REGISTERED NUMBER: 03880270 (England and Wales)

WINGS OF PETERBOROUGH LTD

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JANUARY 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

P R Wing

J Wing

SECRETARY:

P R Wing

REGISTERED OFFICE:

The Old Vicarage

Church Close

Boston

Lincolnshire

PE21 6NA

REGISTERED NUMBER:

03880270 (England and Wales)

SENIOR STATUTORY AUDITOR:

Nicola Michelle Lenton FCCA

AUDITORS:

Dexter & Sharpe Audit Services Ltd

(Statutory Auditor)

Rollestone House

Bridge Street

Horncastle

Lincolnshire

LN9 5HZ

The directors present their strategic report for the year ended 30 January 2025.

REVIEW OF BUSINESS

2024-2025 was a year of transition for Wings Skoda, with the business adapting to significant regulatory and market changes.

The UK Government's Zero Emission Vehicle (ZEV) Mandate requires 28% of new car sales in 2025 to be electric. This policy shift has accelerated the transition of our new car sales mix toward electric vehicles (EVs). While this has reduced demand for some traditional aftersales services due to the lower maintenance requirements of EVs, Wings has successfully mitigated this by growing the penetration of Service Plans.

Service Plans have proven to be a vital tool for customer retention, offering cost efficiency and predictability for customers while ensuring ongoing engagement with our workshops. This strategy has helped us to maintain strong aftersales revenues in a declining service market, and we have seen increased loyalty from customers with older vehicles.

The used car market has stabilised compared with the volatility of prior years, though residual values for EVs remain less predictable. Wings continues to closely monitor these trends, adjusting our pricing and stocking strategy accordingly.

Overall, while profitability has been affected by structural changes in the industry, the company remains well-positioned for long-term sustainability. The Directors view the results as satisfactory given the challenges and opportunities presented by the evolving automotive landscape.

PRINCIPAL RISKS AND UNCERTAINTIES

The key risks remain broadly consistent with the previous year, with some developments:

Manufacturer relationship:

The proposed transition to the Agency sales model has now been placed on hold for the foreseeable future. All vehicles continue to be transacted under the franchise model, which provides Wings with stronger control over margins and overall profitability. The Directors remain confident that upcoming EV models will be competitively priced and continue to deliver strong value for customers.

Used vehicle prices:

EV residual values remain volatile. Wings mitigates this risk through active stock management, weekly pricing reviews, and close alignment of purchasing decisions with demand.

Company, people and reputation:

Retaining and developing skilled staff remains central to success. Regular reviews of pay, working conditions, and training investment continue to support employee retention in a competitive labour market.

General economic conditions:

Inflation, interest rates, and energy costs remain potential risks. However, stable demand for EVs and the resilience of our service plan model help offset wider economic pressures.

SECTION 172(1) STATEMENT

Statement by the directors in performance of their statutory duties in accordance with S172(1) companies act 2006.

The Directors of Wings Skoda have continued to act in good faith to promote the success of the company for the benefit of its members. Consideration has been given to long-term company growth, team welfare, and ongoing engagement with key partners and customers.

The business remains committed to responsible operation within the community and the environment, including full compliance with environmental legislation and governance standards, particularly as the industry shifts toward a more sustainable future.

ON BEHALF OF THE BOARD:

J Wing - Director

29 October 2025

The directors present their report with the financial statements of the company for the year ended 30 January 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of motor vehicle sales and maintenance.

DIVIDENDS

The total distribution of dividends for the year ended 30 January 2025 will be £ 92,000 .

DIRECTORS

The directors set out in the table below have held office during the whole of the period from 31 January 2024 to the date of this report.

