Company registration number 11508691 (England and Wales)
Sienco Holdings Limited
Annual report and financial statements
For the year ended 31 December 2025
Sienco Holdings Limited
Company information
Directors
Mr P M Barker
Mrs K A Barker
Company number
11508691
Registered office
The Exchange
5 Bank Street
Bury
England
BL9 0DN
Auditor
DJH Audit Limited
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN
Sienco Holdings Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group profit and loss account
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 29
Sienco Holdings Limited
Strategic report
For the year ended 31 December 2025
- 1 -

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

Review of the business

During the year ended 31 December 2025, the Group reported turnover of £18.7m, representing a marginal increase of 1% compared to the prior year of £18.6m. Performance remained resilient against a backdrop of softening consumer sentiment and gradual normalisation of demand following exceptionally strong post‑pandemic period experienced across the leisure vehicle sector.

Gross margin decreased from 13.0% to 12.6%, reflecting increased pricing pressure in the used motorhome market during the latter part of the year. While early year demand and pricing remained strong, greater supply and affordability constraints impacted achievable margins as the year progressed. Unit sales volumes remained broadly stable.

Cash generation remained strong, with cash balances at year end of £4.26m (2024: £6.05m), supporting a robust liquidity position and enabling further reduction in vehicle stocking loans during the year.

During the year, the Group completed the development of its new showroom and workshop facilities, owned by its subsidiary, Inchlonaig Limited. Fleetgrace Limited successfully relocated its trading operations into the new showroom. The transition was completed without material disruption to trading activity and represents a significant milestone in the Group’s long‑term strategy.

The new showroom provides materially improved retail presentation, expanded workshop capacity and enhanced customer experience, positioning the business for more efficient operations and sustainable future growth.

Principal risks and uncertainties

The Directors recognise that the business faces several key risks:

Market and Demand Risk

Demand for leisure vehicles is sensitive to interest rates, household disposable income, and consumer confidence. A prolonged economic downturn could impact sales volumes and pricing, particularly in the used market.

Stock Valuation and Margin Risk

Motorhomes and caravans are high‑value assets subject to market price movements. Declining resale values or prolonged stock holding periods could lead to margin erosion or the need for stock write‑downs. The Group actively monitors stock ageing and market pricing trends to mitigate this risk.

Supplier Pricing and Availability

The business is exposed to fluctuations in manufacturer pricing, availability, and lead times. Pricing pressure from suppliers may not always be fully recoverable through customer pricing, particularly in competitive market conditions.

Financing and Interest Rate Risk

The use of vehicle stocking facilities exposes the Group to interest rate movements. This risk has been partially mitigated during the year through reduced borrowings and strong cash generation.

Operational and Compliance Risk

As a retailer operating from physical premises, the business is subject to health and safety, employment, consumer protection, and data protection regulations. Robust controls and professional advisers support compliance in these areas.

Sienco Holdings Limited
Strategic report (continued)
For the year ended 31 December 2025
- 2 -
Key performance indicators

The Directors monitor performance using a range of financial and operational indicators, including:

- Revenue growth and sales mix between new, used, and aftersales activity

- Gross margin

- Stock turnover and ageing

- Operating profit and cash generation

- Net cash / stocking loan utilisation

Given current market conditions, management focus has been placed on protecting margin quality, controlling working capital, and maintaining liquidity rather than pursuing aggressive volume growth.

Future developments

The Directors expect trading conditions in 2026 to remain competitive, with continued pressure on used vehicle margins and cautious consumer behaviour. In response, the Group’s strategic priorities are:

- Optimising use of the new showroom and workshop facilities

- Maintaining disciplined stock levels, with a focus on faster stock turnover

- Strengthening aftersales and service revenues, which provide stability and higher margin contribution

- Preserving a strong cash position and limiting reliance on stocking finance

- Leveraging customer reputation and service standards to maintain loyalty and referral business

While short‑term market conditions are expected to remain challenging, the Directors believe that with the move to the new showroom, combined with the Group’s strong balance sheet, experienced management, and established customer base place it in a solid position to navigate industry cycles and pursue sustainable long‑term growth.

