Tudor Group Holdings Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 12207346

Tudor Group Holdings Limited

Financial Statements

31 December 2024

Tudor Group Holdings Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Strategic report	1

Directors' report	3

Independent auditor's report to the members	5

Consolidated statement of comprehensive income	9

Consolidated statement of financial position	10

Company statement of financial position	11

Consolidated statement of changes in equity	12

Company statement of changes in equity	13

Consolidated statement of cash flows	14

Notes to the financial statements	15

Tudor Group Holdings Limited

Strategic Report

Year ended 31 December 2024

Introduction The Directors present their strategic report for the financial year ended December 2024. Despite a year marked by sustained inflationary pressure, tightening credit conditions, and continued volatility in the automotive and property sectors, the Group has delivered a resilient performance. Profitability has been maintained through effective cost control, improved operational efficiency, and the continued diversification of the Group's activities. Business review For Kent Auto Panels Limited (KAP) 2024 marked the first year of trading under the Omoda and Jaecoo franchises, a delayed start of July due to regulations allowed us to build the order bank. The transition has begun to yield results, with brand awareness and showroom traffic improving throughout the second half of the year. Furthermore, aftersales performance remained a cornerstone of profitability, supported by increased labour rates and strong retention of manufacturer servicing work. However, parts supply disruption and inflation in wages and utilities have constrained margins. The business continued to focus on workshop productivity, EV servicing capability, and customer retention initiatives to strengthen its long-term position. The Bodyshop also delivered its strongest performance for several years, driven by new contracts and increased work throughout, reinforcing its importance as a consistent contributor. Practical Car and Van Rental Limited (PCVR) continued to have strong fleet utilisation, supported by robust demand for short-term rentals and continued recovery in business travel. Furthermore, the franchise network continued to perform well, with targeted investment in technology and operational support helping franchisees adapt to cost pressures. Further enhancements to the Group's rental software platform (Revolution) were also completed during the year, improving efficiency and user experience, with several exciting development projects scheduled for rollout in 2025. The Tudor - Allianz insurance partnership remains central to mitigating operational and financial risk across the network. Pavilion Batteries maintained steady trade, supported by long-standing customer relationships and growth in the commercial vehicle sector. Focus remained on product innovation, particularly sustainable and recyclable battery solutions, to meet evolving market demands. During the year, new supplier relationships were established, improving both margins and access to the latest battery technologies. Tudor Insurance (Guernsey) continued to perform consistently, managing exposure within agreed parameters and providing valuable group-level risk mitigation. Furthermore, capital and underwriting discipline remain strong. Furneaux Estates Ltd oversaw the group properties ensuring that the property estate is professionally managed, maintained and fit for purpose. Principal risks and uncertainties The group faces a variety of risks across financial, trading, and operational categories Financial risk: 2024 saw sustained high interest rates, placing upward pressure on financing costs. The Group remains vigilant in managing cash flow and continues to seek refinancing opportunities to reduce exposure. Persistent inflation continues to affect labour and energy costs. Active supplier negotiation and internal efficiency initiatives remain key mitigants. Trading risk: The success of Omoda and Jaecoo remains central to KAP's future growth. Continued brand development, training, and customer confidence-building are priorities. PCVR's strength lies in its network. Ongoing communication, digital platform investment, and franchise support are essential to maintaining stability. Operational risk: Recruitment challenges persist in the automotive sector. The Group continues to invest in apprenticeships and internal training to maintain skilled labour pipelines. Despite some market stabilisation, energy costs remain above pre-pandemic levels. Fixed contracts and monitoring are in place to manage volatility. Financial key performance indicators Group turnover is a key performance indicator, with moderate growth in gross profit driven by improved aftersales margins and disciplined cost control. Cash management and debt reduction have been central priorities throughout 2024, supported by property income streams via Furneaux Estates. Future Outlook The Group enters 2025 with a cautious but confident outlook. Key objectives include driving profitability through the maturing Omoda and Jaecoo franchise network, enhancing workshop utilisation and EV capability to meet changing market needs, supporting PCVR's franchise base with improved systems and customer experience initiatives, maximising the value and return from the Group's property assets through Furneaux Estates, continuing to strengthen liquidity and manage debt exposure amid uncertain economic conditions.The Directors remain confident that the Group's diverse portfolio, prudent management, and strategic investments will support sustainable long-term 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 Group Holdings Limited

Directors' Report

Year ended 31 December 2024

The directors present their report and the financial statements of the group 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 13 to the financial statements.

