REGISTERED NUMBER: 09482816 (England and Wales)

CVAM Holdings Ltd

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 July 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

Mr N A Watkins

Mr A A Stephenson

REGISTERED OFFICE:

Dyffryn Trading Estate

Rhyl Road

Denbigh

Denbighshire

LL16 5SU

REGISTERED NUMBER:

09482816 (England and Wales)

AUDITORS:

Salisbury & Company Business Solutions Limited

Statutory Auditors

Chartered Accountants

Irish Square

Upper Denbigh Road

St Asaph

Denbighshire

LL17 0RN

The directors present their strategic report of the company and the group for the year ended 31 July 2025.

REVIEW OF BUSINESS

The directors are once again exceptionally proud of the performance of the business in what has been another challenging year for many in our industry. New vehicle supply chain issues have recovery back to normality which has maintained the trend from the previous year of used vehicles and trailers hitting the secondary market. We have slightly increased our vehicle sales turnover and is testament to all involved within the business and a fantastic achievement in a fast moving and competitive marketplace.

The Directors believe the attached financial audit to be an accurate and fair reflection of the group's performance in the reported year.

KEY PERFORMANCE INDICATORS

The group's key KPI's of Comprehensive Income, Balance Sheet Growth and Customer Retention have all increased during the financial year once again which we feel is an excellent achievement by the management team and is testament to all their dedicated work.

The group's financial and KPI's during the period were as follows:

2025

2024

£'000

£'000

Turnover

£16,748

£16,886

Gross Profit

£2,126

£4,015

Profit before Taxation

£1,871

£2,571

PRINCIPAL RISK AND UNCERTAINTIES

The group regularly reviews the risk and uncertainties within the business and the principal material risks identified by the group are as follows:

Credit risk: The group recognised the importance of debtor management and the need to reduce the risk of financial loss. To manage the risk, overdue debtors are regularly monitored to keep to a minimum with debtor's reports circulated by the Finance Manager on a weekly basis to both directors.

Health & safety: The group's activities are potentially hazardous and failure to meet safety standards could result in serious injury. The risk is managed by continuously monitoring and management of health, safety and environmental risks.

Supply chain: One of the important aspects of the business is its supply chain management. The group has long standing relationships with key suppliers and are not reliant on any one supplier and have extended our services to new suppliers that we hope to develop further in the coming financial year.

External debts: The group have no external debt to speak of which puts the group on a very sound financial footing and places CVAM as one of the largest independent companies of our type in the UK.

There will be many challenges ahead for UK businesses from all sectors in 2026 not least with all the external pressure that we are facing from the Geopolitical events unfolding in the Middle East and Ukraine. General business confidence is running low in our opinion and especially in the logistical sector due in the main to increased fuel costs. However, the company is now positioned very positively to maximise any potential downturn or upturn and has proved itself historically to be very resilient to any major swings in the UK economy. We are able to adapt very quickly to market changes to our advantage and are forecasting an increase in demand for our remarketing services from many of our UK banks that we are fortunate to count as clients.

EMPLOYEES

Our employees continue to be a huge asset and show great dedication and loyalty for which the directors thank them for. Our team whilst small is now expanding with three new staff members which serves the needs of the business perfectly. We do not foresee any major changes in the next financial year but are well placed to do so if required. All employees have direct daily access to the directors which keeps lines of communication short and concise and enables us to react quickly to opportunities as they arise ahead of our competitors.

Composition of the work force as follows:

Directors 2 Male

Senior Managers 1 Male / 1 Female

Rest of Work Force 4 Male / 3 Female

The group have implemented a culture of endeavouring to be more environmentally aware by minimising waste and travel were ever possible. All desks now have recyclable bins for paper / plastic etc. We encourage questioning within the business were by any employee has the remit to put forward suggestions for either material or cost savings on all activities including remote working when possible.

DEVELOPMENT AND PERFORMANCE

The group continues to build on its excellent reputation within the financial sector, assisting with end of lease returns and corporate failures which we are forecasting an increase in activity even after maintaining the substantial gains we made in our last accounts.

The business is in an excellent position to maximise any future opportunities that may present themselves during the next fiscal year and beyond. We have very strong capital reserves to enable instant decisions to be taken which has proved a critical component in our success along with very prudent measures to control overheads which these accounts pay testament too.

The group envisage future development in offering a wider range of services to our clients and expanding on other operational income which has been a real success this year. This in turn leads organically into our core business activity of the purchase and resale of transportation assets both in the home and export markets further increasing our prospects.

The group has further enhanced its reputation as a fair and reputable entity with which to do business and is one of the key mission goals of the directors. We fully intend to build on this reputation in both our sales and supply channels and see this as a key foundation that the success of the business is built on which again has proven to be the case in this financial year.

In summary the audit and this report clearly show the group continues to head in a positive direction which is testament to an excellent management team across all disciplines. The directors are immensely proud of all their staff who have contributed to the success of the business and adapted to new working practices to ensure the continued growth of the group and serve our clients and customers with the upmost respect and integrity.

