REGISTERED NUMBER: 06590410 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 August 2025

for

Motor Outlet Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

7

Report of the Independent Auditors

9

Consolidated Profit and Loss Account

13

Consolidated Other Comprehensive Income

14

Consolidated Balance Sheet

15

Company Balance Sheet

16

Consolidated Statement of Changes in Equity

17

Company Statement of Changes in Equity

18

Consolidated Cash Flow Statement

19

Notes to the Consolidated Cash Flow Statement

20

Notes to the Consolidated Financial Statements

22

DIRECTORS:

Mr R J Padden

Mr S J Padden

Mrs R C Lane

SECRETARY:

Mr S J Padden

REGISTERED OFFICE:

Motor Range

Dunnings Bridge Road

Bootle

L30 6YW

REGISTERED NUMBER:

06590410 (England and Wales)

AUDITORS:

Thompson Wright (Audit) Limited

Ebenezer House

Ryecroft

Newcastle under Lyme

Staffordshire

ST5 2BE

The directors present their strategic report of the Company and the Group for the year ended 31 August 2025.

PRINCIPAL ACTIVITIES

The principal activities of the Group are that of used motor vehicle sales, motor vehicle servicing, motor vehicle repairs and the ownership of a yacht.

REVIEW OF BUSINESS

The Directors consider the results for the twelve months to August 2025 to be encouraging especially when compared with some of its competitors, many of whom have sustained significant trading losses over the same period.

The Company's primary site is based in Liverpool. During the 12 months ending 31 August 2025, we sold 6,186 retail units, with an EBITDA of £2.67m and a PBT £0.53m.

During April 2025 the Company acquired a second retail used car sales operation located in Ashton-under-Lyne, Greater Manchester. It was formerly operated by the largest motor retail group in the UK. The Directors were contacted by them in late January 2025 and were offered the site following an internal restructure within their group. The site was, up to July 2024, operating a similar business model to ourselves and after conducting our due diligence an offer was made by the Directors to acquire it. Their decision was based on the following financial data: -

- 12 months year ending December 2022 they retailed 4,375 used units with an EBITDA of £3.22m and PBT £2.21m

- 12 months year ending December 2023 they retailed 4 193 used units with an EBITDA of £2.96m and PBT £1.66m

- 7 months period ending July 2024 they retailed 2,475 used units with an EBITDA of £1.87m and PBT £0.87m

- Between August 2024 and date of acquisition, the former operation sustained significant reductions in the number of used vehicle units sold and this resulted in high losses.

We commenced retailing from the new site in May 2025. The 4 months to 31 August 2025, we retailed 1,024 units, with an EBITDA of £0.23m and a loss before tax of £0.24m. This loss was wholly attributable to the absorption of associated one-off start-up costs. Post year end, the 7 months to 31 March 2026, the new site is now starting to see our investment pay off. It has achieved a PBT of £0.06m, with the spring and summer months, historically very good trading months, to come.

The Company utilises industry leading providers of stocking plans, to finance its very large and varied vehicle inventory. As most of these stocking plans are linked to the Bank of England base rate, we expect to see significant interest cost savings should interest rates continue to fall, which most analysts are forecasting they should.

The Company has no Covid Government loans.

In August 2024, the Company secured a four-year, fixed price energy contracts for both gas and electricity for its Liverpool site. Similarly in April 2025 for its Manchester operation, we also agreed a separate fixed four-year contract. With high fuel prices this decision has proven well founded.

The Directors believe that the Company has demonstrated that our results are sustainable and that the business' trading model is both robust and adaptable to market demands. Unlike franchised dealerships who predominantly retail a single brand and must stock the full range and are also very much dependent on achieving manufacturer new vehicle targets to maximise bonuses, we have the independence to stock any make or model of motor vehicle. We are also unlike many of our competitors in that we can easily adapt to changing demands.

The Company has always maintained a strong online presence and continues to invest and develop this aspect of its business. In recent years, there has been a significant change in how customers purchase used motor vehicles. Customers purchasing used motor vehicles, as opposed to new, are significantly driven by price rather than locality or loyalty. Despite this, we are still seeing over 30% of customers previously dealt returning year on year.

