REGISTERED NUMBER: 01423648 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

Islington Trowbridge Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

9

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

Dr R D Timbrell-Whittle

Mrs S A Timbrell-Whittle

Mr P Jones

Mr N Howe

Mr D T Turner

SECRETARY:

Mr K Makepeace

REGISTERED OFFICE:

Canal Road

Trowbridge

Wiltshire

BA14 8RL

REGISTERED NUMBER:

01423648 (England and Wales)

The directors present their strategic report for the year ended 31 December 2024.

The principal activity of the group in the year was the operation of retail motor franchised dealerships, incorporating vehicle sales, servicing, and original manufacturer parts sales.

REVIEW OF BUSINESS - TO BE UPDATED

REVIEW OF BUSINESS

The results for the Company show turnover down 3.4% to £43.54m (2023: £45.09m) with circa 2,000 vehicles sold, a post-tax profit of £493,148 (2023: £149,276) was recorded.

The Company, established in 1979, is highly regarded by its significant client base and, at the year end, holds sales agreements for Ford, Transit, MG and Suzuki. Authorised repairer (service and parts supply) agreements are also held for Ford, Transit, MG, Suzuki, Citroen and Peugeot.

The Ford Motor Company's decision to restructure the dealer network and continuously increase franchise operating costs, despite losing market share, required the directors to consider the future with the brand. In August 2024, the Company commenced sale discussions with Trust Ford, Ford of Britain's retail group.

The transition from ICE (internal combustion engine) to BEV (battery electric vehicles) continues to disrupt the industry with some early adopters seeing significant reductions in market share. Furthermore, the rapid growth of Chinese car manufacturers entering the UK market continues to disrupt the market, offering comparable products at significantly lower retail prices.

During 2024, skill shortages in the workshop, high franchise representation costs and the ability to procure retail ready used stock remained the key challenges of the business, resulting in a reduction in overhead absorption from these operations and making viability more dependent on achieving new car sales objectives. To overcome skill shortages, the business continues to invest in apprenticeships with a commitment to have at least one new apprentice every year at each location.

During the year the total new car market in the UK was marginally up 2.6%, to 1.95 million with BEV sales experiencing a record year at 381,000 units and a 19.6% share (21% increase on 2023). However, this is still below the Government's mandated target of 22%.

Despite the decision to reduce the number of franchise partners for new vehicle sales; the directors are of the view that the increased focus on remaining brands will enable an improvement in market share of the remaining brands and also maximise the financial performance.

Used vehicle values have been extremely volatile requiring daily reviews to maintain competitiveness. Used vehicle stock procurement continues to be a challenge.

POST BALANCE SHEET EVENT

With the news in the Autumn budget that businesses would see an increase in both National Insurance contributions and the National Living Wage, the directors decided that, in order to safeguard the future of the group, the sale of our Ford operation would proceed. The sale of Trowbridge Ford to Trust Ford and agreement to the closure of Westbury Ford dealership was finalised on July the 11th 2025.

During July 2025, Islington acquired the MG sales and service business in Bath to strengthen its representation in the city. It is also the intention to represent both Suzuki and Honda at the Bath dealership by the end of 2025.

PRINCIPAL RISKS AND UNCERTAINTIES

The recruitment of skilled staff, especially trained technicians remain a principal challenge in the industry for 2025. We continue to work with our franchise partners on apprentice and trainee recruitment and currently employ four technical apprentices and two sales trainees.

The motor manufacturers are still debating the sales agency model, which will see sales conducted directly online, removing the opportunity for dealers to benefit from the sale of value-added products and potentially, part exchange vehicles. The manufacturers continue to review their network strategy to improve market share per dealer and reduce onerous franchise costs by encouraging economies of scale with larger dealer groups.

The group's principal financial controls involve borrowings, trade debtors and creditors. Liquidity risk is managed by the group ensuring that sufficient liquidity is maintained by means of cash and bank facilities to meet the foreseeable needs of the business.

Credit risk arises from the group's trade debtors and, to control this, limits are assessed on a combination of payment history and third-party credit references. Any outstanding accounts are monitored regularly based upon ageing and collection history.

The success of the business is reliant on consumer spending. An economic downturn, resulting in a reduction of consumer spending power, could have a direct impact on turnover and profits achieved by the Company. In response to this risk, management aim to keep abreast of economic conditions and, in cases of severe economic downturn, marketing and pricing strategies are modified to reflect any new or emerging market trends and conditions.

FUTURE OUTLOOK

The directors of the business continue to focus on achieving budgets for growth with increased used vehicle sales, consistent achievement of franchise new vehicle sales targets and the sales of value-added products. The implementation of a new dealer management system has proven to be an invaluable management tool offering the business "live" status reports against daily objectives. Growth in electric vehicle sales is a key strategy for 2025 and beyond in the lead-up to the ZEV mandate in 2030.

KEY PERFORMANCE INDICATORS

The Company operates a daily KPI dashboard to ensure "live" and dynamic financial information to enable the proactive management of the business.

