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Registration number: 01206635

Fleetwheel Limited
Annual Report and Financial Statements
for the Year Ended 30 June 2025

Fleetwheel Limited

Contents

Company Information | 1
Strategic Report | 2
Directors' Report | 3 to 4
Statement of Directors' Responsibilities | 5
Independent Auditor's Report | 6 to 8
Profit and Loss Account | 9
Balance Sheet | 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12 to 25

Fleetwheel Limited

Company Information

Directors | Mrs A I Pick Mr C A Pick Mr S A Pick Mr CM Russell Mr D Thomas

Registered office | Cotswold House Quarry Road Chipping Sodbury Bristol BS37 6AX

Auditors | ML Audit LLP Statutory AuditorsFreshford House Redcliffe Way Bristol BS1 6NL

Fleetwheel Limited

Strategic Report for the Year Ended 30 June 2025

The directors present their strategic report for the year ended 30 June 2025.

Principal activity

The principal activity of the company is the provision of wholesale trade of motor vehicle parts and accessories.

Fair review of the business

The company experienced an upturn in trade on the previous year and despite a significant increase in staff costs, margins remain consistent. The focus this year has been on consolidation and strengthening the operational structure within the company, with a particular emphasis on processes, with the objective of achieving ISO accreditation in 2026

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs | Unit | 2025 | 2024
Turnover variance | % | 4.25 | 9.81
Gross profit margin | % | 31.15 | 31.51

Principal risks and uncertainties

The primary risk of the business is the loss of the company's good reputation within the industry. This risk is managed by working closely with customers, continuously enhancing services and improving service levels, and by gaining business across a wider customer base.

Approved and authorised by the Board on 19 January 2026 and signed on its behalf by:

Mr S A Pick Director |  |

Fleetwheel Limited

Directors' Report for the Year Ended 30 June 2025

The directors present their report and the financial statements for the year ended 30 June 2025.

Directors of the company

The directors who held office during the year were as follows:

Mr ID Farbrace (resigned 31 March 2025)

Mrs A I Pick

Mr C A Pick

Mr S A Pick

Mr CM Russell

Mr D Thomas

Dividends

The directors recommend a final dividend payment of £Nil be made in respect of the financial period ended 30 June 2025 (2024 - £Nil).

Financial instruments

The company has procedures to identify risk and manage the risks that may hinder its financial performance objectives. The objective is to limit counterparty exposure, ensure sufficient weekly capital and to mitigate the risk identified. The company does not consider it necessary to employ derivatives to manage risk, based upon the current activities of the company.

Objectives and policies

The objectives of the company are to grow the business organically whilst remaining true to the core beliefs of service and price.
The company is exposed to price risk, credit risk, liquidity risk and cash flow risk. The directors review risk management strategies regularly.

Price risk, credit risk, liquidity risk and cash flow risk

Price
The company has minimal exposure to price risk as all prices are pre-set by management.
Credit
The company is exposed to credit risk and management ensure credit checks are completed on all new customers and chase debts on a regular basis once they become overdue.
Liquidity
The company's exposure to liquidity risk is minimal as the company has adequate net current assets.
Cashflow
The company is exposed to cash flow risk as a result of the timing between paying suppliers and the receipt of money from customers and management manage this through the use of an invoice discounting facility.

Future developments

Fleetwheel Limited

Directors' Report for the Year Ended 30 June 2025

Managements aim is to continue to consolidate the company's strong position in the market, with particular focus in the next financial year on internal systems and processes and also further infrastructure investment. We will continue to work to ensure that we are maximising the potential from all areas of the business and will look for further geographical expansion should the opportunity arise.

Going concern

The directors are confident that the business has adequate resources and accordingly the company has continued to prepare its financial statements on a going concern basis.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Disclosure in the strategic report
The business review, principal risks and uncertainties and financial key performance indicators are not included in the Director's Report as they are covered in the Group Strategic Report as required under s414C of the Companies Act 2006.

Reappointment of auditors

The auditors ML Audit LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved by the Board on 19 January 2026 and signed on its behalf by:

Mr S A Pick Director |  |

Fleetwheel Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | 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.

