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Registered number:
FOR THE YEAR ENDED 31 AUGUST 2025
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ADRIA CONCESSIONAIRES LIMITED
COMPANY INFORMATION
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ADRIA CONCESSIONAIRES LIMITED
CONTENTS
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ADRIA CONCESSIONAIRES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
This is a balanced and comprehensive review of the performance of our business during the year and its position at the year-end consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face.
Adria Concessionaires Limited is a subsidiary of Adria Mobil d.o.o., a company incorporated in Slovenia.
The principal activity of Adria Concessionaires Limited (“Adria”) is the import and distribution of touring caravans, motorhomes and spare parts. The directors are not aware, at the date of this report, of any likely changes in the company’s activities in the coming year.
As production returned to pre-supply chain challenge norms of N plus 4 months from point of order to supply in financial year 2024, there were no carryover orders from financial year 2024 to financial year 2025 (as there had been from financial year 2023 to financial year 2024). This accounts for the reduction in turnover from financial year 2024 to financial year 2025. New order intake in financial year 2025 increased from financial year 2024 by 17%. This reflects the continued strong demand for Adria leisure vehicles. Looking forward to the 2026 financial year, Adria is well positioned to maintain and grow its market share within the UK and there is continued strong demand from the Adria dealer network and retail customers. Results and dividends The positive trading conditions during the year have led to a profit before tax of £6,322,326 (2024: £14,056,043). During the year dividends totaling £10,513,707 were paid in respect of the 2024 results. No dividends have been declared at the date of this report in respect of the 2025 results, however it is anticipated that a dividend will be paid to the company’s parent early in the current year. The company has net assets of £6,872,057 (2024: £12,613,973) and net current assets of £6,825,846 (2024: £12,587,678).
Competitor risk – The UK market is very competitive and there is a risk that competitors will gain market share. Adria continues to maintain strong relationships with its dealer network and promotes the brand by attending trade shows and supporting dealers at a local level to ensure that the Adria brand is visible to consumers.
Commercial relationships – Adria benefits from professional commercial relationships with dealers and service centres across the UK. Damage or loss to any of these relationships could have a direct and detrimental effect on the financial results. To manage this risk Adria have dedicated account managers who maintain close relations with each dealer enabling any issues to be dealt with swiftly. Foreign exchange – Adria purchases all of its products from its parent company in Slovenia and as such is subject to the risks associated with volatile exchange rates. Adria’s parent mitigates this risk by setting a fixed sale price and issuing invoices in sterling for each caravan or motorhome.
The key performance indicators are turnover and gross margin.
Turnover has decreased to £76,937,111 from £109,810,786 in 2024. Gross margin has decreased during the year from 16.34% in 2024 to 13.46%. Gross profit has decreased to £10,357,805 from £17,944,728 in 2024.
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ADRIA CONCESSIONAIRES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
Engaging with stakeholders
The success of our business is dependent on the support of all our stakeholders. Building positive relationships with stakeholders that share our values is important to us and working together towards shared goals assists us in delivering long-term sustainable success. The company is part of a wider group all of which have extensive engagement with their own unique as well as other businesses in the group. The governance framework delegates authority for local decision making at business unit level up to defined levels of cost and impact which allows the individual businesses to take account of the needs of their own stakeholders in their decision making. The leadership teams of each business make decisions with a long-term view with the highest standards of conduct in line with group policies. In order to fulfil their duties, the directors of each business and the group as a whole take care to have regard to the likely consequences on all stakeholders of the decisions and actions they take. Reports are made regularly to the company’s parent about the strategy, performance and key decisions taken which provides assurance that proper consideration is given to stakeholder interests in decision making. Details of the company’s key stakeholders and how we engage with them are set out below. Shareholders The company is wholly owned by one company. There are regular meetings between the board of directors of the parent and directors of the company. The meetings provide an opportunity to keep the board advised of the company’s activities and their impact of the company’s stakeholders. Colleagues Our people are key to our success, and we want them to be successful individually and as a team. We engage and listen to our people by way of regularly face-to-face meetings and developing an open-door culture. Key areas of focus include health and well-being development opportunities and pay and benefits. Regular reports are made to the board about what is important to our colleagues, ensuring that their needs are considered. Customers Our ambition is to deliver outstanding service to our dealer network. We build strong lasting relationships with our dealers and ensure regular contact is maintained to keep abreast of their needs and views on how we can improve our service to them. We attend regular trade shows to provide support for the products and services that they provide to their customers.
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ADRIA CONCESSIONAIRES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
Suppliers
We purchase all our products from the parent company and as such the relationship is maintained as part of the regular board meetings as mentioned above. Other suppliers are used for various services such as delivery of products and office running costs. Where possible an open dialogue is maintained with each supplier to ensure that their needs and views are understood to assist in the smooth running of the company.
This report was approved by the board on 19 December 2025 and signed on its behalf.
