Company registration number 12805624 (England and Wales)
CARSA LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2025
CARSA LIMITED
COMPANY INFORMATION
Directors
Mr J R Churcher
Mr M Gill
(Appointed 5 August 2024)
Mr R J Churcher
(Appointed 5 August 2024)
Company number
12805624
Registered office
Unit 7 Barton Road
Chickenhall Lane
Eastleigh
Hampshire
England
SO50 6RR
Auditor
HJS Accountants Limited
Tagus House
9 Ocean Way
Southampton
Hampshire
United Kingdom
SO14 3TJ
CARSA LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Income statement
10
Statement of comprehensive income
11
Statement of financial position
12 - 13
Statement of changes in equity
14
Statement of cash flows
15
Notes to the financial statements
16 - 30
CARSA LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 MARCH 2025
- 1 -

The Directors present the strategic report for the year ended 30 March 2025.

Executive Summary

Carsa Limited, a leading used car retailer with established locations across the UK. The business continues to look at new opportunities and is primed for expansion should the opportunity arise. The automotive market is always evolving, we have embraced technology & continue to refine our data led processes, ensuring that CARSA remains a leader in modern car retailing. As we look ahead, this report will outline the strategic direction for Carsa Limited in 2025/26.

Current Status

- Locations: Eleven operational in Southampton, Bradford, Durham, Mountsorrel, Halesowen, Bolton, Cannock, Shrewsbury, Gloucester, Eastleigh and new to the CARSA network, Portsmouth, which opened in September 25.

- Headquarters: Based in Swanwick.

- Sales Performance: Significant growth in sales YoY, driven by new sites.

- Production Volumes: Grown to 1500 Prepared Units in the Month.

- Headcount: Approaching 300 FTE’s.

Market Analysis

- Consumer Trends: The UK used car market continues to shift in favour of value, flexibility, and digital convenience. Customers are prioritising affordability, fuel efficiency, and reliability, particularly as the cost of living remains high and new EV prices remain out of reach for many. There’s increasing appetite for well-prepared, low-emission vehicles that offer long-term savings and ULEZ compliance. Buyers now expect a seamless omni-channel experience, blending the convenience of online research and reservation with the reassurance of physical inspection and in-person support. This is where Carsa’s hybrid retail model excels.

- Competition: While large online-only players have grown their presence, recent challenges in customer trust, delivery times, and stock transparency have opened space for more flexible, customer-first models like Carsa’s. Competitors that over-rely on automation can feel impersonal. In contrast, Carsa’s transparent pricing, in-person support, and nationwide Reserve & Collect service provide a friendlier, more reliable experience backed by excellent Trustpilot reviews.

- Customer Segments: Carsa’s audience includes a diverse mix of first-time buyers, practical upgraders, young families, rural shoppers, EV newcomers, and downsizers. Despite their differences, these customers share key priorities: clarity, value, and confidence in what they’re buying. Carsa’s competitive market pricing, expert prep standards, and supportive team make us a trusted choice across these segments.

Opportunities for Expansion

All in one model

- A strategically located super site, combining vehicle preparation, retail showroom, and customer service under one roof, would serve as a flagship operation for the brand.

- This model allows for faster stock turnaround, tighter quality control, and a smoother customer experience. Centrally positioned, such a site could serve and act as a regional hub for future logistics and operational support.

- With rising demand for well-prepared, value-driven vehicles in the central of the country, a super site would strengthen Carsa’s proposition, offering test drives, in-person collections, and service support alongside our trusted Reserve & Collect model. It also sets the foundation for scalable growth as we refine our infrastructure and extend nationwide coverage.

Outer London

- With the ULEZ expansion, many London drivers are seeking compliant vehicles without paying premium prices. A well-placed site on the M25 corridor (e.g. Watford, Croydon, or Dartford) could serve as a high-performing hub for trade-ins, part exchanges, and eco-conscious car buyers looking to switch from older, non-compliant vehicles.

CARSA LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 2 -

EV and Hybrid Stocking Strategy

Expanding Carsa’s EV and hybrid stock, particularly ULEZ-compliant models under five years old, strengthens our appeal to environmentally conscious and cost-sensitive buyers. This strategic shift meets rising demand from customers seeking greener alternatives without the premium price tag of new electric vehicles.

At the same time, we are enhancing our customer proposition to better support this transition. This includes clearer guidance on running costs, EV ownership support (e.g. charging options, range confidence), and tailored add-ons such as EV cables, home chargers, extended warranties. By combining competitively priced stock with expert advice and flexible purchasing options, Carsa continues to deliver a value-focused, trustworthy experience for modern car buyers.

