REGISTERED NUMBER: 02768567 (England and Wales)

REDCORN LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

6

Balance Sheet

7

Statement of Changes in Equity

8

Notes to the Financial Statements

9

DIRECTOR:

Mr J M Thompson

REGISTERED OFFICE:

Units 3/4, Kerry Avenue

Aveley

Purfleet-on-Thames

South Ockendon

Essex

RM15 4YE

REGISTERED NUMBER:

02768567 (England and Wales)

AUDITORS:

Beavis Morgan Audit Limited

82 St John Street

London

EC1M 4JN

The director presents his strategic report for the year ended 31 May 2025.

The report provides a balanced and comprehensive analysis of the development and performance of the company's business during the financial year consistent with the size and complexity of the business.

REVIEW OF BUSINESS

We are pleased with the results for the financial year. The company recorded turnover of £37,770,812 (2024: £41,204,579) and profit before tax of £1,089,692 (2024: £1,782,470).

At the year end, the company has healthy reserves of over £11m and we expect the business to grow during the financial year 2026 in respect of both turnover and profitability.

PRINCIPAL RISKS AND UNCERTAINTIES

It is the Company's policy to proactively identify, understand and manage the risks inherent in the operation of our business so as to encourage responsible and informed decision making.

We consider the principal risks to be competitive, economic, operational, legal and compliance risk. Risks are managed through prudent planning and ongoing analysis of market conditions to ensure that Redcorn stays ahead of its competitors.

FINANCIAL KEY PERFORMANCE INDICATORS

2025

2024

Revenue

£37.7m

£41.2m

Gross Profit Margin

26%

27%

Profit Before Tax

£1.1m

£1.7m

The Company's operations expose it to a number of financial risks, principally commodity price risk, credit risk, liquidity risk and interest rate risk. The Company's overall financial risk management objective is to minimise the potential adverse effects of these risks on its financial performance while preserving the flexibility required to operate the business effectively.

Financial risk management is overseen by the board, which establishes the Company's policies and risk appetite. Day-to-day management of financial risk is delegated to the finance function, which operates within those policies. The Company does not enter into financial instruments, including derivative contracts, for speculative or trading purposes; any such instruments are used only to manage identified exposures arising from the Company's operating, investing and financing activities.

ON BEHALF OF THE BOARD:

Mr J M Thompson - Director

12 June 2026

The director presents his report with the financial statements of the company for the year ended 31 May 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of ELV and nuisance vehicle contractors.

DIVIDENDS

Total interim dividends distributed for the year ended 31 May 2025 were £435,000 (2024: £479,500). The director recommends that no final dividend be paid.

DIRECTOR

Mr J M Thompson held office during the whole of the period from 1 June 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

MATTERS COVERED

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

* A fair review of the business;

* A description of the principal risks and uncertainties faced by the business; and

* The key financial and non-financial performance indicators as considered by the board of Directors.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Beavis Morgan Audit Limited, were appointed as auditors to the company in accordance with Section 485 of the Companies Act 2006. A resolution that they be reappointed will be part of the Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr J M Thompson - Director

12 June 2026

Opinion

We have audited the financial statements of Redcorn Limited (the 'company') for the year ended 31 May 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 31 May 2025 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

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

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

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

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has 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.

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 is detailed below:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.

- Enquiring of management concerning actual and potential litigation and claims.

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 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 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.

Richard Thacker (Senior Statutory Auditor)

for and on behalf of Beavis Morgan Audit Limited

82 St John Street

London

EC1M 4JN

12 June 2026

TURNOVER

3

37,770,812

41,204,579

Cost of sales

(27,679,127

)

(30,087,451

)

GROSS PROFIT

10,091,685

11,117,128

Administrative expenses

(8,839,175

)

(9,182,171

)

1,252,510

1,934,957

Other operating income

37,450

15,829

1,289,960

1,950,786

Interest receivable and similar income

6,312

9,433

1,296,272

1,960,219

Interest payable and similar expenses

6

(206,580

)

(177,749

)