Disclosure of information in the strategic report

The directors have prepared a Strategic Report in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, which includes their review of the business, risks and uncertainties and management thereof.

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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make 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 group and 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 group and 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 Group Holdings Limited

Independent Auditor's Report to the Members of Tudor Group Holdings Limited

Year ended 31 December 2024

Opinion

We have audited the financial statements of Tudor Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows 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 group's and of the parent company's affairs as at 31 December 2024 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the 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 group and the parent 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

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

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 group's 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 group's or the parent 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 group or the parent 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. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 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 Group Holdings Limited

Consolidated Statement of Comprehensive Income

Year ended 31 December 2024

		2024	2023
Note		£	£
Turnover	4	19,851,001	26,936,242

Cost of sales	( 16,214,544)	( 23,466,964)
	-------------	-------------
Gross profit	3,636,457	3,469,278

Administrative expenses		( 3,613,748)	( 3,447,769)
Other operating income	5	91,529	310,159
		------------	------------
Operating profit	6	114,238	331,668

Other interest receivable and similar income	10	45,227	60,906
Interest payable and similar expenses	11	( 189,463)	( 333,211)
		------------	------------
(Loss)/profit before taxation		( 29,998)	59,363

Tax on (loss)/profit	12	81,689	181,882
		--------	---------
Profit for the financial year and total comprehensive income		51,691	241,245
		--------	---------

All the activities of the group are from continuing operations.

Tudor Group Holdings Limited

Consolidated Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	15	13,253,839	14,118,714
Investments	16	229,406	213,690
		-------------	-------------
		13,483,245	14,332,404

Current assets

Stocks	17	3,798,284	4,066,478
Debtors	18	1,477,186	1,387,000
Cash at bank and in hand		2,842,815	3,389,563
		------------	------------
		8,118,285	8,843,041

Creditors: amounts falling due within one year	20	6,381,167	7,971,772
		------------	------------
Net current assets		1,737,118	871,269
		-------------	-------------
Total assets less current liabilities		15,220,363	15,203,673

Creditors: amounts falling due after more than one year	21	1,486,942	1,216,839

Provisions	23	681,111	760,436
		-------------	-------------
Net assets		13,052,310	13,226,398
		-------------	-------------

Capital and reserves

Called up share capital	27	10,000,000	10,000,000
Revaluation reserve	28	4,817,680	4,817,680
Other reserves, including the fair value reserve	28	( 10,000,000)	( 9,999,000)
Profit and loss account	28	8,234,630	8,407,718
		-------------	-------------
Shareholders funds		13,052,310	13,226,398
		-------------	-------------

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: 12207346

Tudor Group Holdings Limited

Company Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Investments	16	10,000,000	10,000,000
		-------------	-------------
Total assets less current liabilities		10,000,000	10,000,000
		-------------	-------------

Capital and reserves

Called up share capital	27	10,000,000	10,000,000
		-------------	-------------
Shareholders funds		10,000,000	10,000,000
		-------------	-------------

The profit for the financial year of the parent company was £Nil (2023: £Nil).

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: 12207346

Tudor Group Holdings Limited

Consolidated Statement of Changes in Equity

Year ended 31 December 2024

		Called up share capital	Revaluation reserve	Other reserves, including the fair value reserve	Profit and loss account	Total
		£	£	£	£	£
At 1 January 2023		10,000,000	4,817,680	( 9,999,000)	8,334,675	13,153,355

Profit for the year					241,245	241,245
		-------------	------------	------------	------------	-------------
Total comprehensive income for the year		–	–	–	241,245	241,245

Dividends paid and payable	13	–	–	–	( 168,202)	( 168,202)
		-------------	------------	------------	------------	-------------
Total investments by and distributions to owners		–	–	–	( 168,202)	( 168,202)

