Company registration number 05719429 (England and Wales)
GARDNER GARAGES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
GARDNER GARAGES LIMITED
COMPANY INFORMATION
Directors
C Gardner
E Gardner
A Gardner
Company number
05719429
Registered office
Cheltenham Service Station
Lansdown Road
Cheltenham
Gloucestershire
United Kingdom
GL50 2JA
Auditor
Griffiths Marshall Business Advisory Limited
4th Floor
Llanthony Warehouse
The Docks
Gloucester
Gloucestershire
United Kingdom
GL1 2EH
GARDNER GARAGES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 27
GARDNER GARAGES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2025
- 1 -

The directors present the strategic report for the year ended 31 July 2025.

Review of the business

The company's main activity is that of petrol and convenience store retailing.

The forecourt and convenience sector is subject to normal retailing risks from the supermarkets and competition. However, the company operates from key locations.

The company has a healthy gross profit of £5.1 million (2024: £4.9 million) and produces a good return on capital employed, relative to the industry.

Principal risks and uncertainties

Financial risk management

The company's financial instruments comprise cash at bank, bank and other borrowings and various items such as creditors arising directly from its operations. The main purpose of the financial instruments is to raise adequate finance for the company's operations.

The main risks arising from he company's financial instruments are interest rate fluctuations and liquidity risk,

It is the company's policy to finance its operation through a mixture of cash and borrowings and to review periodically the mix of these instruments with regard to the projected cash flow requirements of the company and an acceptable level of risk exposure.

On behalf of the board

C Gardner
Director
20 February 2026
GARDNER GARAGES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 July 2025.

Principal activities

The principal activity of the company continued to be that of fuel and convenience store retailing.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £281,400 (2024 - £260,468). The directors do not recommend payment of a further dividend.

Directors

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

C Gardner
E Gardner
A Gardner
Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

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

On behalf of the board
C Gardner
Director
20 February 2026
GARDNER GARAGES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2025
- 3 -

The directors are responsible 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 then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; 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.

GARDNER GARAGES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GARDNER GARAGES LIMITED
- 4 -
Opinion

We have audited the financial statements of Gardner Garages Limited (the 'company') for the year ended 31 July 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 July 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's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport 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.

GARDNER GARAGES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GARDNER GARAGES LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 Gardner Garages Limited and the industry in which it operates and, considered the risk of acts by Management and directors of Gardner Garages Limited which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with the Companies Act 2006 and Employment Law. We made enquiries of the Directors to obtain further understanding of risks of non-compliance.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to:

- agreement of the financial statement disclosures to underlying supporting documentation;

- enquiries of management regarding known or suspected instances of non-compliance with laws and regulations;

- review of minutes of the Board meetings throughout the year; and

- obtaining an understanding of the control environment in place to prevent and detect irregularities.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

GARDNER GARAGES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GARDNER GARAGES LIMITED (CONTINUED)
- 6 -

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.

Stephen Humphries (Senior Statutory Auditor)
For and on behalf of Griffiths Marshall Business Advisory Limited, Statutory Auditor
Chartered Accountants
4th Floor
Llanthony Warehouse
The Docks
Gloucester
Gloucestershire
GL1 2EH
United Kingdom
20 February 2026
GARDNER GARAGES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
33,906,013
32,114,354
Cost of sales
(28,777,713)
(27,200,396)
Gross profit
5,128,300
4,913,958
Administrative expenses
(4,486,462)
(4,128,931)
Operating profit
6
641,838
785,027
Interest receivable and similar income
8
-
0
6,000
Interest payable and similar expenses
9
(352,057)
(379,982)
Profit before taxation
289,781
411,045
Tax on profit
10
(108,002)
(142,063)
Profit for the financial year
181,779
268,982