The Company has through its established and newly sourced supply chains, managed to acquire both quality and volume product to feed its sizable used car supermarket operation.

The Company has made and continues to make considerable investment in information technology and staff training, which has been rewarded by good staff retention. The Company is chiefly buffered from pay rise inflation, as it has always paid its staff above the industry norms, which allows it to attract the best personnel available.

Major roadworks on Dunnings Bridge Road (A5036) in Liverpool have been ongoing since November 2024 as part of the broader Maritime Corridor Improvement Scheme and National Highways junction upgrades. The current phase of works is anticipated to be completed in June 2026. These works have and continue to impact our business as customers visiting our site are met with very heavy congestion.

The Company continues to be authorised by The Financial Conduct Authority. Following the Supreme Court's decision in August 2025, because the broker acted on behalf of the lender in arranging the credit and the lender is the one who paid the undisclosed commission, the courts and the Financial Conduct Authority (FCA) require lenders to handle customer redress and compensation.

PRINCIPAL RISKS AND UNCERTAINTIES

There are certain risks, which could materially and adversely impact the Company's and group's results compared to expectation. A summary of the key risks is set out below. This is not an exhaustive list of the factors that could adversely impact Company and group profitability.

FINANCIAL INSTRUMENTS

The Company and the Group use various financial instruments; these include loans, cash and various items, such as trade debtors and trade creditors, that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Company's operations.

The existence of these financial instruments exposes the Company and the Group to several financial risks which are described in more detail below.

The main risks arising from the Company's and the Group's financial instruments are categorised as liquidity risk, market risk, credit risk and interest rate risk. The Directors review and agree policies for managing each of these risks and they are summarised below.

The use of financial derivatives is governed by the Companies' policies approved by the board of directors. The Company does not use derivative financial instruments for speculative purposes.

LIQUIDITY RISK

The Company and the group make efforts to manage financial risk by the monitoring of cash flow to ensure that they can meet their foreseeable debts as they fall due and to invest any cash assets profitably.

MARKET RISK

Recent uncertainty in financial markets and the economy has, as yet, not dented our consumer confidence. As a responsible credit broker, finance is only offered subject to status and affordability checks. Steps taken by financial institutions to reduce exposure and risk have resulted in limiting available consumer credit. Initiatives led by the management team within the Company have assisted in maintaining a good level of retail finance penetration on the basis of the aforementioned. We have always taken proactive steps to ensure that any risk exposure to changes made by the Financial Conduct Authority, legislation or interpretation by the Financial Ombudsman Service is minimised.

CREDIT RISK

The Company's principal financial assets are cash and trade debtors. The credit risk associated with cash is minimal. The principal credit risk therefore arises from its trade debtors.

Credit risk in respect of related party sales is deemed to be minimal. To manage other credit risk, the Directors have implemented processes to ensure receipt of cleared funds for vehicle sales before the vehicle is released. Other trade debtors require approved credit in advance, which is supported by references, and payment is required within the Company's credit terms and hence credit risk is minimised.

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 using fixed and floating facilities. The Balance Sheet includes trade debtors and creditors which do not attract interest. Included within vehicle creditors are stocking loans which are interest bearing.

The Company's policy throughout the year has been to achieve its objective of managing interest rate risk through day-to-day involvement of management in business decisions rather than through setting maximum or minimum levels for the level of fixed interest rate borrowings. Interest rate risk is diligently managed. The Bank of England base rate was 5.00% in August 2024 and only reduced over the financial period to 4.00% in August 2025. Since that date the rate has reduced to 3.75% in December 2025, which has assisted in financial planning.

SECTION 172(1) STATEMENT

The Board of Directors always consider, both individually and collectively, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company and the Group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a)-(f) of the Companies Act 2006) in the decisions taken during the period ended 31 August 2025. Our plan is designed to have a long term beneficial impact on the Company and the Group and to contribute to its success in delivering a high quality of service.

Our team members are fundamental to the delivery of our plan. We aim to be a responsible employer in our approach to the pay and benefits our team members receive. The health, safety and well-being of our team members is one of our primary considerations in the way we do business. Engagement with suppliers and customers is also key to our success. We take the appropriate action, when necessary, to prevent involvement in modern slavery, corruption, bribery and breaches of competition law.

