Windrush Automotive Group Limited

	Page
Strategic Report	1—2
Directors' Report	3—4
Independent Auditor's Report	5—8
Consolidated Statement of Income and Retained Earnings	9
Consolidated Statement of Financial Position	10
Company Statement of Financial Position	11
Consolidated Statement of Cash Flows	12
Notes to the Consolidated Statement of Cash Flows	13
Notes to the Financial Statements	14—22

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

Review of the Business

The group continued its success and performed well in 2025 making a profit before tax of £733k (2024: £1,096).

Reported turnover has increased from c.£41m to c.£44m despite a decrease in new vehicle units sold from 4,337 to 4,060 as a result of fewer numbers of vehicles having been sold through the Agency model and greater numbers through the traditional sales model in 2025. In addition, 11 retail vehicles were sold through the Retail Agency model before Volkswagen decided not to continue with this channel.

The businesses within the Group maintained the drive to improve efficiency and reduce cost whilst enhancing the customer experience.

The Directors’ consider the Group to be well placed to face the uncertainties of the future and take advantage of further opportunities that may arise.

It is with great sadness that the Board announces the death of Tony Rosner , who co-founded the Windrush dealership back in April 1982. Although not involved in the business in recent years, Tony laid the foundations that enabled Windrush to become the flourishing Group that it is today.

Principal Risks and Uncertainties

The management of the business and the nature of the group's strategy are subject to a number of risks. The directors have set out below the principal risks facing the business.

General economic conditions

The general economic environment and levels of consumer and business confidence have a direct impact on levels of demand in the motor retail sector. In addition, fuel prices, interest rates and levels of employment can all significantly impact sales levels. Demand levels are closely monitored by the business on an on-going basis (via sales and enquiry analysis) and action taken accordingly if these measures deviate from expectation.

Manufacturer relationship

The group relies on the strength of its relationship with its vehicle manufacturer to deliver a significant component of group profitability. Changes in the fortunes and strategy of the group's key manufacturer partner could directly impact the group's result. The directors are confident that the future new products from its manufacturer/supplier will continue to be competitively priced and high quality and therefore consider that this "manufacturer risk" is minimal. It is, in any case, mitigated by other core business areas of the group including used vehicle sales, parts sales and service work.

Used vehicle prices

Used vehicle price volatility can present a significant risk in the event that the market price moves rapidly between the point of purchase and the point of sale of a used vehicle. This leads to reduced margins and increased provisions on unsold stock. This risk is mitigated by a combination of regular monitoring of the used vehicle market by the group used car buyers, a focus on stock turn to reduce the length of time that used vehicles are held in stock, and regular review and re-pricing to ensure that vehicles are competitively priced in the market.

Group, people and reputation

The group's subsidiaries have invested heavily in its people and its reputation over a number of years. The group is therefore reliant on these individuals to a degree in delivering the group result and reinforcing the Windrush brand. The group undertakes a regular review of remuneration packages to ensure that it attracts and retains the best people.

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Windrush Automotive Group Limited

Strategic Report (continued)

For The Year Ended 31 December 2025

Key performance indicators

	2025	2024
	Units	Units
New car retail volumes	4,060	4,337
Used car volumes	1,150	1,086

On behalf of the board

L Chappell

Director

22nd April 2026

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Windrush Automotive Group Limited

Company No. 10244761

Directors' Report For The Year Ended 31 December 2025

Directors' Report

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

Future Developments

There are no future developments to note as at 31 December 2025.

Dividends

The total distribution of dividends for the year ended 31 December 2025 amounted to £450,000 (2024: £600,000).

The directors recommend that no final dividend be paid.

Financial Instruments

The group uses various financial instruments, other than derivatives, which include financial institution and stocking loans, cash and various items, such as consignment stock, trade debtors and trade creditors that arise directly from operations. The main purpose of these financial instruments is to raise finance for the group's operations. Their existence exposes the group to a number of financial risks. The significant risks arising from the group's financial instruments are interest rate risk, liquidity risk and credit risk.