On behalf of the board

Mr P M Barker
Director
24 April 2026
Sienco Holdings Limited
Directors' report
For the year ended 31 December 2025
- 3 -

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

Principal activities

The principal activity of the company continued to be that of a holding company.

The principal activity of the group in the period under review was that of a retailer of new and used caravans, motorhomes and related parts.

Results and dividends

The total distribution of dividends in the year is £293,865 (2024: £303,271).

Directors

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

Mr P M Barker
Mrs K A Barker
Auditor

DJH Audit Limited has indicated its willingness to be reappointed for another term and appropriate arrangements are being made for it to be deemed reappointed as auditor in the absence of an Annual General Meeting.

Statement of directors' responsibilities

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 prepared the group and parent company 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 group and parent company, 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;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

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 auditor of the company 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 auditor of the company is aware of that information.

Sienco Holdings Limited
Directors' report (continued)
For the year ended 31 December 2025
- 4 -
On behalf of the board
Mr P M Barker
Director
24 April 2026
Sienco Holdings Limited
Independent auditor's report
To the members of Sienco Holdings Limited
- 5 -
Opinion

We have audited the financial statements of Sienco Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 group's and 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's and 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 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.

Sienco Holdings Limited
Independent auditor's report (continued)
To the members of Sienco Holdings Limited
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

- T he 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.

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 their 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 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 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 group's 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 parent 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.

Sienco Holdings Limited
Independent auditor's report (continued)
To the members of Sienco Holdings Limited
- 7 -

As part of our planning process:

- We enquired of management the systems and controls the group has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The group did not inform us of any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory frameworks applicable to the group. We determined that the following were most relevant: FRS 102, Companies Act 2006, Health & Safety at Work 1974, Employment Act 2008, and General Data Protection Regulations (GDPR).

- We considered the incentives and opportunities that exist in the group, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

- Using our knowledge of the group, together with the discussions held with the group at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular, the estimation of the useful economic life of fixed assets, and the level of provision required for impairment of stock.

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entity's ability to continue in operation.

- Testing key revenue lines, in particular cut-off and walk-through, for evidence of management bias.

- Performing a physical verification of key assets.

- Obtaining third-party confirmation of material bank and loan balances.

- Documenting and verifying all significant intercompany balances and transactions.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

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.

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Sienco Holdings Limited
Independent auditor's report (continued)
To the members of Sienco Holdings Limited
- 8 -
Richard Bell
For and on behalf of DJH Audit Limited, Statutory Auditor
Accountants
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN
5 May 2026
Sienco Holdings Limited
Group profit and loss account
For the year ended 31 December 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
18,724,516
18,575,315
Cost of sales
(16,366,285)
(16,160,409)
Gross profit
2,358,231
2,414,906
Distribution costs
(11,394)
(10,132)
Administrative expenses
(407,614)
(507,485)
Other operating income
18,415
19,090
Operating profit
4
1,957,638
1,916,379
Interest receivable and similar income
8
192,384
238,541
Interest payable and similar expenses
9
(10,763)
(13,568)
Profit before taxation
2,139,259
2,141,352
Tax on profit
10
(179,145)
(462,673)
Profit for the financial year
1,960,114
1,678,679
Profit for the financial year is attributable to:
- Owners of the parent company
1,913,005
1,639,813
- Non-controlling interests
47,109
38,866
1,960,114
1,678,679
Sienco Holdings Limited
Group balance sheet
As at 31 December 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
12
(1,472,313)
(1,852,264)
Tangible assets
13
3,944,059
1,817,186
2,471,746
(35,078)
Current assets
Stocks
16
7,672,503
7,761,171
Debtors
17
382,003
347,736
Cash at bank and in hand
4,262,732
6,044,777
12,317,238
14,153,684
Creditors: amounts falling due within one year
18
(4,103,416)
(5,070,484)
Net current assets
8,213,822
9,083,200
Total assets less current liabilities
10,685,568
9,048,122
Provisions for liabilities
Deferred tax liability
20
99,969
104,272
(99,969)
(104,272)
Net assets
10,585,599
8,943,850
Capital and reserves
Called up share capital
22
101
101
Share premium account
28,286
28,286
Profit and loss reserves
10,468,704
8,849,564
Equity attributable to owners of the parent company
10,497,091
8,877,951
Non-controlling interests
88,508
65,899
Total equity
10,585,599
8,943,850
The financial statements were approved by the board of directors and authorised for issue on 24 April 2026 and are signed on its behalf by:
24 April 2026
Mr P M Barker
Director
Company registration number 11508691 (England and Wales)
Sienco Holdings Limited
Company balance sheet
As at 31 December 2025
31 December 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
14
904,650
904,650
Current assets
Debtors
17
3,372,665
-
0
Cash at bank and in hand
3,271
1,561,836
3,375,936
1,561,836
Creditors: amounts falling due within one year
18
(2,164,887)
(363,522)
Net current assets
1,211,049
1,198,314
Net assets
2,115,699
2,102,964
Capital and reserves
Called up share capital
22
101
101
Profit and loss reserves
2,115,598
2,102,863
Total equity
2,115,699
2,102,964

