Company registration number 03105115 (England and Wales)
WHEATCROFT (WORKSOP) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2025
WHEATCROFT (WORKSOP) LIMITED
COMPANY INFORMATION
Directors
J Wheatcroft
P Wheatcroft
Company number
03105115
Registered office
Walkers of Worksop
Retford Road
Worksop
S80 2RZ
Auditor
Cooper Parry Group Limited
St James Building
79 Oxford Street
Manchester
M1 6HT
WHEATCROFT (WORKSOP) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
WHEATCROFT (WORKSOP) LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 29 JUNE 2025
- 1 -

The directors present the strategic report for the period ended 29 June 2025.

Review of the business

2024/25 was 18 months of progress after a challenging 2023, with the business delivering a pre-tax profit of £65k. Turnover was up to just over £36 million due to us producing an 18 month accounts period due to the manufacturer being slow to pay new car vehicle bonuses. New car prices continue to increase and used car values therefore increase, creating increased stock values. Margins have been good on used cars and under pressure on new cars, with volumes on new cars well below pre-covid levels therefore achieving a 0.1% return on sales.

The staff have worked tirelessly under the leadership of Chris Matthewman once again to achieve these results.

New car demand continues to subside as manufacturers pass on increasing costs to the consumer, making new cars more expensive to the consumer. The used card market however continues to be buoyant with volumes and margins increasing for the period.

We are still working hard to get consumers into driving electric vehicles as ZEV mandates are now in place with good incentives from the manufacturer to do this. The electrification of both the Vauxhall and Peugeot ranges continues, and we believe we are well placed to meet our customers needs for the future.

Principal risks and uncertainties

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

Manufacturers supply of new and improved products

The company is reliant on new vehicle products from its manufacturers. This exposes the company to risks in a number of areas as the company is dependent on manufacturers/suppliers in respect of:

- availability of new vehicle product;

- quality of new vehicle product;

- pricing of new vehicle product.

The directors are confident that future new products from manufacturers/suppliers will continue to be competitively priced and high quality, and therefore consider that this risk is minimal. It is in any case mitigated by other core business areas of the company.

ZEV Mandate

While new car supply has improved, ZEV mandate targets offer a significant challenge to hitting new car targets, as achieving a mix of 20% Battery Electric Vehicles in what we sell if above the latent customer demand for BEV vehicles but if we do not achieve it, it significantly impacts our new vehicle earnings. However we are confident that we have and can continue to meet these manufacturer expectations as well as those of our customers.

The Directors are confident that future new products from manufacturers and suppliers will continue to be competitively priced and of high quality, and therefore think that this risk will be minimal as changing political and consumer landscapes may mean a reduction in ZEV targets.

Used vehicle price variation

Used vehicle prices can decline significantly, however with demand high and short supply we are confident with good stock purchasing and management we can minimise the risk and write-downs needed in the value of used car stock.

WHEATCROFT (WORKSOP) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2025
- 2 -

Competition

While it has been concerning observing the influx of Chinese brands into the market place, we are confident in the quality of the Stellantis products compared to these. However, as the cost of living crisis continues, customers need to be reassured of value for money as the Chinese brands are heavily subsidised and much cheaper but are not of the same quality as the Manufacturers we represent in our view. While we also compete with other franchised dealers, independent garages and internet based sellers, we are confident a good aftercare service and warranty on the vehicles we supply positions us well in the market place. With more cars in service becoming Electric and Hybrid and therefore complex, we are confident servicing and repair volumes will continue. The principal competitive factors in sales, service and parts are price, familiarity with the Manufacturers brand and products and quality of service.

Company, people and reputation

The company has invested heavily in its people and its reputation over a number of years. It is therefore reliant on these individuals to a degree in delivering the company result and reinforcing the underlying company brand. The company undertakes a regular review of remuneration and packages to ensure that it attracts and retains the best people.

Economic downturn

The success of the business is reliant on consumer spending. An economic downturn, resulting in the reduction of consumer spending power will have a direct impact on the income achieved by the company. We keep abreast of the current economic conditions and in cases of severe economic downturn, modify our marketing and pricing strategies to the new market conditions.