The directors review and agree policies for the management of each of these risks which are noted below. These policies are consistent with those from the previous year.

Interest rate risk

The group sometimes uses bank borrowings and other loans to finance its operations during peak periods. The Bank of England base rates have decreased in 2025, mitigating this risk to some degree, and are currently standing at 3.75%. The group's interest payments on its variable rate borrowings tracked to that rate have therefore decreased.

Liquidity risk

The group seeks to manage risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash and assets safely and profitably.

The group's policy throughout the year has been to achieve this objective through the day to day involvement of management in business decisions rather than through setting maximum or minimum liquidity ratios.

Credit risk

The group's principal financial assets are cash and trade debtors. The credit risk associated with the cash is minimal as the counterparts have high credit ratings assigned by international credit-rating agencies. The principal credit risk therefore arises from its trade debtors.

In order to manage credit risk, the directors have implemented processes to ensure receipt of cleared funds for vehicle sales before the vehicle is released. Other trade debtors require an approved credit limit in advance. The directors set credit limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the finance director on a regular basis in conjunction with debt ageing and collection history.

Directors

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

L Chappell

A P Rosner (deceased 8 March 2026)

T S Attwood

Post Balance Sheet Events

There are no post balance sheet events to disclose.

Matters covered in the Strategic Report

Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.

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Windrush Automotive Group Limited

Directors' Report (continued)

For The Year Ended 31 December 2025

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

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

Independent Auditors

The auditors, Ascendis Audit Limited, will be proposed for re-appointment under Section 485 of the Companies Act 2006.

On behalf of the board

L Chappell

Director

22nd April 2026

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Independent Auditor's Report

to the Members of

Windrush Automotive Group Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Windrush Automotive Group Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 December 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2025 and of the group's 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 group and parent 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 group and parent company's ability to continue as a going concern for a period of at least 12 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.

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 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 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.

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Independent Auditor's Report (continued)

to the Members of

Windrush Automotive Group Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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

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

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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Independent Auditor's Report (continued)

to the Members of

Windrush Automotive Group Limited

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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following;

- the nature of the industry, control environment and business performance including the design of the group's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;

- of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the group's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of

non-compliance, in particular in relation to the FCA;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: bank payment processing, payroll, sales processing, used/demo stock valuation, and credit card/cash transactions.

In common with all audits under lSAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, pensions legislation and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group's ability to operate or to avoid a material penalty. These included the group's FCA regulatory requirements.

Audit response to risks identified:-

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reviewing correspondence with the FCA and;

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;

- assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and

- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

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Independent Auditor's Report (continued)

to the Members of

Windrush Automotive Group Limited

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 that 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.

Paul Allan Byrne BA (Double Hons) FCA (Senior Statutory Auditor)

for and on behalf of Ascendis Audit Limited , Statutory Auditor

22nd April 2026

Ascendis Audit Limited

Unit 3, Building 2, The Colony

Altrincham Road

Wilmslow

Cheshire

SK9 4LY

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Windrush Automotive Group Limited

Consolidated Statement of Income and Retained Earnings

For The Year Ended 31 December 2025

Consolidated Statement of Income and Retained Earnings

		2025	2024
	Notes	£	£
TURNOVER	3	43,721,743	40,942,336
Cost of sales		(38,670,878 )	(36,103,980 )

GROSS PROFIT		5,050,865	4,838,356

Administrative expenses		(4,281,034 )	(3,703,810 )
Other operating income		31,336	34,206

OPERATING PROFIT	4	801,167	1,168,752
Other interest receivable and similar income		16,557	13,081
Interest payable and similar charges	9	(85,081 )	(85,642 )

PROFIT BEFORE TAXATION		732,643	1,096,191
Tax on Profit	10	(189,828 )	(280,155 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		542,815	816,036
OTHER COMPREHENSIVE INCOME FOR THE YEAR		-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		542,815	816,036

RETAINED EARNINGS
As at 1 January 2025		2,705,583	2,489,547
Dividends paid		(450,000)	(600,000)
As at 31 December 2025		2,798,398	2,705,583

The notes on pages 13 to 22 form part of these financial statements.

