its trade debtors. However, very few customers are given credit accounts as these are reviewed regularly and collections kept up to date.

FUTURE DEVELOPMENTS

Looking to the future, the directors want to maintain appropriate investment levels in the company to maintain and secure the company's position in the market by positioning itself globally to operate in the region of each office that the company intends to open.

The directors closely monitor the market place to ensure that the company can deliver the best products at the best prices

ON BEHALF OF THE BOARD:

Mrs A Beech - Director

24 October 2025

Lawson Motor Company Limited (Registered number: 01264053)

Report of the Directors

for the Period 1 January 2024 to 30 December 2024

The directors present their report with the financial statements of the company for the period 1 January 2024 to 30 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of the retail of second hand motor vehicles.

DIVIDENDS

The total distribution of dividends for the period ended 30 December 2024 will be £ 325,160 .

DIRECTORS

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

Mrs A Beech

Mr C Beech

Mr R Beech

Mr D Pear

Other changes in directors holding office are as follows:

Mr D S Beech - deceased 11 May 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", 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 the financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- state whether applicable United Kingdom Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;

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

- 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.

The directors 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.

Lawson Motor Company Limited (Registered number: 01264053)

Report of the Directors

for the Period 1 January 2024 to 30 December 2024

AUDITORS

The auditors, Thompson Wright (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs A Beech - Director

24 October 2025

Report of the Independent Auditors to the Members of

Lawson Motor Company Limited

Opinion

We have audited the financial statements of Lawson Motor Company Limited (the 'company') for the period ended 30 December 2024 which comprise the Income Statement, Other 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 30 December 2024 and of its profit for the period 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 qualified 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.

We were not appointed as auditors of Lawson Motor Company Limited until after 31st December 2023 and thus did not observe the counting of physical stock at the beginning of the prior year. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31st December 2023 which are stated in the balance sheet at £5,548,749.

As a result of this matter, we were unable to determine whether any adjustments might have been found necessary in respect of recorded or unrecorded stock, and the elements making up the profit and loss account, statement of changes in equity and statement of cash flows.

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.

Report of the Independent Auditors to the Members of

Lawson Motor Company Limited

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Lawson Motor Company Limited

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the Senior Statutory Auditor ensured that the audit team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the motor retail 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 company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental, other industry specific accreditations, health and safety legislation, and complaisance with the regulations of the Financial Conduct Authority.

- 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 company's 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:

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.

Prior Period Financial Statements

The company was not required to prepare audited financial statements for the year ended 31st December 2023 and therefore the comparative figures are unaudited.

Report of the Independent Auditors to the Members of

Lawson Motor Company Limited

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.

Jeremy Bostock BA(hons) BFP FCA (Senior Statutory Auditor)

for and on behalf of Thompson Wright (Audit) Limited

Ebenezer House

Ryecroft

Newcastle under Lyme

Staffordshire

ST5 2BE

24 October 2025

Lawson Motor Company Limited (Registered number: 01264053)

Income Statement

for the Period 1 January 2024 to 30 December 2024

| Period |

| 1.1.24 |

| to |  | Year Ended

| 30.12.24 |  | 31.12.23

| Notes | £ | £ |

TURNOVER | 3 | 24,346,053 |  | 22,205,329 |  |

Cost of sales | 21,676,866 |  | 19,835,279 |  |

GROSS PROFIT | 2,669,187 |  | 2,370,050 |  |

Administrative expenses | 1,293,750 |  | 989,418 |  |

1,375,437 |  | 1,380,632 |  |

Other operating income | 12,664 |  | 25,458 |  |

OPERATING PROFIT | 5 | 1,388,101 |  | 1,406,090 |  |

Interest payable and similar expenses | 6 | 327,652 |  | 249,050 |  |

PROFIT BEFORE TAXATION | 1,060,449 |  | 1,157,040 |  |

Tax on profit | 7 | 182,003 |  | 284,204 |  |

PROFIT FOR THE FINANCIAL PERIOD | 878,446 |  | 872,836 |  |

Lawson Motor Company Limited (Registered number: 01264053)