On behalf of the board

P Wheatcroft
Director
21 May 2026
WHEATCROFT (WORKSOP) LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 29 JUNE 2025
- 3 -

The directors present their annual report and financial statements for the period ended 29 June 2025.

Principal activities

The principal activity of the company continued to be that of a franchised motor dealer, together with associated activities.

Results and dividends

The results for the period are set out on page 8.

Ordinary dividends were paid amounting to £54,000. The directors do not recommend payment of a further dividend.

Directors

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

J Wheatcroft
P Wheatcroft
Financial instruments

The company uses various financial instruments which include bank, financial institution and stock loans, cash and various items such as trade debtors and trade creditors that arise directly from operations. The main purpose of these financial instruments is to raise finance for the company’s operations. Their existence exposes the company to a number of financial risks.

The main risks arising from the company’s financial instruments are liquidity risk, interest rate risk and credit risk. The directors review and agree policies for managing each of these risks which are summarised below.

Liquidity risk

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

The company’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.

Interest rate risk

The company finances its operations through a mixture of bank and other external borrowings. The company’s exposure to interest rate fluctuations on its borrowings is managed by the use of fixed and floating facilities.

Credit risk

The company’s principal financial assets are cash and trade debtors. The credit risk associated with cash is limited as the counterparties have high credit ratings assigned by international credit-rating agencies. The principal credit risk therefore arises from trade debtors.

In order to manage credit risk, the directors set credit limits for customers based on a combination of credit 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.

Auditor

Cooper Parry Group Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a 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.

WHEATCROFT (WORKSOP) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2025
- 4 -

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

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

Statement of disclosure to auditor

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

On behalf of the board
P Wheatcroft
Director
21 May 2026
WHEATCROFT (WORKSOP) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WHEATCROFT (WORKSOP) LIMITED
- 5 -
Opinion

We have audited the financial statements of Wheatcroft (Worksop) Limited (the 'company') for the period ended 29 June 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 29 June 2025 and of its profit for the period then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

WHEATCROFT (WORKSOP) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WHEATCROFT (WORKSOP) LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

Extent to which the audit was considered capable of detecting irregularities including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, we considered the following:

- the nature of the industry and sector, control environment and business performance

- any matters we identified having obtained and reviewed the company’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,

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

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and

- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax, and industry specialists 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: valuation of used vehicle stocks and recognition of supplier incentives. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

WHEATCROFT (WORKSOP) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WHEATCROFT (WORKSOP) LIMITED (CONTINUED)
- 7 -

We also obtained an understanding of the legal and regulatory frameworks the company operates in, focussing 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 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 company’s ability to operate or to avoid a material penalty. These included the company’s FCA regulatory requirements.

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 and those charged with governance concerning actual and potential litigation claims;

- In addressing the risk of fraud through inappropriate valuation of used vehicle inventory, assessing net realisable value of stock items sold after the year end was above cost or assessing their value with reference to third party data sources if unsold.

- In addressing the risk of fraud through inappropriate recording of supplier incentives, ensuring amounts recorded as due were then subsequently acknowledged as such by the supplier;

- In assessing the risk of fraud through management override of controls, testing the appropriateness of journal entries and assessing whether judgements made in making accounting estimates are indicative of potential bias.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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 by, for example, forgery or intentional misrepresentations, or through collusion.

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 company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Ian McMahon FCCA FMAAT (Senior Statutory Auditor)
For and on behalf of Cooper Parry Group Limited, Statutory Auditor
St James Building
79 Oxford Street
Manchester
M1 6HT
21 May 2026
WHEATCROFT (WORKSOP) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 29 JUNE 2025
- 8 -
Period
Year
ended
ended
29 June
30 December
2025
2023
Notes
£
£
Turnover
3
36,554,325
26,187,649
Cost of sales
(32,655,206)
(23,766,558)
Gross profit
3,899,119
2,421,091
Administrative expenses
(3,650,608)
(2,202,542)
Operating profit
4
248,511
218,549
Interest payable and similar expenses
7
(183,849)
(186,213)
Profit before taxation
64,662
32,336
Tax on profit
8
(42,684)
(19,147)
Profit for the financial period
21,978
13,189

