REGISTERED NUMBER: 05046360 (England and Wales)

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

WHEELERS CHIPPING NORTON LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

7

Statement of Financial Position

8

Statement of Changes in Equity

9

Statement of Cash Flows

10

Notes to the Statement of Cash Flows

11

Notes to the Financial Statements

12

DIRECTORS:

Mr V Oldridge

Mr S Tucker

SECRETARY:

Mrs J Tucker

REGISTERED OFFICE:

Wheelers

London Road

Chipping Norton

Oxfordshire

OX7 5AX

REGISTERED NUMBER:

05046360 (England and Wales)

AUDITORS:

Bronsens

Statutory Auditor

Hillside

Albion Street

Chipping Norton

Oxfordshire

OX7 5BH

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

REVIEW OF BUSINESS

The activities of Wheelers Chipping Norton Limited consist of vehicle sales, servicing of vehicles and associated activities.

The company's financial performance is assessed primarily by reference to turnover and gross profit. in the year ended 31 March 2025, turnover grew by 12.3% to £29,174,522 (2024: £25,970,562), along with an increase in gross profit to £2,544,554 (2024: £2,100,176). Gross profit percentage rose to 8.72% (2024: 8.09%).

At the year end, the company had net assets amounting to £4,959,206 (2024: £4,500,766).

PRINCIPAL RISKS AND UNCERTAINTIES

The key risks and uncertainties affecting the company relate to changes in economic and political environment, the digitalisation of the marketplace, technological advances and environmental consciousness of the customer. These are closely monitored by the Directors and constantly reviewed.

KEY PERFORMANCE INDICATORS

The company tracks stock turnover, customer satisfaction and sales comebacks on sales vehicles. Customer reward referral system is also in place. Sales growth rate is observed monthly. We also have loyal returning customer base for our workshop, which is reviewed regularly.

ADDITIONAL EXPLANATION

Considerable investment has been made into the business, with extensions at two of our sites. This has resulted in increased capacity for stock and two additional ramps for vehicle preparation.

ON BEHALF OF THE BOARD:

Mr V Oldridge - Director

23 December 2025

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

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 will be £ 715,761 .

DIRECTORS

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

Mr V Oldridge

Mr S Tucker

Other changes in directors holding office are as follows:

Mr N P J Tucker Deceased ceased to be a director after 31 March 2025 but prior to the date of this report.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Bronsens, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr V Oldridge - Director

23 December 2025

Opinion

We have audited the financial statements of Wheelers Chipping Norton Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 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 three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. 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. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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

Philip Burton BSc FCA (Senior Statutory Auditor)

for and on behalf of Bronsens

Statutory Auditor

Hillside

Albion Street

Chipping Norton

Oxfordshire

OX7 5BH

23 December 2025

TURNOVER

29,174,522

25,970,562

Cost of sales

26,629,968

23,870,386

GROSS PROFIT

2,544,554

2,100,176

Administrative expenses

1,343,161

1,287,038

1,201,393

813,138

Other operating income

345,696

305,834

1,547,089

1,118,972

Interest receivable and similar income

35,975

5,497

1,583,064

1,124,469

Interest payable and similar expenses

4

7,392

7,894

PROFIT BEFORE TAXATION

5

1,575,672

1,116,575

Tax on profit

6

401,471

286,621

PROFIT FOR THE FINANCIAL YEAR

1,174,201

829,954

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,174,201

829,954

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

370,422

211,667

370,422

211,667

CURRENT ASSETS

Stocks

10

4,610,184

3,690,849

Debtors

11

735,610

1,313,161

Cash at bank and in hand

490,793

377,769

5,836,587

5,381,779

CREDITORS

Amounts falling due within one year

12

1,225,124

1,010,647

NET CURRENT ASSETS

4,611,463

4,371,132

TOTAL ASSETS LESS CURRENT LIABILITIES

4,981,885

4,582,799

CREDITORS

Amounts falling due after more than one year

13

(2,237

)

(56,947

)

PROVISIONS FOR LIABILITIES

17

(20,442

)

(25,086

)

NET ASSETS

4,959,206

4,500,766

CAPITAL AND RESERVES

Called up share capital

18

600

600

Retained earnings

19

4,958,606

4,500,166

SHAREHOLDERS' FUNDS

4,959,206

4,500,766

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

Mr S Tucker - Director

Mr V Oldridge - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

600

4,199,518

4,200,118

Changes in equity

Dividends

-

(529,306

)

(529,306

)

Total comprehensive income

-

829,954

829,954

Balance at 31 March 2024

600

4,500,166

4,500,766

Changes in equity

Dividends

-

(715,761

)

(715,761

)

Total comprehensive income

-

1,174,201

1,174,201

Balance at 31 March 2025

600

4,958,606

4,959,206

Cash flows from operating activities

Cash generated from operations

1

1,239,357

577,169

Interest paid

(7,392

)

