Company Registration Number: 00675228
FOR THE YEAR ENDED 31 MAY 2025
WOOL & BOVINGTON MOTORS LIMITED
COMPANY INFORMATION
WOOL & BOVINGTON MOTORS LIMITED
CONTENTS
WOOL & BOVINGTON MOTORS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2025
The directors present their strategic report for the year ended 31 May 2025.
The directors report to all shareholders and stakeholders a stable yet optimistic result for the financial year ended 31 May 2025. It is noted by the directors that the company continues to develop and progress in all areas of business. Despite challenging business conditions in the UK throughout the period, the company's turnover has been constant and in line with previous periods which is reassuring for the directors. Customer footfall has increased during the year, providing confidence that both new and existing customers are being generated and retained. New brand partners introduced to the business in 2025 have improved company vision with particular focus on rebranding and modernisation. Innovative advertising and marketing have enhanced new product and service awareness with our customer base.
Subaru was introduced at Wool and Bovington Motors in January 2025, an important development for the business following the Ford UK restructure and end of new car sales franchise for Retail Dealers. Wool and Bovington Motors has held the Ford Sales franchise since 1950. The company remains a Ford authorised repairer and approved Bodyshop, this is a key profit centre for the business and will continue.
New franchise investment is included within this year's accounts, however going forward into future periods, initial startup costs incurred will fundamentally reduce and sales profitability will naturally develop.
International Motors (Subaru UK) have become a key partner for the business during 2025, and the company look forward to a future working together for many years. The company has established a new relationship and will be looking forward into 2026 with a keen interest to add more suitable brand partners.
During 2025 the company made a large investment in new paint facilities at the company Accident Repair Centre. The directors continue to support key Management in this area and aim to retain key insurance contracts during 2025/2026 to maintain income and profit. The company identifies that it is becoming increasingly difficult to attract skilled accident repair staff and will endeavour to offer attractive remuneration and training packages for new paint and body technicians joining the trade in 2025/2026.
The directors look forward to new car sales business in 2025/2026 and believe the new products available to Wool and Bovington Motors from both manufacturers will be of quality build, readily available and suited to our customer base.
The fuel stations operated by the business continue to be a reliable focal point for the directors and into the next period the company will seek to obtain new fuel contracts to protect and future proof the sites and their profitability.
The directors apply the core values and principles instilled into the business by the founding directors and family members when the company was established in 1950. The directors continue to operate in the best interests of the company, its employees and loyal customers.
Economic stability
Throughout 2025 the economic stability in the UK has remained uncertain, mainly caused by volatile internal political and external diplomatic changes. This unpredictability has unfortunately had a negative impact on consumer confidence and therefore UK business as a whole; this remains a challenge going into 2026.
The directors continue to manage working capital effectively to reduce pressures on the business caused by external political, fiscal and social factors.
The directors continue to review the business in line with both internal and external pressures, enhancing key areas wherever able to do so and strategically planning future business decisions.
Subaru was introduced at Wool and Bovington Motors in January 2025, an important development for the business following the Ford UK restructure and end of new car sales franchise for Retail Dealers. Wool and Bovington Motors has held the Ford Sales franchise since 1950. The company remains a Ford authorised repairer and approved Bodyshop, this is a key profit centre for the business and will continue.
New franchise investment is included within this year's accounts, however going forward into future periods, initial startup costs incurred will fundamentally reduce and sales profitability will naturally develop.
International Motors (Subaru UK) have become a key partner for the business during 2025, and the company look forward to a future working together for many years. The company has established a new relationship and will be looking forward into 2026 with a keen interest to add more suitable brand partners.
During 2025 the company made a large investment in new paint facilities at the company Accident Repair Centre. The directors continue to support key Management in this area and aim to retain key insurance contracts during 2025/2026 to maintain income and profit. The company identifies that it is becoming increasingly difficult to attract skilled accident repair staff and will endeavour to offer attractive remuneration and training packages for new paint and body technicians joining the trade in 2025/2026.
The directors look forward to new car sales business in 2025/2026 and believe the new products available to Wool and Bovington Motors from both manufacturers will be of quality build, readily available and suited to our customer base.
The fuel stations operated by the business continue to be a reliable focal point for the directors and into the next period the company will seek to obtain new fuel contracts to protect and future proof the sites and their profitability.
The directors apply the core values and principles instilled into the business by the founding directors and family members when the company was established in 1950. The directors continue to operate in the best interests of the company, its employees and loyal customers.
Economic stability
Throughout 2025 the economic stability in the UK has remained uncertain, mainly caused by volatile internal political and external diplomatic changes. This unpredictability has unfortunately had a negative impact on consumer confidence and therefore UK business as a whole; this remains a challenge going into 2026.
