ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Period ended 31 March 2025

Year ended 30 November 2023

Registered number: SC180995

A1 AUTOMOTIVE LTD

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

A1 AUTOMOTIVE LTD

COMPANY INFORMATION

Directors	Mr R Moffat
	Mr A J Grayston


Company secretary	Mrs D Moffat


Registered number	SC180995


Registered office	12 Blackburn Road
	Bathgate
	West Lothian
	Scotland
	EH48 2EY


Independent auditors	Sumer Auditco Limited
	Statutory Auditors
	Pentland House
	Saltire Centre
	Glenrothes
	Fife
	KY6 2AH

A1 AUTOMOTIVE LTD

CONTENTS

	Page
Group strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 8
Consolidated statement of comprehensive income	9
Consolidated statement of financial position	10
Company statement of financial position	11
Consolidated statement of changes in equity	12
Company statement of changes in equity	13
Consolidated statement of cash flows	14 - 15
Consolidated analysis of net debt	15
Notes to the financial statements	16 - 40

A1 AUTOMOTIVE LTD

GROUP STRATEGIC REPORT

FOR THE PERIOD ENDED 31 MARCH 2025

Introduction

The directors present their strategic report for the period ended 31 March 2025.

Business review

The Group’s pre-tax profit for the 16 month period was £294,779, whilst the Group’s balance sheet shows a net asset position of £693,391.
The results for the period reflect a much improved position over the prior period, following a significant upturn in both volume of work and pricing. Structured cost saving measures have also added to the improved overall position of the business.
The directors are pleased with the performance of the business over the period and are optimistic that this can be maintained over the coming year.

Principal risks and uncertainties

The Group uses various financial instruments in order to raise sufficient finance to support its operations. During the period these consisted of hire purchases, invoice discounting, bank loans and overdrafts, cash and various items including trade debtors and trade creditors that arise from its operations.
The existence of these financial instruments exposes the Group to a number of financial risks. The main risks are market risk, cash flow interest rate risk, foreign currency risk and liquidity risk. The directors review and agree policies for managing each of these risks and these are summarised below. These policies have remained unchanged from previous periods.
Market risk encompasses three components of currency, fair value interest rate and price. The Group conducts all transactions in sterling and therefore has no material exposure to currency risk. The Group’s policy for managing fair value interest risk is considered along with those for managing cash flow interest rate risk and is set out below.
The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.
The interest rate on the Group’s cash at bank, including overdraft and factoring facilities is determined by reference to base rate and therefore the interest rate risk is not considered to be material to those financial instruments’ fair value.
The Group conducts almost all of its transactions on agreed credit terms to customers. In order to manage credit risk, the directors set limits for customers based on a combination of payment history and third party credit reference. Credit limits are reviewed by directors on a regular basis in conjunction with debt ageing and collection history.
Environmental impact
The Group recognises the importance of its environmental responsibilities and has policies in place to manage its impact on the environment.

Key performance indicators

The directors believe that the following indicators represent the Group’s performance during the 16 month period:
Turnover £23,716,988 (2023 - £12,111,555)
Operating profit £1,044,246 (2023 - £626,346)

Page 1

A1 AUTOMOTIVE LTD

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE PERIOD ENDED 31 MARCH 2025

Staffing

Details of the number and related costs of employees can be found in the notes to the financial statements. The Group places value on the involvement of its employees and keeps them informed of matters affecting them as employees. This is achieved through formal and informal meetings and staff bulletins.

This report was approved by the board on 28 November 2025 and signed on its behalf.

Mr A J Grayston

Director

Page 2

A1 AUTOMOTIVE LTD

DIRECTORS' REPORT

FOR THE PERIOD ENDED 31 MARCH 2025

The directors present their report and the financial statements for the period ended 31 March 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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.

Principal activity

The principal activity of the Group is transportation, vehicle preparation and repair, storage and hire.

Results and dividends

The profit for the period, after taxation, amounted to £105,769 (2023 - £231,993).

Dividends totaling £378,332 (2023 - £227,122) were paid during the period.