Other Comprehensive Income

for the Period 1 January 2024 to 30 December 2024

| Period |

| 1.1.24 |

| to |  | Year Ended

| 30.12.24 |  | 31.12.23

| Notes | £ | £ |

PROFIT FOR THE PERIOD | 878,446 |  | 872,836 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 878,446 |  | 872,836 |  |

Lawson Motor Company Limited (Registered number: 01264053)

Balance Sheet

30 December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | - |  | - |  |

Tangible assets | 10 | 1,427,824 |  | 811,729 |  |

1,427,824 |  | 811,729 |  |

CURRENT ASSETS

Stocks | 11 | 5,413,053 |  | 5,548,749 |  |

Debtors | 12 | 920,617 |  | 103,304 |  |

Cash at bank and in hand | 92,508 |  | 205,182 |  |

6,426,178 |  | 5,857,235 |  |

CREDITORS

Amounts falling due within one year | 13 | 4,452,016 |  | 3,418,215 |  |

NET CURRENT ASSETS | 1,974,162 |  | 2,439,020 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,401,986 |  | 3,250,749 |  |

CREDITORS

Amounts falling due after more than one year | 14 | (93,608 | ) | (491,951 | ) |

PROVISIONS FOR LIABILITIES | 18 | (10,451 | ) | (14,157 | ) |

NET ASSETS | 3,297,927 |  | 2,744,641 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 103 |  | 103 |  |

Retained earnings | 20 | 3,297,824 |  | 2,744,538 |  |

SHAREHOLDERS' FUNDS | 3,297,927 |  | 2,744,641 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2025 and were signed on its behalf by:

Mrs A Beech - Director

Lawson Motor Company Limited (Registered number: 01264053)

Statement of Changes in Equity

for the Period 1 January 2024 to 30 December 2024

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2023 | 103 |  | 2,221,422 |  | 2,221,525 |  |

Changes in equity

Dividends | - |  | (349,720 | ) | (349,720 | ) |

Total comprehensive income | - |  | 872,836 |  | 872,836 |  |

Balance at 31 December 2023 | 103 |  | 2,744,538 |  | 2,744,641 |  |

Changes in equity

Dividends | - |  | (325,160 | ) | (325,160 | ) |

Total comprehensive income | - |  | 878,446 |  | 878,446 |  |

Balance at 30 December 2024 | 103 |  | 3,297,824 |  | 3,297,927 |  |

Lawson Motor Company Limited (Registered number: 01264053)

Cash Flow Statement

for the Period 1 January 2024 to 30 December 2024

| Period |

| 1.1.24 |

| to |  | Year Ended

| 30.12.24 |  | 31.12.23

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 2,283,861 |  | 1,752,687 |  |

Interest paid | (324,285 | ) | (246,525 | ) |

Interest element of hire purchase payments paid | (3,367 | ) | (2,525 | ) |

Tax paid | (121,005 | ) | (447,058 | ) |

Net cash from operating activities | 1,835,204 |  | 1,056,579 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (665,700 | ) | (396,592 | ) |

Net cash from investing activities | (665,700 | ) | (396,592 | ) |

Cash flows from financing activities

Loan repayments in year | (308,705 | ) | (103,793 | ) |

Capital repayments in year | (12,977 | ) | (16,942 | ) |

Amount withdrawn by directors | (666,746 | ) | (29,788 | ) |

Amount due from related entities | 31,410 |  | (43,195 | ) |

Equity dividends paid | (325,160 | ) | (349,720 | ) |

Net cash from financing activities | (1,282,178 | ) | (543,438 | ) |

(Decrease)/increase in cash and cash equivalents | (112,674 | ) | 116,549 |  |

Cash and cash equivalents at beginning of period | 2 | 205,182 |  | 88,633 |  |

Cash and cash equivalents at end of period | 2 | 92,508 |  | 205,182 |  |

Lawson Motor Company Limited (Registered number: 01264053)