The directors continue to manage working capital effectively to reduce pressures on the business caused by external political, fiscal and social factors.
The directors continue to review the business in line with both internal and external pressures, enhancing key areas wherever able to do so and strategically planning future business decisions.
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WOOL & BOVINGTON MOTORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
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.
The general economic environment and levels of consumer and business confidence have a direct impact on levels of demand in the motor retail sector. In addition, fuel prices, interest rates, and levels of unemployment can all significantly impact sales levels. Demand levels are closely monitored by the business on an ongoing basis (via sales and enquiry analysis) and action taken accordingly if these measures deviate from expectation.
The company is reliant on new vehicle products from its manufacturer partners. This exposes the company to risks in a number of areas as the company is dependent on its manufacturers/suppliers in respect of:
• availability of new vehicle products
• quality of new vehicle products
• pricing of new vehicle products
The directors are confident that future new products from its manufacturers/suppliers will continue to be competitively priced and high quality and therefore consider that this "manufacturer risk" is minimal. It is, in any case, mitigated by the other core business areas of the company, including used vehicle sales, parts sales and service work.
2026 will see the introduction of new EV models by both Subaru and KGM, the directors welcome this update and look forward to an enhanced offering for their customers.
• availability of new vehicle products
• quality of new vehicle products
• pricing of new vehicle products
The directors are confident that future new products from its manufacturers/suppliers will continue to be competitively priced and high quality and therefore consider that this "manufacturer risk" is minimal. It is, in any case, mitigated by the other core business areas of the company, including used vehicle sales, parts sales and service work.
2026 will see the introduction of new EV models by both Subaru and KGM, the directors welcome this update and look forward to an enhanced offering for their customers.
Used vehicle purchase prices have stabilised throughout 2025 however the ability to source quality used vehicles has become difficult. Perseverance, experience and skill in this area remain buoyant and continue to be a key area of focus for the business.
Staff turnover remains extremely low and the company continues to invest in staff and relevant training. The directors rely on company employees to maintain business standards, promote the company brand and continue to develop themselves professionally to move the firm forwards. The company undertakes a regular review of remuneration and associated packages to ensure that it attracts and retains excellent people.
The company competes with other franchised vehicle dealerships, independent used vehicle sellers, private buyers and sellers, internet based dealers, independent service and repair shops and vehicle manufacturers who have entered the retail market. The company competes for the sale of new and used vehicles, the performance of warranty repairs, non-warranty repairs, routine maintenance business and for the provision of spare parts. The principal competitive factors in service and parts sales are price, familiarity with a manufacturer's brands and models and the quality of customer service.
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WOOL & BOVINGTON MOTORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
This report was approved by the board and signed on its behalf.
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WOOL & BOVINGTON MOTORS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2025
The directors present their report and the financial statements for the year ended 31 May 2025.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.
The profit for the year, after taxation, amounted to £26,202 (2024 - £170,790).
The total distribution of dividends for the year ended 31 May 2025 was £Nil (2024: £120).
The directors who served during the year were:
The company will look forward to developing relationships with IM Group during 2026 and embracing new fuel contract proposals from various fuel retailers with a view to secure new deals in 2026. The company invested in a new Dealer Management System in May 2025; the company will be able to report further information surrounding this upgrade in the 2026 accounts.
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WOOL & BOVINGTON MOTORS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
The company uses various financial instruments which include bank, financial institution and stocking loans, cash and various items, such as consignment stock, trade debtors and trade creditors that arise directly from operations. The main purpose of these financial instruments is to raise finance for the 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 interest rate risk, liquidity risk and credit risk. The directors review and agree policies for managing each of these risks which are summarised below. These policies have remained unchanged from previous years.
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. The Statement of Financial Position includes trade debtors and creditors which do not attract interest.
The directors consider that interest rate risk is moderate.
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.
Credit risk
The company's principal financial assets are cash and trade debtors. The credit risk associated with the cash is limited as the counterparts have high credit ratings assigned by international credit-rating agencies. The principal credit risk therefore arises from its trade debtors.
In order to manage credit risk, the directors set credit limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the finance director on a regular basis in conjunction with debt ageing and collection history.
The main risks arising from the company's financial instruments are interest rate risk, liquidity risk and credit risk. The directors review and agree policies for managing each of these risks which are summarised below. These policies have remained unchanged from previous years.
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. The Statement of Financial Position includes trade debtors and creditors which do not attract interest.
The directors consider that interest rate risk is moderate.
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.
Credit risk
The company's principal financial assets are cash and trade debtors. The credit risk associated with the cash is limited as the counterparts have high credit ratings assigned by international credit-rating agencies. The principal credit risk therefore arises from its trade debtors.
