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

The period covering 2024 and 2025 has been one of significant transition and strategic repositioning for Ducati Manchester and the wider group. Against a backdrop of challenging market conditions across the motorcycle retail sector, the business has taken decisive and, at times, difficult actions to ensure long-term sustainability, profitability, and growth.

These actions have materially strengthened the business, improved cash flow, reduced risk, and positioned the group to take advantage of future opportunities as the market stabilises and Ducati enters a landmark period in its history.

During 2024, the primary strategic objective was consolidation.

Key actions taken included:

   •   A deliberate reduction in overall stock holding, with a strong focus on eliminating overage and slow-moving inventory.

   •   A rationalisation of staffing levels and overheads to align the cost base with prevailing market demand.

   •   Tight control of stock age, ensuring capital was not tied up unnecessarily.

   •   A fundamental shift in trading focus towards used motorcycles, recognising stronger margins, faster stock turn, and lower risk compared to new bike volume dependence.

These measures were essential in stabilising the business and protecting cash during a period of market softness and rising operating costs.

Market Conditions and Outlook

The wider motorcycle market remains challenging, with continued pressure on new bike volumes, finance penetration, and consumer confidence. However, Ducati Manchester is now well positioned:

• A leaner cost base

• Strong used bike performance

• Improved stock management

• Better cash control

• A proven multi-​site operating structure

Looking forward to 2026, confidence is further underpinned by:

• Ducati’s 100-​year anniversary, bringing strong brand momentum.

• The launch of multiple limited-​edition halo models alongside new volume-​selling motorcycles.

• A pipeline of products well aligned with current consumer demand.

I am confident that 2026 will represent a step-​change year for the group, with improved profitability and sustainable growth.

In 2025, the benefits of the 2024 consolidation became clear, and the group entered the year in a significantly stronger operational and financial position.

During the year:

   •   David Paterson joined the business as a shareholder, bringing additional support at a key point in the company’s evolution. Due to personal circumstances, this arrangement later concluded, and I subsequently bought David out. The business continues under sole ownership with a clear and unified strategic direction.

   •   A strategic decision was made to sell Ducati Stoke and reacquire Ducati Worcester. This was a considered move to optimise the group’s geographic footprint and capital deployment.

   •   Ducati Worcester has since significantly overachieved, exceeding expectations and validating the decision to bring the site back into the group.

   •   The continued focus on used bikes, combined with a conscious decision to move away from bike trading activity, has delivered substantial performance improvements across all sites.

   •   Further senior management changes were made to strengthen accountability and performance, all of which are now delivering positive outcomes.

As a result, all sites have overachieved relative to 2024 performance, despite ongoing market headwinds.

People remain central to the group’s success.

   •   Andrew Duthie, a long-standing and highly valued member of the team, was promoted to Group Operations Manager. Andrew now plays a critical role in driving operational consistency, performance, and process improvement across all locations.

   •   We are increasingly working collaboratively with our sister companies, G52 and M32, enabling shared expertise, efficiencies, and scale benefits across the wider group.

Property and Future Operating Model

Looking ahead, a major strategic development is planned for 2026:

   •   The relocation of our flagship Ducati Manchester operation into our Harley-Davidson Manchester facility, allowing two franchises to operate from a single building.

   •   This move will materially reduce overhead duplication, improve utilisation of space and staff, and significantly enhance overall profitability.

   •   The combined-site model provides greater resilience and flexibility in an evolving retail environment.

Conclusion

The last two years have required decisive leadership and difficult decisions. These actions have created a stronger, more resilient business that is now well positioned to capitalise on future opportunities.

I would like to thank our staff, partners, and stakeholders for their continued commitment and support as we move forward into the next phase of the Ducati Manchester journey.

On behalf of the board

The directors presents their annual report and financial statements for the year ended 31 December 2024.

The principal activity of the company continued to be that of a motorcycle dealership.

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

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

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

In accordance with the company's articles, a resolution proposing that MMBA Accountants Limited be reappointed as auditor of the company will be put at a General Meeting.