Directors

The directors who served during the period were:

Mr R Moffat

Mr A J Grayston

Page 3

A1 AUTOMOTIVE LTD

DIRECTORS' REPORT (CONTINUED)

FOR THE PERIOD ENDED 31 MARCH 2025

Future developments

In the period to 31 March 2025 there has been a noticeable improvement in haulage activities. The directors remain confident that by enhancing the cashflow position they have provided a strong financial position for the Group to exploit future opportunities as the prospects for the industry improve.
Several new contracts have been picked up and driver recruitment has become significantly easier than the previous period.
Considerable cost cutting measures have been implemented along with the addition of new business opportunities and change of management all of which are jointly leading to a significant improvement in financial performance for the period since the last year end.
There has been a marked increase in demand as new car volumes are increasing due to production problems being solved, while at the same time there has been a reduction in capacity within the vehicle transport industry leading to a significant increase in prices going forward

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 28 November 2025 and signed on its behalf.

Mr A J Grayston

Director

Page 4

A1 AUTOMOTIVE LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A1 AUTOMOTIVE LTD

Opinion

We have audited the financial statements of A1 Automotive Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 March 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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's affairs as at 31 March 2025 and of the Group's 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 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Page 5

A1 AUTOMOTIVE LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A1 AUTOMOTIVE LTD (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.

Opinion 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 Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.

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

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

∙the parent Company financial statements are not in agreement with the accounting records and returns; or

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

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

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Page 6

A1 AUTOMOTIVE LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A1 AUTOMOTIVE LTD (CONTINUED)

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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 Auditors' report.

Page 7

A1 AUTOMOTIVE LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A1 AUTOMOTIVE LTD (CONTINUED)

Use of our report

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

Greg Stapley (Senior Statutory Auditor)

for and on behalf of

Sumer Auditco Limited

Statutory Auditors

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH

28 November 2025

Page 8

A1 AUTOMOTIVE LTD

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 MARCH 2025

	Period ended 31 March 2025	Year ended 30 November 2023
	£	£


Turnover	4	23,716,988	12,111,555
Cost of sales		(18,144,662)	(9,117,402)
Gross profit		5,572,326	2,994,153
Administrative expenses		(4,643,283)	(2,688,809)
Other operating income	5	115,203	321,002
Operating profit	6	1,044,246	626,346
Interest payable and similar expenses	10	(749,467)	(344,897)
Profit before taxation		294,779	281,449
Tax on profit	11	(189,010)	(49,456)
Profit for the financial period		105,769	231,993

Profit for the period attributable to:
Owners of the parent Company	105,769	231,993
	105,769	231,993

There were no recognised gains and losses for 2025 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2025 (2023:£NIL).

The notes on pages 16 to 40 form part of these financial statements.

Page 9

A1 AUTOMOTIVE LTD

REGISTERED NUMBER: SC180995

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

		31 March		30 November
		2025		2023
		£		£

Fixed assets
Intangible assets	14		538,083		-
Tangible assets	15		4,690,066		4,486,332
			5,228,149		4,486,332
Current assets
Stocks	17	134,772		76,665
Debtors: amounts falling due within one year	18	3,023,177		2,281,190
Cash at bank and in hand	19	168,346		245,674
		3,326,295		2,603,529
Creditors: amounts falling due within one year	20	(5,396,123)		(3,271,118)
Net current liabilities			(2,069,828)		(667,589)
Total assets less current liabilities			3,158,321		3,818,743
Creditors: amounts falling due after more than one year	21		(2,039,770)		(2,674,297)
Provisions for liabilities
Deferred taxation	25	(425,160)		(178,492)
			(425,160)		(178,492)
Net assets			693,391		965,954

Capital and reserves
Called up share capital	26	2	2
Profit and loss account	27	693,389	965,952
		693,391	965,954

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 November 2025.

Mr A J Grayston

Director

The notes on pages 16 to 40 form part of these financial statements.

Page 10

A1 AUTOMOTIVE LTD

REGISTERED NUMBER: SC180995

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

		31 March		30 November
		2025		2023
		£		£

Fixed assets
Tangible assets	15		3,698,874		4,486,332
Investments	16		100		-
			3,698,974		4,486,332
Current assets
Stocks	17	95,053		76,665
Debtors: amounts falling due within one year	18	3,174,086		2,281,190
Cash at bank and in hand	19	119,489		245,674
		3,388,628		2,603,529
Creditors: amounts falling due within one year	20	(4,119,964)		(3,271,118)
Net current liabilities			(731,336)		(667,589)
Total assets less current liabilities			2,967,638		3,818,743

Creditors: amounts falling due after more than one year	21		(1,679,567)		(2,674,297)
Provisions for liabilities
Deferred taxation	25	(388,342)		(178,492)
			(388,342)		(178,492)
Net assets			899,729		965,954

Capital and reserves
Called up share capital	26	2	2
Profit and loss account		899,727	965,952
		899,729	965,954

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 November 2025.

