REGISTERED NUMBER: 00649545 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2025

for

WILCOX & CO.(LIMOUSINES)LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

6

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

18

Directors:

P D Wilcox

M S Mcclelland

J C Webb

L M Wilcox

Secretary:

M S Mcclelland

Registered office:

11 - 13 Turk Street

Alton

Hampshire

GU34 1AG

Registered number:

00649545 (England and Wales)

Auditors:

S&W Audit

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

Review of business

The introduction of new models during the year caused a reduction of new vehicle production and associated development costs. The lack of new vehicle sales then caused a shortage of used vehicles coming in part exchange which in turn led to a downturn of used vehicle sales. With the major development completed and component supply getting back to a 'pre covid norm' there should be a return to profitability.

The funeral services business within the group continued to perform satisfactorily with a modest decrease in turnover although there is continued pressure on costs.

Further details are contained in the publicly available accounts of those companies.

Principal risks and uncertainties

BREXIT

The Directors are confident that the UK's decision to leave the EU has had, and continues to have only a minimal effect on the Group. Almost all transactions are conducted within the UK and are not impacted by any cross- border issues.

OTHER RISKS

Lack of Demand : The turbulent economic climate experienced since Covid 19 and pressures of higher interest rates have resulted in, and will continue to, have an impact on the demand for vehicles.

'Earlier than expected deaths' during the pandemic, compared with the Office of National Statistics forecast death rates, may affect funeral numbers going forward. Capacity has been adjusted to prepare for such a reduction in demand

Working Capital : The company manages liquidity and cash flow risk by optimising the cash generation of its operations and applying cash collection targets. The Directors believe the company has sufficient cash facilities for the foreseeable future.

Key performance indicators

2021/2022

2022/2023

2023/2024

2024/2025

£

£

£

£

Turnover

15,383

17,949

18,686

18,064

Profit/(loss) before tax

160

(895)

(2,950)

(147)

No.

No.

No.

No.

Employees

150

143

165

167

On behalf of the board:

M S Mcclelland - Director

19 December 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025.

Principal activities

The principal activities of the group are coach building for the funeral trade, the supply of new and used hearses and limousines and conducting the business of funeral directors.

Dividends

No dividends will be distributed for the year ended 31 March 2025.

The group loss for the year, after taxation, amounted to £179,651 (2024 - £2,751,668). A final dividend of £38,412 for the year ended 31 March 2024 was paid in December 2024. The directors have not yet determined whether a dividend will be declared for the year ended 31 March 2025 (2024: £38,412).

Events since the end of the year

In April 2025, a subsidiary of the Group purchased freehold property for £830,000.

Directors

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

P D Wilcox

M S Mcclelland

J C Webb

L M Wilcox

Political donations and expenditure

During the year the group made £6,051 of charitable donations (2024 - £1,931).

There were no political donations during the financial year (2024 - £nil).

Employees

We are committed to providing the highest standard of service to our clients and this can only be achieved with the help of our experienced and caring staff to whom we offer our thanks.

The company remains committed to employee training, involvement and equal opportunity.

Going concern

As the company and other fellow group companies within the Wilcox & Co. Limousines Limited Group (the 'Group'), to which the Company belongs, have cross guarantees, with bank loans secured against the assets of all the group companies, then the going concern basis of presentation is considered at the Company and Group level.

From a Company perspective the parent company and other group companies have indicated that they will not seek repayment of any group balances due, for a period of at least 13 months from the approval of these financial statements and will continue to provide further support if required, on a rolling 13 month notice period.

From the Parent company and the Group perspective the directors have considered the following.

The knock on effect of Covid 19 pandemic disruption in the funeral profession was the detrimental impact on the demand for new hearses and limousines. Supply and demand issues were felt throughout the whole automotive industry. In addition to this we were forced to change supplier of the range of vehicles for conversion. To alleviate this we stock-piled vehicles to provide us with time to seek alternative suppliers. A new range of vehicles meant substantial development costs and restricted production during this process. This was then followed by a model change by the 'base vehicle' manufacturer which demanded further development costs. Demand is still sluggish but our order bank, whilst satisfactory, is not yet back to pre-pandemic levels. Demand for used vehicles continues but has been severely held back due to the lack of availability of quality used vehicles, a knock-on from the reduction of new vehicle deliveries. The directors have factored these costs and an element of delay into their forecasts for the purposes of the Group going concern assessment.

The investment properties held within the group have had continuous tenants throughout and rental income has remained constant.