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GARDNER GARAGES LIMITED
BALANCE SHEET
AS AT 31 JULY 2025
31 July 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
12
627,295
691,523
Tangible assets
13
4,852,817
3,465,982
Investments
14
1
1
5,480,113
4,157,506
Current assets
Stocks
16
681,000
804,838
Debtors
17
3,156,693
3,639,423
Cash at bank and in hand
665,231
1,246,420
4,502,924
5,690,681
Creditors: amounts falling due within one year
18
(3,406,930)
(3,386,565)
Net current assets
1,095,994
2,304,116
Total assets less current liabilities
6,576,107
6,461,622
Creditors: amounts falling due after more than one year
19
(3,132,381)
(3,016,777)
Provisions for liabilities
Deferred tax liability
22
315,740
217,238
(315,740)
(217,238)
Net assets
3,127,986
3,227,607
Capital and reserves
Called up share capital
24
1,000
1,000
Profit and loss reserves
25
3,126,986
3,226,607
Total equity
3,127,986
3,227,607

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

The financial statements were approved by the board of directors and authorised for issue on 20 February 2026 and are signed on its behalf by:
C Gardner
Director
Company registration number 05719429 (England and Wales)
GARDNER GARAGES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2025
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2023
1,000
3,218,093
3,219,093
Year ended 31 July 2024:
Profit and total comprehensive income
-
268,982
268,982
Dividends
11
-
(260,468)
(260,468)
Balance at 31 July 2024
1,000
3,226,607
3,227,607
Year ended 31 July 2025:
Profit and total comprehensive income
-
181,779
181,779
Dividends
11
-
(281,400)
(281,400)
Balance at 31 July 2025
1,000
3,126,986
3,127,986
GARDNER GARAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
- 10 -
1
Accounting policies
Company information

Gardner Garages Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cheltenham Service Station, Lansdown Road, Cheltenham, Gloucestershire, United Kingdom, GL50 2JA.

1.1
Accounting convention

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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

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

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

The financial statements of the company are consolidated in the financial statements of Gardner Retail Ltd. These consolidated financial statements are available from its registered office.

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

Gardner Garages Limited is a wholly owned subsidiary of Gardner Retail Ltd and the results of Gardner Garages Limited are included in the consolidated financial statements of Gardner Retail Ltd, which are available from its registered office at Cheltenham Service Station, Lansdown Road, Cheltenham, Gloucestershire, United Kingdom, GL50 2JA.

GARDNER GARAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 11 -
1.2
Business combinations

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.

Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

GARDNER GARAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 12 -

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

Freehold land and buildings
2% on cost
Leasehold land and buildings
Straight line over the term of the lease
Plant and equipment
10 - 25% on cost
Fixtures and fittings
10% on cost
Computers
33% on cost
Motor vehicles
25% on cost

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

1.7
Fixed asset investments

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

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

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

GARDNER GARAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 13 -
1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

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

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

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

GARDNER GARAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 14 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

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

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

Derecognition of financial assets

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

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

GARDNER GARAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial liabilities

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

1.12
Equity instruments

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

1.13
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

GARDNER GARAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 16 -
1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

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

1.17
Leases

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

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

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

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.19

Related parties

The company has taken advantage of exemption, under terms of Financial Reporting Standard 102 'The Financial Reporting Standard application in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries.

2
Judgements and 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

GARDNER GARAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 17 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Amortisation of intangible fixed assets

Annual amortisation charges of intangible assets are sensitive to changes in the estimated useful lives and residual values of these assets. The useful lives and residual values of these assets are reassessed at each reporting date and are amended, when necessary, to reflect current estimates.

Depreciation of tangible fixed assets

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on various factors, including the economic utilisation and physical condition of the assets.

Rates of depreciation charged are considered on a line-by-line basis and disclosed within the accounting policy for depreciation. Refer to the tangible fixed asset note for the carrying amount for each class of assets.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sale of goods
33,906,013
32,114,354
2025
2024
£
£
Other revenue
Interest income
-
6,000

Turnover for the year was generated from the principle activity of the company.