Fleetwheel Limited

Independent Auditor's Report to the Members of Fleetwheel Limited

Opinion

We have audited the financial statements of Fleetwheel Limited (the 'company') for the year ended 30 June 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• | give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its profit for the year then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 were authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.

Fleetwheel Limited

Independent Auditor's Report to the Members of Fleetwheel Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and 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 our 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 and the Directors' Report.

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

• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• | the financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of directors' remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 5, 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 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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

• | obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;

Fleetwheel Limited

Independent Auditor's Report to the Members of Fleetwheel Limited

• | inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud;

• | discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

• | undertaken a review of manual journals processed in the accounting system, applying professional scepticism to ensure they are in line with our expectation that they are not unusual in the normal course of business.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

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

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.

Mrs S R Jenkins (Senior Statutory Auditor)
For and on behalf of ML Audit LLP
Statutory Auditor
Freshford House
Redcliffe Way
Bristol
BS1 6NL

20 January 2026

Fleetwheel Limited

Profit and Loss Account for the Year Ended 30 June 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 19,878,701 | 19,067,299
Cost of sales |  | (13,687,188) | (13,059,978)
Gross profit |  | 6,191,513 | 6,007,321
Distribution costs |  | (3,746,982) | (3,415,320)
Administrative expenses |  | (1,794,617) | (1,626,830)
Other operating income | 4 | 9,600 | 6,400
Operating profit | 6 | 659,514 | 971,571
Other interest receivable and similar income | 7 | 894 | -
Interest payable and similar expenses | 8 | (29,306) | (22,534)
|  | (28,412) | (22,534)
Profit before tax |  | 631,102 | 949,037
Tax on profit | 12 | (181,947) | (246,723)
Profit for the financial year |  | 449,155 | 702,314

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above and accordingly a separate Statement of Other Comprehensive Income has not been presented.

Fleetwheel Limited

(Registration number: 01206635)
Balance Sheet as at 30 June 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 13 | 1,480,118 | 1,207,991
Current assets |  |  |
Stocks | 14 | 3,752,331 | 3,431,665
Debtors | 15 | 4,018,481 | 3,783,446
Cash at bank and in hand | 16 | 184,695 | 68,221
|  | 7,955,507 | 7,283,332
Creditors: Amounts falling due within one year | 17 | (4,289,593) | (3,391,157)
Net current assets |  | 3,665,914 | 3,892,175
Total assets less current liabilities |  | 5,146,032 | 5,100,166
Creditors: Amounts falling due after more than one year | 17 | (14,356) | (27,025)
Provisions for liabilities | 18 | (145,000) | (35,620)
Net assets |  | 4,986,676 | 5,037,521
Capital and reserves |  |  |
Called up share capital | 20 | 50,000 | 50,000
Revaluation reserve | 21 | 66,627 | 66,627
Other reserves | 21 | 10,000 | 10,000
Profit and loss account | 21 | 4,860,049 | 4,910,894
Total equity |  | 4,986,676 | 5,037,521

Approved and authorised by the Board on 19 January 2026 and signed on its behalf by:

Mr S A Pick Director |  |

Fleetwheel Limited

Statement of Changes in Equity for the Year Ended 30 June 2025

| Share capital £ | Revaluation reserve £ | Other reserves £ | Retained earnings £ | Total £
At 1 July 2023 | 50,000 | 66,627 | 10,000 | 4,708,580 | 4,835,207
Profit for the year | - | - | - | 702,314 | 702,314
Dividends | - | - | - | (500,000) | (500,000)
At 30 June 2024 | 50,000 | 66,627 | 10,000 | 4,910,894 | 5,037,521

| Share capital £ | Revaluation reserve £ | Other reserves £ | Retained earnings £ | Total £
At 1 July 2024 | 50,000 | 66,627 | 10,000 | 4,910,894 | 5,037,521
Profit for the year | - | - | - | 449,155 | 449,155
Dividends | - | - | - | (500,000) | (500,000)
At 30 June 2025 | 50,000 | 66,627 | 10,000 | 4,860,049 | 4,986,676

Fleetwheel Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

1 | General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Cotswold House
Quarry Road
Chipping Sodbury
Bristol
BS37 6AX

The principal place of business is:
Whittle Road
Leckwith Industrial Estate
Cardiff
CF11 8AT

These financial statements were authorised for issue by the Board on 19 January 2026.