At 31 December 2023		10,000,000	4,817,680	( 9,999,000)	8,407,718	13,226,398

Profit for the year					51,691	51,691
		-------------	------------	------------	------------	-------------
Total comprehensive income for the year		–	–	–	51,691	51,691

Dividends paid and payable	13	–	–	–	( 224,779)	( 224,779)
Investments by and distributions to owners		–	–	( 1,000)	–	( 1,000)
		----	----	-------	---------	---------
Total investments by and distributions to owners		–	–	( 1,000)	( 224,779)	( 225,779)

		-------------	------------	-------------	------------	-------------
At 31 December 2024		10,000,000	4,817,680	( 10,000,000)	8,234,630	13,052,310
		-------------	------------	-------------	------------	-------------

Tudor Group Holdings Limited

Company Statement of Changes in Equity

Year ended 31 December 2024

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 January 2023	10,000,000	–	10,000,000

Profit for the year		–	–

At 31 December 2023	10,000,000	–	10,000,000

Profit for the year		–	–

	-------------	----	-------------
At 31 December 2024	10,000,000	–	10,000,000
	-------------	----	-------------

Tudor Group Holdings Limited

Consolidated Statement of Cash Flows

Year ended 31 December 2024

	2024	2023
Note	£	£

Cash flows from operating activities

Profit for the financial year	51,691	241,245

Adjustments for:
Depreciation of tangible assets	812,757	1,094,396
Amortisation of intangible assets	–	106,359
Amounts written back to investments	(16,716)	–
Other interest receivable and similar income	( 45,227)	( 60,906)
Interest payable and similar expenses	189,463	333,211
Gains on disposal of tangible assets	( 134,773)	( 342,236)
Tax on profit	( 81,689)	( 181,882)
Accrued (income)/expenses	( 291,777)	181,764

Changes in:
Stocks	268,194	1,569,683
Trade and other debtors	( 58,744)	17,632
Trade and other creditors	62,547	( 1,059,781)
Provisions	( 67,984)	14,359
	---------	------------
Cash generated from operations	687,742	1,913,844

Interest paid	( 189,463)	( 333,211)
Interest received	45,227	60,906
Tax paid	( 135,654)	( 319,055)
	---------	------------
Net cash from operating activities	407,852	1,322,484
	---------	------------

Cash flows from investing activities

Purchase of tangible assets	( 2,188,575)	( 2,203,108)
Proceeds from sale of tangible assets	2,375,466	1,830,299
Purchases of other investments	–	( 112,960)
	------------	------------
Net cash from/(used in) investing activities	186,891	( 485,769)
	------------	------------

Cash flows from financing activities

Repayments of borrowings	( 113,222)	( 110,678)
Payments of finance lease liabilities	( 2,447,242)	( 2,161,094)
Dividends paid	( 224,779)	( 168,202)
New finance leases	1,586,343	1,740,636
	------------	------------
Net cash used in financing activities	( 1,198,900)	( 699,338)
	------------	------------

Net (decrease)/increase in cash and cash equivalents		( 604,157)	137,377
Cash and cash equivalents at beginning of year		2,318,020	2,180,643
		------------	------------
Cash and cash equivalents at end of year	19	1,713,863	2,318,020
		------------	------------

Tudor Group Holdings 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. The principle activities of the Group are vehicle sales and servicing, vehicle hire and vehicle insurance.

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 parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: (a) No cash flow statement has been presented for the company.