ON BEHALF OF THE BOARD:

Director

28 April 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 July 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of purchase and resale of commercial vehicles.

DIVIDENDS

The total distribution of dividends for the year ended 31 July 2025 will be £240,000.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 August 2024 to the date of this report.

Mr N A Watkins

Mr A A Stephenson

POLITICAL DONATIONS AND EXPENDITURE

During the period the company made donations to local charitable organisations totalling £5,410 (2024: £2,409).

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Salisbury & Company Business Solutions Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr N A Watkins - Director

28 April 2026

Opinion

We have audited the financial statements of CVAM Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' 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 a Report of the Auditors 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned in accordance with ISA (UK).

We obtained an understanding of the legal and regulatory frameworks applicable to the company and the industry in which it operates through our general commercial and sector experience and discussions with management. We determined that the following laws and regulations were most significant: The Companies Act 2006, FRS 102 the 'Financial Reporting Standards applicable in the UK and Republic of Ireland' and relevant UK tax legislation. In addition, we concluded that there are certain laws and regulations that may have an effect on the determination of the amounts and disclosures within the financial statements such as Health and Safety laws and regulations.

We accessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations or fraud;

- Obtain an understanding of the internal controls that management have in place to prevent and detect fraud;

- Challenging assumptions and judgements made by management in its significant accounting estimates;

- Reviewing the financial statement disclosures and assessing the appropriateness of the accounting policies used;

- Identifying and testing journal entries, in particular manual or unusual entries;

- Obtaining third party confirmations of all the companies banking arrangements;

- Performing analytical procedures to identify any unusual or unexpected relationships;

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting.

The assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagements team's knowledge of the industry in which the client operates in and understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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.

Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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

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 a Report of the Auditors 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.

Mr Aled Roberts FCA (Senior Statutory Auditor)

for and on behalf of Salisbury & Company Business Solutions Limited

Statutory Auditors

Chartered Accountants

Irish Square

Upper Denbigh Road

St Asaph

Denbighshire

LL17 0RN

28 April 2026

TURNOVER

3

16,748,492

16,886,328

Cost of sales

(14,622,132

)

(12,871,665

)

GROSS PROFIT

2,126,360

4,014,663

Administrative expenses

(668,120

)

(2,002,873

)

1,458,240

2,011,790

Other operating income

238,767

486,630

OPERATING PROFIT

5

1,697,007

2,498,420

Interest receivable and similar income

174,346

72,930

PROFIT BEFORE TAXATION

1,871,353

2,571,350

Tax on profit

6

(477,155

)

(812,236

)

PROFIT FOR THE FINANCIAL YEAR

1,394,198

1,759,114

Profit attributable to:

Owners of the parent

1,394,198

1,759,114

PROFIT FOR THE YEAR

1,394,198

1,759,114

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,394,198

1,759,114

Total comprehensive income attributable to:

Owners of the parent

1,394,198

1,759,114

FIXED ASSETS

Tangible assets

9

538,202

1,334,578

Investments

10

-

-

538,202

1,334,578

CURRENT ASSETS

Stocks

11

1,925,897

3,369,800

Debtors

12

13,606,623

12,684,432

Cash at bank

3,078,540

2,018,723

18,611,060

18,072,955

CREDITORS

Amounts falling due within one year

13

5,584,046

6,961,362

NET CURRENT ASSETS

13,027,014

11,111,593

TOTAL ASSETS LESS CURRENT LIABILITIES

13,565,216

12,446,171

PROVISIONS FOR LIABILITIES

14

55,694

90,847

NET ASSETS

13,509,522

12,355,324

CAPITAL AND RESERVES

Called up share capital

15

4

4

Retained earnings

16

13,509,518

12,355,320

SHAREHOLDERS' FUNDS

13,509,522

12,355,324

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2026 and were signed on its behalf by:

Mr N A Watkins - Director

FIXED ASSETS

Tangible assets

9

-

-

Investments

10

3,440,332

3,440,332

3,440,332

3,440,332

CURRENT ASSETS

Debtors

12

2

2

CREDITORS

Amounts falling due within one year

13

100

100

NET CURRENT LIABILITIES

(98

)

(98

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,440,234

3,440,234

CAPITAL AND RESERVES

Called up share capital

15

4

4

Retained earnings

3,440,230

3,440,230

SHAREHOLDERS' FUNDS

3,440,234

3,440,234

Company's profit for the financial year

240,000

194,000

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2026 and were signed on its behalf by:

Mr N A Watkins - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 August 2023

4

10,790,206

10,790,210

Changes in equity

Dividends

-

(194,000

)

(194,000

)

Total comprehensive income

-

1,759,114

1,759,114

Balance at 31 July 2024

4

12,355,320

12,355,324

Changes in equity

Dividends

-

(240,000

)

(240,000

)

Total comprehensive income

-

1,394,198

1,394,198

Balance at 31 July 2025

4

13,509,518

13,509,522

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 August 2023

4

3,440,230

3,440,234

Changes in equity

Dividends

-

(194,000

)

(194,000

)