In order to manage credit risk, the directors set credit limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the finance director on a regular basis in conjunction with debt ageing and collection history.
The directors review of business, and their consideration of the risks and uncertainties surrounding the business can be found in the Strategic Report.
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WOOL & BOVINGTON MOTORS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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WOOL & BOVINGTON MOTORS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOOL & BOVINGTON MOTORS LIMITED
We have audited the financial statements of Wool & Bovington Motors Limited (the 'Company') for the year ended 31 May 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows, the Analysis of Net Debt and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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WOOL & BOVINGTON MOTORS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOOL & BOVINGTON MOTORS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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WOOL & BOVINGTON MOTORS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOOL & BOVINGTON MOTORS LIMITED (CONTINUED)
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 Auditors' 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.
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:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and knowledge of the Company to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the company through discussions with directors and other management and review of appropriate industry knowledge. Key laws and regulations we identified during the audit were the UK Companies Act 2006, FCA regulations and UK tax legislation;
∙we assessed the extent of compliance with the laws and regulations identified above by making enquiries of management; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we;
∙performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships;
∙tested journal entries recorded on the Company's finance system to identify unusual transactions that may indicate override of controls;
∙reviewed key judgements and estimates for any evidence of management bias; and
∙reviewed the application of accounting policies with focus on those with heightened estimation uncertainty.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation; and
∙enquiring of management to identify actual and potential litigation and claims.
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WOOL & BOVINGTON MOTORS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOOL & BOVINGTON MOTORS LIMITED (CONTINUED)
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remains a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Manchester
26 May 2026
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WOOL & BOVINGTON MOTORS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2025
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WOOL & BOVINGTON MOTORS LIMITED
REGISTERED NUMBER: 00675228
STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 29 form part of these financial statements.
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WOOL & BOVINGTON MOTORS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
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WOOL & BOVINGTON MOTORS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2025
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WOOL & BOVINGTON MOTORS LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MAY 2025
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WOOL & BOVINGTON MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Wool & Bovington Motors Limited is a private company, limited by shares, registered in England and Wales under number 00675228. The address of the company's registered office and its principal place of business is Dorchester Road, Wool, Dorset, BH20 6EH.
The company's functional and presentational currency is Pound Sterling (£).
The principal activity of the company is that of a motor dealer and the provision of related services.
The company's functional and presentational currency is Pound Sterling (£).
The principal activity of the company is that of a motor dealer and the provision of related services.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
Based on current bank balances and facilities, current funding and current trading, the directors believe that the company will be able to meet its debts as they fall due for the period of 12 months after the approval of these financial statements. They have therefore prepared the financial statements on a going concern basis.
Commission income is accounted for on a receivable basis.
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WOOL & BOVINGTON MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
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WOOL & BOVINGTON MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The company took advantage of the transitional exemptions offered by FRS102 to treat the previous valuation of its freehold property as deemed cost.
The motor vehicles category contains a number of cherished number plates which are held at a directors valuation where an external valuation was not available. These assets are not depreciated.
The motor vehicles category contains a number of cherished number plates which are held at a directors valuation where an external valuation was not available. These assets are not depreciated.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.
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WOOL & BOVINGTON MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:
Stock valuation
Stock valuation is regularly monitored against age profile and market demand. Management use a number of market tools during the appraisal process including Glass' and CAP valuation guides. The directors maintain oversight of ageing stock profiles and a monthly review of any provision required is performed.
Incentives and other rebates from brand partners
The company receives income in the form of various incentives which are determined by the brand partners. The amount received is generally based on achieving specific objectives such as a specified sales volume, as well as other objectives including maintaining brand partner standards which may include, but are not limited to, retail centre image and design requirements, customer satisfaction survey results and training standards. Objectives are generally set and measured on either a quarterly or annual basis.
Where incentives are based on a specific sales volume or number of registrations, the related income is recognised as a reduction in cost of sales when it is reasonably certain that the income has been earned. This is generally the latter of the date the related vehicles are sold or registered or when it is reasonably certain that the related target will be met. Where incentives are linked to retail centre image and design requirements, customer satisfaction survey results or training standards, they are recognised as a reduction in cost of sales when it is reasonably certain that the incentive will be received for the relevant period.
The company may also receive contributions towards advertising, promotional and rent expenditure. Where such contributions are received they are recognised as a reduction in the related expenditure in the period to which they relate.
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WOOL & BOVINGTON MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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WOOL & BOVINGTON MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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WOOL & BOVINGTON MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
9.Taxation (continued)
There were no factors that may affect future tax charges.
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