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

WHEATCROFT (WORKSOP) LIMITED
BALANCE SHEET
AS AT 29 JUNE 2025
29 June 2025
- 9 -
29 June 2025
30 December 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,175,489
1,285,354
Current assets
Stocks
12
3,297,638
3,368,317
Debtors
13
963,178
1,673,048
Cash at bank and in hand
442
1,133
4,261,258
5,042,498
Creditors: amounts falling due within one year
14
(3,755,940)
(4,530,904)
Net current assets
505,318
511,594
Total assets less current liabilities
1,680,807
1,796,948
Creditors: amounts falling due after more than one year
15
(190,000)
(250,000)
Provisions for liabilities
Deferred tax liability
17
25,851
49,970
(25,851)
(49,970)
Net assets
1,464,956
1,496,978
Capital and reserves
Called up share capital
19
161,560
161,560
Share premium account
20
110,832
110,832
Capital redemption reserve
21
268,160
268,160
Profit and loss reserves
22
924,404
956,426
Total equity
1,464,956
1,496,978
The financial statements were approved by the board of directors and authorised for issue on 21 May 2026 and are signed on its behalf by:
P Wheatcroft
Director
Company registration number 03105115 (England and Wales)
WHEATCROFT (WORKSOP) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 JUNE 2025
- 10 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
161,560
110,832
268,160
979,191
1,519,743
Year ended 30 December 2023:
Profit and total comprehensive income
-
-
-
13,189
13,189
Dividends
9
-
-
-
(35,954)
(35,954)
Balance at 30 December 2023
161,560
110,832
268,160
956,426
1,496,978
Period ended 29 June 2025:
Profit and total comprehensive income
-
-
-
21,978
21,978
Dividends
9
-
-
-
(54,000)
(54,000)
Balance at 29 June 2025
161,560
110,832
268,160
924,404
1,464,956
WHEATCROFT (WORKSOP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2025
- 11 -
1
Accounting policies
Company information

Wheatcroft (Worksop) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Walkers of Worksop, Retford Road, Worksop, S80 2RZ.

1.1
Reporting period

The current reporting period has been extended to 18 months. Therefore, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

The accounting period has been extended due to the manufacturer being slow to pay new car vehicle bonuses in the prior accounting period.

1.2
Basis of preparation

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

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

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

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

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

- Section 11 ‘Basic Financial Instruments’: carrying amounts, interest, income/expense and net gains/losses;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Wheatcroft Motor Holdings Limited and these financial statements may be obtained from Companies House.

1.3
Going concern

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

1.4
Turnover

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

Sales of motor vehicles, parts and accessories are recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. In general this occurs when vehicles or parts are delivered to the customer and title has passed.

Turnover from commission's receivable is recognised when the amount can be reliably measured and it is probable that the group will receive the consideration.

WHEATCROFT (WORKSOP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2025
1
Accounting policies
(Continued)
- 12 -
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measures at cost less accumulated amortisation and accumulate impairment losses. Goodwill is amortised on a straight line basis to the Profit and Loss Account over its useful economic life. All goodwill has been fully amortised.

1.6
Tangible fixed assets

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

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

Leasehold land and buildings
over the period of the lease
Leasehold improvements
5 - 10 years
Plant and machinery
3 - 5 years
Fixtures and fittings
5 years
Motor vehicles
10% on cost

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

1.7
Impairment of fixed assets

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

1.8
Stocks

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

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.

Consignment stock

Consignment vehicle which bear considerably more of the risks and responsibilities of ownership are regarded effectively as being under the control of the company and, in accordance with FRS102 are included in stocks on the balance sheet, although legal title has not passed to the company. The corresponding liability is included within trade creditors and is secured directly on these vehicles.

1.9
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.

WHEATCROFT (WORKSOP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2025
1
Accounting policies
(Continued)
- 13 -
1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments. The company does not have any non-basic financial instruments.

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

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

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

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

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

Derecognition of financial assets

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

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

WHEATCROFT (WORKSOP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2025
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities

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

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

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

Derecognition of financial liabilities

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

1.11
Equity instruments

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

1.12
Taxation

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

Current tax

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

Deferred tax

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

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

WHEATCROFT (WORKSOP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2025
1
Accounting policies
(Continued)
- 15 -
1.13
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.

