The directors present the strategic report for the year ended 30 November 2025.
Throughout 2025, the group continued to operate as four trading businesses, two of which contain a number of trading divisions, with Woodall-Nicholson Ltd acting as a Holding Company that holds owned property and central group functions. The trading businesses are a collection of specialist vehicle convertors principally covering the whole of the UK with some minor export sales into Europe. The businesses service a range of customers including funeral directors, local councils, private bus operators, fleet rental companies and UK wide Police forces.
Following the successful restarting of operations in the reporting period to November 2024, the year to November 2025 has continued to be transformational for the group. Alongside the successful financial performance, the introduction of new and revamped existing products to the markets in which we operate has broadened our portfolio of vehicles. Our continued strategic collaboration with customers and suppliers has ensured continuity, and we remain encouraged by their commitment to the Woodall-Nicholson Group. The annual results of the group over the year to November 2025 is a testament to the hard work and resilience of our employees and wider stakeholders, positioning the Group for further growth and success.
The Board has monitored the structure of the group following the changes made in the period to November 2024 and the changes have yielded more flexibility and efficiencies this year. Some more minor changes have been made throughout 2025 to further strengthen the management team and some key group functions. The changes implemented are always done with a view to benefit the people that we employ and the future of the group as a whole.
The constant review of our product portfolio alongside our customer feedback and requirements re-emphasised the need for further innovation in 2025 to maintain and grow our market leadership. In response, the Group has committed to new products development in our bus manufacturing units in order to keep us at the forefront of the market. £1.0m has been invested in a face-lift of two existing Mellor products and the start of development of the CitySprint, a new vehicle to sit within the Treka Bus portfolio which will expand our low floor minibus offering in the market. We are delighted that the launch of the new Strata and Maxima vehicles were well received and in the first few months of these being launch orders for over 130 units were received. We have also won bids and orders from customers on the new CitySprint product ahead of its launch. Woodall Nicholson has also announced the launch of the new premium brand Nicholson Coachbuilders which will see the introduction of luxury bespoke vehicle conversions in the second half of 2026.
We summarise below the period results:
Unit 2025 2024
Year Period
Turnover £ 82,567,052 64,386,474
Gross profit (pre exceptionals) £ 17,521,381 11,031,691
Gross profit (pre exceptionals) % 21.2% 17.1%
Funding
The group has been able to utilise internally generated cash to fund the day to day operations.
The group continued for the most part it’s day to day banking arrangements with Lloyds Bank but in November 2025 opened new accounts and facilities with HSBC to support the future growth plans of the group.
Our priority continues to be continued operational stability, maximising profitability and cash generation. The board is confident that the group can pursue its product development and growth strategy by utilising its operational cashflow and its new facilities with HSBC.
Principal risks and uncertainties
The group's revenues and activity levels are affected by a number of factors, the principal ones of which are:
Competition
The group operates in a very competitive market and addresses this by offering a high-quality innovative products, tailored around the customer needs. The group also provides aftermarket services that differentiate the value proposition versus the competition. We are proud to be certified under the “Made In Britain” accreditation and we will continue to invest in UK manufacturing creating jobs for local people in the regions where we operate in, including the support to our local supply chain.
Economic
The group has shown great resilience in face of a wide range of economic factors. It has continued to grow and invest in key areas to support this. There have been significant challenges through 'cost of living' and with continued high inflation and interest rates putting increased pressure of both our staff and key stakeholders. Announcements in political budgets continue to put a higher financial pressure on some of our key customer bases. We remain wary of both of these external factors and remain positive that our group is now robust enough and is operationally managed in such a way as to ensure significant negative effects will be mitigated with innovative products and the expansion of our customer base. We are in active dialogue at a national and region level to ensure that UK manufacturing remains are the forefront of decision makers. This year has seen a key transport investment speech from the Chancellor of the Exchequer, Rachel Reeves delivered from our Mellor site and multiple sites visits from Mayor of Manchester in support of regional development to support the Bee Network. We also hosted the visit of the Secretary of State for Transport, Heidi Alexander MP at our Mellor facility.
For our bus manufacturing businesses in particular, the economic climate following the changes in local and national government spending announcements in the budget can be challenging for our local council customers. We remain confident that our sales growth into new segments of the market and the launch of new products will help us mitigate this risk. We will continue to work closely with all of our customers to ensure we can mitigate any localised issues. Both Mellor Bus and Treka Bus have continued to demonstrate significant resilience. Despite the challenges we continued to invest in a series of Capital Expenditure projects to enhance our product offering to the market. Two existing products, Strata and Maxima, have been given face lifts and development of a new product CitySprint was announced with the first vehicle delivered to customer in April 2026. We have also enhanced our Social Value initiatives at group level where we support local community charities, promote SME development in our supply chain, invest in wellbeing initiatives for our teams and ensure that our vehicle offering provide excellent value to the end users in terms of accessibility, safety, reduced emissions and local content.
