Tudor Holdings (UK) Limited Company accounts

COMPANY REGISTRATION NUMBER: 08810119

Tudor Holdings (UK) Limited

Financial Statements

31 December 2024

Tudor Holdings (UK) Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Strategic report	1

Directors' report	3

Independent auditor's report to the members	5

Statement of income and retained earnings	9

Statement of financial position	10

Notes to the financial statements	11

Tudor Holdings (UK) Limited

Strategic Report

Year ended 31 December 2024

Introduction The Directors present their strategic report for the financial year ended 30 December 2024. The period has been marked by steady operations across the group, with adaptations made to address economic pressures and industry challenges. Business review During this extended financial period, the group's income from management charges has remained similar with previous years, ensuring stability amidst broader market fluctuations. Key developments throughout the year include operational stability and a focus on efficiency. Across the group's subsidiaries, steady income has been achieved, with no significant deviations in trading patterns. Furthermore, cost control has been a primary focus, ensuring that the group remains resilient despite inflationary pressures and rising operational costs. Principal risks and uncertainties The business continues to face risks categorised as financial, trading, and general. Financial risks Inflationary pressures and potential interest rate increases remain significant concerns. The group's cash flow remains sufficient to manage foreseeable changes. Furthermore, energy costs continue to pose a risk. While the fixed energy tariff reduces volatility, the elevated costs impact overall expenditure. Trading risks As Tudor Holdings (UK) Limited primarily derives income from management charges within the group, the inherent risk remains minimal but reliant on the performance of the underlying subsidiaries. General risks Post-Brexit adjustments and ongoing cost-of-living challenges continue to affect the broader market. However, the group's adaptability and diversified business model offer resilience. In addition, attracting and retaining talent remains a focus, with ongoing promotion of apprenticeships to ensure a pipeline of skilled staff. Financial key performance indicators Turnover remains stable, reflecting the group's continued focus on management income. Cost control measures have been effective in maintaining financial performance despite external pressures. Future outlook The Directors remain confident in the group's ability to navigate the challenges ahead. Key priorities include maintaining operational efficiency, probatively monitoring energy markets to secure favourable terms and continuing to support subsidiaries in their respective markets to ensure steady management income. The group is well-positioned for continued stability and growth.

This report was approved by the board of directors on 30 December 2025 and signed on behalf of the board by:

Dr A J Furneaux

Director

Registered office:

Camburgh House

27 New Dover Road

Canterbury

Kent

United Kingdom

CT1 3DN

Tudor Holdings (UK) Limited

Directors' Report

Year ended 31 December 2024

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

Directors

The directors who served the company during the year were as follows:

Mr C G Furneaux
Mr G I Furneaux
Dr A J Furneaux

Dividends

Particulars of recommended dividends are detailed in note 10 to the financial statements.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 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 judgments 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 30 December 2025 and signed on behalf of the board by:

Dr A J Furneaux

Director

Registered office:

Camburgh House

27 New Dover Road

Canterbury

Kent

United Kingdom

CT1 3DN

Tudor Holdings (UK) Limited

Independent Auditor's Report to the Members of Tudor Holdings (UK) Limited

Year ended 31 December 2024

Opinion

We have audited the financial statements of Tudor Holdings (UK) Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, statement of financial position 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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 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.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered; the nature of the industry, control environment and business performance. We also consider the results of our enquiries of management and the finance team, relating to their own identification and assessment of the risks of irregularities and possible related fraud. This includes asking questions and reviewing available documentation on their policies and procedures and performing tests of controls to evidence their effectiveness. Throughout the audit testing we are considering the incentives that may exist within the organisation for fraud. Key areas include timing of recognising income around the year end and posting of unusual journals. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We ensure we have an understanding of the relevant laws and regulations and remain alert to possible non-compliance throughout the audit. Despite proper planning and audit work in accordance with auditing standards there are inherent limitations and unavoidable risk that we may not detect some irregularities and material misstatements in the financial statements. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.

Alexander Baker BSc ACA

(Senior Statutory Auditor)

For and on behalf of

Burgess Hodgson Audit Limited

Chartered accountants & statutory auditor

Camburgh House

27 New Dover Road

Canterbury

Kent

CT1 3DN

30 December 2025

Tudor Holdings (UK) Limited

Statement of Income and Retained Earnings

Year ended 31 December 2024

	2024	2023
Note	£	£

Administrative expenses		18,042	9,710
Other operating income	4	198,000	193,500
		---------	---------
Operating profit		179,958	183,790

Loss on financial assets at fair value through profit or loss		( 1)	–
Income from shares in group undertakings	7	630,000	560,000
Interest payable and similar expenses	8	33,836	24,733
		---------	---------
Profit before taxation		776,121	719,057

Tax on profit	9	40,691	59,995
		---------	---------
Profit for the financial year and total comprehensive income		735,430	659,062
		---------	---------

Dividends paid and payable	10	( 224,779)	( 168,202)

Retained earnings at the start of the year	3,295,005	2,804,145
	------------	------------
Retained earnings at the end of the year	3,805,656	3,295,005
	------------	------------

All the activities of the company are from continuing operations.