Mr A J Grayston

Director

The notes on pages 16 to 40 form part of these financial statements.

Page 11

A1 AUTOMOTIVE LTD

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 MARCH 2025

	Called up share capital	Profit and loss account	Equity attributable to owners of parent Company	Total equity
	£	£	£	£
At 1 December 2023	2	965,952	965,954	965,954
Comprehensive income for the period
Profit for the period	-	105,769	105,769	105,769
Contributions by and distributions to owners
Dividends: Equity capital	-	(378,332)	(378,332)	(378,332)
At 31 March 2025	2	693,389	693,391	693,391

The notes on pages 16 to 40 form part of these financial statements.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30 NOVEMBER 2023

	Called up share capital	Profit and loss account	Equity attributable to owners of parent Company	Total equity
	£	£	£	£
At 1 December 2022	2	961,081	961,083	961,083
Comprehensive income for the year
Profit for the year	-	231,993	231,993	231,993
Contributions by and distributions to owners
Dividends: Equity capital	-	(227,122)	(227,122)	(227,122)
At 30 November 2023	2	965,952	965,954	965,954

The notes on pages 16 to 40 form part of these financial statements.

Page 12

A1 AUTOMOTIVE LTD

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 MARCH 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 December 2023	2	965,952	965,954
Comprehensive income for the year
Profit for the period	-	312,107	312,107
Contributions by and distributions to owners
Dividends: Equity capital	-	(378,332)	(378,332)
At 31 March 2025	2	899,727	899,729

The notes on pages 16 to 40 form part of these financial statements.

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30 NOVEMBER 2023

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 December 2022	2	961,081	961,083
Comprehensive income for the year
Profit for the year	-	231,993	231,993
Contributions by and distributions to owners
Dividends: Equity capital	-	(227,122)	(227,122)
At 30 November 2023	2	965,952	965,954

The notes on pages 16 to 40 form part of these financial statements.

Page 13

A1 AUTOMOTIVE LTD

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 MARCH 2025

			31 March	30 November
			2025	2023
			£	£

Cash flows from operating activities
Profit for the financial period	105,769	231,993
Adjustments for:
Amortisation of intangible assets	128,103	-
Depreciation of tangible assets	1,712,229	977,971
Loss on disposal of tangible assets	(294,909)	(36,171)
Interest paid	749,467	344,897
Taxation charge	189,010	49,456
(Increase)/decrease in stocks	(57,971)	153
Decrease/(increase) in debtors	628,661	(438,618)
(Decrease) in creditors	(1,089,923)	(31,976)
Net cash generated from operating activities	2,070,436	1,097,705

Cash flows from investing activities
Investment cost of subsidiary	(100)	-
Purchase of tangible fixed assets	(871,809)	(1,369,127)
Sale of tangible fixed assets	866,355	121,181
HP interest paid	(520,798)	(264,347)
Cash on acquisition of subsidiary	69,975	-
Net cash from investing activities	(456,377)	(1,512,293)

Page 14

A1 AUTOMOTIVE LTD

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE PERIOD ENDED 31 MARCH 2025

		31 March	30 November
		2025	2023
		£	£


Cash flows from financing activities
Repayment of loans	(320,039)	(115,562)
Repayment of other loans	-	(66,031)
Repayment of/new finance leases	(1,237,741)	680,943
Loans due from/(repaid to) directors	31,610	-
Movements on invoice discounting	441,784	486,671
Loans from associates repaid	-	(75,000)
Dividends paid	(378,332)	(227,122)
Interest paid	(228,669)	(80,550)
Net cash used in financing activities	(1,691,387)	603,349
Net (decrease)/increase in cash and cash equivalents	(77,328)	188,761
Cash and cash equivalents at beginning of period	245,674	56,913
Cash and cash equivalents at the end of period	168,346	245,674

Cash and cash equivalents at the end of period comprise:
Cash at bank and in hand	168,346	245,674
	168,346	245,674

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE PERIOD ENDED 31 MARCH 2025