4
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
12,380
11,275
GARDNER GARAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 18 -
5
Employees

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

2025
2024
Number
Number
Directors
3
3
Garage staff
84
85
Total
87
88

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,223,027
1,985,092
Social security costs
227,361
159,701
Pension costs
94,564
28,598
2,544,952
2,173,391
6
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
372,737
255,159
Profit on disposal of tangible fixed assets
(2,490)
-
Amortisation of intangible assets
64,228
64,228
Operating lease charges
479,012
478,225
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
365,900
300,000
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
187,550
150,000
GARDNER GARAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 19 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
-
0
6,000
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
215,562
269,867
Other interest on financial liabilities
-
0
87,418
Interest on finance leases and hire purchase contracts
122,714
22,697
Other interest
13,781
-
0
352,057
379,982
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
15,931
116,591
Adjustments in respect of prior periods
(6,431)
-
0
Total current tax
9,500
116,591
Deferred tax
Origination and reversal of timing differences
98,502
25,472
Total tax charge
108,002
142,063
GARDNER GARAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
10
Taxation
(Continued)
- 20 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
289,781
411,045
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
72,445
102,761
Tax effect of expenses that are not deductible in determining taxable profit
5,165
85,305
Adjustments in respect of prior years
(6,431)
-
0
Group relief
(14,603)
(27,655)
Permanent capital allowances in excess of depreciation
(141,611)
(43,820)
Deferred tax adjustments in respect of prior years
193,316
25,472
Tax at marginal rate
(279)
-
0
Taxation charge for the year
108,002
142,063

11
Dividends
2025
2024
£
£
Final paid
281,400
260,468
12
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2024 and 31 July 2025
1,284,563
Amortisation and impairment
At 1 August 2024
593,040
Amortisation charged for the year
64,228
At 31 July 2025
657,268
Carrying amount
At 31 July 2025
627,295
At 31 July 2024
691,523
GARDNER GARAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
12
Intangible fixed assets
(Continued)
- 21 -

Intangible assets held by the company are pledged as security for the bank borrowings of the company under a fixed and floating charge.

The amortisation charge is included in Administrative expenses in the Statement of Comprehensive Income.

GARDNER GARAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 22 -
13
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 August 2024
2,726,722
287,979
983,875
787,429
208,201
338,718
5,332,924
Additions
1,022,109
562,719
213
33,998
14,596
141,000
1,774,635
Disposals
(12,960)
-
0
-
0
(6,062)
-
0
(21,909)
(40,931)
At 31 July 2025
3,735,871
850,698
984,088
815,365
222,797
457,809
7,066,628
Depreciation and impairment
At 1 August 2024
345,657
82,012
599,406
526,259
168,167
145,441
1,866,942
Depreciation charged in the year
74,717
47,692
59,856
75,642
14,798
100,032
372,737
Eliminated in respect of disposals
(12,960)
-
0
-
0
(6,062)
-
0
(6,846)
(25,868)
At 31 July 2025
407,414
129,704
659,262
595,839
182,965
238,627
2,213,811
Carrying amount
At 31 July 2025
3,328,457
720,994
324,826
219,526
39,832
219,182
4,852,817
At 31 July 2024
2,381,065
205,967
384,469
261,170
40,034
193,277
3,465,982
GARDNER GARAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
13
Tangible fixed assets
(Continued)
- 23 -

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and equipment
192,641
227,028
Fixtures and fittings
18,482
33,240
Motor vehicles
40,327
92,501
Computers
-
0
3,112
Freehold land and buildings
796,997
-
Leasehold improvements
447,229
-
1,495,676
355,881

Assets held under hire purchase contracts are pledged as security against the liabilities to which they relate.

Tangible assets held by the company are pledged as security for the bank borrowings of the company under fixed and floating charges.

The depreciation charge is included in Administrative expenses in the Statement of Comprehensive Income.

14
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
15
1
1
15
Subsidiaries

Details of the company's subsidiaries at 31 July 2025 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Gardner Garages Properties Limited
1
Dormant
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Cheltenham Service Station, Lansdown Road, Cheltenham, Gloucestershire, United Kingdom, GL50 2JA.

Investments in subsidiaries are stated at cost less accumulated impairment losses.

16
Stocks
2025
2024
£
£
Finished goods and goods for resale
681,000
804,838

Stock held by the company is pledged as security for the bank borrowings of the company under a fixed and floating charge.