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

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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. He is 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.

In accordance with section 414C(11) of the Companies Act 2006, the company has included in the strategic report the information otherwise required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors’ report. This relates to the company’s principal risks and uncertainties, financial risk management objectives and policies, and future developments.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

We have audited the financial statements of Ducati Manchester Limited (the 'company') for the year ended 31 December 2024, which comprise the profit and loss account, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 We have nothing to report in this regard.

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' report 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.

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 directors' report.

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

• adequate accounting records have not been kept, 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.

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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:

• The Senior Statutory Auditor ensured that the audit engagement team collectively possessed the appropriate competence, capabilities, and skills to identify or recognise instances of non-compliance with applicable laws and regulations.

• We made enquiries of management regarding areas where they believed there might be a susceptibility to fraud, as well as their knowledge of any actual, suspected, or alleged fraud.

• Through discussions with the directors and senior management during the planning phase, we identified the laws and regulations that could reasonably be expected to have a material effect on the financial statements of the company.

• The audit team conducted a risk assessment discussion to identify specific areas considered susceptible to material misstatement, particularly in relation to fraud or non-compliance with laws and regulations.

• Our audit procedures were focused on those laws and regulations we deemed to have a direct and material impact on the financial statements or the company’s operations, including the Companies Act 2006 and relevant taxation legislation.

We assessed the company’s compliance with the relevant laws and regulations identified above through the following procedures:

• making enquiries of management regarding any known or suspected instances of non-compliance;

• reviewing legal expenditure and examining correspondence during the period for indications of potential litigation or claims; and

• evaluating the internal control environment, particularly those controls designed to mitigate the risks of fraud and non-compliance with applicable laws and regulations.

To address the risk of fraud arising from management bias and override of controls, we undertook the following procedures:

• assessed the susceptibility of the company to management override of controls by evaluating the design and implementation of key controls and by making enquiries with individuals involved in the financial reporting process;

• performed analytical procedures to identify large, unusual, or unexpected transactions and investigated significant variances from the prior period;

• reviewed journal entries to identify any unusual or non-recurring transactions;

• evaluated the appropriateness of accounting estimates and assessed whether management’s judgements indicated any potential bias; and

• conducted substantive testing to verify the occurrence and proper cut-off of expenditure.

In response to the risk of irregularities and non-compliance with laws and regulations, our audit procedures included:

• agreeing financial statement disclosures to the underlying supporting documentation;

• making enquiries of management regarding actual or potential litigation and claims; and

• reviewing correspondence with HMRC and the company’s legal advisers.

It is important to note that, due to the inherent limitations of an audit, there is a risk that not all irregularities, including those that may result in a material misstatement of the financial statements or non-compliance with regulations, will be detected. This risk increases for non-compliance with laws or regulations that are not closely related to the financial reporting process, as such instances are inherently less likely to come to the auditor’s attention. Furthermore, the risk is heightened in cases of fraud, which may involve deliberate concealment, collusion, forgery, omission, or misrepresentation.

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.

Other matters

We draw attention to the fact that the financial statements of Ducati Manchester Limited for the year ended 31 December 2023 were audited by another auditor who expressed an unmodified opinion on those financial statements on 30 May 2025.

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.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Ducati Manchester Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ducati Manchester, Dalton House, Washway Road, Sale, Cheshire, M33 7AJ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 33 ‘Related Party Disclosures’: Disclosure of compensation for key management personnel.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Ducati Manchester Limited is a subsidiary of Amirou Holdings Limited and the results of Ducati Manchester Limited are included in the consolidated financial statements of Amirou Holdings Limited which are available from Companies House, Cardiff.

The company reported a loss for the year ended 31 December 2024 and experienced difficult trading condition in the subsequent year. The company is working within available funding facilities, ttruehe director has at the time of approving the financial statements, every expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus he continue to adopt the going concern basis of accounting in preparing the financial statements.