At 1 December 2023	Cash flows	Acquisition and disposal of subsidiaries	New finance leases	At 31 March 2025
£	£	£	£	£

Cash at bank and in hand	245,674	(147,303)	69,975	-	168,346
Debt due after 1 year	(127,190)	268,910	(183,631)	-	(41,911)
Debt due within 1 year	(1,322,002)	(199,913)	(118,028)	-	(1,639,943)
Finance leases	(3,186,737)	1,784,824	(1,195,380)	(547,083)	(3,144,376)
	(4,390,255)	1,706,518	(1,427,064)	(547,083)	(4,657,884)

The notes on pages 16 to 40 form part of these financial statements.

Page 15

A1 AUTOMOTIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

1.	General information

A1 Automotive Ltd is a private company, limited by shares, incorporated in Scotland with registration number SC180995. The registered office is 12 Blackburn Road, Bathgate, Scotland, EH48 2EY.
During the period, the Company's accounting reference date was changed from 30 November 2023 to 31 March 2025 and therefore, the financial statements cover the sixteen month period ended 31 March 2025.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 16

A1 AUTOMOTIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.3

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue operational existence for the foreseeable future notwithstanding the net current liability position of £2,069,828. In making this assessment, the directors have considered cash flow projections prepared which cover at least 12 months from the date of approval of these financial statements. The directors have also considered the continued support from the group’s finance providers with key finance facilities also in place for at least 12 months from the date of approval of these financial statements.
The group has improved its cashflow and financial position post year end, in order to secure its current and long term future, restructuring the business to reduce costs. With a combination of cost savings, and the draw down and utilisation of available invoice discounting facilities, the group expects to maintain a positive bank balance for the foreseeable future.
Based on the above factors, the directors are satisfied that it remains appropriate for the group to prepare its financial statements on a going concern basis and that the company has adequate financial resources to meet its liabilities as they fell due for at least the next 12 months.

2.4

Turnover

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

Sale of goods

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

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

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

∙the amount of revenue can be measured reliably;

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

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

Rendering of services

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

∙the amount of revenue can be measured reliably;

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

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

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

Page 17

A1 AUTOMOTIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.5

Operating leases: the Group as lessor

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

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

2.6

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.7

Finance leases and hire purchase contracts

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

2.8

Finance costs

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

2.9

Pensions

Defined contribution pension plan

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

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

Page 18

A1 AUTOMOTIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.10

Current and deferred taxation

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

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

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

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

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

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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

2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Computer software

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

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

The estimated useful lives range as follows:

				Computer software	-	3	years
				Goodwill	-	5	years

Page 19

A1 AUTOMOTIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.12

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property	-	Between 0% and 2% straight line (no depreciation on land)
Short-term leasehold property	-	10% straight line
Plant and machinery	-	Between 13% to 25% straight line
Motor vehicles	-	Between 12.5% to 20% straight line
Fixtures and fittings	-	25% reducing balance

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

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

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.15

Debtors

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

Page 20

A1 AUTOMOTIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.16

Cash and cash equivalents

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

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.17

Creditors

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

2.18

Provisions for liabilities

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

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

2.19

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.20

Dividends

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

Page 21

A1 AUTOMOTIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

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

In the application of the Group's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Depreciation and amortisation of Fixed Assets
Determining a reasonable rate to depreciate tangible fixed assets and amortisation of intangible assets requires an estimation of the useful life and terminal value of the assets. Calculations based on these estimations are then prepared and included in the accounts as appropriate. The depreciation rates applied by the Company are referred to in the firm's accounting policies and the effect of amortisation on the value of intangible fixed assets and depreciation on the value of tangible fixed assets is included in the relevant notes to the accounts.

Transport income	21,486,737	11,474,381
Service and maintenance income	1,954,678	637,174
Training and recruitment income	275,573	-
	23,716,988	12,111,555

All turnover arose within the United Kingdom.