2 | Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional and presentational currency of the company, and rounded to the nearest £.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Summary of disclosure exemptions

In accordance with Section 1.8 of FRS 102 the company is considered to be a qualifying entity and has taken advantage of the disclosure exemption as set out in paragraph 1.12(b) in relation to the preparation of the cash flow statement and related notes.

Name of parent of group

These financial statements are consolidated in the financial statements of Picksons Plc.

The financial statements of Picksons Plc may be obtained from The Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.

Going concern

The directors are confident that the business has adequate resources and accordingly the company has continued to prepare its financial statements on a going concern basis.

Fleetwheel Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

Key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

During the year management have made an estimate for provision of stock. This estimation is considered to have a significant risk of causing a material adjustment to the carrying amount of stock valuation. The carrying amount is £3,752,331 (2024 - £3,431,665).

Management have assessed the useful life and residual value of fixed assets and depreciated the assets during the year accordingly. This estimation is considered to have a significant risk of causing a material adjustment to the carrying amount of fixed asset valuation. The carrying amount is £1,480,118 (2024 - £1,207,991).

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and for the provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue for the sale of goods when all the following conditions are satisfied:
a) the significant risks and rewards of ownership have been transferred to the buyer;
b) the group retains no continuing involvement or control over the goods;
c) the amount of revenue can be reliably measured;
d) it is probable that future economic benefits will flow to the company; and
e) specific criteria have been met for each of the groups activities.
The company recognises revenue from the provision of services in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
a) the amount of revenue can be reliably measured;
b) it is probable that future economic benefit will flow to the company;
c) the stage of completion of the contract at the end of the reporting period can be reliably measured; and
d) the costs incurred and the costs to complete the contract can be reliably measured.

Finance income and costs policy

Interest income and expenses are recognised using the effective interest rate method.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities dominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Fleetwheel Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by FRS 102.
Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Freehold land | Nil
Freehold buildings | 2% per annum
Leasehold property | Period of lease
Plant and machinery | Assets acquired prior to 1 July 2017 at 25% reducing balance and assets acquired after 1 July 2017 at 25% straight line
Motor vehicles | Assets acquired prior to 1 July 2017 at 25% reducing balance and assets acquired after 1 July 2017 at 25% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Fleetwheel Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Fleetwheel Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Turnover

The analysis of the company's revenue for the year from continuing operations in the UK is as follows:

| 2025 £ | 2024 £
Sale of goods | 19,878,701 | 19,067,299

4 | Other operating income

The analysis of the company's other operating income for the year is as follows:

| 2025 £ | 2024 £
Rent receivable | 9,600 | 6,400

5 | Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

| 2025 £ | 2024 £
Gain on disposal of property, plant and equipment | 64,135 | 20,634

Fleetwheel Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

6 | Operating profit

Arrived at after charging/(crediting):

| 2025 £ | 2024 £
Depreciation expense | 261,858 | 169,731
Operating lease expense - property | 98,385 | 89,010
Operating lease expense - plant and machinery | 1,721 | 1,721
(Profit) on disposal of property, plant and equipment | (64,135) | (20,634)

7 | Other interest receivable and similar income

| 2025 £ | 2024 £
Other finance income | 894 | -

8 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest on bank overdrafts and borrowings | 168 | 1,827
Interest on obligations under finance leases and hire purchase contracts | 3,700 | -
Interest expense on other finance liabilities | - | 7,437
Other finance costs | 25,438 | 13,270
| 29,306 | 22,534

9 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 3,229,577 | 2,952,056
Social security costs | 343,818 | 291,673
Pension costs, defined contribution scheme | 87,462 | 65,977
| 3,660,857 | 3,309,706

The average number of persons employed by the company (including directors) during the year, analysed by category, was as follows:

| 2025 No. | 2024 No.
Administration and support | 6 | 6
Distribution | 104 | 100
| 110 | 106

Fleetwheel Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

10 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 173,625 | 178,367
Contributions paid to money purchase schemes | 9,686 | 10,260
| 183,311 | 188,627

During the year the number of directors who were receiving benefits and share incentives was as follows:

| 2025 No. | 2024 No.
Accruing benefits under money purchase pension scheme | 3 | 2