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Windrush Automotive Group Limited

Consolidated Statement of Financial Position

As At 31 December 2025

Consolidated Statement of Financial Position

Registered number: 10244761

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12		248,834		234,199

			248,834		234,199
CURRENT ASSETS
Stocks	14	5,943,922		5,494,571
Debtors	15	1,988,491		2,303,684
Cash at bank and in hand		2,850,412		348,566

		10,782,825		8,146,821
Creditors: Amounts Falling Due Within One Year	16	(8,176,206 )		(5,623,199 )

NET CURRENT ASSETS (LIABILITIES)			2,606,619		2,523,622

TOTAL ASSETS LESS CURRENT LIABILITIES			2,855,453		2,757,821

PROVISIONS FOR LIABILITIES
Deferred Taxation			(56,955 )		(52,138 )

NET ASSETS			2,798,498		2,705,683

CAPITAL AND RESERVES
Called up share capital	18		100		100
Income Statement			2,798,398		2,705,583

SHAREHOLDERS' FUNDS			2,798,498		2,705,683

On behalf of the board

L Chappell

Director

22nd April 2026

The notes on pages 13 to 22 form part of these financial statements.

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Windrush Automotive Group Limited

Company Statement of Financial Position

As At 31 December 2025

Company Statement of Financial Position

Registered number: 10244761

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Investments	13		210,097		210,097

			210,097		210,097
CURRENT ASSETS
Debtors	15	3		3

		3		3
Creditors: Amounts Falling Due Within One Year	16	(210,000 )		(210,000 )

NET CURRENT ASSETS (LIABILITIES)			(209,997 )		(209,997 )

TOTAL ASSETS LESS CURRENT LIABILITIES			100		100

NET ASSETS			100		100

CAPITAL AND RESERVES
Called up share capital	18		100		100

SHAREHOLDERS' FUNDS			100		100

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 450,000 (2024: £ 600,000 profit).

On behalf of the board

Mr L Chappell

Director

22nd April 2026

The notes on pages 13 to 22 form part of these financial statements.

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Windrush Automotive Group Limited

Consolidated Statement of Cash Flows

For The Year Ended 31 December 2025

Consolidated Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from/(used in) operations	1	3,319,034	(452,960 )
Interest paid		(85,081 )	(85,642 )
Tax paid		(210,161 )	(397,844 )

Net cash generated from/(used in) operating activities		3,023,792	(936,446 )

Cash flows from investing activities
Purchase of tangible assets		(92,873 )	(68,725 )
Proceeds from disposal of tangible assets		4,370	-
Interest received		16,557	13,081

Net cash used in investing activities		(71,946 )	(55,644 )

Cash flows from financing activities
Equity dividends paid		(450,000 )	(600,000 )



Increase/(decrease) in cash and cash equivalents		2,501,846	(1,592,090 )
Cash and cash equivalents at beginning of year	2	348,566	1,940,656

Cash and cash equivalents at end of year	2	2,850,412	348,566

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Windrush Automotive Group Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 December 2025

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from/(used in) operations

	2025	2024
	£	£
Profit for the financial year	542,815	816,036
Adjustments for:
Tax on profit	189,828	280,155
Interest expense	85,081	85,642
Interest income	(16,557 )	(13,081 )
Depreciation of tangible assets	73,868	84,605
Movements in working capital:
Decrease/(increase) in stocks	782,483	(390,039 )
Decrease/(increase) in trade and other debtors	315,193	(912,149 )
Increase/(decrease) in trade and other creditors	1,346,323	(404,129 )