5.	Other operating income
		Period ended 31 March 2025	Year ended 30 November 2023
		£	£

Net rents receivable	100,770	294,541
Sundry income	14,433	26,461
	115,203	321,002

Page 22

A1 AUTOMOTIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

Depreciation of owned fixed assets	416,703	213,695
Depreciation of tangible fixed assets held under finance leases	1,295,526	764,276
(Profit) on disposal of tangible fixed assets	(294,909)	(36,171)
Amortisation of intangible assets	128,103	-
Other operating lease rentals	451,840	275,256

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements

20,000

21,000

Page 23

A1 AUTOMOTIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group 31 March	Group 30 November	Company 31 March	Company 30 November
2025	2023	2025	2023
£	£	£	£


Wages and salaries	8,101,046	4,175,514	6,321,384	4,175,514
Social security costs	827,239	413,269	625,551	413,269
Cost of defined contribution scheme	170,339	85,272	135,032	85,272
	9,098,624	4,674,055	7,081,967	4,674,055

The average monthly number of employees, including the directors, during the period was as follows:

	Group	Group	Company	Company
	2025	2023	2025	2023
	No.	No.	No.	No.

Management	2	2	2	2
Drivers	123	81	91	81
Office staff	11	11	11	11
Yard	5	5	5	5
Workshop	11	4	4	4
PDI	2	2	2	2

	154	105	115	105

9.	Directors' remuneration
		Period ended 31 March 2025	Year ended 30 November 2023
		£	£

Directors' emoluments	94,576	60,729
	94,576	60,729

During the year retirement benefits were accruing to nil director (2023 - nil) in respect of defined contribution pension schemes.

Page 24

A1 AUTOMOTIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

10.	Interest payable and similar expenses
		Period ended 31 March 2025	Period ended 30 November 2023
		£	£

Bank interest payable	54,146	32,629
Other loan interest payable	15,010	-
Finance leases and hire purchase contracts	520,798	264,347
Other interest payable	159,513	47,921
	749,467	344,897



Total current tax	-	-

Deferred tax
Origination and reversal of timing differences	126,697	69,646
Adjustment in respect of previous periods	62,313	(20,190)
Total deferred tax	189,010	49,456


	Tax on profit	189,010	49,456

Page 25

A1 AUTOMOTIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

11.Taxation (continued)

Profit on ordinary activities before tax

294,779

281,449

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23%)	73,695	64,733
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	39,309	2,655
Capital allowances for period/year in excess of depreciation	16,102	10,687
Depreciation of non-qualifying assets	554	-
Adjustments to tax charge in respect of prior periods	62,313	(20,189)
Effect of amortisation of goodwill on consolidation	20,029	-
Other timing differences leading to an increase (decrease) in taxation	(35,105)	(8,430)
Chargeable gains	12,113	-
Total tax charge for the period/year	189,010	49,456

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Interim paid

378,332

227,122

13.	Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the period/year was £312,107 (2023 - £231,993).

Page 26

A1 AUTOMOTIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

	Computer software	Goodwill	Total
	£	£	£
Cost
Additions	-	436,989	436,989
Subsidiary acquisition	13,365	252,500	265,865
At 31 March 2025	13,365	689,489	702,854
Amortisation
Charge for the period on owned assets	447	127,656	128,103
Subsidiary acquisition	12,918	23,750	36,668
At 31 March 2025	13,365	151,406	164,771
Net book value
At 31 March 2025	-	538,083	538,083
At 30 November 2023	-	-	-

The company has no intangible assets.

Page 27

A1 AUTOMOTIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

15.	Tangible fixed assets
	Group

	Freehold property	Short-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings
	£	£	£	£	£
Cost or valuation
At 1 December 2023	494,319	942,432	241,209	7,740,139	-
Additions	-	70,944	29,544	771,321	-
Subsidiary acquisition	-	21,781	4,026,171	-	3,323
Disposals	(253,911)	-	(1,161,280)	(725,552)	-
At 31 March 2025	240,408	1,035,157	3,135,644	7,785,908	3,323
Depreciation
At 1 December 2023	63,242	279,122	156,110	4,433,293	-
Charge for the period	7,685	133,461	468,089	1,101,979	1,015
Subsidiary acquisition	-	2,550	2,431,950	-	1,176
Disposals	(33,267)	-	(958,850)	(577,181)	-
At 31 March 2025	37,660	415,133	2,097,299	4,958,091	2,191
Net book value
At 31 March 2025	202,748	620,024	1,038,345	2,827,817	1,132
At 30 November 2023	431,077	663,310	85,099	3,306,846	-

Page 28

A1 AUTOMOTIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

15.Tangible fixed assets (continued)