The Group, which continues to have support from its bankers, has along with overdraft facilities, two long term bank loans in place within subsidiary entities, one as a mortgage over properties, held within Stratus Estate Limited, the other a CBILs loan drawn down in January 2021, within Eagle Specialist Vehicles Limited. The Group and Company's forecasts show that they are able to operate within the level of their current forecasts including financing arrangements.

Based on this the directors have considered the Group and Company's financial position and future forecasts including their financing arrangement and are satisfied that the Group and Company can continue to pay their liabilities as they fall due for a period of 12 months from the date of approval of these financial statements.

Statement of directors' responsibilities

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he 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 group's auditors are aware of that information.

On behalf of the board:

M S Mcclelland - Director

19 December 2025

Opinion

We have audited the financial statements of Wilcox & Co.(LIMOUSINES)Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the report of the directors, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the report of the directors. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

We obtained a general understanding of the company's legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity's policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the company's industry and regulation.

We understand the company complies with the framework through outsourcing accounts preparation and tax compliance to external experts.

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the company's ability to conduct its business, and where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the company:

- The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements

- UK taxation law

The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity's financial statements to material misstatement including how fraud might occur. The areas identified in the discussion were:

- Manipulation of financial statements, especially revenue, work-in-progress and property valuation, via fraudulent journal entries, particularly as the size of the company means that there is little opportunity for segregation of duties.

These areas were communicated to the other members of the engagement team not present at the discussion.

The procedures we carried out to gain evidence in the above areas included:

- Substantive work on material areas affecting profits

- Revenue recognition, we have tested a sample of sales orders in the year, ensuring they have led to sales in the financial statements as well as extended focus on cut-off testing

- Reviewing significant estimates made in the preparation of the financial statements with a particular focus on work in progress

- Reviewing the valuation of investment properties carried out by a third-party qualified surveyor.

Overall, the senior statutory auditor was satisfied that the engagement team collectively had the appropriate competence and capabilities to identify or recognise irregularities.

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.

David Fort FCA (Senior Statutory Auditor)

for and on behalf of S&W Audit

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

22 December 2025

Turnover

4

18,064,369

18,686,366

Cost of sales

(10,898,734

)

(14,747,049

)

Gross profit

7,165,635

3,939,317

Administrative expenses

(7,211,560

)

(6,960,998

)

(45,925

)

(3,021,681

)

Other operating income

129,223

362,817

Operating profit/(loss)

6

83,298

(2,658,864

)

Interest payable and similar expenses

7

(230,264

)

(291,627

)

Loss before taxation

(146,966

)

(2,950,491

)

Tax on loss

8

(32,391

)

198,823

Loss for the financial year

(179,357

)

(2,751,668

)

Loss attributable to:

Owners of the parent

(213,911

)

(2,803,245

)

Non-controlling interests

34,554

51,577

(179,357

)

(2,751,668

)

Loss for the year

(179,357

)

(2,751,668

)

Other comprehensive income

-

-

Total comprehensive income for the year

(179,357

)

(2,751,668

)

Total comprehensive income attributable to:

Owners of the parent

(213,911

)

(2,803,245

)

Non-controlling interests

34,554

51,577

(179,357

)

(2,751,668

)

Fixed assets

Intangible assets

10

455,164

639,164

Tangible assets

11

5,820,063

6,548,950

Investments

12

-

-

Investment property

13

2,163,618

2,160,085

8,438,845

9,348,199

Current assets

Stocks

14

8,538,257

9,101,364

Debtors

15

1,005,229

974,013

Cash at bank and in hand

315,218

94,584

9,858,704

10,169,961

Creditors

Amounts falling due within one year

16

6,352,003

7,253,489

Net current assets

3,506,701

2,916,472

Total assets less current liabilities

11,945,546

12,264,671

Creditors

Amounts falling due after more than one year

17

(308,886

)

(463,531

)

Provisions for liabilities

21

(1,108,392

)

(1,054,893

)

Net assets

10,528,268

10,746,247

Capital and reserves

Called up share capital

22

1,800

1,800

Retained earnings

23

9,206,487

9,420,398

Shareholders' funds

9,208,287

9,422,198

Non-controlling interests

1,319,981

1,324,049

Total equity

10,528,268

10,746,247

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2025 and were signed on its behalf by:

M S Mcclelland - Director

Fixed assets

Intangible assets

10

-

-

Tangible assets

11

640,390

965,140

Investments

12

2,721,434

2,721,434

Investment property

13

-

-

3,361,824

3,686,574

Current assets

Debtors

15

4,865,923

4,942,188

Cash at bank

28,755

23,261

4,894,678

4,965,449

Creditors

Amounts falling due within one year

16

138,905

276,992

Net current assets

4,755,773

4,688,457

Total assets less current liabilities

8,117,597

8,375,031

Creditors

Amounts falling due after more than one year

17

(2,504,374

)