Logistics & Prep Network Scaling

As Carsa’s volume grows, there’s scope to invest in regional preparation hubs or logistics centres, customer collection centres to support future sites. This would enhance efficiency, stock availability, and delivery lead times, boosting customer satisfaction across all regions.

Strategic Incentives

1. Digital Transition: Improve the online platform for Carsa to compete with online retailers. Enhance the digital customer experience with virtual tours, online bookings for test drives, and streamlined purchasing processes.

2. Green Initiative: Focus on stocking more eco-friendly and ULEZ compliant vehicles, catering to the rising demand.

3. Finance Options: Partner with financial institutions to provide flexible and competitive financing options for customers.

4. Customer Service: Introduce rigorous training programs to enhance the customer experience, delivering value, ensuring loyalty, and positive word of mouth.

5. Community Engagement: Build ties in new locations through community events, sponsorships, and collaborations.

6. Team Collaboration & Integrity: Foster a culture of respect, teamwork, & accountability.

7. Long Term Decisions: These decisions are always checked and referenced to our Stakeholder expectations, and the need to achieve long term sustainable success.

Principal risks and uncertainties

- Economic Uncertainty: The used car market can be sensitive to economic downturns. Diversification of stock, focusing on different price points, can mitigate this.

- Digital Competition: Continued growth of online platforms will remain a challenge. Emphasis should be on the hybrid retail model, combining online convenience with offline experience.

- Regulations: As environmental concerns grow, there may be tighter regulations on used car sales. Ensure all stock meets current and foreseeable regulatory standards.

- Business Partner Relationships: Core to the success of our business, is the need to maintain and develop relationships with our Business Partners and to look to continuously improve our Supply Chain.

CARSA LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 3 -
Key performance indicators

We regularly monitor the following Key Performance Indicators to help evaluate our business and the trends, identify near-term and long-term risks and opportunities. We all firmly believe that these operational measures are useful in evaluating our performance.

- Used Vehicle Sales Numbers: Monitor monthly sales figures in each location to ensure they align with our budgetary expectations. Any significant variance should be investigated and addressed promptly.

- Vehicle Sourcing Efficiency: Increase the percentage of vehicles acquired through Online Sell Car platforms and private purchases.

- Add-on Revenue Maximisation: Encourage sales teams to promote add-on purchases with each vehicle sale, such as extended warranties, service packages, and accessories.

As our business continues to expand, our business plan is to continue to grow gross Profit Per Unit.

Financial Analysis

Carsa Group turnover for the period ended 31 March 2025 was £220,381,933 (2024: £123,123,220) providing a gross profit of £11,229,060 (2024: £5,889,641). After administrative expenses and other operating income produced operating profit of £1,140,438 (2024: £924,226).

Carsa Holdings Limited net assets at 31 March 2025 were £2,255,701 (2024: £2,597,818).

No Dividends were paid during this year. The Directors do not recommend a final dividend in respect of the year.

Other information and explanations

Carsa Limited has a solid footing in the used car market. By adapting to changing consumer behaviours, technological shifts, and regulations, Carsa can continue its growth trajectory.

On behalf of the board

Mr J R Churcher
Director
8 December 2025
CARSA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 MARCH 2025
- 4 -

The directors present their annual report and financial statements for the year ended 30 March 2025.

Principal activities

The principal activity of the company is that of the sale of used motor vehicles.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

No preference dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J R Churcher
Mr M J Hawkins
(Resigned 31 July 2024)
Mr M Gill
(Appointed 5 August 2024)
Mr R J Churcher
(Appointed 5 August 2024)
Mr K B Wood
(Appointed 12 September 2024 and resigned 19 June 2025)
Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The company's current policy concerning the payment of trade creditors is to:

- settle the terms of payment with suppliers when agreeing the terms of each transaction;

- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and

- pay in accordance with the company's contractual and other legal obligations.

Trade creditors of the company at the year end were equivalent to 29 days' purchases, based on the average daily amount invoiced by suppliers during the year.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

- so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

- the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

CARSA LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 5 -
On behalf of the board
Mr J R Churcher
Director
8 December 2025
CARSA LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 MARCH 2025
- 6 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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, International Accounting Standard 1 requires that directors:

- properly select and apply accounting policies;

- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

- provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

- make an assessment of the company's ability to continue as a going concern.

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.

CARSA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CARSA LIMITED
- 7 -
Opinion

We have audited the financial statements of Carsa Limited (the 'company') for the year ended 30 March 2025 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 March 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with UK adopted international accounting standards; 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 Auditor's 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 included in the Directors’ report, other than the financial statements and our auditor’s report 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.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

CARSA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CARSA LIMITED (CONTINUED)
- 8 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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, 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 directors' r esponsibilities s tatement, 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 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.

Auditor's responsibilities for the audit of the financial statements

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

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

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK regulatory principles, such as those governed by the relevant motoring authorities. We also considered the laws and regulations which have a direct impact on the financial statements such as the Companies Act 2006.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls),and determined that the principal risks were related to management bias in accounting estimates and judgmental areas of the financial statements.

Audit procedures performed by the audit engagement team included:

- Discussions with senior management, including consideration of known or suspected instances of noncompliance with laws and regulations or instances of fraud;

- Identifying and testing journal entries based on risk criteria;

- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;

- Testing transactions entered into outside of the normal course of the company's business;

- Reviewing any potential litigation or claims against the entity which indicate any potential noncompliance issues.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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 though collusion.

CARSA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CARSA LIMITED (CONTINUED)
- 9 -

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Angela Trainor (Senior Statutory Auditor)
For and on behalf of HJS Accountants Limited, Statutory Auditor
Chartered Accountants
Tagus House
9 Ocean Way
Southampton
Hampshire
SO14 3TJ
United Kingdom
9 December 2025
CARSA LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 MARCH 2025
- 10 -
2025
2024
Notes
£
£
Revenue
2
220,381,932
123,101,920
Cost of sales
(209,248,494)
(117,320,232)
Gross profit
11,133,438
5,781,688
Other operating income
499,079
124,386
Administrative expenses
(10,526,769)
(4,989,958)
Operating profit
3
1,105,748
916,116
Investment revenues
7
30,321
4,821
Finance costs
8
(1,829,253)
(1,063,012)
Loss before taxation
(693,184)
(142,075)
Income tax income
9
312,979
109,574
Loss for the year
(380,205)
(32,501)
CARSA LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 MARCH 2025
- 11 -
2025
2024
£
£
Loss for the year
(380,205)
(32,501)
Other comprehensive income:
Items that will not be reclassified to profit or loss
Revaluation of property, plant and equipment
-
0
364,668
Tax relating to items not reclassified
-
0
(91,167)
Total items that will not be reclassified to profit or loss
-
0
273,501
Total comprehensive income for the year
(380,205)
241,000
CARSA LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 MARCH 2025
30 March 2025
- 12 -
2025
2024
Notes
£
£
Non-current assets
Intangible assets
10
1,330,115
788,696
Property, plant and equipment
11
11,557,849
7,639,537
Deferred tax asset
18
1,474,518
1,143,251
14,362,482
9,571,484
Current assets
Inventories
12
28,031,993
16,193,060
Trade and other receivables
13
2,750,586
2,716,056
Current tax recoverable
111,369
111,369
Cash and cash equivalents
5,961,326
8,204,740
36,855,274
27,225,225
Current liabilities
Trade and other payables
16
18,071,594
14,194,379
Borrowings
15
19,753,819
12,301,210
Lease liabilities
17
1,075,873
621,194
38,901,286
27,116,783
Net current (liabilities)/assets
(2,046,012)
108,442
Non-current liabilities
Borrowings
15
826,820
1,042,275
Lease liabilities
17
9,589,885
6,375,969
Deferred tax liabilities
18
206,109
187,821
10,622,814
7,606,065
Net assets
1,693,656
2,073,861
Equity
Called up share capital
20
4,275,710
4,275,710
Revaluation reserve
21
369,907
369,907
Retained earnings
(2,951,961)
(2,571,756)
Total equity
1,693,656
2,073,861
CARSA LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 MARCH 2025
30 March 2025
- 13 -
The financial statements were approved by the board of directors and authorised for issue on 8 December 2025 and are signed on its behalf by:
Mr J R Churcher
Director
Company registration number 12805624 (England and Wales)
CARSA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 MARCH 2025
- 14 -
Share capital
Revaluation reserve
Retained earnings
Total
£
£
£
£
Balance at 31 March 2023
4,275,710
96,406
(2,539,255)
1,832,861
Year ended 30 March 2024:
Loss
-
-
(32,501)
(32,501)
Other comprehensive income:
Revaluation of property, plant and equipment
-
364,668
-
364,668
Tax relating to other comprehensive income
-
(91,167)
-
0
(91,167)
Total comprehensive income
-
273,501
(32,501)
241,000
Balance at 30 March 2024
4,275,710
369,907
(2,571,756)
2,073,861
Year ended 30 March 2025:
Loss and total comprehensive income
-
-
(380,205)
(380,205)
Balance at 30 March 2025
4,275,710
369,907
(2,951,961)
1,693,656
CARSA LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 MARCH 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
24
(5,517,418)
2,865,555
Interest paid
(1,829,253)
(1,063,012)
Net cash (outflow)/inflow from operating activities
(7,346,671)
1,802,543
Investing activities
Purchase of intangible assets
(667,591)
(65,322)
Purchase of property, plant and equipment
(494,373)
(372,543)
Proceeds from disposal of property, plant and equipment
-
0
37,006
Repayment of loans
(2,571)
100
Interest received
30,321
4,821
Net cash used in investing activities
(1,134,214)
(395,938)
Financing activities
Repayment of borrowings
(215,455)
(184,164)
Proceeds from new bank loans
107,847,293
55,332,436
Repayment of bank loans
(100,394,684)
(51,424,170)
Payment of lease liabilities
(999,683)
(408,998)
Net cash generated from financing activities
6,237,471
3,315,104
Net (decrease)/increase in cash and cash equivalents
(2,243,414)
4,721,709
Cash and cash equivalents at beginning of year
8,204,740
3,483,031
Cash and cash equivalents at end of year
5,961,326
8,204,740
CARSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2025
- 16 -
1
Accounting policies
Company information

Carsa Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7 Barton Road, Chickenhall Lane, Eastleigh, Hampshire, England, SO50 6RR. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of fixed assets and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the true company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business of motor vehicle retail, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

The company recognises revenue from the following major sources:

- Used car sales

- After sales

The nature/timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Used car sales

Sales of goods are recognised when the goods have been dispatched and title has passed.

After sales

Revenue from a contract to provide services is recognised by reference to the stage of completion of the contract and when the service is carried out. The stage of completion of the contract is determined by reference to the completion at the reporting date.

CARSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.4
Intangible assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

- Website development costs - 10 Years straight line basis

- Business acquisition fees - 10 Years straight line basis

1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leased assets
Over the life of the lease
Fixtures and fittings
5 Years straight line / 10 Years straight line
Plant and equipment
25% Reducing balance
Computers
2 Years straight line
Office Equipment
3 Years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.6
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

CARSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
1
Accounting policies
(Continued)
- 18 -

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

CARSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

For trade receivables, the simplified approach permitted by IFRS 9 is applied, which requires expected lifetime losses to be recognised from initial recognition of the receivables.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.10
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

CARSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
1
Accounting policies
(Continued)
- 20 -
1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

CARSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
1
Accounting policies
(Continued)
- 21 -
1.15
Leases
As lessee

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently adjusted for remeasurements of the lease liability and applies the relevant cost model, fair value model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, and is periodically reduced by impairment losses, if any.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is re assessed at each financial period end to reflect lease modifications and any changes to the factors considered at initial measurement, as set out above. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

2
Revenue
2025
2024
£
£
Revenue analysed by class of business
Vehicle sales
198,087,285
111,561,218
After sales
22,294,647
11,540,702
220,381,932
123,101,920
CARSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
2
Revenue
(Continued)
- 22 -
2025
2024
£
£
Revenue analysed by geographical market
United Kingdom
220,381,932
123,101,920
3
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of property, plant and equipment
1,244,339
434,105
Profit on disposal of property, plant and equipment
-
(19,546)
Amortisation of intangible assets (included within administrative expenses)
126,172
71,300
Cost of inventories recognised as an expense
196,227,154
110,614,367
4
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
23,700
23,000
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
243
151

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
7,953,548
4,499,158
Social security costs
780,605
413,345
Pension costs
125,507
66,978
8,859,660
4,979,481
CARSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 23 -
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
430,096
295,000
Company pension contributions to defined contribution schemes
3,852
3,963
433,948
298,963
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
111,327
111,969
7
Investment income
2025
2024
£
£
Interest income
Financial instruments measured at amortised cost:
Bank deposits
30,321
4,821
Income above relates to assets held at amortised cost, unless stated otherwise.
8
Finance costs
2025
2024
£
£
Interest on lease liabilities
494,020
210,860
Other interest payable
1,335,233
852,152
Total interest expense
1,829,253
1,063,012
9
Income tax expense
2025
2024
£
£
Deferred tax
Origination and reversal of temporary differences
(312,979)
(109,574)
CARSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
9
Income tax expense
(Continued)
- 24 -

The charge for the year can be reconciled to the loss per the income statement as follows:

2025
2024
£
£
Loss before taxation
(693,184)
(142,075)
Expected tax credit based on a corporation tax rate of 19.00% (2024: 19.00%)
(131,705)
(26,994)
Effect of expenses not deductible in determining taxable profit
32,033
30,033
Utilisation of tax losses not previously recognised
5,761
916
Unutilised tax losses carried forward
262,568
85,985
Group relief
8,112
-
0
Permanent capital allowances in excess of depreciation
(176,769)
(89,940)
Deferred tax adjustments in respect of prior years
(312,979)
(109,574)
Taxation credit for the year
(312,979)
(109,574)

In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:

2025
2024
£
£
Deferred tax arising on:
Revaluation of property
-
91,167
10
Intangible assets
Website development costs
Business acquisition fees
Total
£
£
£
Cost
At 31 March 2023
386,785
161,437
548,222
Additions
294,127
137,755
431,882
At 30 March 2024
680,912
299,192
980,104
Additions - purchased
561,973
105,618
667,591
At 30 March 2025
1,242,885
404,810
1,647,695
CARSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
10
Intangible assets
Website development costs
Business acquisition fees
Total
£
£
£
(Continued)
- 25 -
Amortisation and impairment
At 31 March 2023
78,939
41,169
120,108
Charge for the year
52,128
19,172
71,300
At 30 March 2024
131,067
60,341
191,408
Charge for the year
91,390
34,782
126,172
At 30 March 2025
222,457
95,123
317,580
Carrying amount
At 30 March 2025
1,020,428
309,687
1,330,115
At 30 March 2024
549,845
238,851
788,696
At 30 March 2023
309,738
120,268
1,129,800

11
Property, plant and equipment
Leased assets
Plant and equipment
Fixtures and fittings
Computers
Office Equipment
Total
£
£
£
£
£
£
Cost
At 31 March 2023
910,086
283,883
204,101
21,845
7,378
1,427,293
Additions
6,606,402
174,740
191,249
6,554
53,729
7,032,674
Disposals
-
0
(38,450)
-
0
-
0
-
0
(38,450)
At 30 March 2024
7,516,488
420,173
395,350
28,399
61,107
8,421,517
Additions
4,596,823
386,917
97,531
9,925
71,455
5,162,651
At 30 March 2025
12,113,311
807,090
492,881
38,324
132,562
13,584,168
Accumulated depreciation and impairment
At 31 March 2023
210,292
96,408
39,697
20,068
2,400
368,865
Charge for the year
346,941
46,876
32,694
2,043
5,551
434,105
Eliminated on disposal
-
0
(20,990)
-
0
-
0
-
0
(20,990)
At 30 March 2024
557,233
122,294
72,391
22,111
7,951
781,980
Charge for the year
975,042
183,023
44,077
11,785
30,412
1,244,339
At 30 March 2025
1,532,275
305,317
116,468
33,896
38,363
2,026,319
CARSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
11
Property, plant and equipment
Leased assets
Plant and equipment
Fixtures and fittings
Computers
Office Equipment
Total
£
£
£
£
£
£
(Continued)
- 26 -
Carrying amount
At 30 March 2025
10,581,036
501,773
376,413
4,428
94,199
11,557,849
At 30 March 2024
6,959,255
297,879
322,959
6,288
53,156
7,639,537
12
Inventories
2025
2024
£
£
Finished goods
28,031,993
16,193,060
13
Trade and other receivables
2025
2024
£
£
Trade receivables
727,762
830,033
Amounts owed by related parties
11,392
266,900
Other receivables
679,742
294,814
Prepayments
1,331,690
1,324,309
2,750,586
2,716,056
14
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

No significant receivable balances are impaired at the reporting end date.

15
Borrowings
Current
Non-current
2025
2024
2025
2024
£
£
£
£
Borrowings held at amortised cost:
Bank loans
19,753,819
12,301,210
-
-
Directors' loans
-
-
226,820
442,275
Other loans
-
-
600,000
600,000
19,753,819
12,301,210
826,820
1,042,275
CARSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 27 -
16
Trade and other payables
2025
2024
£
£
Trade payables
15,754,550
13,086,825
Accruals
750,556
483,048
Social security and other taxation
850,613
189,389
Other payables
715,875
435,117
18,071,594
14,194,379

In September 2020, a debenture was logged with the registrar by legal charge. This debenture includes a floating charge.