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £306,600 (2024 - £362,250 profit).

These 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 24 April 2026 and are signed on its behalf by:
24 April 2026
Mr P M Barker
Director
Company registration number 11508691 (England and Wales)
Sienco Holdings Limited
Group statement of changes in equity
For the year ended 31 December 2025
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2024
101
28,286
7,513,022
7,541,409
49,533
7,590,942
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
1,639,813
1,639,813
38,866
1,678,679
Dividends
11
-
-
(303,271)
(303,271)
(22,500)
(325,771)
Balance at 31 December 2024
101
28,286
8,849,564
8,877,951
65,899
8,943,850
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
1,913,005
1,913,005
47,109
1,960,114
Dividends
11
-
-
(293,865)
(293,865)
(24,500)
(318,365)
Balance at 31 December 2025
101
28,286
10,468,704
10,497,091
88,508
10,585,599
Sienco Holdings Limited
Company statement of changes in equity
For the year ended 31 December 2025
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
101
2,044,885
2,044,986
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
362,250
362,250
Dividends
11
-
(304,272)
(304,272)
Balance at 31 December 2024
101
2,102,863
2,102,964
Year ended 31 December 2025:
Profit and total comprehensive income
-
306,600
306,600
Dividends
11
-
(293,865)
(293,865)
Balance at 31 December 2025
101
2,115,598
2,115,699
Sienco Holdings Limited
Group statement of cash flows
For the year ended 31 December 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
1,006,058
1,659,725
Interest paid
(10,763)
(13,570)
Income taxes paid
(461,071)
(548,810)
Net cash inflow from operating activities
534,224
1,097,345
Investing activities
Purchase of tangible fixed assets
(2,190,288)
(691,503)
Interest received
192,384
238,541
Net cash used in investing activities
(1,997,904)
(452,962)
Financing activities
Dividends paid to minority interests
(24,500)
(22,500)
Dividends paid to equity shareholders
(293,865)
(303,271)
Net cash used in financing activities
(318,365)
(325,771)
Net (decrease)/increase in cash and cash equivalents
(1,782,045)
318,612
Cash and cash equivalents at beginning of year
6,044,777
5,726,165
Cash and cash equivalents at end of year
4,262,732
6,044,777
Sienco Holdings Limited
Notes to the group financial statements
For the year ended 31 December 2025
- 15 -
1
Accounting policies
Company information

Sienco Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The company's registered number is 11508691 and its registered office is The Exchange, 5 Bank Street, Bury, BL9 0DN.

The group consists of Sienco Holdings Limited and all of its subsidiaries.