The beneficial interests of the directors holding office at 30 January 2025 in the shares of the company, according to the register of directors' interests, were as follows:

30.1.25

31.1.24

Ordinary shares of £1 each

P R Wing

10,000

10,000

J Wing

10,000

10,000

'E'Shares shares of £1 each

P R Wing

125,000

125,000

J Wing

125,000

125,000

'P' shares of £1 each

P R Wing

70,000

70,000

J Wing

70,000

70,000

These directors did not hold any non-beneficial interests in any of the shares of the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Dexter & Sharpe Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

BY ORDER OF THE BOARD:

P R Wing - Secretary

29 October 2025

Opinion

We have audited the financial statements of Wings of Peterborough Ltd (the 'company') for the year ended 30 January 2025 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 January 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

- we have enquired of those charged with governance around actual and potential litigation and claims.

- we have reviewed financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- we have enquired of staff engaged in the completion of VAT, tax and compliance work to identify any instances of non compliance with laws and regulations.

- we have audited the risk of management override of controls including review of journal entries and large or unusual transactions, evaluating the business rationale of any significant transactions outside the course of business.

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.

Nicola Michelle Lenton FCCA (Senior Statutory Auditor)

for and on behalf of Dexter & Sharpe Audit Services Ltd

(Statutory Auditor)

Rollestone House

Bridge Street

Horncastle

Lincolnshire

LN9 5HZ

29 October 2025

TURNOVER

30,072,744

30,773,891

Cost of sales

(27,226,129

)

(27,599,718

)

GROSS PROFIT

2,846,615

3,174,173

Distribution costs

(1,223,068

)

(1,249,705

)

Administrative expenses

(769,879

)

(782,361

)

853,668

1,142,107

Other operating income

243,182

151,222

OPERATING PROFIT

4

1,096,850

1,293,329

Interest receivable and similar income

155,946

102,205

1,252,796

1,395,534

Interest payable and similar expenses

5

-

(17,043

)

PROFIT BEFORE TAXATION

1,252,796

1,378,491

Tax on profit

6

(325,514

)

(365,388

)

PROFIT FOR THE FINANCIAL YEAR

927,282

1,013,103

PROFIT FOR THE YEAR

927,282

1,013,103

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

927,282

1,013,103

FIXED ASSETS

Intangible assets

8

1

1

Tangible assets

9

1,360,307

1,109,569

1,360,308

1,109,570

CURRENT ASSETS

Stocks

10

1,820,325

1,635,530

Debtors

11

1,751,626

2,261,707

Cash at bank

4,322,337

4,173,354

7,894,288

8,070,591

CREDITORS

Amounts falling due within one year

12

1,266,626

2,025,064

NET CURRENT ASSETS

6,627,662

6,045,527

TOTAL ASSETS LESS CURRENT LIABILITIES

7,987,970

7,155,097

PROVISIONS FOR LIABILITIES

14

83,027

85,436

NET ASSETS

7,904,943

7,069,661

CAPITAL AND RESERVES

Called up share capital

15

23,900

23,900

Retained earnings

16

7,881,043

7,045,761

SHAREHOLDERS' FUNDS

7,904,943

7,069,661

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2025 and were signed on its behalf by:

P R Wing - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 31 January 2023

23,900

6,124,658

6,148,558

Changes in equity

Dividends

-

(92,000

)

(92,000

)

Total comprehensive income

-

1,013,103

1,013,103

Balance at 30 January 2024

23,900

7,045,761

7,069,661

Changes in equity

Dividends

-

(92,000

)

(92,000

)

Total comprehensive income

-

927,282

927,282

Balance at 30 January 2025

23,900

7,881,043

7,904,943

Cash flows from operating activities

Cash generated from operations

1

1,077,596

1,181,444

Interest paid

-

(17,043

)

Tax paid

(541,105

)

(172,564

)

Net cash from operating activities

536,491

991,837

Cash flows from investing activities

Purchase of tangible fixed assets

(464,864

)

(351,718

)

Sale of tangible fixed assets

50,611

37,482

Interest received

155,946

102,205

Net cash from investing activities

(258,307

)

(212,031

)

Cash flows from financing activities

Amount withdrawn by directors

(37,201

)

(584,350

)

Equity dividends paid

(92,000

)

(92,000

)