		Total
		£
	Cost or valuation
	At 1 December 2023	9,418,099
	Additions	871,809
	Subsidiary acquisition	4,051,275
	Disposals	(2,140,743)
	At 31 March 2025	12,200,440
	Depreciation
	At 1 December 2023	4,931,767
	Charge for the period	1,712,229
	Subsidiary acquisition	2,435,676
	Disposals	(1,569,298)
	At 31 March 2025	7,510,374
	Net book value
	At 31 March 2025	4,690,066
	At 30 November 2023	4,486,332


Plant and machinery	758,838	-
Motor vehicles	2,601,333	3,269,208
	3,360,171	3,269,208

Page 29

A1 AUTOMOTIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

15.Tangible fixed assets (continued)

	Company

	Freehold property	Short-term leasehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£	£
Cost or valuation
At 1 December 2023	494,319	942,432	241,209	7,740,139	9,418,099
Additions	-	70,944	14,829	765,071	850,844
Disposals	(253,911)	-	(968)	(725,552)	(980,431)
At 31 March 2025	240,408	1,013,376	255,070	7,779,658	9,288,512
Depreciation
At 1 December 2023	63,242	279,122	156,110	4,433,293	4,931,767
Charge for the period	7,685	131,465	28,337	1,101,666	1,269,153
Disposals	(33,267)	-	(834)	(577,181)	(611,282)
At 31 March 2025	37,660	410,587	183,613	4,957,778	5,589,638
Net book value
At 31 March 2025	202,748	602,789	71,457	2,821,880	3,698,874
At 30 November 2023	431,077	663,310	85,099	3,306,846	4,486,332


Motor vehicles	2,601,333	3,269,208
	2,601,333	3,269,208

Page 30

A1 AUTOMOTIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

16.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	Additions	100
	At 31 March 2025	100

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding

	Alto Automotive Limited	Ordinary A and B shares	100%
	Alto Fleet Services Limited	Ordinary shares	100%

	The registered office of all the above listed subsidiaries is 620 Warrington Road, Risley, Warrington, Chesire, England, WA3 6BE. For their respective period ended 31 March 2025 all of the above subsidiaries are entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies via issuance of a section 479C guarantee.

17.	Stocks
		Group 31 March	Group 30 November	Company 31 March	Company 30 November
		2025	2023	2025	2023
		£	£	£	£

Work in progress	1,024	-	-	-
Parts and consumables	133,748	76,665	95,053	76,665
	134,772	76,665	95,053	76,665

Page 31

A1 AUTOMOTIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

18.

Debtors

Group 31 March	Group 30 November	Company 31 March	Company 30 November
2025	2023	2025	2023
£	£	£	£


Trade debtors	2,798,638	1,734,438	2,526,868	1,734,438
Amounts owed by group undertakings	-	-	454,727	-
Other debtors	1,558	355,815	1,500	355,815
Prepayments and accrued income	222,981	190,937	190,991	190,937
	3,023,177	2,281,190	3,174,086	2,281,190

Factored debts included within trade debtors amounted to £2,344,485 (2023 - £1,589,795).

19.	Cash and cash equivalents
		Group 31 March	Group 30 November	Company 31 March	Company 30 November
		2025	2023	2025	2023
		£	£	£	£

	Cash at bank and in hand	168,346	245,674	119,489	245,674

Page 32

A1 AUTOMOTIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

20.	Creditors: Amounts falling due within one year
		Group 31 March	Group 30 November	Company 31 March	Company 30 November
		2025	2023	2025	2023
		£	£	£	£

Bank loans	242,414	175,515	124,386	175,515
Other loans	9,258	-	-	-
Trade creditors	1,157,491	647,512	997,927	647,512
Amounts owed to group undertakings	-	-	49,625	-
Other taxation and social security	1,157,222	373,059	618,298	373,059
Obligations under finance lease and hire purchase contracts	1,146,517	639,630	779,376	639,630
Proceeds of factored debts	1,388,271	946,487	1,388,271	946,487
Other creditors	176,938	278,076	68,617	278,076
Accruals and deferred income	118,012	210,839	93,464	210,839
	5,396,123	3,271,118	4,119,964	3,271,118

Obligations under hire purchase contracts are secured over the related assets.
Included in creditors within both the Group and Company figures is an amount of £1,388,271 (2023 - £946,487) which is due to the invoice discounting agent. The Group has assigned the value of the trade debtors against the balance due to the invoice discounting agent.
Included within the Group's bank loan balance is an amount of £75,600 (2023 - £nil) which is secured by a bond and floating charge over all assets of the subsidiary company Alto Automotive Limited.