1.14
Retirement benefits

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

1.15
Leases
As lessee

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Consignment Stock

Vehicles held on consignment have been included in stocks on the basis that the company has determined that it holds the significant risks and rewards attached to those vehicles.

Key sources of estimation uncertainty

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

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 CAP valuation guides. The directors maintain oversight of ageing stock profiles and a monthly review of any provision required is performed.

Useful lives of tangible fixed assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives of the assets so these are re-assessed annually and amended when necessary to reflect current estimates. See the accounting policies note for the useful economic lives for each class of assets.

WHEATCROFT (WORKSOP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2025
- 16 -
3
Turnover

All turnover arose within the United Kingdom.

2025
2023
£
£
Turnover analysed by class of business
Sale of goods
35,159,953
25,231,450
Rendering of services
1,127,525
741,565
Commissions receivable
266,847
214,634
36,554,325
26,187,649
4
Operating profit
2025
2023
Operating profit for the period is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
23,650
18,000
Depreciation of tangible fixed assets
136,278
99,116
Profit on disposal of tangible fixed assets
(575)
(50)
Operating lease charges
91,315
70,316
5
Employees

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

2025
2023
Number
Number
Servicing and parts
20
20
Selling and distribution
17
17
Administration
11
11
Total
48
48

Their aggregate remuneration comprised:

2025
2023
£
£
Wages and salaries
2,015,403
1,243,550
Social security costs
199,317
122,088
Pension costs
23,838
52,299
2,238,558
1,417,937
WHEATCROFT (WORKSOP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2025
- 17 -
6
Directors' remuneration
2025
2023
£
£
Remuneration for qualifying services
38,477
28,289
Company pension contributions to defined contribution schemes
772
520
39,249
28,809

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

7
Interest payable and similar expenses
2025
2023
£
£
Interest on bank overdrafts and loans
45,321
27,981
Stocking charges
138,528
158,232
183,849
186,213
8
Taxation
2025
2023
£
£
Current tax
UK corporation tax on profits for the current period
59,282
26,660
Adjustments in respect of prior periods
7,521
(52)
Total current tax
66,803
26,608
Deferred tax
Origination and reversal of timing differences
(24,119)
(7,461)
Total tax charge
42,684
19,147
WHEATCROFT (WORKSOP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2025
8
Taxation
(Continued)
- 18 -

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

2025
2023
£
£
Profit before taxation
64,662
32,336
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
16,166
7,605
Tax effect of expenses that are not deductible in determining taxable profit
965
72
Adjustments in respect of prior years
7,521
(52)
Depreciation on assets not qualifying for tax allowances
20,009
13,430
Tax at marginal rate
(1,927)
(1,466)
Other differences
(50)
-
0
Remeasurement of deferred tax for changes in tax rates
-
0
(442)
Taxation charge for the period
42,684
19,147
9
Dividends
2025
2023
£
£
Final paid
54,000
35,954
10
Intangible fixed assets
Goodwill
£
Cost
At 31 December 2023 and 29 June 2025
138,543
Amortisation and impairment
At 31 December 2023 and 29 June 2025
138,543
Carrying amount
At 29 June 2025
-
0
At 30 December 2023
-
0
WHEATCROFT (WORKSOP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2025
- 19 -
11
Tangible fixed assets
Leasehold land and buildings
Leasehold improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 31 December 2023
1,351,776
457,373
317,533
231,012
68,558
2,426,252
Additions
-
0
-
0
18,617
12,021
-
0
30,638
Disposals
-
0
-
0
-
0
-
0
(19,495)
(19,495)
At 29 June 2025
1,351,776
457,373
336,150
243,033
49,063
2,437,395
Depreciation and impairment
At 31 December 2023
330,724
294,608
291,561
187,890
36,115
1,140,898
Depreciation charged in the period
33,763
46,271
18,290
25,129
12,825
136,278
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(15,270)
(15,270)
At 29 June 2025
364,487
340,879
309,851
213,019
33,670
1,261,906
Carrying amount
At 29 June 2025
987,289
116,494
26,299
30,014
15,393
1,175,489
At 30 December 2023
1,021,052
162,765
25,972
43,122
32,443
1,285,354
12
Stocks
2025
2023
£
£
Parts stock
131,331
130,380
Vehicle stock
3,166,307
3,237,937
3,297,638
3,368,317

During the period an impairment reversal of £44,895 (202 3: loss of £19,251) was recognised against stock.