At the time of approving the financial statements the company has received confirmation of support from its ultimate parent company Amirou Holdings Limited.

Turnover is measured at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes. Income is recognised at the point at which the customer takes delivery of the motorcycle, at the point of purchase in relation to associated parts and clothing, or upon completion of any servicing work.

Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

Tangible fixed assets are initially measured at cost and subsequently measured either at cost, net of depreciation and any impairment losses, or at revalued amounts, as described below.

Furniture and fittings and plant and machinery are measured using the revaluation model while all other classes of assets are measured at cost.

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

Freehold land and buildings: 2% per annum

Leasehold improvements: 2% per annum

Plant and machinery: 15%–25% per annum

Furniture and fittings: 20% per annum

Motor vehicles: 20% per annum

The gain or loss arising on the disposal of a tangible fixed asset is determined as the difference between the sale proceeds and the carrying value of the asset and is credited or charged to profit or loss.

Property, plant and equipment are initially recognised at cost. Subsequent to initial recognition, certain classes of tangible fixed assets are carried at revalued amounts, being their fair value at the date of revaluation less subsequent accumulated depreciation and any accumulated impairment losses. Revaluations are performed with sufficient regularity to ensure that the carrying amount does not differ materially from fair value at the reporting date.

Any revaluation surplus is recognised in other comprehensive income and accumulated in equity within the revaluation reserve, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A revaluation deficit is recognised in profit or loss, except where it reverses a previous revaluation surplus for the same asset, in which case it is recognised in other comprehensive income.

Depreciation is calculated on the revalued amount over the remaining useful life of the asset. The reversal of accumulated depreciation during a revaluation is an internal adjustment and does not affect the profit and loss account.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period 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.

Stocks are stated at the lower of cost and net realisable value after making due allowances for demonstration units or slow moving clothing stocks. Stock is measured using the first in first out method of accounting.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

All of the company's financial assets are basic financial instruments.

Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised initially at transaction price.

All of the company's financial liabilities are basic financial instruments.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing 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 profit and loss account, 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.

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 stock or fixed 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.

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

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Management review the carrying value of any bike and component stock and compare this to their estimated net realisable value. Any impairment in the carrying value of the related units is then processed.

All of the company's turnover relates to it's principal activity and is generated in the United Kingdom only.

Exceptional income relates to the profits on disposal of the Worcester branch and consists of £220,000 profit on disposal of intangible assets and £65,934 profit on disposal of the tangible fixed assets associated with that location.

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

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023: 1).

The reconciliation of the expected tax credit at the standard rate to the actual tax charge is set out below:

Factors affecting tax for the year

The standard rate of UK corporation tax for the year was 25%. The actual tax charge for the year differs significantly from the amount expected at the standard rate, primarily due to non-taxable income and other reconciling items. In the prior year, the effective tax charge was also lower than the standard rate of 23.52%.

Deferred tax

No deferred tax has been recognised in respect of gross temporary differences arising from tax losses amounting to £191,259.As there is uncertainty regarding the availability of future taxable profits against which these losses can be utilised.

In May 2023 the company disposed of the trade and assets belonging to its Worcester dealership to a third party. The disposal was effected in order to better concentrate management time on the company's core locations at Manchester, Preston and Stoke.

A profit of £285,934 arose on disposal, being the proceeds of the sale, less the carrying amount of business fixed assets, trading stock and deposits already received for future bike sales. The daily trade of that location has also been separately disclosed as discontinued operations within the statement of income and retained earnings.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

During the year, the Company revised the depreciation rate for motor vehicles from 33% per annum to 20% per annum. This change reflects management’s reassessment of the useful lives of these assets to better represent the expected pattern of consumption of economic benefits. The change has been applied prospectively, and therefore, prior period financial statements have not been restated.

During the year, the Company adopted the revaluation model for plant and machinery and fixtures and fittings for the first time. The revaluation was carried out as at 12 December 2025.