21.	Creditors: Amounts falling due after more than one year
		Group 31 March	Group 30 November	Company 31 March	Company 30 November
		2025	2023	2025	2023
		£	£	£	£

Bank loans	41,911	127,190	6,163	127,190
Net obligations under finance leases and hire purchase contracts	1,997,859	2,547,107	1,673,404	2,547,107
	2,039,770	2,674,297	1,679,567	2,674,297

Obligations under hire purchase contracts are secured over the related assets.
Included within the Group's bank loan balance is an amount of £12,600 (2023 - £nil) which is secured by a bond and floating charge over all assets of the subsidiary company Alto Automotive Limited.

Page 33

A1 AUTOMOTIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

22.	Loans
	Analysis of the maturity of loans is given below:
		Group 31 March	Group 30 November	Company 31 March	Company 30 November
		2025	2023	2025	2023
		£	£	£	£

Amounts falling due within one year
Bank loans	242,414	175,515	124,386	175,515
Other loans	9,258	-	-	-
	251,672	175,515	124,386	175,515
Amounts falling due 1-2 years
Bank loans	41,911	127,190	6,163	127,190
	41,911	127,190	6,163	127,190


	293,583	302,705	130,549	302,705

23.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group 31 March	Group 30 November	Company 31 March	Company 30 November
		2025	2023	2025	2023
		£	£	£	£

Within one year	1,146,517	639,630	779,376	639,630
Between 1-5 years	1,997,859	2,547,107	1,673,404	2,547,107
	3,144,376	3,186,737	2,452,780	3,186,737

Page 34

A1 AUTOMOTIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

24.	Financial instruments
		Group 31 March	Group 30 November	Company 31 March	Company 30 November
		2025	2023	2025	2023
		£	£	£	£

Financial assets
Financial assets measured at fair value through profit or loss	168,346	245,674	119,489	245,674
Financial assets that are debt instruments measured at amortised cost	2,800,196	2,090,253	2,528,368	2,090,253
	2,968,542	2,335,927	2,647,857	2,335,927

	Financial liabilities
	Financial liabilities measured at amortised cost	(1,733,094)	(1,435,212)	(1,286,642)	(1,435,212)

	Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.
	Financial assets measured at amortised cost comprise trade debtors and other debtors (excluding corporation tax repayable).
	Financial liabilities measured at amortised cost comprise trade creditors, accruals, other creditors (excluding pension liabilities and directors' loan accounts) and loans.

25.	Deferred taxation
	Group

		2025
		£

	At beginning of year	(178,492)
	Charged to profit or loss	(189,010)
	Arising on business combinations	(57,658)
	At end of year	(425,160)

Page 35

A1 AUTOMOTIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

25.Deferred taxation (continued)

Company

		2025
		£

	At beginning of year	(178,492)
	Charged to profit or loss	(209,850)
	At end of year	(388,342)

The provision for deferred taxation is made up as follows:
	Group 31 March	Group 30 November	Company 31 March	Company 30 November
	2025	2023	2025	2023
	£	£	£	£

Accelerated capital allowances	(765,326)	(453,167)	(533,266)	(453,167)
Tax losses carried forward	338,944	274,357	144,516	274,357
Pension surplus	1,222	318	408	318
	(425,160)	(178,492)	(388,342)	(178,492)

Short term timing differences are expected to be reversed during the next financial year. Accelerated capital allowances are expected to be reversed over the remaining useful life of the assets. Tax losses carried forward are expected to be reversed during the next accounting period with a taxable profit.
There is no expiry date on the timing differences.

Allotted, called up and fully paid

50 (2023 - 100) Ordinary A shares of £0.01 each	0.50	1.00
100 (2023 - 100) Ordinary B shares of £0.01 each	1.00	1.00
50 (2023 - Nil) Ordinary C shares of £0.01 each	0.50	-

	2.00	2.00

All shares issued rank equally in terms of:
a) one voting right for each share
b) rights to participate in approved dividend distributions for that class of share
c) rights to participate in any capital distribution on winding up
On 21 May 2024, 50 £0.01 Ordinary A shares were redesignated into 50 £0.01 Ordinary C shares.