Our plan took into account the impact of the Company's and the Group's operations on the community and environment and our wider social responsibilities, and in particular how we comply with environmental legislation and pursue waste-saving opportunities and react promptly to local community concerns.

As the Board of Directors, our intention is to behave responsibly and ensure that the management operate the business in a responsible manner, operating within the high standards of business conduct and governance expected for a business such as ours and in doing so, will contribute to the delivery of our plan. The intention is to nurture our reputation, through both the construction and delivery of our plan, that reflects ours beliefs and culture.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

We will continue to strengthen our relationship with all of our customers and suppliers through this uncertain period and remain able and willing to adapt to whatever the "new normal" brings in the coming weeks and months.

ETHOS

The ongoing priorities of the business are to consolidate our position in the local community by providing a total customer experience from the initial sales process through to customer service, support and satisfaction.

REGULATORY COMPLIANCE

The Company is subject to regulatory compliance risk which could arise from a failure to comply with relevant law, regulation or codes of practice. Failure to comply could result in fines, cessation of some business activities or a public reprimand. The Company mitigates this risk through close monitoring of its regulatory compliance.

ENVIRONMENTAL POLICY

The Company recognises its duty of care towards the environment whilst carrying out its business activities and always places considerable importance on complying with both legal and moral obligations towards the environment.

The Company aims to encourage the reduction of energy and water consumption and will assess any and all significant environmental impacts from its operations in order to take the appropriate steps to reduce and manage these risks.

GENERAL ECONOMIC CONDITIONS

The general economic environment and levels of consumer and business confidence have a direct impact on levels of demand in the motor retail sector but as yet have not significantly impacted our business. This will only be fully understood, when interest rates are maintained for the longer term. The critical factor is however, that a motor vehicle, especially used, is for most a necessity not an option, so our market is always protected.

COMPANY, PEOPLE AND REPUTATION

The Group has invested heavily in its people and its reputation over a number of years. All principal decisions taken by the Company during each financial period are aimed at enhancing the interests of the business and the interests of its employees who are the enablers of its success. It is reliant on these individuals to reinforce the underlying Motor Range brand. The Group undertakes a regular review of remuneration and packages to ensure that it attracts and retains the best people.

KEY PERFORMANCE INDICATORS

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the Company as a whole, these being gross profit margin, operating profit margin, net profit margin and net assets.

2025

2024

%

%

Gross profit margin

12.47

11.13

Admin expenses

10.26

8.36

Operating profit

2.21

2.78

Profit before tax

0.5

1.06

Capital Employed - Excludes Revaluation Reserves

11,679

8,594

Earning After Tax / Capital Employed

4.54

11.39

GOING CONCERN

The Company and the Group meet day-to-day working capital requirements through bank provided finance facilities and vehicle stocking loans. The forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Company and the Group should be able to operate within the level of their current facilities. The Company and the Group have regular discussions with their lenders about current and future borrowing needs and understands that future requirements will be agreed on acceptable terms.

The Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

ON BEHALF OF THE BOARD:

Mr S J Padden - Director

29 May 2026

The Directors present their report with the financial statements of the Company and the Group for the year ended 31 August 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 August 2025.

FUTURE DEVELOPMENTS

The primary focus of the Company will be to find suitable opportunities to expand its business and acquire an additional sites.

DIRECTORS

The Directors shown below have held office during the whole of the period from 1 September 2022 to the date of this report.

R J Padden

S J Padden

R C Lane

STREAMLINED ENERGY AND CARBON REPORTING

This section relates to our mandatory reporting of greenhouse gas emissions and our energy efficiency mission for the period 1 September 2024 to 31 August 2025 pursuant to the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. Our methodology for the calculation of greenhouse gas emissions has been to use the DEFRA greenhouse gas conversion factors 2025. We have also estimated the emissions relating to vehicle test drives and other journeys made for business purposes by our staff in Company vehicles.