Tudor Holdings (UK) Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Investments	11	3,838,047	3,838,048

Current assets

Debtors	12	2,604,542	2,349,298
Cash at bank and in hand		32,773	12,867
		------------	------------
		2,637,315	2,362,165

Creditors: amounts falling due within one year	13	2,668,706	2,904,208
		------------	------------
Net current liabilities		31,391	542,043
		------------	------------
Total assets less current liabilities		3,806,656	3,296,005
		------------	------------
Net assets		3,806,656	3,296,005
		------------	------------

Capital and reserves

Called up share capital	14	1,000	1,000
Profit and loss account		3,805,656	3,295,005
		------------	------------
Shareholders funds		3,806,656	3,296,005
		------------	------------

These financial statements were approved by the board of directors and authorised for issue on 30 December 2025 , and are signed on behalf of the board by:

Dr A J Furneaux

Director

Company registration number: 08810119

Tudor Holdings (UK) Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Tudor Group Holdings Limited as at 31st December 2024 which can be obtained from Camburgh House, 27 New Dover Road, Canterbury, Kent, United Kingdom, CT1 3DN. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) Disclosures in respect of share-based payments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of any part of the United Kingdom.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

4. Other operating income

	2024	2023
	£	£
Management charges receivable	198,000	193,500
	---------	---------

5. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2023: 3).

6. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the financial statements	1,600	1,600
	-------	-------

7. Income from shares in group undertakings

	2024	2023
	£	£
Income from group undertakings	630,000	560,000
	---------	---------

8. Interest payable and similar expenses

	2024	2023
	£	£
Interest on banks loans and overdrafts	33,836	24,733
	--------	--------

9. Tax on profit

Major components of tax expense

	2024	2023
	£	£

Current tax:

UK current tax expense	37,693	37,411
Adjustments in respect of prior periods	2,998	22,584
	--------	--------
Total current tax	40,691	59,995
	--------	--------
	--------	--------
Tax on profit	40,691	59,995
	--------	--------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 23.52 %).

	2024	2023
	£	£
Profit on ordinary activities before taxation	776,121	719,057
	---------	---------
Profit on ordinary activities by rate of tax	237,780	169,122
Adjustment to tax charge in respect of prior periods	2,998	22,584
Effect of expenses not deductible for tax purposes	1,163	–
Dividends from UK companies	( 201,250)	( 131,711)
	---------	---------
Tax on profit	40,691	59,995
	---------	---------

10. Dividends

	2024	2023
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	224,779	168,202
	---------	---------

11. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2024	3,838,048
Disposals	( 1)
	------------
At 31 December 2024	3,838,047
	------------
Impairment
At 1 January 2024 and 31 December 2024	–
	------------

Carrying amount
At 31 December 2024	3,838,047
	------------
At 31 December 2023	3,838,048
	------------

Subsidiaries, associates and other investments

	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
Kent Auto Panels Limited	Shorncliffe Motor Park, Ross Way, Folkestone, Kent, CT20 3UJ	Ordinary	100
Practical Holdings Limited	Practical House, 21-23 Little Broom Street, Camp Hill Birmingham, West Midlands, B12 0EU	Ordinary	100
Practical Car and Van Rental Limited	Practical House, 21/23 Little Broom Street, Camp Hill, Birmingham, B12 0EU	Ordinary	100
Practical Locations Limited	Practical House, 21-23 Little Broom Street, Camp Hill, Birmingham, West Midlands, B12 0EU	Ordinary	100
Practical Insurance Holdings Limited	Practical House, 21-23 Little Broom Street, Camp Hill Birmingham, West Midlands, B12 0EU	Ordinary	100
Practical Warranty Limited	Practical House 21-23 Little Broom Street, Camp Hill, Birmingham, West Midlands, United Kingdom, B12 0EU	Ordinary	100
Tudor Insurance Limited	PO Box 33, Dorey Court, Admiral Park, St Peter Port, Guernsey, GY1 4AT.	Ordinary	100
Pavilion Batteries Limited	Shorncliffe Motor Park, Ross Way, Folkestone, Kent, United Kingdom, CT20 3UJ	Ordinary	100
Southern Batteries Limited	Shorncliffe Motor Park, Ross Way, Folkestone, Kent, England, CT20 3UJ	Ordinary	100

12. Debtors

	2024	2023
	£	£
Amounts owed by group undertakings	2,323,042	2,332,798
Amounts owed by undertakings in which the company has a participating interest	265,000	–
Prepayments and accrued income	16,500	16,500
	------------	------------
	2,604,542	2,349,298
	------------	------------

13. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	6,240	639
Amounts owed to group undertakings	2,605,544	2,855,544
Accruals and deferred income	10,455	10,455
Corporation tax	40,409	37,411
Social security and other taxes	6,058	159
	------------	------------
	2,668,706	2,904,208
	------------	------------

14. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

15. Contingencies

The company has a contingent liability of £1,173,741 relating to cross company guarantees for security given to National Westminster Bank plc.

16. Related party transactions

Related party transactions with group companies have not been disclosed as consolidated accounts are prepared by the parent entity.

17. Controlling party

The ultimate parent and controlling party, and the parent of both the largest and smallest group for which consolidated accounts are available, is Tudor Group Holdings Limited. Both companies are registered at Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.