Notes to the Cash Flow Statement

for the Period 1 January 2024 to 30 December 2024

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

| Period |

| 1.1.24 |

| to | Year Ended

| 30.12.24 |  | 31.12.23

£ | £ |

| Profit before taxation | 1,060,449 |  | 1,157,040 |  |

| Depreciation charges | 49,605 |  | 57,098 |  |

| Finance costs | 327,652 |  | 249,050 |  |

1,437,706 |  | 1,463,188 |  |

| Decrease/(increase) in stocks | 135,696 |  | (209,587 | ) |

| (Increase)/decrease in trade and other debtors | (155,231 | ) | 12,385 |  |

| Increase in trade and other creditors | 865,690 |  | 486,701 |  |

| Cash generated from operations | 2,283,861 |  | 1,752,687 |  |

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:

| Period ended 30 December 2024

| 30.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 92,508 |  | 205,182 |  |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 205,182 |  | 88,633 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.1.24 | Cash flow | At 30.12.24

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 205,182 |  | (112,674 | ) | 92,508 |  |

205,182 |  | (112,674 | ) | 92,508 |  |

| Debt

| Finance leases | (55,153 | ) | 12,977 |  | (42,176 | ) |

| Debts falling due within 1 year | (296,941 | ) | (76,661 | ) | (373,602 | ) |

| Debts falling due after 1 year | (449,775 | ) | 385,366 |  | (64,409 | ) |

(801,869 | ) | 321,682 |  | (480,187 | ) |

| Total | (596,687 | ) | 209,008 |  | (387,679 | ) |

Lawson Motor Company Limited (Registered number: 01264053)

Notes to the Financial Statements

for the Period 1 January 2024 to 30 December 2024

1. | STATUTORY INFORMATION

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

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Critical accounting judgements and key sources of estimation uncertainty

| The preparation of financial statements in conformity with generally accepted principles requires the directors to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Some of these estimates and judgements are inherently uncertain and subject to change. The impact of any change in accounting estimates is reflected in the period in which the estimate is revised, if the revision only affects the period, or in the period of the revision and future periods if the revision affects both current and future periods. In this respect the directors believe that the critical accounting policies where judgements or estimations are necessarily applied are as follows.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Revenue is recognised as the company becomes entitled to consideration for the goods supplied.

| Commission income is recognised for arranging vehicle financing and related products. Commissions are based on agreed rates and income is recognised at the same time as the sale of the vehicle as the two revenue streams are intrinsically linked.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Freehold property | - | 2% on cost

| Leasehold improvements | - | 2% on cost

| Plant and machinery | - | 25% on cost

| Fixtures and fittings | - | 25% on cost

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 25% on cost

| Stocks

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

Lawson Motor Company Limited (Registered number: 01264053)

Notes to the Financial Statements - continued

for the Period 1 January 2024 to 30 December 2024

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

| (i) Financial assets

| Basic financial assets, including trade and other debtors, and cash and bank balances are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

| At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.

| (ii) Financial liabilities

| Basic financial liabilities, including trade and other creditors, 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 receipts discounted at a market rate of interest. 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. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as creditors due after more than one year. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

| Taxation

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

| Current or deferred taxation assets and liabilities are not discounted.

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

| Deferred tax

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

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

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

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Lawson Motor Company Limited (Registered number: 01264053)

Notes to the Financial Statements - continued

for the Period 1 January 2024 to 30 December 2024

3. | 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:

| Period |

| 1.1.24 |

| to | Year Ended

| 30.12.24 |  | 31.12.23

£ | £ |

| Sales of vehicles | 24,129,817 |  | 22,037,633 |  |

| Commissions receivable | 216,236 |  | 167,696 |  |

24,346,053 |  | 22,205,329 |  |

4. | EMPLOYEES AND DIRECTORS

| Period |

| 1.1.24 |

| to | Year Ended

| 30.12.24 |  | 31.12.23

£ | £ |

| Wages and salaries | 479,783 |  | 383,383 |  |

| Social security costs | 17,000 |  | 14,539 |  |

| Other pension costs | 23,612 |  | 13,110 |  |

520,395 |  | 411,032 |  |

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

| Period |

| 1.1.24 |

| to | Year Ended

| 30.12.24 |  | 31.12.23

| Directors | 4 |  | 4 |  |

| Other staff | 10 |  | 8 |  |

14 |  | 12 |  |

| Period |

| 1.1.24 |

| to | Year Ended

| 30.12.24 |  | 31.12.23

£ | £ |

| Directors' remuneration | 159,591 |  | 149,618 |  |

| Directors' pension contributions to money purchase schemes | 18,000 |  | 9,000 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 1 |  | 1 |  |