The revaluation was performed by Malcolm Associates Ltd, Property Consultants, an independent valuer. Fair value was determined using market-based valuation techniques, having regard to the condition and remaining useful lives of the assets.

The assets revalued comprise all plant and machinery and all fixtures and fittings owned by the Company at the valuation date. The revaluation resulted in a revaluation surplus of £1,419,216, which has been recognised in other comprehensive income and accumulated in equity within the revaluation reserve. Accumulated depreciation was eliminated against the gross carrying amount.

Had the revaluation model not been adopted, the carrying amount of plant and machinery and fixtures and fittings under the cost model at the reporting date would have been £32,485

These financial statements are separate company financial statements for Ducati Manchester Limited.

Details of the company's subsidiaries at 31 December 2024 are as follows:

Registered office addresses (all UK):

Bank loans are secured over the company's freehold land and buildings. Obligations under finance leases are secured over the assets to which they relate. Balances totalling £1,979,118 (2023: £2,430,131) included in trade creditors are secured over the stock balances to which they relate.

Bank loans and overdrafts are secured over the company's freehold land and buildings. Obligations under finance leases are secured over the assets to which they relate.

On 02 December 2021, the company entered into a loan agreement with IWOCA to borrow £100,000. The loan is repayable in monthly instalments over 5 years from the drawdown date. The rate of interest on the loan is 13.7% over base rate. The loan is secured over all the property and undertakings of the company.

On 08 December 2023, the company entered into a loan agreement with Funding Circle to borrow £217,000. The loan is repayable in monthly instalments over 4 years from the drawdown date. The rate of interest on the loan is 13.4% over base rate. The loan is secured over all the property and undertakings of the company.

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3-5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

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.

There are no balance sheet obligations outstanding at the year end.

Operating lease payments represent rentals payable by the company for its properties and certain items of equipment.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

In January 2025 Mr David Paterson became the ultimate controlling party. Subsequently, David Paterson resigned and Mr Christopher Booth became the ultimate controlling party in September 2025.

In April 2025, the company repurchased the trade and assets of its former Worcester based dealership, from the Joint Administrators of Completely Motoring Limited, for a consideration of £8,000.

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

The following amounts were outstanding at the reporting end date:

Transactions with key management personnel relate to a directors loan account held by Mr Christopher Booth, which remained in credit throughout the year. (At the end of the year Mr Christopher Booth was owed £71,841 (2023: £22,326) from Ducati Manchester Limited.)

At the end of the year Amirou Holdings Limited, the parent company, owed £630,820 (2023: £581,890) to Ducati Manchester Limited. The amounts outstanding relate to deferred consideration being paid by Ducati Manchester Limited on behalf of Amirou Holdings Limited.

At the end of the year G52 Limited, a subsidiary, owed £162,235 (2023: £68,816 was owed to G52 Limited) to Ducati Manchester Limited. The amounts outstanding relate to recharges from Ducati Manchester Limited to G52.

At the end of the year M32 Limited, a company with common control, owed £34,387 (2023: £nil) to Ducati Manchester Limited. The amounts outstanding relate to recharges from Ducati Manchester Limited to M32.

At the end of the year DMGOC Limited, a subsidiary, was owed £100 (2023: £nil) from Ducati Manchester Limited. The amount outstanding relates to unpaid share capital.

Amounts owed to key management personnel relate to a director loan account. The loan is interest free, unsecured and repayable on demand, and is offset with a trade debtor balance.

The immediate and ultimate parent entity is Amirou Holdings Limited, a company incorporated in England and Wales. The registered office of Amirou Holdings is Richard House, 9 Winckley Square, Preston, PR1 3HP.

The group headed by Amirou Holdings Limited is the only one to which Ducati Manchester Limited belongs where consolidated accounts are prepared. Copies of the group accounts can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

At the balance sheet date, the company was ultimately controlled by Mr Christopher David Booth. On January 2025 Mr David Paterson became the ultimate controlling party. Subsequently, Mr David Paterson resigned and Mr Christopher David Booth became the ultimate controlling party in September 2025.