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.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Sienco Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

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

1.4
Turnover

Turnover comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Turnover is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, turnover is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Sienco Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
- 16 -

Turnover 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 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 a business 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 10 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.

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:

Buildings
2% on cost
Freehold land
Not provided
Improvements to property
15% on cost
Fixtures and fittings
15% on cost
Computers
20% on cost
Motor vehicles
20% on cost

Freehold land and buildings are not depreciated on the basis that the directors consider their useful economic life to be indefinite. The buildings are subject to an ongoing repair and maintenance, such that their condition and service potential are preserved, and management expects the residual value to be at least equal to the carrying amount over the period of use.

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 recognised in the profit and loss account.

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

1.7
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

Sienco Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
- 17 -

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

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the group 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.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

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.

Sienco Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
- 18 -

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 group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 m ethod 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.

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.

Sienco Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
- 19 -
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 group 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 group 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. Amounts 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 subsequently 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
Taxation

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

Sienco Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
- 20 -
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 group’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.

1.14
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.

1.15
Retirement benefits

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

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

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

Estimating the useful economic life of an asset and the anticipated residual value are considered the key judgement in calculating an appropriate depreciation charge.

Making judgement based on historical experience on the level of provision required for impairment of stocks. Further information received after the statement of financial position date may impact on the level of provision required.

Sienco Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2025
- 21 -
3
Turnover

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

All revenue has been generated within the United Kingdom.

4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
63,415
140,996
Amortisation of intangible assets
(379,951)
(379,951)
5
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's subsidiaries
12,950
12,000
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Directors
2
2
2
2
Sales
5
4
-
-
Workshop
10
9
-
-
Administration
4
5
-
-
Total
21
20
2
2
SIENCO HOLDINGS LIMITED
Sienco Holdings Limited
Notes to the financial statements
FOR THE YEAR ENDED 31 DECEMBER 2025
6
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
599,964
546,861
-
0
-
0
Social security costs
60,729
48,914
-
-
Pension costs
13,651
112,815
-
0
-
0
674,344
708,590
-
0
-
0
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
40,000
40,000
Company pension contributions to defined contribution schemes
826
101,005
40,826
141,005
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
163,534
238,541
Other interest income
28,850
-
Total interest revenue
192,384
238,541
Total income
192,384
238,541
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
163,534
238,541
SIENCO HOLDINGS LIMITED
Sienco Holdings Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
10,763
13,568
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
183,448
474,221
Deferred tax
Origination and reversal of timing differences
(4,303)
(11,548)
Total tax charge
179,145
462,673

