REGISTERED NUMBER: 01167024 (England and Wales)

TAYLORS SERVICE GARAGES (BOSTON) LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

to

6

Consolidated Income Statement

7

Consolidated Other Comprehensive Income

8

Consolidated Statement of Financial Position

9

Company Statement of Financial Position

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Statement of Cash Flows

13

Notes to the Consolidated Statement of Cash Flows

14

to

16

Notes to the Consolidated Financial Statements

17

to

29

DIRECTORS:

T C Taylor

N J Taylor

SECRETARY:

N M Graves

REGISTERED OFFICE:

Taylors Peugeot

Ashton Hall Drive

Boston

Lincolnshire

PE21 7TF

REGISTERED NUMBER:

01167024 (England and Wales)

SENIOR STATUTORY AUDITOR:

Tara Bellamy FCA

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

4 Henley Way

Doddington Road

Lincoln

Lincolnshire

LN6 3QR

The directors present their strategic report of the company and the group for the year ended 30 April 2025.

REVIEW OF BUSINESS

The group has continued to deal in new and used motor vehicles, and to provide aftersales servicing, repair work and parts.

The group's operations are divided into three divisions:

- Sales of new and used cars

- Servicing and repairs

- Sale of spare parts

These dealerships are geographically sited in Boston and Skegness, Lincolnshire and are primarily retailers of new and used Peugeot and Vauxhall motor cars, but retail all makes of used cars.

The key financial performance indicators are considered to be sales, gross margins and profit on ordinary activities, as shown in the income statement.

Reflecting a steady situation in car availability and consumer appetite to purchase high value items, group turnover has decreased by only 6% from £34,809,909 in 2023-24 to £32,770,104 in 2024-25.

Gross margins have remained static at 4% reflecting a stable selling environment in a challenging market, but operating profit has seen a decrease from £239,137 in 2023-24 to £151,059 in 2024-25 due to increased overheads and cost pressures on the business.

Position at the financial reporting date

The directors have considered the impact on the current cost of living crisis and increased cost burden, but given the strong financial position of the group, and a comfortable net asset and working capital position with a low level of fixed costs, they consider the group shall be able to continue to trade. However, they remain mindful of the competitive environment in which the group operates and the need to maintain close control over the group's working capital and financial position.

Borrowings and Risk Management

The group's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the group operations and capital investment in fixed assets. The group's approach to managing other risks applicable to the financial instruments minimised the risk to a level that the directors consider acceptable.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

ON BEHALF OF THE BOARD:

N M Graves - Secretary

2 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of motor vehicle dealers and associated after sales services.

DIVIDENDS

An interim dividend of 7.07 per share was paid on 1 November 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 April 2025 will be £ 200,000 .

DIRECTORS

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

T C Taylor

N J Taylor

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

N M Graves - Secretary

2 December 2025

Opinion

We have audited the financial statements of Taylors Service Garages (Boston) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 30 April 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; 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 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 and 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 directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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 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 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.

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 identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly the group is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements, (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of tangible fixed assets, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions, and judgements made in the preparation of the financial statements.

Secondly, the group is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We have identified the following areas as those most likely to have such an effect: Franchise Agreements and Health and Safety of both employees and customers.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of the renewed franchise agreements, correspondence with the franchise and a review of the health and safety audits conducted throughout the year for any evidence of non-compliance. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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

Use of our report

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

Tara Bellamy FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

4 Henley Way

Doddington Road

Lincoln

Lincolnshire

LN6 3QR

3 December 2025

REVENUE

3

32,770,104

34,809,909

Cost of sales

31,374,835

33,491,143

GROSS PROFIT

1,395,269

1,318,766

Administrative expenses

1,422,267

1,254,030

(26,998

)

64,736

Other operating income

178,058

174,400

OPERATING PROFIT

5

151,060

239,136

Exceptional items

6

-

505,899

151,060

745,035

Interest receivable and similar income

14,534

6,585

165,594

751,620

Interest payable and similar expenses

7

79,090

82,661

PROFIT BEFORE TAXATION

86,504

668,959

Tax on profit

8

45,529

74,522

PROFIT FOR THE FINANCIAL YEAR

40,975

594,437

Profit attributable to:

Owners of the parent

40,975

594,437

PROFIT FOR THE YEAR

40,975

594,437

OTHER COMPREHENSIVE LOSS

Purchase of own shares

(26,866

)

(27,068

)

Capital redemption reserve

133

134

Transfer

(36,740

)

-

Income tax relating to components of other comprehensive loss

-

-

OTHER COMPREHENSIVE LOSS FOR THE YEAR, NET OF INCOME TAX

(63,473

)

(26,934

)

TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR

(22,498

)

567,503

Total comprehensive (loss)/income attributable to:

Owners of the parent

(22,498

)

567,503

FIXED ASSETS

Property, plant and equipment

11

2,050,669

2,178,300

Investments

12

-

-

Investment property

13

1,564,230

1,745,619

3,614,899

3,923,919

CURRENT ASSETS

Inventories

14

4,332,791

4,310,901

Debtors

15

2,172,450

2,935,787

Investments

16

-

900,000

Cash at bank

375,617

206,129

6,880,858

8,352,817

CREDITORS

Amounts falling due within one year

17

4,011,199

5,550,782

NET CURRENT ASSETS

2,869,659

2,802,035

TOTAL ASSETS LESS CURRENT LIABILITIES

6,484,558

6,725,954

PROVISIONS FOR LIABILITIES

21

142,769

161,534

NET ASSETS

6,341,789

6,564,420

CAPITAL AND RESERVES

Called up share capital

22

28,287

28,420

Revaluation reserve

23

262,500

262,500

Capital redemption reserve

23

2,213

2,080

Retained earnings

23

6,048,789

6,271,420

SHAREHOLDERS' FUNDS

6,341,789

6,564,420

The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2025 and were signed on its behalf by:

N J Taylor - Director

FIXED ASSETS

Property, plant and equipment

11

2,050,666

2,138,297

Investments

12

149,187

149,187

Investment property

13

1,564,230

1,745,619

3,764,083

4,033,103

CURRENT ASSETS

Inventories

14

4,332,791

4,310,901

Debtors

15

2,172,450

2,916,431

Cash at bank

102,417

44,436

6,607,658

7,271,768

CREDITORS

Amounts falling due within one year

17

4,105,224

5,605,577

NET CURRENT ASSETS

2,502,434

1,666,191

TOTAL ASSETS LESS CURRENT LIABILITIES

6,266,517

5,699,294

PROVISIONS FOR LIABILITIES

21

142,769

149,065

NET ASSETS

6,123,748

5,550,229

CAPITAL AND RESERVES

Called up share capital

22

28,287

28,420

Revaluation reserve

23

262,500

262,500

Capital redemption reserve

23

2,213

2,080

Retained earnings

23

5,830,748

5,257,229

SHAREHOLDERS' FUNDS

6,123,748

5,550,229

Company's profit for the financial year

800,385

151,172

The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2025 and were signed on its behalf by:

N J Taylor - Director

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 May 2023

28,554

5,954,051

262,500

1,946

6,247,051

Changes in equity

Issue of share capital

(134

)

-

-

-

(134

)

Dividends

-

(250,000

)

-

-

(250,000

)

Total comprehensive income

-

567,369

-

134

567,503

Balance at 30 April 2024

28,420

6,271,420

262,500

2,080

6,564,420

Changes in equity

Issue of share capital

(133

)

-

-

-

(133

)

Dividends

-

(200,000

)

-

-

(200,000

)

Total comprehensive loss

-

(22,631

)

-

133

(22,498

)

Balance at 30 April 2025

28,287

6,048,789

262,500

2,213

6,341,789

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 May 2023

28,554

5,383,125

262,500

1,946

5,676,125

Changes in equity

Issue of share capital

(134

)

-

-

-

(134

)

Dividends

-

(250,000

)

-

-

(250,000

)

Total comprehensive income

-

124,104

-

134

124,238

Balance at 30 April 2024

28,420

5,257,229

262,500

2,080

5,550,229

Changes in equity

Issue of share capital

(133

)

-

-

-

(133

)

Dividends

-

(200,000

)

-

-

(200,000

)

Total comprehensive income

-

773,519

-

133

773,652

Balance at 30 April 2025

28,287

5,830,748

262,500

2,213

6,123,748

Cash flows from operating activities

Cash generated from operations

1

249,837

1,397,148

Interest paid

(14,664

)

(18,161

)

Finance costs paid

(64,426

)

(64,500

)

Unrealised gain on c/a investment

-

(526,909

)

Tax paid

(61,183

)

(40,306

)

Net cash from operating activities

109,564

747,272

Cash flows from investing activities

Purchase of tangible fixed assets

(51,078

)

(126,019

)

Sale of investment property

1,047,784

-

Interest received

14,534

6,585

Net cash from investing activities

1,011,240

(119,434

)

Cash flows from financing activities

Loan repayments in year

-

(225,000

)

Amount introduced by directors

169,916

-

Amount withdrawn by directors

(432,518

)

(223,861

)

Share buyback

(26,866

)

(27,068

)

Net cash from financing activities

(289,468

)

(475,929

)

Increase in cash and cash equivalents

831,336

151,909

Cash and cash equivalents at beginning of year

2

(929,243

)

(1,081,152

)

Cash and cash equivalents at end of year

2

(97,908

)

(929,243

)

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

2025

2024

£

£

Profit before taxation

86,504

668,959

Depreciation charges

138,709

134,557

Loss on disposal of investment property

33,605

-

Finance costs

79,090

82,661

Finance income

(14,534

)

(6,585

)

323,374

879,592

(Increase)/decrease in inventories

(21,890

)

814,511

Decrease/(increase) in trade and other debtors

763,337

(137,252

)

Decrease in trade and other creditors

(814,984

)

(159,703

)

Cash generated from operations

249,837

1,397,148

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 April 2025

30.4.25

1.5.24

£

£

Cash and cash equivalents

375,617

206,129

Bank overdrafts

(473,525

)

(1,135,372

)

(97,908

)

(929,243

)

Year ended 30 April 2024

30.4.24

1.5.23

£

£

Cash and cash equivalents

206,129

268,355

Bank overdrafts

(1,135,372

)

(1,349,507

)

(929,243

)

(1,081,152

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.5.24

Cash flow

At 30.4.25

£

£

£

Net cash

Cash at bank

206,129

169,488

375,617

Bank overdrafts

(1,135,372

)

661,847

(473,525

)

(929,243

)

831,335

(97,908

)

Liquid resources

Current asset investments

900,000

(900,000

)

-

900,000

(900,000

)

-

Debt

Debts falling due within 1 year

(820,000

)

10,000

(810,000

)

(820,000

)

10,000

(810,000

)

Total

(849,243

)

(58,665

)

(907,908

)