(2,886,000

)

Provisions for liabilities

21

(159,525

)

(80,978

)

Net assets

5,453,698

5,408,053

Capital and reserves

Called up share capital

22

1,800

1,800

Retained earnings

5,451,898

5,406,253

Shareholders' funds

5,453,698

5,408,053

Company's profit for the financial year

45,645

219,276

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2025 and were signed on its behalf by:

M S Mcclelland - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Balance at 1 April 2023

1,800

12,174,751

12,176,551

1,172,776

13,349,327

Changes in equity

Total comprehensive income

-

(2,803,245

)

(2,803,245

)

51,577

(2,751,668

)

Change to minority interest

-

48,892

48,892

138,108

187,000

1,800

9,420,398

9,422,198

1,362,461

10,784,659

Dividends paid

-

-

-

(38,412

)

(38,412

)

Balance at 31 March 2024

1,800

9,420,398

9,422,198

1,324,049

10,746,247

Changes in equity

Total comprehensive income

-

(213,911

)

(213,911

)

34,554

(179,357

)

1,800

9,206,487

9,208,287

1,358,603

10,566,890

Dividends paid

-

-

-

(38,621

)

(38,621

)

Balance at 31 March 2025

1,800

9,206,487

9,208,287

1,319,982

10,528,269

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

1,800

5,186,977

5,188,777

Changes in equity

Total comprehensive income

-

219,276

219,276

Balance at 31 March 2024

1,800

5,406,253

5,408,053

Changes in equity

Total comprehensive income

-

45,645

45,645

Balance at 31 March 2025

1,800

5,451,898

5,453,698

Cash flows from operating activities

Cash generated from operations

1

2,560,000

(1,952,665

)

Interest paid

(155,664

)

(199,363

)

Interest element of hire purchase payments paid

(48,571

)

(39,108

)

Finance costs paid

(26,029

)

(53,156

)

Tax paid

(21,108

)

-

Taxation refund

-

197,016

Net cash from operating activities

2,308,628

(2,047,276

)

Cash flows from investing activities

Purchase of tangible fixed assets

(210,623

)

(61,308

)

Purchase of investment property

(3,533

)

-

Sale of tangible fixed assets

305,643

272,179

Disposal of shares held

-

187,000

Net cash from investing activities

91,487

397,871

Cash flows from financing activities

Amount introduced by directors

1,320

1,321

Interest element of finance lease rental

-

(18,163

)

Dividend paid to non-controlling int

(38,621

)

(38,412

)

Net movement in short-term loans

(1,414,343

)

421,611

Capital element of finance lease rental

(368,984

)

(203,617

)

Net cash from financing activities

(1,820,628

)

162,740

Increase/(decrease) in cash and cash equivalents

579,487

(1,486,665

)

Cash and cash equivalents at beginning of year

2

(264,269

)

1,222,396

Cash and cash equivalents at end of year

2

315,218

(264,269

)

1.	Reconciliation of operating profit/(loss) to cash generated from operations

2025

2024

£

£

Operating profit/(loss)

83,298

(2,658,864

)

Depreciation charges

703,667

1,341,816

Profit on disposal of fixed assets

(27,500

)

(27,555

)

Amortisation charge

184,000

183,800

943,465

(1,160,803

)

Decrease/(increase) in stocks

665,788

(284,316

)

Increase in trade and other debtors

(10,108

)

(229,785

)

Increase/(decrease) in trade and other creditors

960,855

(277,761

)

Cash generated from operations

2,560,000

(1,952,665

)

2.	Cash and cash equivalents

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

Year ended 31 March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

315,218

94,584

Bank overdrafts

-

(358,853

)

315,218

(264,269

)

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

94,584

1,445,031

Bank overdrafts

(358,853

)

(222,635

)

(264,269

)

1,222,396

3.	Analysis of changes in net debt

Other

non-cash

At 1/4/24

Cash flow

changes

At 31/3/25

£

£

£

£

Net cash

Cash at bank

and in hand

94,584

220,634

315,218

Bank overdrafts

(358,853

)

358,853

-

(264,269

)

579,487

315,218

Debt

Finance leases

(945,836

)

377,985

(42,300

)

(610,151

)

Debts falling due

within 1 year

(2,784,551

)

1,414,343

-

(1,370,208

)

(3,730,387

)

1,792,328

(42,300

)

(1,980,359

)

Total

(3,994,656

)

2,371,815

(42,300

)

(1,665,141

)