PROFIT BEFORE TAXATION

7

1,089,692

1,782,470

Tax on profit

9

(216,125

)

(697,920

)

PROFIT FOR THE FINANCIAL YEAR

873,567

1,084,550

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

873,567

1,084,550

FIXED ASSETS

Tangible assets

11

8,147,355

8,730,536

CURRENT ASSETS

Stocks

12

30,000

36,000

Debtors

13

5,492,858

5,757,014

Cash at bank and in hand

1,942,642

1,197,611

7,465,500

6,990,625

CREDITORS

Amounts falling due within one year

14

(2,397,612

)

(2,397,385

)

NET CURRENT ASSETS

5,067,888

4,593,240

TOTAL ASSETS LESS CURRENT LIABILITIES

13,215,243

13,323,776

CREDITORS

Amounts falling due after more than one year

15

(701,829

)

(1,215,504

)

PROVISIONS FOR LIABILITIES

18

(1,336,191

)

(1,369,616

)

NET ASSETS

11,177,223

10,738,656

CAPITAL AND RESERVES

Called up share capital

19

5

5

Retained earnings

11,177,218

10,738,651

SHAREHOLDERS' FUNDS

11,177,223

10,738,656

The financial statements were approved by the director and authorised for issue on 12 June 2026 and were signed by:

Mr J M Thompson - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 June 2023

5

10,133,601

10,133,606

Changes in equity

Dividends

-

(479,500

)

(479,500

)

Total comprehensive income

-

1,084,550

1,084,550

Balance at 31 May 2024

5

10,738,651

10,738,656

Changes in equity

Dividends

-

(435,000

)

(435,000

)

Total comprehensive income

-

873,567

873,567

Balance at 31 May 2025

5

11,177,218

11,177,223

1.	STATUTORY INFORMATION

Redcorn Limited is a private company, limited by shares, incorporated and registered in England and Wales under registration number 02768567. The current principal place of business is Units 3/4, Kerry Avenue, Aveley, Purfleet-On-Thames, South Ockendon, RM15 4YE.

The financial statements are prepared in UK Pound Sterling (£) which is the presentational and functional currency of the company. Amounts are rounded to the nearest £.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirements of section 33 "Related Party Disclosures": Compensation for key management personnel.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

Turnover

Revenue from the sale of scrap metal and cars is recognised by the company at the point of dispatch from the premises. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to short leasehold property

-

over the length of the lease

Plant and machinery

-

10% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

10% on cost

Computer equipment

-

25% on reducing balance

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

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 assets, and is credited or charged to the profit or loss account.

The residual values, useful lives and depreciation methods of tangible fixed assets are reviewed annually. The director carried out such a review during the year end 31 May 2023, and it was decided to change the depreciation method for Plant and machinery and Motor Vehicles from 25% on reducing balance to 10% on cost. The effect of these revisions has been accounted for prospectively.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Basic financial assets

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

Loans and receivables

Trade debtors , loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment. Loans and receivables classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their useful estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged ot the profit or loss on a straight line basis over the period of the lease.

Rentals paid under operating leases are charged to profit or loss on straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Stocks

Cars that will be scrapped are expensed to the profit and loss on the basis that their value is immaterial and cars held for resale are valued at the lower of cost and net realisable value.

No value is attributed to parts for resale salvaged from scrapped cars.

Equity instruments

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

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2025

2024

£

£

ELV car scrappage

33,240,850

33,435,670

Sale of cars

4,529,962

7,768,909

37,770,812

41,204,579

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

37,460,773

40,585,448

Europe

310,039

581,656

Rest of the world

-

37,475

37,770,812

41,204,579

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

4,120,076

4,392,596

Social security costs

367,759

383,391

Other pension costs

51,098

55,981

4,538,933

4,831,968

The average number of employees during the year was as follows:

2025

2024

Admin

7

27

Site

144

147

151

174

5.	DIRECTORS' EMOLUMENTS

Directors emoluments in the year were £7,020 (2024 : £7,020).