For our Ceremonial manufacturing business investment has been made in continuous improvement to our existing product lines. We have also invested in people and changed our structure to bring in a new Managing Director as well as increasing our aftersales and warranty team in order to deliver an even better service to our customers. Following the launch in November 2024 of our new Mercedes E214 we have been delighted with the market response and the subsequent order intake, which has positioned Coleman Milne as the market leader in this sector. In the vehicles first full year of manufacture we have delivered 140 vehicles to the industry. We continue to offer a range of vehicles that drive decarbonisation via a zero emission ceremonial vehicle with fully electric drive-trains alongside products that offer plug-in and mild hybrid variants. We are proud to also be market leader in the delivery of full electric ceremonial vehicles, with another significant volume order delivered to Coop Funeralcare during 2025.
Input cost pressures and price increases, particularly raw material supply, continue to have an impact on the group but our pricing strategies and overhead structure put in place last year continues to help us manage these risks, protecting our margins and reinforcing our value proposition in the market. Operating out of 5 operational sites, the price rises in both gas and electricity impacted our energy expenditure. We are now protected by further price rises until December 2027.
Financial
The Board recognises the need to maintain appropriate levels of funding for the group, and we have maintained positive cash balances throughout the period (refer also to above "Funding" section).
Operational
Delivery of vehicles to the highest possible quality standards to our customers is of paramount importance. The group has and continues to make significant investments in its facilities and people. Our apprenticeship scheme has gone from strength-to-strength and is continually developed to support the needs of the next generation of Coach Builders. The board recognises that propagation of key technical skills within the business is of significant importance as it helps preserve a fully trained and skilled workforce which in turn mitigates the risk of labour fluctuations in a competitive market. The business continues to foster excellent supplier relationships which allows the business to deliver its operational goals.
We are reliant on technology and information systems for all areas of the business which can adversely affect operations if they were to fail for any length of time. We work closely with our IT providers to ensure that systems are updated and tested regularly and have maintenance agreements in place for all key systems.
Health and safety
Health and Safety is of paramount importance. The board and senior leaders in the business recognise their own responsibilities in fostering a working environment to ensure all of our staff and visitors are safe, and key performance indicators are reviewed every fortnight. Our dedicated health and safety team continue to monitor compliance throughout our business, we have invested in systems and processes to ensure we never stand still. We have also invested significant funds in working with each of our operational sites to enhance the working conditions of all of our employees and visitors.
We have developed new management and training systems for each of our sites which will help monitor and enhance our health and safety reporting. The Group re-certified its operations and management systems to ISO 9001:2015 and is scheduled to obtain ISO 14001:2025 towards the end of 2026.
We are focused on enhancing our existing product ranges whilst closely working with our customers to identify market opportunities that, where appropriate, will enable the expansion of our product ranges to accommodate their needs.
To that extent capital expenditure programmes are underway in 2026 in order to meet the needs of the industry and offer new innovative products to a wider range of markets.
Employees
Our employees are our most important asset and are fundamental to our long term success. We have a diverse skill base and range of experience across our sites and recognize that developing and investing in this is key to our long term objectives.
During the year our Apprenticeship Programme with Hopwood Hall has been a huge success with our initial cohort now starting to complete their scheme. We remain committed to a new intake from September 2026 to support the future of Coach Building and also creating jobs in our local communities.
We are continuing to invest in all aspects of the group to ensure that the workplace is a safe place for all of our employees. Regular site surveys are carried out and investment continues to upgrade areas of the facilities that require them in order to improve our standards.
The board remain in constant dialogue with our employees to keep them informed of business developments through our monthly newsletter shared with all staff as well as townhall briefings to all areas of the group.
The business is committed to working with its employees at all levels to ensure we offer a benefits package that rewards their commitment to our business. A new EAP scheme and Healthcare schemes were announced in November 2025 which become effective in 2026 which we hope will give our staff support towards both financial and wellbeing services.
This statement by the board describes how the responsibilities under s172(1)(a) to (f) of the Companies Act 2006 have been approached in the financial period ending 30 November 2025.
The directors consider that they have acted in good faith to promote the success of the group and company on behalf of the stakeholders, in relation to matters set out in s172 of the Act.
The stakeholders of the business include the employees, clients and suppliers of the business, our shareholder and the communities we operate in.
The directors monitor and review strategic objectives against long term growth plans and regular reviews at departmental and board level are held across the business in the key areas. These areas being HSQE, Financial performance, Operations, Human Resources and Risks and Opportunities.
HSQE is considered to be fundamental to the management of the business by the directors. Safe working practices that minimise environmental impact are key to the success of the business and vitally important for our stakeholders, the communities and the environments we work in.