Net cash from financing activities

(129,201

)

(676,350

)

Increase in cash and cash equivalents

148,983

103,456

Cash and cash equivalents at beginning of year

2

4,173,354

4,069,898

Cash and cash equivalents at end of year

2

4,322,337

4,173,354

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

2025

2024

£

£

Profit before taxation

1,252,796

1,378,491

Depreciation charges

174,741

160,353

(Profit)/loss on disposal of fixed assets

(11,226

)

13,058

Finance costs

-

17,043

Finance income

(155,946

)

(102,205

)

1,260,365

1,466,740

Increase in stocks

(184,795

)

(14,076

)

Decrease/(increase) in trade and other debtors

559,838

(43,776

)

Decrease in trade and other creditors

(557,812

)

(227,444

)

Cash generated from operations

1,077,596

1,181,444

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 January 2025

30.1.25

31.1.24

£

£

Cash and cash equivalents

4,322,337

4,173,354

Year ended 30 January 2024

30.1.24

31.1.23

£

£

Cash and cash equivalents

4,173,354

4,069,898

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 31.1.24

Cash flow

At 30.1.25

£

£

£

Net cash

Cash at bank

4,173,354

148,983

4,322,337

4,173,354

148,983

4,322,337

Total

4,173,354

148,983

4,322,337

1.	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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Freehold property

-

4% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

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

Taxation

Taxation for the year 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 year end and that are expected to apply to the reversal of the timing difference.

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

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.

2.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,342,104

1,300,142

Other pension costs

20,964

22,896

1,363,068

1,323,038

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

2025

2024

38

43

3.	DIRECTORS' EMOLUMENTS

2025

2024

£

£

Directors' remuneration

90,000

73,333

4.	OPERATING PROFIT

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

2025

2024

£

£

Depreciation - owned assets

174,741

160,353

(Profit)/loss on disposal of fixed assets

(11,226

)

13,058

Auditors' remuneration

7,500

7,268

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Finance costs

-

17,043

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

327,923

343,887

Deferred tax

(2,409

)

21,501

Tax on profit

325,514

365,388

7.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Final

92,000

92,000

8.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 31 January 2024

and 30 January 2025

1

NET BOOK VALUE

At 30 January 2025

1

At 30 January 2024

1

9.	TANGIBLE FIXED ASSETS

Short

Freehold

Plant and

leasehold

property

machinery

£

£

£

COST

At 31 January 2024

2,313

1,537,664

412,990

Additions

-

323,033

105,083

Disposals

-

-

-

At 30 January 2025

2,313

1,860,697

518,073

DEPRECIATION

At 31 January 2024

2,313

771,141

299,807

Charge for year

-

59,049

58,251

Eliminated on disposal

-

-

-

At 30 January 2025

2,313

830,190

358,058

NET BOOK VALUE

At 30 January 2025

-

1,030,507

160,015

At 30 January 2024

-

766,523

113,183

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 31 January 2024

374,452

302,084

2,629,503

Additions

6,739

30,009

464,864

Disposals

-

(60,139

)

(60,139

)

At 30 January 2025

381,191

271,954

3,034,228

DEPRECIATION

At 31 January 2024

329,006

117,667

1,519,934

Charge for year

13,682

43,759

174,741

Eliminated on disposal

-

(20,754

)

(20,754

)

At 30 January 2025

342,688

140,672

1,673,921

NET BOOK VALUE

At 30 January 2025

38,503

131,282

1,360,307

At 30 January 2024

45,446

184,417

1,109,569

10.

STOCKS

2025

2024

£

£

Stocks

1,820,325

1,635,530

11.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

61,173

956,178

Other debtors

199,089

199,090

Directors' current accounts

715,995

678,794

Income tax on Directors loans

repayable

242,231

229,675

Prepayments

16,591

21,457

1,235,079

2,085,194

Amounts falling due after more than one year:

Other debtors

516,547

176,513

Aggregate amounts

1,751,626

2,261,707