17
Lease liabilities
2025
2024
Maturity analysis
£
£
Within one year
1,664,916
937,962
In two to five years
5,780,440
3,508,704
In over five years
6,671,524
4,298,870
Total undiscounted liabilities
14,116,880
8,745,536

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2025
2024
£
£
Current liabilities
1,075,873
621,194
Non-current liabilities
9,589,885
6,375,969
10,665,758
6,997,163
2025
2024
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
494,020
210,860
CARSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 28 -
18
Deferred taxation
Liabilities
Assets
2025
2024
2025
2024
£
£
£
£
Deferred tax balances
206,109
187,821
1,474,518
1,143,251
Deferred tax assets are expected to be recovered after more than one year.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Accelerated capital allowances
£
Liability at 31 March 2023
88,962
Asset at 31 March 2023
(1,025,985)
Deferred tax movements in prior year
Charge/(credit) to profit or loss
(18,407)
Liability at 31 March 2024
187,821
Asset at 31 March 2024
(1,143,251)
Deferred tax movements in current year
Charge/(credit) to profit or loss
(312,979)
Liability at 30 March 2025
206,109
Asset at 30 March 2025
(1,474,518)
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
125,507
66,978

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
4,275,710
4,275,710
4,275,710
4,275,710
CARSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
20
Share capital
(Continued)
- 29 -

The holders of the ordinary A shares shall be entitled to receive notice of and to attend and vote at any general meeting of the company, being entitled to one vote for every share held. The holders of the ordinary A shares rank pari passu in respect of the right to dividends. They are entitled to receive a dividend on their shares as determined by the directors in their absolute discretion, but without imposing any requirement upon them to do so either singularly or on a continuing basis. The holders of the ordinary A shares rank pari passu in respect of the distribution of any surplus assets of the company on a winding up or other return of capital.

21
Revaluation reserve
2025
2024
£
£
At the beginning of the year
369,907
96,406
Revaluation surplus arising in the year
-
0
364,668
Deferred tax on revaluation of PPE
-
(91,167)
At the end of the year
369,907
369,907
22
Capital risk management

The company is not subject to any externally imposed capital requirements.

23
Related party transactions

The C ompany has taken advantage of the exemption available under FRS 102 paragraph 33.1a whereby it has not disclosed transactions with the ultimate parent C ompany or any wholly owned subsidiary undertaking of the G roup.

During the year the company entered into the following transactions with related parties:

Sale of goods
Purchase of goods
2025
2024
2025
2024
£
£
£
£
Other related parties
84,835
63,479
320,926
152,922

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Key management personnel
226,820
442,054

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Key management personnel
2,792
-
CARSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 30 -
24
Cash (absorbed by)/generated from operations
2025
2024
£
£
Loss for the year before taxation
(693,184)
(142,075)
Adjustments for:
Finance costs
1,829,253
1,063,012
Investment income
(30,321)
(4,821)
Gain on disposal of property, plant and equipment
-
(19,546)
Amortisation and impairment of intangible assets
126,172
71,300
Depreciation and impairment of property, plant and equipment
1,244,339
434,105
Movements in working capital:
Increase in inventories
(11,838,933)
(5,715,931)
Increase in trade and other receivables
(31,959)
(1,022,420)
Increase in trade and other payables
3,877,215
8,201,931
Cash (absorbed by)/generated from operations
(5,517,418)
2,865,555
25
Analysis of changes in net debt
31 March 2024
Cash flows
New leases
30 March 2025
£
£
£
£
Cash at bank and in hand
8,204,740
(2,243,414)
-
5,961,326
Borrowings excluding overdrafts
(13,343,485)
(7,237,154)
-
(20,580,639)
Lease liabilities
(6,997,163)
999,683
(4,668,278)
(10,665,758)
(12,135,908)
(8,480,885)
(4,668,278)
(25,285,071)
31 March 2023
Cash flows
New leases
30 March 2024
Prior year:
£
£
£
£
Cash at bank and in hand
3,483,031
4,721,709
-
8,204,740
Borrowings excluding overdrafts
(9,619,383)
(3,724,102)
-
(13,343,485)
Lease liabilities
(746,030)
408,998
(6,660,131)
(6,997,163)
(6,882,382)
1,406,605
(6,660,131)
(12,135,908)
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