It remains our commitment to continually review and update policies in place around modern slavery, human trafficking, anti bribery and corruption, and our corporate social responsibility.
The fundamental principle in the governance of Woodall-Nicholson Ltd and all subsidiaries is the clear, fair and trusting approach to all interactions with employees, customers and suppliers. This is reflected in the length of service of many of our employees and management teams and the longevity of the relationships with our customers and suppliers.
The group’s employees, customers and suppliers are critical to the success of the business and so it is recognised that engagement is an important aspect in those relationships.
The directors recognise and understand that it is important to keep employees informed of all matters concerning them and does this in a number of ways including newsletters, townhall meetings, verbal and written communications. The policy of the group is to consult and discuss with employees any issues that arise in accordance with relevant procedures or legislation.
The group has an equal opportunities policy and is committed to the principles within the policy in respect of all stakeholders.
The group has built, and continues to grow, the business on a reputation for delivering excellent customer service. The group, through the senior management and employees, strives continuously to improve in every aspect of the products and services it provides, for the mutual benefit of all stakeholders.
The group enjoys good relationships with suppliers in relation to credit arrangements and takes a firm approach to debtor management. Payment terms reduce the risk to the business whilst the process for debt collection minimises the risk of non-payment.
The directors and senior leadership team have overall responsibility for delivering the group’s strategy and values and for ensuring high standards of governance. The primary aim of the directors is to promote the long-term sustainable success of the group to generate benefit for the stakeholders. Throughout the next financial year, the directors will continue to review, improve and challenge engagement with all stakeholders.
On behalf of the board
The directors present their annual report and financial statements for the year ended 30 November 2025.
The results for the year are set out on page 12.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.
The auditor, MHA, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare 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 United Kingdom 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.
We have audited the financial statements of Woodall-Nicholson Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025 which comprise the group statement of comprehensive income, 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 material 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).
Basis for 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
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' report 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.
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 identified material misstatements in the strategic report or the directors' report.
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:
Enquiries with management, about any known or suspected instances of non-compliance with laws and regulations and fraud;
Challenging assumptions and judgements made by management in their significant accounting estimates;
Auditing the risk of fraud and management override of revenue by sampling of source entries and testing specific transactions to determine the occurrence of revenue, and;
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £60,626 (2024 - £12,716 loss).
Woodall-Nicholson Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Colmill Works, Wigan Road, Westhoughton, Bolton, BL5 2EE.
The group consists of Woodall-Nicholson Ltd and all of its subsidiaries.
The current financial period covers the 12 months from 01 December 2024 to 30 November 2025. The previous accounting period covers period from incorporation of 18 July 2023 to 30 November 2024 and as such the two periods are not entirely comparable.
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 amounts 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.
The 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. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Woodall-Nicholson Ltd 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 30 November 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 group.
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.
At the time of approving the financial statements, the directors have a reasonable expectation that the group and company has adequate resources to continue in operational existence for the foreseeable future.
The directors have confirmed the directors loan will not be recalled within 12 months of the signature of the financial statements, and have provided support for 12 months following the approval of the financial statements.
Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue 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. Revenue 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, revenue 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.
Revenue from the sale of goods is recognised when significant risks and rewards of ownership have transferred to the buyer; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
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.
Equity investments 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.
In 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.
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.
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.
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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, 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.
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.
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.
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, 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 payments 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.
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 through 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.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
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.
The tax expense represents the sum of the tax currently payable and deferred 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 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 if, and only if, there is 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.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 leased asset are consumed.
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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Negative goodwill is being amortised as the assets acquired are being utilised, this is being assessed on a line by line basis until the balance is full amortised.
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 which has not been sold or consumed within the last 12 months is provided for at 50%. Where stock has not been sold or consumed within the last 24 months, this is provided for at 100%.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The actual charge/(credit) 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:
Details of the company's subsidiaries at 30 November 2025 are as follows:
Registered office addresses (all UK unless otherwise indicated):
The warranty provision represents the expected warranty costs with the vehicles sold. The warranty period is between 1 and 3 years depending of the vehicle sale.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period. The company has not finalised its capital expenditure programme for the next financial year and therefore an assessment as to the likely movement of timing differences cannot reasonably be made.
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.
A cross-company guarantee was put in place in the year in favour of the company's bankers between all the companies in the group headed by Woodall-Nicholson Limited. At the balance sheet date, total group company borrowings payable to the company's bankers covered by this cross-company guarantee totalled £nil.
The remuneration of key management personnel is as follows.
The following amounts were outstanding at the reporting end date:
The company has taken advantage of the exemption conferred by Section 1 FRS102 from disclosing transactions covered by Section 33 FRS102, namely any entered into between two or more members of the group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.