Page 36

A1 AUTOMOTIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

27.

Reserves

Profit and loss account

The profit and loss account includes all current and prior year retained profits and losses.

28.	Business combinations

The parent company acquired the entire shareholding in Alto Automotive Limited and Alto Fleet Services Limited for a consideration of £100.

Fixed Assets
Tangible	1,615,599	1,615,599
Intangible	229,197	229,197
	1,844,796	1,844,796
Current Assets
Stocks	137	137
Debtors	1,519,676	1,519,676
Cash at bank and in hand	69,975	69,975
Total Assets	3,434,584	3,434,584
Creditors
Due within one year	(2,249,612)	(2,249,612)
Due after more than one year	(1,564,203)	(1,564,203)
Deferred taxation	(57,658)	(57,658)
Total Identifiable net liabilities	(436,889)	(436,889)


	Goodwill	436,989
	Total purchase consideration	100

	Consideration
					£


	Cash	100
	Total purchase consideration	100

Page 37

A1 AUTOMOTIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

28.Business combinations (continued)

	Cash outflow on acquisition
					£


	Purchase consideration settled in cash, as above	100
	Net cash outflow on acquisition	100

	The goodwill arising on acquisition is attributable to the trade of the Company and its subsidiaries.
	The results of Alto Automotive Limited and Alto Fleet Services Limited since acquisition are as follows:
				Current period since acquisition
				£

	Turnover	6,200,675
	(Loss) for the period since acquisition	(120,527)

29.	Capital commitments
	At 31 March 2025 the Group and Company had capital commitments as follows:
		Group 31 March	Group 30 November	Company 31 March	Company 30 November
		2025	2023	2025	2023
		£	£	£	£

Contracted for but not provided in these financial statements

830,520

30.	Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amount to £170,339 (2023 - £85,272). Contributions totaling £4,886 (2023 - £3,920) were payable to the fund at the reporting date and are included in creditors.

Page 38

A1 AUTOMOTIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

31.	Commitments under operating leases
	At 31 March 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group 31 March	Group 30 November	Company 31 March	Company 30 November
		2025	2023	2025	2023
		£	£	£	£

Not later than 1 year	1,051,576	764,964	764,964	764,964
Later than 1 year and not later than 5 years	1,880,732	1,594,350	928,169	1,594,350
Later than 5 years	115,000	173,500	115,000	173,500
	3,047,308	2,532,814	1,808,133	2,532,814

Lessor The operating leases represent two sub-leases of land to third parties. The sub-lease rentals are fixed for 5 years. There are no options in place for either party to extend the lease terms. At 31 March 2025 the Group and Company had contracted with tenants for the following minimum lease payments:
	Group 31 March	Group 30 November	Company 31 March	Company 30 November
	2025	2023	2025	2023
	£	£	£	£

Not later than 1 year	48,000	135,500	48,000	135,500
Later than 1 year and not later than 5 years	12,000	76,000	12,000	76,000
	60,000	211,500	60,000	211,500

Page 39

A1 AUTOMOTIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

32.	Related party transactions
	The company has taken advantage of the exemption within FRS 102 from disclosing transactions with other companies that are wholly owned by the group headed by A1 Automotive Ltd. During the period, the Group entered into the following transactions with entities over which it has joint control or significant influence:
		31 March	30 November
		2025	2023
		£	£

Sales to related parties	644,287	529,713
Purchases from related parties	360,496	331,312
Rent paid to related parties	294,316	258,127
Net trading balances due from/(to) related parties	3,231	69,751
Loans granted to related parties	58	277,765
Loans received from related parties	(39,500)	(75,000)
Proceeds from disposal of fixed asset from related party	2,000	-
Purchase of fixed assets from related party	16,250	-

Included within other debtors is a loan balance in the amount of £58 (2023 - £353,765) due from a related party.
Included within other creditors is a loan balance in the amount of £39,500 (2023 - £200,000) due to a related party.

33.	Controlling party

Up to 21 May 2024 the Group was under the control of Alto A1 Limited and Mr R Moffat, both holding an equal share in the Group to that date. From 21 May 2024, the Group was under the control of Alto A1 Limited and Mr R Moffat, together with members of his family, through their equal shareholdings.

Page 40