11 | Auditors' remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 15,820 | 14,760

12 | Taxation

Tax charged/(credited) in the income statement:

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 75,000 | 215,000
UK corporation tax adjustment to prior periods | (2,433) | 31,723
| 72,567 | 246,723
Deferred taxation |  |
Arising from origination and reversal of timing differences | 109,380 | -
Tax expense in the income statement | 181,947 | 246,723

Fleetwheel Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 631,102 | 949,037
Corporation tax at standard rate | 157,776 | 237,259
(Decrease)/increase in UK current tax from adjustment for prior periods | (2,433) | 31,723
Effect of expense not deductible in determining taxable profit (tax loss) | 7,616 | 8,542
Tax decrease arising from group relief | (29,327) | -
UK current tax charge unrecognised | 1,386 | 1,277
Deferred tax expense/(credit) unrecognised | 2,076 | (32,078)
Deferred tax expense from unrecognised temporary difference from a prior period | 44,853 | -
Total tax charge | 181,947 | 246,723

Deferred tax

Deferred tax assets and liabilities

2025 | Asset £ | Liability £
Difference between accumulated depreciation and amortisation and capital allowances | - | 145,000
| - | 145,000

2024 | Asset £ | Liability £
Difference between accumulated depreciation and amortisation and capital allowances | - | 35,620
| - | 35,620

The deferred tax provision is not expected to reverse significantly in the next twelve months, although this is subject to estimation uncertainty.

Fleetwheel Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

13 | Tangible assets

| Freehold land and buildings £ | Long leasehold land and buildings £ | Other property, plant and equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 1 July 2024 | 200,000 | 636,800 | 483,387 | 1,205,080 | 2,525,267
Additions | - | - | 83,489 | 461,268 | 544,757
Disposals | - | - | - | (254,727) | (254,727)
At 30 June 2025 | 200,000 | 636,800 | 566,876 | 1,411,621 | 2,815,297
Depreciation
At 1 July 2024 | 27,810 | 84,490 | 398,440 | 806,536 | 1,317,276
Charge for the year | 2,781 | 5,537 | 35,146 | 218,394 | 261,858
Eliminated on disposal | - | - | - | (243,955) | (243,955)
At 30 June 2025 | 30,591 | 90,027 | 433,586 | 780,975 | 1,335,179
Carrying amount
At 30 June 2025 | 169,409 | 546,773 | 133,290 | 630,646 | 1,480,118
At 30 June 2024 | 172,190 | 552,310 | 84,947 | 398,544 | 1,207,991

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

| 2025 £ | 2024 £
Motor vehicles | 28,203 | 82,049

Restriction on title and pledged as security

Motor vehicles with a carrying amount of £28,203 (2024 - £82,049) has been pledged as security for assets held under finance leases and hire purchase agreements.

Land and buildings, motor vehicles and other property, plant and equipment with a carrying amount of £1,480,118 (2024 - £1,207,991) has been pledged as security for all bank borrowings.

Fleetwheel Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

14 | Stocks

| 2025 £ | 2024 £
Goods for resale | 3,752,331 | 3,431,665

Impairment of stocks

The amount of impairment loss included in cost of sales of the profit or loss is £71,133 (2024 - £55,971).

The carrying amount of stocks pledged as security for liabilities amounted to £3,752,331 (2024 - £3,431,665).

15 | Debtors

Current | 2025 £ | 2024 £
Trade debtors | 3,627,969 | 3,482,042
Amounts owed by related parties | 266,940 | 184,177
Other debtors | 1,393 | 5,841
Prepayments | 122,179 | 111,386
| 4,018,481 | 3,783,446

16 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash at bank | 184,695 | 68,221

17 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 22 | 1,005,510 | 634,374
Trade creditors |  | 2,544,418 | 2,297,339
Amounts due to related parties | 26 | 264,778 | -
Social security and other taxes |  | 328,821 | 275,291
Outstanding defined contribution pension costs |  | 143 | 92
Other creditors |  | - | 56,235
Accruals |  | 71,816 | 44,144
Corporation tax liability |  | 74,107 | 83,682
|  | 4,289,593 | 3,391,157
Due after one year |  |  |
Loans and borrowings | 22 | 14,356 | 27,025

Fleetwheel Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

18 | Provisions for liabilities

| Deferred tax £ | Total £
At 1 July 2024 | 35,620 | 35,620
Additional provisions | 109,380 | 109,380
At 30 June 2025 | 145,000 | 145,000

19 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £87,462 (2024 - £65,977).
Contributions totalling £143 (2024 - £92) were payable to the scheme at the end of the year and are included in creditors.