Consolidation

The financial statements consolidate the financial statements of the Group and all of its subsidiary undertakings. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income. Under the merger accounting method, any difference between the carrying value of the investments in the accounts of the parent company and the nominal value of the shares acquired in the business reconstruction is recognised in a merger reserve.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements and estimates 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 items in the financial statements where these judgments and estimates have been made are set out below: Key sources of estimation uncertainty i. Stock provision Stock is measured at the lower of cost and net realisable value. The financial statements include a provision for goods held that may be sold below cost or disposed of, due to perishability or changing demand conditions. When calculating this provision, management considers sales forecasts, stocks held and past experience. ii. Useful economic life of tangible assets The annual depreciation charge depends on the estimated useful economic lives of the assets in question. These are re-assessed annually and amended where necessary to reflect current best estimates. iii. Warranty provision Provisions are initially measured at the best estimate of the amount required to settle to obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle to obligation.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for motor vehicles supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of motor vehicles is recognised when the significant risks and rewards of ownership of the motor vehicles have transferred to the buyer, usually on despatch of the motor vehicle, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services, including vehicle servicing, vehicle hire and vehicle insurance, is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	10% - 20% straight line
Fixtures and fittings	-	10% - 33% straight line
Motor vehicles	-	25% reducing balance and at varying rates straight line
Equipment	-	20% straight line

The entity elects, under FRS 102 Section 17 Property, Plant and Equipment, not to depreciate its freehold properties. This accounting policy applies to all freehold properties held unless stated otherwise. The entity has assessed that the useful life of its freehold property is indefinite. The buildings situated on the freehold land are considered to have extremely long and indeterminable useful lives due to its use within the business, are maintained to current standards and in the view of the directors have not suffered any impairment. Consequently, annual depreciation is not considered appropriate.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Investments

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

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Vehicle sales and servicing	14,683,185	21,314,175
Vehicle hire	2,494,338	2,887,039
Insurance commissions	2,459,759	2,735,028
Rental income	213,719	–
	-------------	-------------
	19,851,001	26,936,242
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

5. Other operating income

	2024	2023
	£	£
Other operating income	91,529	310,159
	--------	---------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2024	2023
	£	£
Amortisation of intangible assets	–	106,359
Depreciation of tangible assets	812,757	1,094,396
Gains on disposal of tangible assets	( 134,773)	( 342,236)
Impairment of trade debtors	(25,411)	71,016
	---------	------------

7. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the financial statements	41,925	43,503
	--------	--------

Fees payable to the company's auditor and its associates for other services:

Taxation compliance services	2,500	–
Other non-audit services	18,375	–
	--------	--------
	20,875	–
	--------	--------

8. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Production staff	47	53
Administrative staff	42	31
Management staff	5	7
Selling staff	3	5
	----	----
	97	96
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	3,084,185	3,045,123
Social security costs	326,164	296,833
Other pension costs	62,059	61,042
	------------	------------
	3,472,408	3,402,998
	------------	------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	120,976	153,634
Company contributions to defined contribution pension plans	–	27
	---------	---------
	120,976	153,661
	---------	---------

The number of directors who accrued benefits under company pension plans was as follows:

	2024	2023
	No.	No.
Defined contribution plans	–	1
	----	----

10. Other interest receivable and similar income

	2024	2023
	£	£
Interest on loans and receivables	–	30,948
Interest on cash and cash equivalents	45,227	29,958
	--------	--------
	45,227	60,906
	--------	--------

11. Interest payable and similar expenses

	2024	2023
	£	£
Interest on banks loans and overdrafts	112,806	138,964
Interest on obligations under finance leases and hire purchase contracts	75,944	194,247
Other interest payable and similar charges	713	–
	---------	---------
	189,463	333,211
	---------	---------

12. Tax on profit

Major components of tax income

	2024	2023
	£	£

Current tax:

UK current tax income	( 206)	129,478
Adjustments in respect of prior periods	( 70,142)	22,584
	--------	---------
Total current tax	( 70,348)	152,062
	--------	---------

Deferred tax:

Origination and reversal of timing differences	( 11,341)	( 333,944)
	--------	---------
Tax on profit	( 81,689)	( 181,882)
	--------	---------

Reconciliation of tax income

The tax assessed on the (loss)/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: 23.29 %).