Net cash generated from/(used in) operations	3,319,034	(452,960 )

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	2,850,412	348,566

3. Analysis of changes in net funds

	As at 1 January 2025	Cash flows	As at 31 December 2025
	£	£	£
Cash at bank and in hand	348,566	2,501,846	2,850,412

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Windrush Automotive Group Limited

Notes to the Financial Statements

For The Year Ended 31 December 2025

Notes to the Financial Statements

1. General Information

Windrush Automotive Group Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10244761 . The registered office is 57 Farnham Road, Slough, SL1 3TN. There is no single principal place of business.

The presentational currency of the financial statements is Pound Sterling (£).

Amounts included in the financial statements are rounded to the nearest £.

The principal activity of the company is that of a holding company and the principal activity of the group is the operation of motor dealerships involving the sale, maintenance and repair of motor vehicles and the supply of related accessories.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Basis Of Consolidation

The Consolidated Statement of Income and Retained Earnings and Consolidated Statement of Financial Position include the financial statements of the company and its subsidiary undertakings made up to 31 December 2025. Inter-group balances, transactions and profits are eliminated fully on consolidation.

The consolidated financial statements have been drawn up under the purchase accounting method. In the Consolidated Statement of Financial Position, the aquiree's identifiable net assets and liabilities are initially recognised at their fair value at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the group's ability to continue as a going concern.

2.4. Significant judgements and estimations

The preparation of the financial statements requires management to make judgements, estimates and assumptions

that affect the amounts reported for assets and liabilities at the reporting date and the amounts reported for revenues

and expenses during the year. However, the nature of estimation means that actual outcomes might differ from those

estimates.

The following judgements have been made by the directors in applying the group's accounting policies:

Property, plant and equipment

At each reporting date property, plant and equipment is assessed for any indication of impairment. If such an

indication exists, the recoverable amount of the asset is determined based on value in use calculations which require

estimates to be made of future cash flows. An impairment loss is recognised where the carrying amount exceeds the

recoverable amount.

Consignment stock

Consignment stock has been included within the group's Consolidated Statement of Financial Position on the grounds

that the group considerably bears the risks and rewards of ownership attached to these vehicles. As such, the

consignment stock is considered to be under control of the group.

Stock valuation

Stock valuation is regularly monitored against age profile and market demand. Management use a number of market

tools during the appraisal process including Glass' and CAP valuation guides. The directors perform regular reviews to

assess if any provision is required.

Brand incentives

The group receives income in the form of various incentives which are determined by the group's brand partner. The

amount receivable is generally based on achieving specific objectives such as a specified sales volume, as well as other

objectives including maintaining brand partner standards which may include, but are not limited to, retail centre image

and design requirements, customer satisfaction survey results and training standards. Objectives are generally set and

measured on either a quarterly or annual basis.

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Windrush Automotive Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.5. Turnover

Turnover from the sale of goods is recognised in the Consolidated Statement of Income and Retained Earnings, net of discounts, rebates and value added tax when the significant risks and rewards of ownership have been transferred to the buyer. In general this occurs when vehicles or parts have been supplied or when a service has been completed.

Commission income is accounted for on a receivable basis.

2.6. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2016, was fully amortised over its estimated useful life of three years.

2.7. Intangible Fixed Assets and Amortisation - Other Intangible

Computer software was fully amortised over its estimated useful life of four years.

2.8. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	straight line over period of lease
Plant & Machinery	15% - 25% per annum on a straight line basis
Fixtures & Fittings	20% per annum on a straight line basis
Computer Equipment	25% per annum on a straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Income and Retained Earnings.

Revaluation of tangible fixed assets

The group took advantage of the exemption under Financial Reporting Standard 102 to treat the value of all revalued fixed assets as deemed cost going forward on transition.

2.9. Investments

Investments in subsidiaries are valued at cost less impairment.