Lawson Motor Company Limited (Registered number: 01264053)

Notes to the Financial Statements - continued

for the Period 1 January 2024 to 30 December 2024

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| Period |

| 1.1.24 |

| to | Year Ended

| 30.12.24 |  | 31.12.23

£ | £ |

| Other operating leases | 12,100 |  | 17,696 |  |

| Depreciation - owned assets | 49,605 |  | 40,097 |  |

| Goodwill amortisation | - |  | 17,000 |  |

| Auditors' remuneration | 17,875 |  | - |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| Period |

| 1.1.24 |

| to | Year Ended

| 30.12.24 |  | 31.12.23

£ | £ |

| Bank charges, interest & loan interest | 29,109 |  | 51,455 |  |

| Stocking loan interest | 250,639 |  | 192,183 |  |

| HMRC interest charges | 13,971 |  | - |  |

| Interest on other loans | 30,566 |  | 2,887 |  |

| HP interest | 3,367 |  | 2,525 |  |

327,652 |  | 249,050 |  |

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the period was as follows:

| Period |

| 1.1.24 |

| to | Year Ended

| 30.12.24 |  | 31.12.23

£ | £ |

| Current tax:

| UK corporation tax | 230,799 |  | 272,552 |  |

| Tax previous year adjustment | (45,090 | ) | 938 |  |

| Total current tax | 185,709 |  | 273,490 |  |

| Deferred tax | (3,706 | ) | 10,714 |  |

| Tax on profit | 182,003 |  | 284,204 |  |

Lawson Motor Company Limited (Registered number: 01264053)

Notes to the Financial Statements - continued

for the Period 1 January 2024 to 30 December 2024

7. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

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

| Period |

| 1.1.24 |

| to | Year Ended

| 30.12.24 |  | 31.12.23

£ | £ |

| Profit before tax | 1,060,449 |  | 1,157,040 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%) | 265,112 |  | 289,260 |  |

| Effects of:

| Expenses not deductible for tax purposes | 2,150 |  | 3,011 |  |

| Capital allowances in excess of depreciation | (40,169 | ) | (2,575 | ) |

| Adjustments to tax charge in respect of previous periods | (45,090 | ) | 938 |  |

| Deferred tax movement | - |  | 10,714 |  |

| Change in corporation tax rate | - |  | (17,144 | ) |

| Total tax charge | 182,003 |  | 284,204 |  |

8. | DIVIDENDS

| Period |

| 1.1.24 |

| to | Year Ended

| 30.12.24 |  | 31.12.23

£ | £ |

| A ordinary shares of £1 each |

| Interim | 100,000 |  | 87,430 |  |

| B ordinary shares of £1 each |

| Interim | 87,430 |  | 87,430 |  |

| C ordinary shares of £1 each |

| Interim | 87,430 |  | 87,430 |  |

| D ordinary shares of £1 each |

| Interim | 34,335 |  | - |  |

| E ordinary shares of £1 each |

| Interim | 15,965 |  | 87,430 |  |

325,160 |  | 349,720 |  |

9. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 January 2024

| and 30 December 2024 | 170,000 |  |

| AMORTISATION

| At 1 January 2024

| and 30 December 2024 | 170,000 |  |

| NET BOOK VALUE

| At 30 December 2024 | - |  |

| At 31 December 2023 | - |  |

Lawson Motor Company Limited (Registered number: 01264053)