All vehicle stock is pledged as security for the company's vehicle funding and bank facilities.

Included within vehicle stock are consignment vehicles amounting to £1,050,135 (202 3: £586,952).

WHEATCROFT (WORKSOP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2025
- 20 -
13
Debtors
2025
2023
Amounts falling due within one year:
£
£
Trade debtors
578,290
640,609
Other debtors
266,565
926,078
Prepayments and accrued income
118,323
106,361
963,178
1,673,048
14
Creditors: amounts falling due within one year
2025
2023
Notes
£
£
Bank loans and overdrafts
16
171,368
58,843
Trade creditors
3,010,776
3,634,950
Amounts owed to group undertakings
130,553
130,553
Corporation tax
59,282
19,139
Other taxation and social security
115,840
63,228
Other creditors
128,276
175,532
Accruals and deferred income
139,845
448,659
3,755,940
4,530,904

Vehicle funding of £760,603 (202 3: £1,591,681) included within trade creditors is secured directly over the vehicles to which it relates.

15
Creditors: amounts falling due after more than one year
2025
2023
Notes
£
£
Bank loans and overdrafts
16
190,000
250,000
Creditors which fall due after five years are payable as follows:
Payable by instalments
30,000
90,000
16
Loans and overdrafts
2025
2023
£
£
Bank loans
230,000
290,000
Bank overdrafts
131,368
18,843
361,368
308,843
Payable within one year
171,368
58,843
Payable after one year
190,000
250,000
WHEATCROFT (WORKSOP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2025
16
Loans and overdrafts
(Continued)
- 21 -

The bank loan and overdrafts are secured by the way of fixed charges held over all assets of the company, together with a first legal charge over the property.

The bank loan amounts to £230,000 (2023: £290,000) repayable in equal instalments until 2031 with interest charged at 2.5% over base rate.

17
Deferred taxation

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

Liabilities
Liabilities
2025
2023
Balances:
£
£
Accelerated capital allowances
48,648
56,095
Short term timing differences
(22,797)
(6,125)
25,851
49,970
2025
Movements in the period:
£
Liability at 31 December 2023
49,970
Credit to profit or loss
(24,119)
Liability at 29 June 2025
25,851
18
Retirement benefit schemes
2025
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
23,838
52,299

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £22,413 (2023: £56,978) were payable to the fund at the reporting date and are included in creditors.

19
Share capital
2025
2023
2025
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
150,250
150,250
150,250
150,250
Ordinary 'A' shares of £1 each
11,310
11,310
11,310
11,310
161,560
161,560
161,560
161,560
WHEATCROFT (WORKSOP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2025
19
Share capital
(Continued)
- 22 -

The Ordinary A shares carry a preferential right to a dividend, unless unanimously agreed otherwise by all shareholders. Each class of shares carries equal voting rights to participate in a distribution upon the winding up of the company.

20
Share premium account

This reserve includes any premiums received on the issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

21
Capital redemption reserve

Includes the nominal value of redeemed shares.

22
Profit and loss reserves

This reserve included all current and prior period retained profit and losses less dividends paid and cash paid to redeem shares.

23
Operating lease commitments
As lessee

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

2025
2023
£
£
Within 1 year
61,284
61,404
Years 2-5
252,748
250,845
After 5 years
63,187
126,374
377,219
438,623
24
Directors' transactions
Advances
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
P Wheatcroft - Director
-
-
89,954
(89,954)
-
-
89,954
(89,954)
-
25
Ultimate controlling party

The ultimate parent company is considered to be Wheatcroft Motor Holdings Limited, which owns 100% of t he issued share capital of Wheatcroft (Worksop) Limited.

The ultimate controlling party is J Wheatcroft by virtue of his majority shareholding in the ultimate parent company.

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