2.10. Stocks and Work in Progress

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Consolidated Statement of Income and Retained Earnings.

Consignment vehicles are regarded as being under the control of the group, and in accordance with FRS 102 are included in stocks on the Statement of Financial Position, although legal title has not passed to the group. The corresponding liability is included in trade and other creditors and is secured directly on these vehicles.

2.11. Financial Instruments

The group only has basic financial instruments, which are recognised at amortised cost.

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Windrush Automotive Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.12. Taxation

Current tax

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

2.13. Pensions

The group operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.

2.14. Borrowing costs

Borrowing costs are charged to the Consolidated Statement of Income and Retained Earnings on an accruals basis.

2.15. Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

3. Turnover

Analysis of turnover by class of business is as follows:

	2025	2024
	£	£
Commissions	758,842	531,068
Rendering of services	2,641,509	2,537,348
Sale of goods	40,321,392	37,873,920

	43,721,743	40,942,336

All turnover was generated in the United Kingdom for both years.

4. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	12,151	12,715
Depreciation of tangible fixed assets	73,868	84,605

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Windrush Automotive Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

5. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the group and company's financial statements	11,150	10,500


Other Services
Other non-audit services	2,765	2,670

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	3,523,710	3,160,210
Social security costs	378,618	311,189
Other pension costs	94,961	84,827

	3,997,289	3,556,226

7. Average Number of Employees

Group

Average number of employees, including directors, during the year was as follows:

	2025	2024
Directors	3	3
Administration	65	63

	68	66

Company

Average number of employees, including directors, during the year was: NIL (2024: NIL)

8. Directors' remuneration

	2025	2024
	£	£
Emoluments	790,723	605,759
Company contributions to money purchase pension schemes	46,000	36,500

	836,723	642,259

The number of directors to whom retirement benefits were accruing was as follows:

	2025		2024
Money purchase pension schemes	2		2

Information regarding the highest paid director was as follows:

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Windrush Automotive Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

	2025	2024
	£	£
Emoluments	429,764	316,911
Company contributions to money purchase pension schemes	27,600	21,900

	457,364	338,811

9. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	2,567	9,252
Other finance charges	82,514	76,390

	85,081	85,642

10. Tax on Profit

	Tax Rate		2025	2024
The tax charge on the profit for the year was as follows:
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	185,011	281,747
Deferred Tax
Deferred taxation			4,817	(1,592 )


Total tax charge for the period			189,828	280,155


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2025	2024
			£	£
Profit before tax			732,643	1,096,191

Tax on profit at 25% (UK standard rate)			183,161	274,048
Expenses not deductible for tax purposes			7,835	5,059
Short term timing differences			(1,168 )	1,048

Total tax charge for the period			189,828	280,155

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Windrush Automotive Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

11. Intangible Assets

Group

	Goodwill	Other	Total
	£	£	£
Cost
As at 1 January 2025	(610,047 )	33,301	(576,746 )

As at 31 December 2025	(610,047 )	33,301	(576,746 )

Amortisation
As at 1 January 2025	(610,047 )	33,301	(576,746 )

As at 31 December 2025	(610,047 )	33,301	(576,746 )

Net Book Value
As at 31 December 2025	-	-	-

As at 1 January 2025	-	-	-

Company

The company had no intangible fixed assets as at 31 December 2025 or 31 December 2024.

12. Tangible Assets

Group

	Land & Property
	Leasehold	Plant & Machinery	Total
	£	£	£
Cost
As at 1 January 2025	1,113,268	1,396,171	2,509,439
Additions	-	92,873	92,873
Disposals	(513,374 )	-	(513,374 )

As at 31 December 2025	599,894	1,489,044	2,088,938

Depreciation
As at 1 January 2025	1,108,898	1,166,342	2,275,240
Provided during the period	-	73,868	73,868
Disposals	(509,004 )	-	(509,004 )

As at 31 December 2025	599,894	1,240,210	1,840,104

Net Book Value
As at 31 December 2025	-	248,834	248,834

As at 1 January 2025	4,370	229,829	234,199

Company

The company had no tangible fixed assets as at 31 December 2025 or 31 December 2024.