(7,894

)

Tax paid

(280,504

)

(217,481

)

Net cash from operating activities

951,461

351,794

Cash flows from investing activities

Purchase of tangible fixed assets

(217,134

)

(34,366

)

Sale of tangible fixed assets

24,695

-

Interest received

35,975

5,497

Net cash from investing activities

(156,464

)

(28,869

)

Cash flows from financing activities

New loans in year

-

200,000

Loan repayments in year

33,788

(65,442

)

Equity dividends paid

(715,761

)

(529,306

)

Net cash from financing activities

(681,973

)

(394,748

)

Increase/(decrease) in cash and cash equivalents

113,024

(71,823

)

Cash and cash equivalents at beginning of year

2

377,769

449,592

Cash and cash equivalents at end of year

2

490,793

377,769

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

31.3.25

31.3.24

£

£

Profit before taxation

1,575,672

1,116,575

Depreciation charges

35,885

39,809

Profit on disposal of fixed assets

(2,201

)

-

Finance costs

7,392

7,894

Finance income

(35,975

)

(5,497

)

1,580,773

1,158,781

Increase in stocks

(919,335

)

(189,168

)

Decrease/(increase) in trade and other debtors

577,551

(624,025

)

Increase in trade and other creditors

368

231,581

Cash generated from operations

1,239,357

577,169

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

490,793

377,769

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

377,769

449,592

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

377,769

113,024

490,793

377,769

113,024

490,793

Debt

Debts falling due within 1 year

(110,000

)

56,010

(53,990

)

Debts falling due after 1 year

(56,947

)

54,710

(2,237

)

(166,947

)

110,720

(56,227

)

Total

210,822

223,744

434,566

1.	STATUTORY INFORMATION

Wheelers Chipping Norton 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.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, has been fully amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Leasehold property

-

Over the term of the lease

Improvements to leasehold property

-

Over the term of the lease

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

Stocks

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

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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

31.3.25

31.3.24

£

£

Wages and salaries

1,098,821

1,021,113

Social security costs

140,117

142,753

Other pension costs

26,951

26,321

1,265,889

1,190,187

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

31.3.25

31.3.24

Employees and directors

37

38

31.3.25

31.3.24

£

£

Directors' remuneration

60,000

60,000

4.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.25

31.3.24

£

£

Bank loan interest

7,392

7,894

5.	PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

31.3.25

31.3.24

£

£

Hire of plant and machinery

12,121

12,151

Other operating leases

86,065

80,620

Depreciation - owned assets

35,885

39,809

Profit on disposal of fixed assets

(2,201

)

-

Auditors' remuneration

8,000

-

6.

TAXATION

Analysis of the tax charge

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

31.3.25

31.3.24

£

£

Current tax:

UK corporation tax

406,115

280,504

Deferred tax

(4,644

)

6,117

Tax on profit

401,471

286,621

7.

DIVIDENDS

31.3.25

31.3.24

£

£

Ordinary shares of £1 each

Interim

245,739

227,007

'C' Ordinary shares of £1 each

Interim

122,870

113,503

'D' Ordinary shares of £1 each

Interim

224,282

75,293

'E' Ordinary shares of £1 each

Interim

122,870

113,503

715,761

529,306

8.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

20,000

AMORTISATION

At 1 April 2024

and 31 March 2025

20,000

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

9.	TANGIBLE FIXED ASSETS

Improvements

to

Leasehold

leasehold

Plant and

property

property

machinery

£

£

£

COST

At 1 April 2024

2,256

146,420

219,410

Additions

6,514

173,913

6,026

Disposals

-

-

-

At 31 March 2025

8,770

320,333

225,436

DEPRECIATION

At 1 April 2024

1,173

36,179

148,155

Charge for year

525

12,813

19,317

Eliminated on disposal

-

-

-

At 31 March 2025

1,698

48,992

167,472

NET BOOK VALUE

At 31 March 2025

7,072

271,341

57,964

At 31 March 2024

1,083

110,241

71,255

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2024

40,529

39,990

15,698

464,303

Additions

28,905

1,000

776

217,134

Disposals

-

(39,990

)

-

(39,990

)

At 31 March 2025

69,434

1,000

16,474

641,447

DEPRECIATION

At 1 April 2024

36,433

17,496

13,200

252,636

Charge for year

1,472

250

1,508

35,885

Eliminated on disposal

-

(17,496

)

-

(17,496

)

At 31 March 2025

37,905

250

14,708

271,025

NET BOOK VALUE

At 31 March 2025

31,529

750

1,766

370,422

At 31 March 2024

4,096

22,494

2,498

211,667

10.

STOCKS

31.3.25

31.3.24

£

£

Stock cars

4,504,459

3,584,761

Stock and W.I.P

105,725

106,088

4,610,184

3,690,849