Total comprehensive income

-

194,000

194,000

Balance at 31 July 2024

4

3,440,230

3,440,234

Changes in equity

Dividends

-

(240,000

)

(240,000

)

Total comprehensive income

-

240,000

240,000

Balance at 31 July 2025

4

3,440,230

3,440,234

Cash flows from operating activities

Cash generated from operations

1

2,740,946

(2,699,751

)

Tax paid

(1,292,059

)

(318,071

)

Net cash from operating activities

1,448,887

(3,017,822

)

Cash flows from investing activities

Purchase of tangible fixed assets

(14,949

)

(257,117

)

Sale of tangible fixed assets

787,246

-

Interest received

174,346

72,930

Net cash from investing activities

946,643

(184,187

)

Cash flows from financing activities

Movement in related party bal

(1,077,797

)

3,278,226

Amount introduced by directors

327,084

254,253

Amount withdrawn by directors

(345,000

)

144,846

Equity dividends paid

(240,000

)

(194,000

)

Net cash from financing activities

(1,335,713

)

3,483,325

Increase in cash and cash equivalents

1,059,817

281,316

Cash and cash equivalents at beginning of year

2

2,018,723

1,737,407

Cash and cash equivalents at end of year

2

3,078,540

2,018,723

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

1,871,353

2,571,350

Depreciation charges

54,750

122,252

(Profit)/loss on disposal of fixed assets

(30,673

)

1,297,356

Finance income

(174,346

)

(72,930

)

1,721,084

3,918,028

Decrease/(increase) in stocks

1,443,903

(2,278,003

)

Increase in trade and other debtors

(922,191

)

(4,773,592

)

Increase in trade and other creditors

498,150

433,816

Cash generated from operations

2,740,946

(2,699,751

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 July 2025

31/7/25

1/8/24

£

£

Cash and cash equivalents

3,078,540

2,018,723

Year ended 31 July 2024

31/7/24

1/8/23

£

£

Cash and cash equivalents

2,018,723

1,737,407

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/8/24

Cash flow

At 31/7/25

£

£

£

Net cash

Cash at bank and in hand

2,018,723

1,059,817

3,078,540

2,018,723

1,059,817

3,078,540

Total

2,018,723

1,059,817

3,078,540

1.	STATUTORY INFORMATION

CVAM Holdings Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The presentational and functional currency of these financial statements is pound sterling; the financial

statements are rounded to the nearest pound.

Going concern

The directors have reviewed the company's performance throughout the period and subsequent to the year end and, as a result believe that the preparation of the financial statements on the going concern basis is appropriate.

Financial Reporting Standard 102 - reduced disclosure exemptions

The parent company have taken advantage of the exemption to not produce cashflow statement.

Basis of consolidation

The financial statements consolidate the accounts of CVAM Holdings Limited and all of its subsidiary undertakings. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

Investments in subsidiaries are accounted for at the cost less provision for impairment.

Related party exemption

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income from the sale of vehicles is recognised on sale of vehicle.

Income from rental income is recognised in the period in which the income related to.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

Assets not depreciated

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Hire Fleet

-

25% on reducing balance and 15% on reducing balance

Stocks

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

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

The deferred tax balance at 31 July 2025 has been calculated using the UK corporation rate of 25% , reflecting the expected timing of reversal of the related timing differences.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Accounting estimates and judgements

The directors are required to make judgements, estimates and assumptions about the carrying amount of asset and liabilities that are not readily apparent from other sources. These estimates and assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Critical accounting judgements in applying the company's accounting policies:

In the course of preparing the financial statements, no judgement have been made in the process of applying the Company's accounting policies, other than those involving estimations that have had significant effect on the amounts recognised in the financial statements.

Sources of estimation uncertainty and judgement involving estimations:

The key assumption is the value of stock which is determined by the directors and not a third party.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2025

2024

£

£

Vehicle sales

15,901,270

15,641,665

Rental sales

468,703

644,633

Repairs/recovery sales

271,527

521,833

Other sales

106,992

78,197

16,748,492

16,886,328

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

16,748,492

16,886,328

16,748,492

16,886,328

4.	EMPLOYEES AND DIRECTORS

No pension was paid to the directors during the year.

Average number of employees in the year was 9 (2024:7)

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Other operating leases

190,896

89,813

Depreciation - owned assets

54,752

122,252

(Profit)/loss on disposal of fixed assets

(30,673

)

1,297,356

Auditors' remuneration

16,285

22,708

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

512,308

1,213,782

Deferred tax

(35,153

)

(401,546

)

Tax on profit

477,155

812,236

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

1,871,353

2,571,350

Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %)

467,838

642,838

Effects of:

Expenses not deductible for tax purposes

6,278

3,726

Depreciation in excess of capital allowances

13,441

26,000

Deferred tax

(35,153

)

(401,546

)

Loss on disposal

(7,668

)

324,338

Balancing charge

24,375

216,880

Gain

8,044

-

Total tax charge

477,155

812,236

7.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

8.

DIVIDENDS

2025

2024

£

£

Ordinary shares of 1 each

Interim

240,000

194,000