	2024	2023
	£	£
(Loss)/profit on ordinary activities before taxation	( 29,998)	59,363
	--------	--------
(Loss)/profit on ordinary activities by rate of tax	( 7,500)	38,750
Adjustment to tax charge in respect of prior periods	( 70,142)	22,584
Effect of expenses not deductible for tax purposes	( 50,361)	2,876
Effect of capital allowances and depreciation	22,568	276,185
Effect of revenue exempt from tax	( 21,652)	–
Other differences leading to an increase (decrease) in the tax charge	( 12,817)	( 333,944)
Short term timing differences leading to an increase (decrease) in taxation	58,215	( 145,143)
Other timing differences leading to an increase (decrease) in taxation	–	(43,190)
	--------	---------
Tax on profit	( 81,689)	( 181,882)
	--------	---------

13. 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
	---------	---------

14. Intangible assets

Group	Goodwill
	£
Cost
At 1 January 2024 and 31 December 2024	1,063,581
	------------
Amortisation
At 1 January 2024 and 31 December 2024	1,063,581
	------------
Carrying amount
At 1 January 2024 and 31 December 2024	–
	------------
At 31 December 2023	–
	------------

The company has no intangible assets.

15. Tangible assets

Group	Freehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Investment property	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2024	6,277,404	1,186,717	1,091,070	4,874,598	3,630,000	17,059,789
Additions	–	44,535	52,386	2,091,654	–	2,188,575
Disposals	–	–	( 122,719)	( 3,360,613)	–	( 3,483,332)
Transfers	( 1,947,020)	–	–	–	1,947,020	–
	------------	------------	------------	------------	------------	-------------
At 31 Dec 2024	4,330,384	1,231,252	1,020,737	3,605,639	5,577,020	15,765,032
	------------	------------	------------	------------	------------	-------------
Depreciation
At 1 Jan 2024	–	861,964	708,717	1,370,394	–	2,941,075
Charge for the year	–	69,659	83,697	659,401	–	812,757
Disposals	–	–	( 266)	( 1,242,373)	–	( 1,242,639)
	------------	------------	------------	------------	------------	-------------
At 31 Dec 2024	–	931,623	792,148	787,422	–	2,511,193
	------------	------------	------------	------------	------------	-------------
Carrying amount
At 31 Dec 2024	4,330,384	299,629	228,589	2,818,217	5,577,020	13,253,839
	------------	------------	------------	------------	------------	-------------
At 31 Dec 2023	6,277,404	324,753	382,353	3,504,204	3,630,000	14,118,714
	------------	------------	------------	------------	------------	-------------

The company has no tangible assets.

The 2022 valuations were made by the directors, on an open market value. If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

	2024	2023
	£	£
Historic cost	1,745,013	1,403,894

The net book value of assets held under finance leases or hire purchase contracts, included in the table above, are as follows:

	2024	2023
	£	£
Motor vehicles	2,860,320	3,326,106

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Group	Motor vehicles
	£
At 31 December 2024	1,295,459
	------------
At 31 December 2023	–
	------------

16. Investments

Group	Shares in group undertakings	Other investments other than loans	Total
	£	£	£
Cost
At 1 January 2024	1,000	212,690	213,690
Disposals	( 1,000)	–	( 1,000)
Revaluations	–	18,138	18,138
Other movements	–	( 1,422)	( 1,422)
	-------	---------	---------
At 31 December 2024	–	229,406	229,406
	-------	---------	---------
Impairment
At 1 January 2024 and 31 December 2024	–	–	–
	-------	---------	---------

Carrying amount
At 31 December 2024	–	229,406	229,406
	-------	---------	---------
At 31 December 2023	1,000	212,690	213,690
	-------	---------	---------

Company	Shares in group undertakings
	£
Cost
At 1 January 2024 and 31 December 2024	10,000,000
	-------------
Impairment
At 1 January 2024 and 31 December 2024	–
	-------------

Carrying amount
At 1 January 2024 and 31 December 2024	10,000,000
	-------------
At 31 December 2023	10,000,000
	-------------

Subsidiaries, associates and other investments

Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Tudor Holdings (UK) Limited: Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN	Ordinary	100
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, 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, B12 0EU	Ordinary	100
Practical Insurance Holdings Limited: Practical House, 21-23 Little Broom Street, Camp Hill, Birmingham, B12 0EU	Ordinary	100
Practical Warranty Limited: Practical House, 21-23 Little Broom Street, Camp Hill, Birmingham, B12 0EU	Ordinary	100
Tudor Insurance Limited: PO Box 33, Dorey Court, Admiral Park, St Peter Port, Guernsey, GY1 4AT	Ordinary	100