PE 31.08.2025

PE 31.08.2024

Scope 1

kWh

Tonnes CO2

kWh

Tonnes CO2

Gas & vehicle fuel

927,121

119.6

449,512

91.1

Scope 2

Electricity

682,584

95.8

414,224

85.8

Statutory Total

863,736

215.4

863,736

176.9

Usage Ratio (Tonnes / £m Turnover)

2.0

1.9

This is our sixth annual report on environmental emissions and the above figures demonstrate that we continued to achieve parity year on year in our endeavours to reduce our carbon footprint. This is due to the Directors on-going commitment.

We continue to monitor and minimise our energy usage by examining our operations, aiming to introduce further efficiencies and continuing the replacement of old technologies with modern methods, consistent with the environmental cost of the conversion.

We have installed electric vehicle charging points to enable greater penetration into the sales of petrol / diesel vehicles by hybrid and fully electric vehicles recognising the benefits to our business, customers and the environment of these technologies.

We continue to promote the use of the latest technologies in our business to increase the ability of staff to work from home, meet others virtually where practicable and reduce paper usage and waste throughout the business. Metal / waste oil / tyres / batteries and other environmentally harmful products are only removed by accredited recyclers.

DISCLOSURE IN THE STRATEGIC REPORT

The Company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the Company's strategic report information required by section 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

The strategic report can be found on pages 2 to 6 of these financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The Directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Thompson Wright (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr S J Padden - Director

29 May 2026

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 August 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages seven and eight, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the Senior Statutory Auditor ensured that the audit team collectively had the appropriate competence, capabilities and skills 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 from our commercial knowledge and experience of the motor retail sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, FCA regulations and legislation, data protection, anti-bribery, employment, environmental consumer rights act, other industry specific accreditations and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; 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 to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

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;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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

Use of our report

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

Jeremy Bostock BA (Hons) BFP FCA (Senior Statutory Auditor)

for and on behalf of Thompson Wright (Audit) Limited

Ebenezer House

Ryecroft

Newcastle under Lyme

Staffordshire

ST5 2BE

29 May 2026

TURNOVER

3

105,279,598

92,566,084

Cost of sales

92,148,358

82,260,093

GROSS PROFIT

13,131,240

10,305,991

Administrative expenses

10,801,861

7,933,870

OPERATING PROFIT

5

2,329,379

2,372,121

Interest payable and similar expenses

6

1,798,956

1,614,883

PROFIT BEFORE TAXATION

530,423

757,238

Tax on profit

7

181,493

237,048

PROFIT FOR THE FINANCIAL YEAR

348,930

520,190

Profit attributable to:

Owners of the parent

348,930

520,190

PROFIT FOR THE YEAR

348,930

520,190

OTHER COMPREHENSIVE INCOME

Revaluation

-

2,125,000

Income tax relating to other comprehensive income

-

(425,000

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

1,700,000

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

348,930

2,220,190

Total comprehensive income attributable to:

Owners of the parent

348,930

2,220,190

FIXED ASSETS

Intangible assets

10

2

-

Tangible assets

11

10,370,423

10,119,619

Investments

12

24,016

24,016

10,394,441

10,143,635

CURRENT ASSETS

Stocks

13

28,579,218

17,076,582

Debtors

14

2,348,120

1,456,443

Cash at bank and in hand

137,077

90,560

31,064,415

18,623,585

CREDITORS

Amounts falling due within one year

15

29,787,647

17,932,185

NET CURRENT ASSETS

1,276,768

691,400

TOTAL ASSETS LESS CURRENT LIABILITIES

11,671,209

10,835,035

CREDITORS

Amounts falling due after more than one year

16

(4,457,433

)

(4,081,189

)

PROVISIONS FOR LIABILITIES

20

(922,732

)

(811,732

)

NET ASSETS

6,291,044

5,942,114

CAPITAL AND RESERVES

Called up share capital

21

1,150,004

1,150,004

Non-distributable reserves

22

2,480,488

2,480,488

Retained earnings

22

2,660,552

2,311,622

SHAREHOLDERS' FUNDS

6,291,044

5,942,114

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2026 and were signed on its behalf by:

Mr S J Padden - Director

FIXED ASSETS

Intangible assets

10

2

-

Tangible assets

11

8,259,199

7,878,442

Investments

12

24,116

24,116

8,283,317

7,902,558

CURRENT ASSETS

Stocks

13

28,579,218

17,076,582

Debtors

14

5,803,556

4,710,921

Cash at bank and in hand

137,077

90,560

34,519,851

21,878,063

CREDITORS

Amounts falling due within one year

15

29,724,070

17,708,366

NET CURRENT ASSETS

4,795,781

4,169,697

TOTAL ASSETS LESS CURRENT LIABILITIES

13,079,098

12,072,255

CREDITORS

Amounts falling due after more than one year

16

(4,457,433

)

(4,081,189

)

PROVISIONS FOR LIABILITIES

20

(922,732

)

(811,732

)

NET ASSETS

7,698,933

7,179,334

CAPITAL AND RESERVES

Called up share capital

21

1,150,004

1,150,004

Non-distributable reserves

22

2,480,488

2,480,488

Retained earnings

22

4,068,441

3,548,842

SHAREHOLDERS' FUNDS

7,698,933

7,179,334

Company's profit for the financial year

519,599

741,787

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2026 and were signed on its behalf by:

Mr S J Padden - Director

Called up

share

Retained

Non-distributable

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 September 2023

1,150,004

2,392,791

1,205,488

4,748,283

Changes in equity

Dividends

-

(601,359

)

-

(601,359

)

Total comprehensive income

-

520,190

1,700,000

2,220,190

Deferred tax on revaluation

-

-

(425,000

)

(425,000

)

Balance at 31 August 2024

1,150,004

2,311,622

2,480,488

5,942,114

Changes in equity

Total comprehensive income

-

348,930

-

348,930

Balance at 31 August 2025

1,150,004

2,660,552

2,480,488

6,291,044

Called up

share

Retained

Non-distributable

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 September 2023

1,150,004

3,408,414

1,205,488

5,763,906

Changes in equity

Dividends

-

(601,359

)

-

(601,359

)

Total comprehensive income

-

741,787

1,700,000

2,441,787

Deferred tax on revaluation

-

-

(425,000

)

(425,000

)

Balance at 31 August 2024

1,150,004

3,548,842

2,480,488

7,179,334

Changes in equity

Total comprehensive income

-

519,599

-

519,599

Balance at 31 August 2025

1,150,004

4,068,441

2,480,488

7,698,933

Cash flows from operating activities

Cash generated from operations

1

859,652

2,755,090

Interest paid

(1,798,956

)

(1,614,883

)

Tax paid

(352,077

)

(182,768

)

Net cash from operating activities

(1,291,381

)

957,439

Cash flows from investing activities

Purchase of tangible fixed assets

(100,529

)

(112,719

)

Purchase of fixed asset investments

-

(24,016

)

Purchase of business

(1,150,500

)

-

Net cash from investing activities

(1,251,029

)

(136,735

)

Cash flows from financing activities

New loans in year

1,303,120

-

Loan repayments in year

(888,959

)

(380,603

)

Capital repayments in year

-

(3,500

)

Amount introduced by directors

-

30,292

Equity dividends paid

-

(601,359

)

Net cash from financing activities

414,161

(955,170

)

Decrease in cash and cash equivalents

(2,128,249

)

(134,466

)

Cash and cash equivalents at beginning of year

2

(347,289

)

(212,823

)

Cash and cash equivalents at end of year

2

(2,475,538

)

(347,289

)

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

2025

2024

£

£

Profit before taxation

530,423

757,238

Depreciation charges

344,725

263,919

Acquisition expenses

226,573

-

Finance costs

1,798,956

1,614,883

2,900,677

2,636,040

(Increase)/decrease in stocks

(11,073,711

)

1,375,182

(Increase)/decrease in trade and other debtors

(828,942

)

157,083

Increase/(decrease) in trade and other creditors

9,861,628

(1,413,215

)

Cash generated from operations

859,652

2,755,090

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 August 2025

31.8.25

1.9.24

£

£

Cash and cash equivalents

137,077

90,560

Bank overdrafts

(2,612,615

)

(437,849

)

(2,475,538

)

(347,289

)

Year ended 31 August 2024

31.8.24

1.9.23

£

£

Cash and cash equivalents

90,560

55,942

Bank overdrafts

(437,849

)

(268,765

)

(347,289

)

(212,823

)