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ADRIA CONCESSIONAIRES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
The directors present their report and the financial statements for the year ended 31 August 2025.
The directors who served during the year were:
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 to 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
The profit for the year, after taxation, amounted to £4,771,891 (2024 - £10,513,707).
During the year dividends totalling £10.5m were paid in respect of the 2024 results. No dividends have been declared at the date of this report in respect of the 2025 results, however it is anticipated that a dividend will be paid to the company’s parent early in the current year.
The Directors have had regard to the need to foster business relationships with suppliers, customers and others. The company has many long-term suppliers and customers which they have continued to trade with.
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ADRIA CONCESSIONAIRES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
There have been no significant events affecting the Company since the year end.
Under section 487(2) of the Companies Act 2006, Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
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ADRIA CONCESSIONAIRES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADRIA CONCESSIONAIRES LIMITED
We have audited the financial statements of Adria Concessionaires Limited (the 'Company') for the year ended 31 August 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet 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 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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ADRIA CONCESSIONAIRES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADRIA CONCESSIONAIRES LIMITED (CONTINUED)
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.
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.
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ADRIA CONCESSIONAIRES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADRIA CONCESSIONAIRES LIMITED (CONTINUED)
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 Auditors' 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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of material mistatement in respect of irregularities, including fraud and non-compliance with laws and regulations. This included those regulations directly related to the financial statements, including financial reporting, tax legislation and industry regulations including GDPR, employment law, health and safety and warranties. We comminucated the identified laws and regulations with the audit team and remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following: - agreeing the financial statement disclosures to underlying supporting doumentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; - enquiries of management including those responsible for key regulations; - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material mistatement due to fraud. In addressing the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of significant transactions outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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ADRIA CONCESSIONAIRES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADRIA CONCESSIONAIRES LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Tennyson House
Cambridge Business Park
CB4 0WZ
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ADRIA CONCESSIONAIRES LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 AUGUST 2025
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ADRIA CONCESSIONAIRES LIMITED
REGISTERED NUMBER: 02280957
BALANCE SHEET
AS AT 31 AUGUST 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 23 form part of these financial statements.
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ADRIA CONCESSIONAIRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Adria Concessionaires Limited is a Private Company limited by shares incorporated in England and Wales, United Kingdom. The registered office is Unit 2 Drury Drive, Woodhall Business Park, Sudbury, Suffolk, CO10 1WH.
The nature of the Company's operations and principal activity continued to be that of the sale of caravans and motorhomes.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The level of rounding is to the nearest £.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Trigano as at 31 August 2025 and these financial statements may be obtained from www.trigano.fr/com.
The nature of the Company's business is such that there can be considerable unpredictable variations in the level of sales. The Directors have prepared projected budgets for the period to 31 August 2026 and on the basis of these budgets, coupled with the detailed knowledge of the business covering a period of 12 months from the date of sign off of the financial statements, the Directors consider that the Company will continue to operate as a going concern.
Accordingly the financial statements have been prepared on a going concern basis and do not include any adjustments that would result if the company and group was not able to continue as a going concern.
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ADRIA CONCESSIONAIRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Income and Retained Earnings.
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ADRIA CONCESSIONAIRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
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ADRIA CONCESSIONAIRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2.Accounting policies (continued)
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Functional and presentation currency
Transactions and balances
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ADRIA CONCESSIONAIRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2.Accounting policies (continued)
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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ADRIA CONCESSIONAIRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
The key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Stock provisions Determining stock provisions involves estimating the recoverable amount of stock held by the company. Calculating the recoverable amount of stock requires a degree of estimation in terms of the likely demand and prices for individual items.
Analysis of turnover by country of destination:
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ADRIA CONCESSIONAIRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
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ADRIA CONCESSIONAIRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
There were no factors that may affect future tax charges.
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ADRIA CONCESSIONAIRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
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ADRIA CONCESSIONAIRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
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ADRIA CONCESSIONAIRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Profit and loss account
(1) Under sales agreements entered into by the company, finance companies can, where title has not been passed to the dealer, require the company to re-purchase at the original price. The directors consider any such instances to be rare and immaterial.
(2) A potential contingent liability exists for future warranty costs on units sold by the company. However, the majority of these costs are fully recoverable from Adria Mobil d.o.o. and, in the opinion of the directors, any net cost to the company will be immaterial and no provision is required in the financial statements. No estimates of these liabilities have been made as it is not considered material or practicable.
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £81,596 (2024 - £75,373).
Contributions totalling £3,570 (2024 - £5,288) were payable to the fund at the balance sheet date.
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ADRIA CONCESSIONAIRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Adria Concessionaires Limited is wholly owned and controlled by Adria Mobil d.o.o., a company incorporated in Slovenia.
The ultimate controlling party is Trigano,a company incorporated in France. The registered office is 100 Rue Petit, Campus Trigano, 75019 Paris 19, France.
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