The key performance indicators are given below:

2024

2023

Turnover (£)

43,540,979

45,091,244

Gross Profit (£)

2,584,758

2,246,186

Net profit/(loss) after tax (£)

493,148

149,276

Gross profit (%)

5.93

4.98

Net profit/(loss) (%)

1.13

0.33

ON BEHALF OF THE BOARD:

Director

12 December 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

Dr R D Timbrell-Whittle

Mrs S A Timbrell-Whittle

Mr P Jones

Mr N Howe

Mr D T Turner

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The company holds or issues financial instruments in order to achieve three main objectives, being:

a) to finance its operations;

b) to manage its exposure to interest risks arising from its operations and from its sources of finance; and

c) for trading purposes.

In addition, various financial instruments (e.g., trade debtors, trade creditors, accruals and prepayments) arise directly from the company's operations.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors report. It has done so in respect of the future developments of the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

Mr K Makepeace - Secretary

12 December 2025

Opinion

We have audited the financial statements of Islington Trowbridge Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery, employment law and company legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the Company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. 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 posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with

laws and regulations and fraud;

- Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;

- Reviewing the Company's legal costs to check for non-compliance with laws and regulations and fraud;

- Review of tax compliance with the involvement of our tax specialists in the audit;

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

expenses;

- Reviewing assumptions and judgements made by management in its significant accounting estimates;

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

- Identifying and testing journal entries, in particular any journal entries with fraud characteristics.

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. 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 through collusion.

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

Use of our report

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

Martin Longmore (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Statutory Auditor

Chartered Accountants

County Gate

County Way

Trowbridge

Wiltshire

BA14 7FJ

15 December 2025

TURNOVER

43,540,979

-

43,540,979

Cost of sales

(40,956,221

)

-

(40,956,221

)

GROSS PROFIT

2,584,758

-

2,584,758

Administrative expenses

(1,905,065

)

-

(1,905,065

)

OPERATING PROFIT

4

679,693

-

679,693

Interest receivable and similar income

53,893

-

53,893

Interest payable and similar expenses

6

(121,812

)

-

(121,812

)

PROFIT BEFORE TAXATION

611,774

-

611,774

Tax on profit

7

(118,626

)

-

(118,626

)

PROFIT FOR THE FINANCIAL YEAR

493,148

-

493,148

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

493,148

TURNOVER

41,762,809

3,328,435

45,091,244

Cost of sales

(39,727,167

)

(3,117,891

)

(42,845,058

)

GROSS PROFIT

2,035,642

210,544

2,246,186

Administrative expenses

(1,588,790

)

(290,451

)

(1,879,241

)

OPERATING PROFIT/(LOSS)

4

446,852

(79,907

)

366,945

Loss on sale of operations

5

-

(94,229

)

(94,229

)

446,852

(174,136

)

272,716

Interest receivable and similar income

27,344

2,132

29,476

Interest payable and similar expenses

6

(87,313

)

(6,139

)

(93,452

)

PROFIT/(LOSS) BEFORE TAXATION

386,883

(178,143

)

208,740

Tax on profit/(loss)

7

(90,421

)

30,957

(59,464

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

296,462

(147,186

)

149,276

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

149,276

FIXED ASSETS

Tangible assets

8

443,296

477,969

CURRENT ASSETS

Stocks

9

10,725,184

8,412,211

Debtors

10

883,970

1,086,308

Cash at bank

1,201,441

1,068,962

12,810,595

10,567,481

CREDITORS

Amounts falling due within one year

11

10,629,265

8,907,598

NET CURRENT ASSETS

2,181,330

1,659,883

TOTAL ASSETS LESS CURRENT LIABILITIES

2,624,626

2,137,852

PROVISIONS FOR LIABILITIES

14

93,588

99,962

NET ASSETS

2,531,038

2,037,890

CAPITAL AND RESERVES

Called up share capital

15

10,000

10,000

Retained earnings

16

2,521,038

2,027,890

SHAREHOLDERS' FUNDS

2,531,038

2,037,890

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2025 and were signed on its behalf by:

Dr R D Timbrell-Whittle - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

10,000

1,878,614

1,888,614

Changes in equity

Total comprehensive income

-

149,276

149,276

Balance at 31 December 2023

10,000

2,027,890

2,037,890

Changes in equity

Total comprehensive income

-

493,148

493,148

Balance at 31 December 2024

10,000

2,521,038

2,531,038

1.	STATUTORY INFORMATION

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

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Going concern

After reviewing the Company's forecasts and projections, which cover the 12-month period from the date of

signing the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 33.7.

Turnover

Turnover represents net invoiced sales of new vehicles, used vehicles, vehicle parts and vehicle servicing, excluding value added tax. Turnover is measured at the fair value of the consideration received or receivable and is reduced for customer returns, rebates or other similar allowances. Volume bonuses receivable from vehicle manufacturers are not included in turnover. These bonuses are treated as a discount against vehicle purchases.