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Windrush Automotive Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

13. Investments

Company

	Subsidiaries
	£
Cost or Valuation
As at 1 January 2025	210,097

As at 31 December 2025	210,097

Provision
As at 1 January 2025	-

As at 31 December 2025	-

Net Book Value
As at 31 December 2025	210,097

As at 1 January 2025	210,097

Subsidiaries

Details of the group's subsidiaries as at 31 December 2025 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Windrush Garage Limited	57 Farnham Road, Slough, SL1 3TN	Ordinary	100.00%	-
Windrush Maidenhead Limited	57 Farnham Road, Slough, SL1 3TN	Ordinary	-	100.00%

14. Stocks

	2025	2024
	£	£
Stock	5,808,123	5,349,527
Materials	135,799	145,044

	5,943,922	5,494,571

There were no material stock provisions at either 31 December 2025 or 31 December 2024.

15. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Due within one year
Trade debtors	1,449,310	1,882,176	-	-
Other debtors	539,178	421,505	-	-
Called up share capital not paid	3	3	3	3

	1,988,491	2,303,684	3	3

There were no material bad debt provisions at 31 December 2025 or 31 December 2024.

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Windrush Automotive Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

16. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade creditors	6,765,914	5,009,016	-	-
Corporation tax	156,596	181,746	-	-
Other taxes and social security	198,276	146,148	-	-
VAT	417,865	95,720	-	-
Accruals and deferred income	637,555	190,569	-	-
Amounts owed to group undertakings	-	-	210,000	210,000

	8,176,206	5,623,199	210,000	210,000

Trade creditors include vehicle funding which is secured over the vehicles to which it relates.

The following secured debts are included within creditors:

	Group
	2025	2024
	£	£
Trade Creditors	4,817,030	3,562,560

17. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 January 2025	52,138	52,138
Additions	4,817	4,817

Balance at 31 December 2025	56,955	56,955

	2025	2024
	£	£
Accelerated capital allowances	57,238	52,489
Short term timing differences	(283)	(351)

	56,955	52,138

Deferred tax at the year end comprised:-

18. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
100 Ordinary Shares of £ 1.00 each	100	100

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Windrush Automotive Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

19. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the income statement in respect of defined contribution schemes was £94,961 (2024: £84,827).

At the statement of financial position date contributions of £1,129 (2024: £1,402) were due to the fund and are included in creditors.

20. Dividends

	2025	2024
	£	£
On equity shares:
Interim dividend paid	450,000	600,000

21. Reserves

Retained earnings

This reserve includes all current and prior period retained profits and losses less dividends paid.

22. Related Party Disclosures

The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Dividends paid to the directors amounted to £450,000 (2024: £600,000).

At the balance sheet date the company owed £210,000 (2024: £210,000) to group companies.

The following related parties are external to the group:-

Windrush Maidenhead Property Partnership

This is a partnership in which the directors of the group have equal interests.

During the year the group paid rent of £199,000 (2024: £199,000) to the partnership.

At the year end the group owed £nil (2024: £nil) to this partnership.

Windrush Trade Parts Limited

This is a company in which the directors of the group have an interest.

During the year the group recharged expenses of £28,390 (2024: £40,387) to Windrush Trade Parts Limited.

During the year the group purchased goods amounting to £14,347 (2024: £30,187) from Windrush Trade Parts Limited.

At the year end the group was owed £1,391 (2024: £1,943) by Windrush Trade Parts Limited.

Directors

During the year the group paid rent amounting to £320,000 (2024: £320,000) to a director of the company.

23. Controlling Parties

The ultimate controlling party is The Estate of Mr A P Rosner by virtue of its majority shareholding.

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