GARDNER GARAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 24 -
17
Debtors
2025
2024
Amounts falling due within one year:
£
£
Corporation tax recoverable
11,981
11,981
Amounts owed by group undertakings
2,912,020
3,162,957
Other debtors
51,969
314,042
Prepayments and accrued income
180,723
150,443
3,156,693
3,639,423

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Debtors held by the company are pledged as security for the bank borrowings of the company under a fixed and floating charge.

18
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
20
315,556
330,607
Obligations under finance leases
21
342,090
131,089
Other borrowings
20
150,000
150,000
Trade creditors
2,338,934
2,453,753
Amounts owed to group undertakings
16,001
19,501
Corporation tax
15,931
116,591
Other taxation and social security
184,372
162,551
Other creditors
6,336
11,778
Accruals and deferred income
37,710
10,695
3,406,930
3,386,565

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

19
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
20
2,172,147
2,403,999
Obligations under finance leases
21
960,234
212,778
Other borrowings
20
-
0
400,000
3,132,381
3,016,777
Creditors which fall due after five years are payable as follows:
Payable by instalments
747,708
1,801,569
GARDNER GARAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 25 -
20
Loans and overdrafts
2025
2024
£
£
Bank loans
2,487,703
2,734,606
Other loans
150,000
550,000
2,637,703
3,284,606
Payable within one year
465,556
480,607
Payable after one year
2,172,147
2,803,999

Bank loans are secured by fixed charges over the freehold properties of the company and by way of a floating charge over all assets of the company.

There were two bank loans outstanding at the balance sheet date, repayable by monthly capital and interest payments, and due to be repaid in May 2026 and January 2034, respectively.

Interest is charged on the bank loans at rates from 2.56% to 2.85% above the bank of England base rate.

Interest is charged on other loans at rates from 6% to 9% per annum and these are repayable on demand with no fixed repayment date.

21
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
342,090
131,089
In two to five years
960,234
212,778
1,302,324
343,867

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

GARDNER GARAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 26 -
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
122,424
217,238
Tax on rolled gains
193,316
-
315,740
217,238
2025
Movements in the year:
£
Liability at 1 August 2024
217,238
Charge to profit or loss
98,502
Liability at 31 July 2025
315,740

The future reversal of deferred tax liabilities primarily relates to the reversal of timing differences on deferred gains on the previous disposal of a freehold garage site and its associated trade.

Other future reversal of deferred tax liabilities relate to the reversal of timing differences on tangible assets and capital allowances through depreciation.

23
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
94,564
28,598

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

24
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share capital of £1 each
1,000
1,000
1,000
1,000

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

GARDNER GARAGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 27 -
25
Profit and loss reserves
2025
2024
£
£
At the beginning of the year
3,226,607
3,218,093
Adjusted balance
3,226,607
3,218,093
Profit for the year
181,779
268,982
Dividends declared and paid in the year
(281,400)
(260,468)
At the end of the year
3,126,986
3,226,607

Retained earnings include all current and prior period retained profits and losses.

26
Capital commitments

As at the balance sheet date, the company had capital commitments of £Nil (2024: £Nil).

27
Operating lease commitments
Lessee

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

2025
2024
£
£
Within one year
131,089
131,089
Between two and five years
81,689
128,086
212,778
259,175
28
Related party transactions

Certain directors have given personal guarantees over leases of premises for forecourt sites.

29
Ultimate controlling party

The parent company and ultimate controlling party is Gardner Retail Ltd.

The smallest and largest group to consolidate these financial statements is Gardner Retail Ltd, a company limited by shares and incorporated in the United Kingdom and registered in England and Wales.

Copies of the consolidated financial statements can be obtained from the registered office of Gardner Retail Ltd at Cheltenham Service Station, Lansdown Road, Cheltenham, Gloucestershire, United Kingdom, GL50 2JA.

30
Contingent liabilities

The company has provided guarantees over certain loans owed by its parent company, Gardner Retail Ltd. At the year end, the maximum extent of this liability was £2,487,703 (2024: £2,734,606).

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