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

- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

- the company retains neither continuing managerial involvement to the degree associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliable it is probable that the economic benefits associated with the transaction can be measured reliably.

Parts sales are recognised at point of sale or delivery of goods to the customer. Servicing and bodyshop sales are recognised on completion of all work, and handover to the customer.

Tangible fixed assets

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

Short leasehold

-

over period of lease

Plant and machinery

-

25% on reducing balance and 15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Land and buildings held and used in the company's own activities for production and supply of goods or for administrative purposes are stated in the balance sheet at their historical cost. Freehold land is not depreciated.

Impairment of assets

At each reporting date, the company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the statement of comprehensive income.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately through the statement of comprehensive income..

Stocks

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

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

Consignment vehicles are regarded as being under the control of the company when the significant risks and responsibilities of ownership are deemed to have passed to the company. These values are included within stocks on the balance sheet, although legal title has not passed to the company. The corresponding liability is included within trade creditors and is secured directly on these vehicles.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

Trade and other debtors - The allowance for doubtful accounts involves elements of management judgement and review of individual receivables based on individual customer creditworthiness, current economic trends and analysis of historical bad debts on a portfolio basis.

Stock provisions - Significant estimates are involved in the determination of stock provisions. Management exercise significant judgement in determining whether costs are recoverable on a vehicle by vehicle basis. A provision is made where a loss can be reliably estimated.

Depreciation - assets are depreciated over their useful economic lives as estimated by management. This initial estimate of an asset's useful economic life, although informed by management's analysis of previous asset lives, can have a significant impact on the overall depreciation charge for the year.

3.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

3,079,713

3,136,869

Social security costs

304,976

321,785

Other pension costs

60,451

61,362

3,445,140

3,520,016

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

2024

2023

Sales, parts and servicing staff

81

91

Administrative staff

4

6

Management staff

5

5

90

102

The directors of the company are considered to be its key management personnel. Accordingly, the total remuneration of the directors is the total remuneration of the company's key management personnel.

2024

2023

£

£

Directors' remuneration

400,141

344,421

Directors' pension contributions to money purchase schemes

9,901

3,844

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

Money purchase schemes

3

3

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

212,984

178,195

Pension contributions to money purchase schemes

1,321

1,321

4.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Depreciation - owned assets

90,855

112,065

Auditors' remuneration

21,950

20,810

Operating lease expense

348,500

394,288

5.	EXCEPTIONAL ITEMS

2024

2023

£

£

Loss on sale of operations

-

(94,229

)

On 1st August 2023, the Vauxhall franchise closed for both sales and services contracts. The loss on disposal of operation was recognised in respect of the impairment of stock, loss on disposal of fixed assets and redundancy costs incurred.

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Stocking loan interest

121,812

93,452

7.

TAXATION

Analysis of the tax charge

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

2024

2023

£

£

Current tax:

UK corporation tax

125,000

49,261

Deferred tax

(6,374

)

10,203

Tax on profit

118,626

59,464

Reconciliation of total tax charge included in profit and loss

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

2024

2023

£

£

Profit before tax

611,774

208,740

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.521%)

152,944

49,098

Effects of:

Expenses not deductible for tax purposes

-

11,625

Capital allowances in excess of depreciation

-

(11,152

)

Depreciation in excess of capital allowances

8,668

-

Deferred tax charge / (income)

(6,374

)

10,203

Structures and building allowance

(190

)

(310

)

adjustment

Group relief

(36,422

)

-

Total tax charge

118,626

59,464

The main UK corporation tax rate increased from 19% to 25% as of 1 April 2023. The rate of 23.521% was used and calculated by prorating the rates of 19% and 25% over the period 1 January 2023 - 31 December 2023.

8.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

Totals

£

£

£

£

COST

At 1 January 2024

14,088

804,259

709,421

1,527,768

Additions

-

17,516

38,666

56,182

At 31 December 2024

14,088

821,775

748,087

1,583,950

DEPRECIATION

At 1 January 2024

7,033

568,548

474,218

1,049,799

Charge for year

1,800

53,253

35,802

90,855

At 31 December 2024

8,833

621,801

510,020

1,140,654

NET BOOK VALUE

At 31 December 2024

5,255

199,974

238,067

443,296

At 31 December 2023

7,055

235,711

235,203

477,969

9.

STOCKS

2024

2023

£

£

Stocks

10,725,184

8,412,211

2024

2023

£

£

Stock recognised in cost of sales during the year as an expense was

39,094,374

39,686,133

An impairment loss / (reversal) recognised in cost of sales against stock during the year

25,769

57,303

Included within the above stocks are vehicles held under a consignment agreement with a total cost of £246,565 (2023: £360,621). The main terms of the agreement are that no deposit is required and that the vehicles can be held for a normal period of up to 210 days (120 days interest free). There is no right of return for the consignment vehicles.

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

465,780

640,078

Amounts owed by group undertakings

1,394

55

Other debtors

137,598

190,326

Prepayments and accrued income

279,198

255,849

883,970

1,086,308