20 | Share capital

Authorised, allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary Shares of £1 each | 50,000 | 50,000 | 50,000 | 50,000

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions: The ordinary shares have full voting rights and rights to dividends at the discretion of the directors.

21 | Reserves

Revaluation reserve

The revaluation reserve has arisen due to the company uplifting the value of the land and buildings to deemed cost under the transitional rules of FRS 102 section 35.

Profit and loss account

This reserve represents accumulated profits net of any distributions made to shareholders

Fleetwheel Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

22 | Loans and borrowings

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | - | 13,427
Hire purchase contracts | 12,670 | 39,125
Other borrowings | 992,840 | 581,822
| 1,005,510 | 634,374

Non-current loans and borrowings

| 2025 £ | 2024 £
Hire purchase contracts | 14,356 | 27,025

Bank borrowings

Bank loans are denominated in GBP with a nominal interest rate of 3.24% above base rate, and the final instalment was made on 31 August 2024. The carrying amount at year end is £Nil (2024 - £13,427). Bank borrowings are secured over all freehold property and assets present and past of the company and are also guaranteed by Picksons Plc, CSD Frictions Limited and Farbex Refinish (UK) Limited.

Other borrowings

Finance lease and hire purchase liabilities is denominated in GBP with a nominal interest rate of between 3.27% and 5.61%, and the final instalment is due on 1 July 2027. The carrying amount at year end is £27,026 (2024 - £66,150).

The finance lease and hire purchase liability is secured over the assets under the finance lease and hire purchase agreement.

Invoice discounting facility is denominated in GBP with a nominal interest rate of 2.5%. The carrying amount at year end is £992,840 (2024 - £581,822).

The invoice discounting facility is secured against trade debtors and is repayable on demand.

Fleetwheel Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

23 | Obligations under leases and hire purchase contracts

Finance leases

Obligations under finance leases and hire purchases are secured on the assets to which they relate.

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 15,422 | 43,393
Later than one year and not later than five years | 16,590 | 29,419
| 32,012 | 72,812

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 115,864 | 93,364
Later than one year and not later than five years | 258,689 | 252,053
Later than five years | 12,500 | -
| 387,053 | 345,417

The amount of non-cancellable operating lease payments recognised as an expense during the year was £100,106 (2024 - £90,731).

24 | Dividends

|  | 2025 |  | 2024
|  | £ |  | £
Interim dividend of £10.00 (2024 - £10.00) per ordinary share |  | 500,000 |  | 500,000

25 | Commitments

Other financial commitments

The company has provided a cross guarantee against the bank debts of group companies.
The total amount of other financial commitments not provided in the financial statements was £2,115,143 (2024 - £1,760,096).

Fleetwheel Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

26 | Related party transactions

Summary of transactions with parent and other group companies

Parent company is the controlling party.
The company has provided a cross guarantee in relation to loans and borrowings taken out by the parent company. This guarantee is secured on Fleetwheel Limited's assets and rights.
The company has taken advantage of the exemptions in Financial Reporting Standard 102 Section 33.1A and has not disclosed transactions between wholly owned members of the same group.

Summary of transactions with other related parties

Other related parties include other entities of which a director is also a director. The company purchased goods from other related parties under commercial terms within the year.

Expenditure with and payables to related parties

2025 | Other related parties £
Purchase of goods | 34,843
Amounts payable to related party | 826

2024 | Other related parties £
Purchase of goods | 25,326
Amounts payable to related party | 1,128

27 | Parent and ultimate parent undertaking

The company's immediate parent is Picksons Plc, incorporated in England and Wales.
The most senior parent entity producing publicly available financial statements is Picksons Plc. These financial statements are available upon request from The Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.
The ultimate controlling party is Mr C A Pick.