Southern Batteries Limited: Shorncliffe Motor Park, Ross Way, Folkestone, Kent, CT20 3UJ	Ordinary	100
Pavilion Batteries Limited: Shorncliffe Motor Park, Ross Way, Folkestone, Kent, CT20 3UJ	Ordinary	100
Furneaux Estates Ltd: Shorncliffe Motor Park, Ross Way, Folkestone, Kent, CT20 3UJ	Ordinary	100

17. Stocks

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Car and parts stock	3,798,284	4,066,478	–	–
	------------	------------	----	----

The difference between purchase price or production cost of stocks and their replacement cost is not material.

18. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade debtors	896,473	840,287	–	–
Prepayments and accrued income	309,820	288,298	–	–
Other debtors	270,893	258,415	–	–
	------------	------------	----	----
	1,477,186	1,387,000	–	–
	------------	------------	----	----

19. Cash and cash equivalents

Cash and cash equivalents comprise the following:

	2024	2023
	£	£
Cash at bank and in hand	2,842,815	3,389,563
Bank overdrafts	( 1,128,952)	( 1,071,543)
	------------	------------
	1,713,863	2,318,020
	------------	------------

20. Creditors: amounts falling due within one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Bank loans and overdrafts	1,254,525	1,187,804	–	–
Trade creditors	3,316,252	2,986,150	–	–
Accruals and deferred income	707,783	968,118	–	–
Corporation tax	23,173	229,175	–	–
Social security and other taxes	289,403	500,859	–	–
Obligations under finance leases and hire purchase contracts	602,684	1,858,821	–	–
Director loan accounts	2,601	–	–	–
Other creditors	184,746	240,845	–	–
	------------	------------	----	----
	6,381,167	7,971,772	–	–
	------------	------------	----	----

21. Creditors: amounts falling due after more than one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Bank loans and overdrafts	1,048,167	1,173,302	–	–
Obligations under finance leases and hire purchase contracts	438,775	43,537	–	–
	------------	------------	----	----
	1,486,942	1,216,839	–	–
	------------	------------	----	----

Bank borrowings are secured by debentures and fixed and floating charges over the various companies assets, plus cross guarantees between the group companies. The hire purchase liabilities are secured against the motor vehicles to which they relate and by fixed and floating charges held by various finance companies over the assets of Practical Car and Van Rental Limited. Charges are also held by various finance companies over the value of the sub-hire agreements entered into by Practical Car and Van Rental Limited.

22. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Not later than 1 year	602,684	1,858,821	–	–
Later than 1 year and not later than 5 years	438,775	43,537	–	–
	------------	------------	----	----
	1,041,459	1,902,358	–	–
	------------	------------	----	----

23. Provisions

Group	Warranties	Deferred tax (note 24)	Technical insurance provisions	Total
	£	£	£	£
At 1 January 2024	140,056	577,663	42,717	760,436
Additions	101,203	645,353	21,856	768,412
Charge against provision	( 68,001)	( 656,694)	–	( 724,695)
Unused amounts reversed	( 123,042)	–	–	( 123,042)
	---------	---------	--------	---------
At 31 December 2024	50,216	566,322	64,573	681,111
	---------	---------	--------	---------

The company does not have any provisions.

Kent Auto Panels Limited offers its customers company backed warranties on their car sales. The anticipated costs of providing each warranty are recorded and costs relating to each warranty recorded against this provision. When the warranty expires the company takes any profit or loss on the warranty to the Statement of Comprehensive Income. Kent Auto Panels Limited offers its used car customers free or reduced MOTs and makes a provision for the anticipated future costs of this offer based on the cost of an MOT and the number of cars entitled to receive this offer. Tudor Insurance Limited offers motor vehicle insurance to its customers, and the technical insurance provision represents the estimated cost for both reported claims yet to be settled and those claims which have been incurred but not yet reported.

24. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Included in provisions (note 23)	566,322	577,663	–	–
	---------	---------	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Accelerated capital allowances	58,368	( 11,076)	–	–
Revaluation of tangible assets	556,527	556,527	–	–
Revaluation of intangible assets	12,554	–	–	–
Unused tax losses	( 61,127)	–	–	–
Provisions	–	32,212	–	–
	---------	---------	----	----
	566,322	577,663	–	–
	---------	---------	----	----

25. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 62,059 (2023: £ 61,042 ).

26. Financial instruments

The carrying amount for each category of financial instrument is as follows:

Financial assets measured at fair value through profit or loss

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Financial assets measured at fair value through profit or loss	5,577,020	3,630,000	–	–
	------------	------------	----	----

Financial assets that are debt instruments measured at amortised cost

	Group
	2024	2023
	£	£
Financial assets that are debt instruments measured at amortised cost	4,320,001	4,488,265
	------------	------------

Financial liabilities measured at amortised cost

	Group
	2024	2023
	£	£
Financial liabilities that are debt instruments measured at amortised cost	(7,868,109)	(9,188,611)
	------------	------------

Financial assets measured at fair value through profit or loss are comprised of investment property. Financial assets that are debt instruments measured at amortised cost comprise trade debtors, other debtors and cash. Financial liabilities measured at amortised cost comprise trade creditors, other creditors, bank loans, other loans and hire purchase liabilities.

27. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	10,000,000	10,000,000	10,000,000	10,000,000
	-------------	-------------	-------------	-------------

28. Reserves

Revaluation reserve The revaluation reserve represents all current and historic revaluations to Freehold Property and Investment Property, less deferred tax thereon. Other reserve The other reserve relates to a merger reserve that houses differences between the carrying value of the investments in the accounts of the parent company and the nominal value of the shares acquired in business reconstructions. Profit and loss account The profit and loss account represents accumulated historic profits and losses available for distribution.

29. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	3,389,563	(546,748)	2,842,815
Bank overdrafts	(1,071,543)	(57,409)	(1,128,952)
Debt due within one year	(1,975,082)	1,244,224	(730,858)
Debt due after one year	(1,216,839)	(270,103)	(1,486,942)
	------------	------------	------------
	( 873,901)	369,964	( 503,937)
	------------	------------	------------

Tudor Group Holdings Limited

Notes to the Financial Statements (continued)

Year ended 31 December 2024

30. Contingencies

Prior to 2021, the Company operated as an agent on behalf of various finance companies, facilitating some customer finance arrangements for the purchase of its products under discretionary commission agreements. In January 2024, following a number of decisions by the Financial Ombudsman, the Financial Conduct Authority (FCA) initiated a review of motor finance commission arrangements and sales practices across multiple finance companies. The FCA has indicated that, were it to find that there had been widespread misconduct, and that consumers have been disadvantaged in some way as a result, it will consult with the lenders on a potential redress scheme. During October 2024, in a court action against certain finance companies, the Court of Appeal set a higher bar for the disclosure of, and consent to, the existence, nature, and quantum of any commission paid than that required by current FCA rules, or regulatory requirements in force at the time of the case in question. This extends beyond the FCA's initial review of discretionary commission arrangements and includes all arrangements. The finance companies involved in the cases have been granted leave to appeal the decision to the Supreme Court, with the hearing scheduled for early April 2025. The FCA has paused the standard complaint handling timelines on all commission complaints until May 2026, but has indicated that it aims to provide further update on its investigation into the discretionary arrangements in May 2026. The Directors consider that the Company's practices were compliant with the applicable regulations at the time, inherent uncertainties remain regarding the review's outcome. These include the potential nature, scope, and timing of any required compensation arrangements, as well as responsibility for such measures. Consequently, it is not currently practicable to estimate the timing or extent of any potential financial impact on the Group.

31. Related party transactions

Group

The group has taken advantage of exemption, under the terms of FRS102 Section 33.1A, not to disclose related party transactions with companies within the Tudor Group Holdings Group. Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. During the year, the group purchased goods amounting to £nil (2022: £45,189) from a director.

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the group was £ 93,274 (2023: £ 77,466 ).

Company

At the year end the company owed a Director £2,601 (2023: Nil).

32. Controlling party

No one individual controls the company by virtue of their shareholding.