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
2,139,259
2,141,352
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
534,815
535,338
Tax effect of expenses that are not deductible in determining taxable profit
1,934
1,363
Tax effect of income not taxable in determining taxable profit
2,241
-
0
Tax effect of utilisation of tax losses not previously recognised
(99,763)
-
0
Unutilised tax losses carried forward
-
0
591
Depreciation on assets not qualifying for tax allowances
3,236
31,917
Amortisation on assets not qualifying for tax allowances
(94,988)
(94,988)
Tax at marginal rate
(508)
-
0
Depreciation in excess of capital allowances
(1,904)
-
0
Accelerated capital allowances
(165,918)
(11,548)
Taxation charge
179,145
462,673
SIENCO HOLDINGS LIMITED
Sienco Holdings Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
293,865
303,271
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2025 and 31 December 2025
(3,799,513)
Amortisation and impairment
At 1 January 2025
(1,947,249)
Amortisation charged for the year
(379,951)
At 31 December 2025
(2,327,200)
Carrying amount
At 31 December 2025
(1,472,313)
At 31 December 2024
(1,852,264)
SIENCO HOLDINGS LIMITED
Sienco Holdings Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
13
Tangible fixed assets
Group
Buildings
Freehold land
Improvements to property
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2025
150,000
1,524,373
254,619
111,548
17,494
235,724
2,293,758
Additions
-
0
2,153,205
24,025
9,235
3,823
-
0
2,190,288
Transfers
3,007,731
(3,007,731)
-
0
-
0
-
0
-
0
-
0
At 31 December 2025
3,157,731
669,847
278,644
120,783
21,317
235,724
4,484,046
Depreciation and impairment
At 1 January 2025
-
0
-
0
192,796
89,147
13,484
181,145
476,572
Depreciation charged in the year
-
0
-
0
27,207
12,308
4,481
19,419
63,415
At 31 December 2025
-
0
-
0
220,003
101,455
17,965
200,564
539,987
Carrying amount
At 31 December 2025
3,157,731
669,847
58,641
19,328
3,352
35,160
3,944,059
At 31 December 2024
150,000
1,524,373
61,823
22,401
4,010
54,579
1,817,186
The company had no tangible fixed assets at 31 December 2025 or 31 December 2024.
SIENCO HOLDINGS LIMITED
Sienco Holdings Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
904,650
904,650
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025 and 31 December 2025
904,650
Carrying amount
At 31 December 2025
904,650
At 31 December 2024
904,650
15
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Fleetgrace Limited
The Exchange, 5 Bank Street, Bury, BL9 0DN
Caravans, motorhomes and related parts retailer.
Ordinary
97.00
Inchlonaig Limited
The Exchange, 5 Bank Street, Bury, BL9 0DN
Property investment and development.
Ordinary
100.00
16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Parts and accessories
49,798
50,418
-
-
New and used vehicles
7,622,705
7,710,753
-
0
-
0
7,672,503
7,761,171
-
-
SIENCO HOLDINGS LIMITED
Sienco Holdings Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
178,701
72,513
-
-
0
Corporation tax recoverable
75,305
-
0
-
0
-
0
Amounts owed by group undertakings
-
0
-
0
3,372,665
-
0
Other debtors
92,490
227,864
-
0
-
0
Prepayments and accrued income
35,507
47,359
-
0
-
0
382,003
347,736
3,372,665
-
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
19
2,780,166
4,080,882
-
0
-
0
Trade creditors
130,751
281,230
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2,160,902
343,186
Corporation tax payable
-
0
202,318
2,985
19,336
Other taxation and social security
296,178
182,764
-
0
-
0
Other creditors
20,000
18,369
-
0
-
0
Accruals and deferred income
876,321
304,921
1,000
1,000
4,103,416
5,070,484
2,164,887
363,522
19
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Vehicle stocking loans
2,780,166
4,080,882
-
0
-
0
Payable within one year
2,780,166
4,080,882
-
0
-
0

The vehicle stocking loans are secured over the assets to which they relate.

SIENCO HOLDINGS LIMITED
Sienco Holdings Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
20
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
99,969
104,272
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 January 2025
104,272
-
Credit to profit or loss
(4,303)
-
Liability at 31 December 2025
99,969
-
The company has no deferred tax assets or liabilities.
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
13,651
112,815

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £0.10 each
1,010
1,010
101
101
23
Controlling party

The ultimate controlling party is P M Barker.

SIENCO HOLDINGS LIMITED
Sienco Holdings Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 29 -
24
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
1,960,114
1,678,679
Adjustments for:
Taxation charged
179,145
462,674
Finance costs
10,763
13,568
Investment income
(192,384)
(238,541)
Amortisation and impairment of intangible assets
(379,951)
(379,951)
Depreciation and impairment of tangible fixed assets
63,415
140,996
Movements in working capital:
Decrease/(increase) in stocks
88,668
(2,360,361)
Decrease/(increase) in debtors
41,038
(228,796)
(Decrease)/increase in creditors
(764,750)
2,571,457
Cash generated from operations
1,006,058
1,659,725
25
Analysis of changes in net funds - group
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
6,044,777
(1,782,045)
4,262,732
Borrowings excluding overdrafts
(4,080,882)
1,300,716
(2,780,166)
1,963,895
(481,329)
1,482,566
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