Notes to the Financial Statements - continued

for the Period 1 January 2024 to 30 December 2024

10. | TANGIBLE FIXED ASSETS

| Freehold |  | Leasehold |  | Plant and

| property |  | improvements |  | machinery

£ | £ | £ |

| COST

| At 1 January 2024 | 91,863 |  | 694,702 |  | 54,758 |  |

| Additions | - |  | 663,781 |  | 1,919 |  |

| At 30 December 2024 | 91,863 |  | 1,358,483 |  | 56,677 |  |

| DEPRECIATION

| At 1 January 2024 | 16,534 |  | 20,124 |  | 41,382 |  |

| Charge for period | 1,837 |  | 27,170 |  | 7,134 |  |

| At 30 December 2024 | 18,371 |  | 47,294 |  | 48,516 |  |

| NET BOOK VALUE

| At 30 December 2024 | 73,492 |  | 1,311,189 |  | 8,161 |  |

| At 31 December 2023 | 75,329 |  | 674,578 |  | 13,376 |  |

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024 | 2,588 |  | 59,847 |  | 17,150 |  | 920,908 |  |

| Additions | - |  | - |  | - |  | 665,700 |  |

| At 30 December 2024 | 2,588 |  | 59,847 |  | 17,150 |  | 1,586,608 |  |

| DEPRECIATION

| At 1 January 2024 | 2,518 |  | 14,962 |  | 13,659 |  | 109,179 |  |

| Charge for period | 70 |  | 11,221 |  | 2,173 |  | 49,605 |  |

| At 30 December 2024 | 2,588 |  | 26,183 |  | 15,832 |  | 158,784 |  |

| NET BOOK VALUE

| At 30 December 2024 | - |  | 33,664 |  | 1,318 |  | 1,427,824 |  |

| At 31 December 2023 | 70 |  | 44,885 |  | 3,491 |  | 811,729 |  |

| The motor vehicle as noted above is a vehicle on hire purchase. The net book values are as stated and the depreciation charge for the year amount to £11,221 (2023 £14,962).

11. | STOCKS

2024 | 2023 |

£ | £ |

| Goods for resale | 5,413,053 |  | 5,548,749 |  |

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

2024 | 2023 |

£ | £ |

| Trade debtors | 177,397 |  | 33,160 |  |

| Amounts owed by associates | 11,785 |  | 43,195 |  |

| Other debtors | 32,785 |  | 21,791 |  |

| Directors' current accounts | 698,650 |  | 5,158 |  |

920,617 |  | 103,304 |  |

Lawson Motor Company Limited (Registered number: 01264053)

Notes to the Financial Statements - continued

for the Period 1 January 2024 to 30 December 2024

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

2024 | 2023 |

£ | £ |

| Bank loans and overdrafts (see note 15) | 219,587 |  | 29,866 |  |

| Other loans (see note 15) | 154,015 |  | 267,075 |  |

| Hire purchase contracts (see note 16) | 12,977 |  | 12,977 |  |

| Trade creditors | 3,132,937 |  | 2,615,800 |  |

| Tax | 337,256 |  | 272,552 |  |

| Social security and other taxes | 10,970 |  | (1,634 | ) |

| VAT | 254,439 |  | 93,780 |  |

| Other creditors | 192,014 |  | 121,099 |  |

| Directors' current accounts | 26,746 |  | - |  |

| Accrued expenses | 111,075 |  | 6,700 |  |

4,452,016 |  | 3,418,215 |  |

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

2024 | 2023 |

£ | £ |

| Bank loans (see note 15) | 4,409 |  | 212,960 |  |

| Other loans (see note 15) | 60,000 |  | 236,815 |  |

| Hire purchase contracts (see note 16) | 29,199 |  | 42,176 |  |

93,608 |  | 491,951 |  |

15. | LOANS

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

2024 | 2023 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 219,587 |  | 29,866 |  |

| Other loans | 154,015 |  | 267,075 |  |

373,602 |  | 296,941 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | 4,409 |  | 30,123 |  |

| Other loans - 1-2 years | - |  | 176,815 |  |

4,409 |  | 206,938 |  |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | - |  | 63,586 |  |

| Other loans - 2-5 years | 60,000 |  | 60,000 |  |

60,000 |  | 123,586 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans more 5 yr by instal | - |  | 119,251 |  |

Lawson Motor Company Limited (Registered number: 01264053)

Notes to the Financial Statements - continued

for the Period 1 January 2024 to 30 December 2024

16. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2024 | 2023 |

£ | £ |

| Net obligations repayable:

| Within one year | 12,977 |  | 12,977 |  |

| Between one and five years | 29,199 |  | 42,176 |  |

42,176 |  | 55,153 |  |

| Non-cancellable |

| operating leases |

2024 | 2023 |

£ | £ |

| Within one year | 58,600 |  | 58,600 |  |

17. | SECURED DEBTS

| The following secured debts are included within creditors:

2024 | 2023 |

£ | £ |

| Bank loans | 223,996 |  | 242,826 |  |

| Hire purchase contracts | 42,176 |  | 55,153 |  |

266,172 |  | 297,979 |  |

| The bank loans are secured by means of fixed and floating charges over the assets of the company.

| Hire purchase contracts are secured over the asset to which they relate to.

| The company has given a cross guarantee in respect of the borrowings of Lawson Motor Company Holdings Limited, a company in which 3 of the Directors are the controlling shareholders.

| The security contains a fixed and floating charge over the assets of the company and includes a negative pledge.The borrowings associated within the cross guarantee at the year end amounted to £840,000 (2023 £840,000).

| Included in other creditors is an outstanding amount of £56,250 for which the Directors have given personal guarantees.

18. | PROVISIONS FOR LIABILITIES

2024 | 2023 |

£ | £ |

| Deferred tax | 10,451 |  | 14,157 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 14,157 |  |

| Accelerated allowances | (3,706 | ) |

| Balance at 30 December 2024 | 10,451 |  |

Lawson Motor Company Limited (Registered number: 01264053)

Notes to the Financial Statements - continued

for the Period 1 January 2024 to 30 December 2024

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 35 | A ordinary | £1 | 35 |  | 35 |  |

| 35 | B ordinary | £1 | 35 |  | 35 |  |

| 10 | C ordinary | £1 | 10 |  | 10 |  |

| 10 | D ordinary | £1 | 10 |  | 10 |  |

| 10 | E ordinary | £1 | 10 |  | 10 |  |

| 1 | F ordinary | £1 | 1 |  | 1 |  |

| 1 | G ordinary | £1 | 1 |  | 1 |  |

| 1 | H ordinary | £1 | 1 |  | 1 |  |

103 |  | 103 |  |

20. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2024 | 2,744,538 |  |

| Profit for the period | 878,446 |  |

| Dividends | (325,160 | ) |

| At 30 December 2024 | 3,297,824 |  |

21. | OTHER FINANCIAL COMMITMENTS

| Pension Commitments

| 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. The pension cost charge in respect of contributions to the fund amounts to £5,612 (2023 £4,110) for employees and £18,000 (2023 £9,000) for directors..

22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the period ended 30 December 2024 and the year ended 31 December 2023:

2024 | 2023 |

£ | £ |

| Mrs A Beech

| Balance outstanding at start of period | 5,157 |  | (24,630 | ) |

| Amounts advanced | 424,753 |  | 781,596 |  |

| Amounts repaid | (456,657 | ) | (751,809 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of period | (26,747 | ) | 5,157 |  |

| Mr R Beech

| Balance outstanding at start of period | - |  | - |  |

| Amounts advanced | 777,000 |  | - |  |

| Amounts repaid | (78,350 | ) | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of period | 698,650 |  | - |  |

| Interest on overdrawn directors loans are charged at average HMRC official rates.

Lawson Motor Company Limited (Registered number: 01264053)

Notes to the Financial Statements - continued

for the Period 1 January 2024 to 30 December 2024

23. | RELATED PARTY DISCLOSURES

| The company operates from sites which are owned by parties considered as related with the directors of the company.

| One of these sites, one is rented from the brother-in-law of Mrs Angela Beech at an annual amount of £25,000 (2023 £25,000) which is outstanding as at the year end date.

| The other trading site is owned by Lawson Motor Company Holdings Limited, a company in which 3 of the Directors are the controlling shareholders at at annual rental of £33,600 (2023 £33,600).

| As at the year end date, the amount due from Lawson Motor Company Holdings Limited amounted to £11,785 (2023 £43,195).