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

22,310

65,980

Interest on late payment of

Corporation Tax

1,755

-

Hire purchase

181,125

111,769

Finance lease

1,390

-

206,580

177,749

7.	PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2025

2024

£

£

Other operating leases

581,734

1,441,918

Depreciation - owned assets

694,912

602,340

Depreciation - assets on hire purchase contracts

880,186

827,322

Profit on disposal of fixed assets

(39,955

)

-

8.	AUDITORS' REMUNERATION

2025

2024

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

21,260

20,000

Total audit fees

21,260

20,000

9.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

262,628

526,748

Prior year tax adjustment

(13,078

)

-

Total current tax

249,550

526,748

Deferred tax

(33,425

)

171,172

Tax on profit

216,125

697,920

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

1,089,692

1,782,470

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

272,423

445,618

Effects of:

Expenses not deductible for tax purposes

14,801

48,846

Income not taxable for tax purposes

-

(8,215

)

Depreciation in excess of capital allowances

-

11,468

Adjustments to tax charge in respect of previous periods

(13,078

)

50,503

Deferred tax adjustment in respect of prior periods

(64,439

)

171,172

Group relief

(35,754

)

(21,472

)

Depreciation on assets not qualifying for capital allowances

42,172

-

Total tax charge

216,125

697,920

10.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Interim

435,000

479,500

11.	TANGIBLE FIXED ASSETS

Improvements

to short

Fixtures

leasehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 June 2024

1,529,661

13,333,966

179,064

Additions

95,825

1,084,096

-

Disposals

-

(542,450

)

-

At 31 May 2025

1,625,486

13,875,612

179,064

DEPRECIATION

At 1 June 2024

262,604

6,181,801

95,482

Charge for year

115,614

1,304,255

14,109

Eliminated on disposal

-

(335,609

)

-

At 31 May 2025

378,218

7,150,447

109,591

NET BOOK VALUE

At 31 May 2025

1,247,268

6,725,165

69,473

At 31 May 2024

1,267,057

7,152,165

83,582

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 June 2024

2,811,528

90,528

17,944,747

Additions

54,682

4,514

1,239,117

Disposals

(611,085

)

-

(1,153,535

)

At 31 May 2025

2,255,125

95,042

18,030,329

DEPRECIATION

At 1 June 2024

2,611,427

62,897

9,214,211

Charge for year

134,252

6,868

1,575,098

Eliminated on disposal

(570,726

)

-

(906,335

)

At 31 May 2025

2,174,953

69,765

9,882,974

NET BOOK VALUE

At 31 May 2025

80,172

25,277

8,147,355

At 31 May 2024

200,101

27,631

8,730,536

The net book value of tangible fixed assets includes £ 3,922,787 (2024 - £ 4,360,870 ) in respect of assets held under hire purchase contracts.

12.

STOCKS

2025

2024

£

£

Cars held for sale

30,000

36,000

13.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

289,355

1,060,230

Amounts owed by group undertakings

2,117,103

2,625,378

Other debtors

1,678,869

1,211,443

Directors' current accounts

-

5,689

Prepayments and accrued income

1,366,531

814,274

5,451,858

5,717,014

Amounts falling due after more than one year:

Other debtors

41,000

40,000

Aggregate amounts

5,492,858

5,757,014

14.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 16)

-

194,946

Hire purchase contracts (see note 17)

568,963

787,436

Trade creditors

448,846

345,537

Amounts owed to group undertakings

207,860

-

Tax

288,473

409,916

Social security and other taxes

99,230

71,017

VAT

722,058

509,047

Pensions

2,428

22,728

Net wages

14,859

18,346

Directors' current accounts

7,044

-

Accruals and deferred income

37,851

38,412

2,397,612

2,397,385

Bank loans and overdrafts are secured by way of fixed and floating charge over both the group's assets and undertakings.

Hire purchase contracts and finance leases are secured against the assets to which they relate.

15.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans (see note 16)

-

572,594

Hire purchase contracts (see note 17)

701,829

642,910

701,829

1,215,504

16.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank loans

-

194,946

Amounts falling due in more than five years: