Registration number:
for the
Year Ended
Warners Trust plc
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Warners Trust plc
Company Information
|
Directors |
R A Warner G D Warner A M Rayer |
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Company secretary |
D Ryland |
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Registered office |
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Bankers |
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Auditors |
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Warners Trust plc
Strategic Report for the Year Ended 30 September 2025
The Directors present their strategic report for the year ended 30 September 2025.
Principal activity
The principal activity of the Group is that of motor vehicle sales, service and parts distribution.
Fair review of the business
The Directors are pleased with the trading result for the year which saw an increase in turnover. Sales of Jaecoo and Omoda vehicles exceeded expectation, whilst the service and parts operations continued to perform robustly. The refit of the Tewkesbury dealership to the new Citroen corporate identity will provide a solid platform for the brand moving forward.
The business secured a Chery franchise during the year which will launch in Cheltenham during the summer of 2026. The Chery franchise has performed well in the market since its launch in the UK and the Directors feel that the addition of the brand to the business offers an exciting opportunity.
The Group's key financial and other performance indicators during the year were as follows:
|
Unit |
2025 |
2024 |
|
|
Sales (net of rebates and discounts) |
£ |
29,760,048 |
28,014,852 |
|
Profit before taxation |
£ |
223,578 |
411,460 |
Principal risks and uncertainties
Market Conditions
The business is reliant on consumer spending, which given uncertain market conditions, including high interest rates, can impact on the profitability of the Group. The Group offers a range of vehicles and payment options to ensure they can cater to the market.
Franchise
The launch of Chery will bring challenges associated with launching a new site and marketing the brand locally. Consumer reaction in the market overall, however, has been positive and the directors are confident that this represents a great opportunity to appeal to a wider customer base.
Approved by the
Director
Warners Trust plc
Directors' Report for the Year Ended 30 September 2025
The Directors present their report and the for the year ended 30 September 2025.
Directors of the Group
The Directors who held office during the year were as follows:
Financial Instruments
Objectives and Policies
The Group's financial instruments comprise cash and liquid resources, and various other items such as trade debtors, trade creditors, etc that arise directly from its operations. The main purpose of these financial instruments is to finance the operations of the group.
Liquidity risk, credit risk, price risk and interest rate risk
Liquidity risk
The Group's principal liquidity risk is to ensure that it has sufficient liquid resources to meet its operational requirements. Liquidity is closely monitored and additional discretionary funding is drawn down if required. The Group's primary sources of liquid resources are its bankers and providers of vehicle funding agreements.
Credit risk
The Group offers credit to certain of its customers. Before credit terms are agreed, an assessment of the customers' credit rating is undertaken to ensure that the customer does not represent a major credit risk to the group. Credit limits are set accordingly. The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
Price risk
Through careful monitoring of the Group's market place and competitors the Group's exposure to price risk is kept to a minimum.
Interest rate risk
The most significant interest rate risk involves the interest rate fluctuations of the Group's loan portfolio, which is managed by balancing interest rate risk between variable and fixed rates. The Directors view short term base rate volatility to be low. The Group is well placed to deal with any rise in interest rates.
Going concern
The Directors have prepared forecasts for the Group for more than 12 months from the approval of the financial statements. After reviewing the Group’s forecasts, and on the assumption that the bank continues to support the Group, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Directors therefore consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from insufficient facilities being made available to the Group.
Future developments
The Group continues to seek new opportunities for growth. In Summer 2026, the Group are due to open a Chery franchise.
Qualifying third party indemnity provisions
The Group has made qualifying third party indemnity provisions for the benefit of its Directors during the year. These provisions remain in force at the reporting date.
Disclosure of information to the auditor
Each Director has taken the steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Warners Trust plc
Directors' Report for the Year Ended 30 September 2025
Reappointment of auditors
Hazlewoods LLP have expressed their willingness to continue in office.
Approved by the
Director
Warners Trust plc
Statement of Directors' Responsibilities
The Directors are responsible for preparing the Strategic Report, Directors' Report 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 Group and Company and of the profit or loss of the Group for that period. In preparing these financial statements, the Directors are required to:
• | select suitable accounting policies and apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and Company will continue in business. |
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Warners Trust plc
Independent Auditor's Report to the Members of Warners Trust plc
Opinion
We have audited the financial statements of Warners Trust plc (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 Group's and the Parent Company's affairs as at 30 September 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 auditor 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
|
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the Group and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
Warners Trust plc
Independent Auditor's Report to the Members of Warners Trust plc
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 page 5, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the 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.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered the nature of the group’s industry and its control environment and reviewed the group’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the group operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
|
• |
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
|
• |
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; and |
|
• |
enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations. |
Warners Trust plc
Independent Auditor's Report to the Members of Warners Trust plc
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Staverton Court
Staverton
GL51 0UX
Warners Trust plc
Consolidated Profit and Loss Account for the Year Ended 30 September 2025
|
Note |
2025 |
2024 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar charges |
( |
( |
|
|
Share of profit of equity accounted joint venture |
|
|
|
|
Share of profit of equity accounted associate |
20,020 |
14,805 |
|
|
Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial year |
|
|
|
|
Profit attributable to: |
|||
|
Owners of the Company |
|
|
|
|
Minority interests |
|
|
|
|
|
|
The above results were derived from continuing operations.
The Group has no other comprehensive income for the year.
Warners Trust plc
(Registration number: 00413728)
Consolidated Balance Sheet as at 30 September 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Investment property |
|
|
|
|
Joint venture |
|
|
|
|
Associate |
26,218 |
11,203 |
|
|
Other financial assets |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Capital redemption reserve |
|
|
|
|
Profit and loss account |
|
|
|
|
Equity attributable to owners of the company |
|
|
|
|
Non-controlling interest |
|
|
|
|
Total equity |
|
|
Approved and authorised by the
Director
Warners Trust plc
(Registration number: 00413728)
Balance Sheet as at 30 September 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Investment property |
|
|
|
|
Investments |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current liabilities |
( |
( |
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Deferred tax |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
50,006 |
50,006 |
|
|
Capital redemption reserve |
49,994 |
49,994 |
|
|
Profit and loss account |
2,463,273 |
2,442,509 |
|
|
Total equity |
2,563,273 |
2,542,509 |
The company made a profit after tax for the financial year of £65,164 (2024 - profit of £252,354).
Approved and authorised by the
Director
Warners Trust plc
Consolidated Statement of Changes in Equity for the Year Ended 30 September 2025
Equity attributable to the parent company
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
Non-controlling interests |
Total equity |
|
|
At 1 October 2024 |
|
|
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
|
|
Dividends |
- |
- |
( |
( |
- |
( |
|
At 30 September 2025 |
|
|
|
|
|
|
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
Non-controlling interests |
Total equity |
|
|
At 1 October 2023 |
|
|
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
|
|
Dividends |
- |
- |
( |
( |
- |
( |
|
At 30 September 2024 |
50,006 |
49,994 |
2,927,332 |
3,027,332 |
117,303 |
3,144,635 |
Within the total value of profit and loss account reserves is £313,752 (2024 - £313,752) of non-distributable reserves.
Warners Trust plc
Statement of Changes in Equity for the Year Ended 30 September 2025
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
|
At 1 October 2024 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 30 September 2025 |
|
|
|
|
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
|
At 1 October 2023 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 30 September 2024 |
50,006 |
49,994 |
2,442,509 |
2,542,509 |
Within the total value of profit and loss account reserves is £273,952 (2024 - £273,952) of non-distributable reserves.
Warners Trust plc
Consolidated Statement of Cash Flows for the Year Ended 30 September 2025
|
Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
159,019 |
301,980 |
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
137,461 |
129,598 |
|
|
Profit on disposal of tangible assets |
- |
(615) |
|
|
Finance income |
(45,063) |
(27,971) |
|
|
Finance costs |
213,957 |
247,312 |
|
|
Share of profit of equity accounted investees |
(55,183) |
(48,786) |
|
|
Income tax expense |
64,559 |
109,480 |
|
|
474,750 |
710,998 |
||
|
Working capital adjustments |
|||
|
(Increase)/decrease in stocks |
(1,319,921) |
587,117 |
|
|
(Increase)/decrease in trade debtors |
(452,001) |
666,381 |
|
|
Increase/(decrease) in trade creditors |
2,610,385 |
(1,094,823) |
|
|
Increase in provisions |
207,307 |
114,750 |
|
|
Cash generated from operations |
1,520,520 |
984,423 |
|
|
Income taxes paid |
(134,218) |
(80,035) |
|
|
Net cash flow from operating activities |
1,386,302 |
904,388 |
|
|
Cash flows from investing activities |
|||
|
Interest received |
45,063 |
27,971 |
|
|
Acquisitions of tangible assets |
(53,677) |
(230,033) |
|
|
Proceeds from sale of tangible assets |
12,264 |
441,605 |
|
|
Additions to investment properties |
(37,499) |
(79,024) |
|
|
Cash receipts from repayment of loans, classified as investing activities |
7,115 |
- |
|
|
Advances of loans, classified as investing activities |
(1,206) |
- |
|
|
Dividend income from financial assets |
28,000 |
28,000 |
|
|
Net cash flows from investing activities |
60 |
188,519 |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
(213,957) |
(247,312) |
|
|
Repayment of bank borrowing |
(155,000) |
(155,000) |
|
|
Payments to finance lease creditors |
(187,351) |
(345,145) |
|
|
Dividends paid |
(44,400) |
(88,400) |
|
|
Net cash flows from financing activities |
(600,708) |
(835,857) |
|
|
Net increase in cash and cash equivalents |
785,654 |
257,050 |
|
|
Cash and cash equivalents at 1 October |
496,925 |
239,875 |
|
|
Cash and cash equivalents at 30 September |
1,282,579 |
496,925 |
|
Warners Trust plc
Notes to the Financial Statements for the Year Ended 30 September 2025
|
General information |
The Company is a private company limited by share capital, incorporated in the United Kingdom.
The address of its registered office is:
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Summary of disclosure exemption
Warners Trust Plc meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its financial statements. Exemptions have been taken in relation to presentation of the company statement of cash flows and presentation of the company profit and loss statement.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 September 2025.
No Profit and Loss account is presented for the company as permitted by section 408 of the Companies Act 2006.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Warners Trust plc
Notes to the Financial Statements for the Year Ended 30 September 2025
Inter-company transactions, balances and unrealised gains on transactions between the Company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The Directors have prepared forecasts for the Group for more than 12 months from the approval of the financial statements. After reviewing the Group’s forecasts, and on the assumption that the bank continues to support the Group, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Directors therefore consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from insufficient facilities being made available to the Group.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Key sources of estimation uncertainty
The Directors do not consider there to be a material movement in the fair value of a number of the investment properties held, as detailed in note 14 to these financial statements. The Directors assess fair value through the application of market rent yields. Where those indicate a material movement in fair value, formal valuations are obtained.
Management have assessed stock lines and have estimated the value of stock that requires provision in order to reflect the true value of stock within the financial statements. The carrying value of the provision is £45,848 (2024 - £37,227).
Management have estimated the provision for the dilapidations on a lease by lease basis, which is based on management's assessment of an external valuation of the likely committed cash flow for one of the properties. The carrying amount is £322,057 (2024 - £114,750).
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the Group.
The Group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the Group's activities.
The Group consider that the risks and rewards of ownership usually pass at the earlier of when products are delivered to customers or when full payment is received and it is at this point revenue is recognised.
Ownership does not pass until the goods are made available, the seller has received full payment for the goods and delivery of any used vehicle offered in part-exchange has been completed.
Warners Trust plc
Notes to the Financial Statements for the Year Ended 30 September 2025
Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. When the outcome of a transaction for the rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion, the Group recognises revenue on the sales of services in the reporting period in which the services are rendered by reference to the stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered. When the outcome of a service contract cannot be estimated reliably the Group only recognises revenue to the extent of the recoverable expenses recognised.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Leasehold improvements |
Over the period of the lease |
|
Plant and machinery |
20%-33% of cost per annum |
|
Motor homes and motor vehicles |
10% - 20% reducing balance |
Investment property
For investment properties where the Directors consider there to be a material movement in the fair value, a formal valuation has been obtained, with reliance being placed on analysis using market rent yields.
Intangible assets
Separately acquired computer software is included at cost and amortised over their estimated useful economic life. Provision is made for any impairment.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Computer software |
25% of cost per annum |
Warners Trust plc
Notes to the Financial Statements for the Year Ended 30 September 2025
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Returns on investment are used to purchase additional equity shares.
Investments in jointly controlled interests and associates of the Group are accounted for under the equity method.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.
Stocks
Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less selling costs. Costs includes all direct costs and an appropriate proportion of variable overheads.
Consignment stock held but not owned by the group is recognised as an asset on the balance sheet with a corresponding liability included in creditors due within one year when the risks and reward of ownership transfer to the group.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the Group has an obligation at the reporting date as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Warners Trust plc
Notes to the Financial Statements for the Year Ended 30 September 2025
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Leases in which substantially all of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the group is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Warners Trust plc
Notes to the Financial Statements for the Year Ended 30 September 2025
Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
|
Turnover |
The analysis of the Group's turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of goods |
|
|
|
Rendering of services |
|
|
|
|
|
The group's turnover for the year was all generated in the UK.
|
Other operating income |
The analysis of the Group's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Rental income |
|
|
|
Other operating income |
|
|
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
- |
|
|
Operating lease expense |
|
|
|
Profit on disposal of tangible fixed assets |
- |
( |
Warners Trust plc
Notes to the Financial Statements for the Year Ended 30 September 2025
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Other interest receivable |
45,063 |
27,971 |
|
Interest payable and similar charges |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
|
|
|
|
|
|
Staff costs |
Group
The aggregate payroll costs (including Directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
2,273,069 |
2,114,110 |
|
Social security costs |
264,512 |
217,375 |
|
Pension costs, defined contribution scheme |
142,687 |
128,453 |
|
2,680,268 |
2,459,938 |
The average number of persons employed by the group (including Directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Production |
26 |
26 |
|
Administration and support |
32 |
29 |
|
Sales |
12 |
11 |
|
70 |
66 |
Company
The aggregate payroll costs (including Directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
|
|
The average number of persons employed by the company (including Directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Production |
- |
|
|
Administration and support |
|
|
|
|
|
Warners Trust plc
Notes to the Financial Statements for the Year Ended 30 September 2025
|
Directors' remuneration |
The Directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration (including benefits in kind) |
|
|
One Director was remunerated by a company under common control. Amounts recharged for qualifying services in the year were £45,000 (2024 - £nil).
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
9,370 |
8,925 |
|
Audit of the financial statements of subsidiaries of the company pursuant to legislation |
27,560 |
26,250 |
|
|
|
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
|
( |
|
111,019 |
125,789 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods |
(5,286) |
11,832 |
|
Total deferred taxation |
( |
( |
|
Tax expense in the profit and loss account |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Increase/(decrease) in UK corporation tax from adjustment to prior periods |
|
( |
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of expense not deductible in determining taxable profit |
|
|
|
Deferred tax (credit)/expense from unrecognised temporary difference from a prior period |
( |
|
|
Total tax charge |
|
|
Warners Trust plc
Notes to the Financial Statements for the Year Ended 30 September 2025
Deferred tax
Group
Deferred tax assets and liabilities
|
2025 |
Liability |
|
Accelerated capital allowances |
( |
|
Short term timing differences |
|
|
( |
|
2024 |
Liability |
|
Accelerated capital allowances |
( |
|
Short term timing differences |
|
|
( |
Company
Deferred tax assets and liabilities
|
2025 |
Liability |
|
Accelerated capital allowances |
( |
|
( |
|
2024 |
Liability |
|
Accelerated capital allowances |
( |
|
( |
|
Intangible assets |
Group
|
Computer software |
|
|
Cost |
|
|
At 1 October 2024 and at 30 September 2025 |
|
|
Amortisation |
|
|
At 1 October 2024 and at 30 September 2025 |
|
|
Carrying amount |
|
|
At 1 October 2024 and at 30 September 2025 |
- |
Warners Trust plc
Notes to the Financial Statements for the Year Ended 30 September 2025
|
Tangible assets |
Group
|
Leasehold improvements |
Plant and machinery |
Motor homes and motor vehicles |
Total |
|
|
Cost or valuation |
||||
|
At 1 October 2024 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
( |
( |
( |
( |
|
At 30 September 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 October 2024 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
( |
( |
( |
( |
|
At 30 September 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 30 September 2025 |
|
|
|
|
|
At 30 September 2024 |
|
|
|
|
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2025 |
2024 |
|
|
Plant and machinery |
29,890 |
49,248 |
|
Motor homes and motor vehicles |
19,748 |
350,530 |
|
49,638 |
399,778 |
Restriction on title and pledged as security
Warners Trust plc
Notes to the Financial Statements for the Year Ended 30 September 2025
Company
|
Plant and machinery |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||
|
At 1 October 2024 |
|
|
|
|
Disposals |
( |
( |
( |
|
At 30 September 2025 |
|
- |
|
|
Depreciation |
|||
|
At 1 October 2024 |
|
|
|
|
Charge for the year |
|
- |
|
|
Eliminated on disposal |
( |
( |
( |
|
At 30 September 2025 |
|
- |
|
|
Carrying amount |
|||
|
At 30 September 2025 |
|
- |
|
|
At 30 September 2024 |
|
|
|
|
Investment properties |
Group and Company
|
Investment properties |
|
|
At 1 October 2024 |
|
|
Additions |
|
|
At 30 September 2025 |
|
Investment property with a carrying amount of £790,000 (2024 - £790,000) has been pledged as security for the bank overdraft facility provided to the group. Investment property with a carrying value of £1,616,523 (2024 - £1,579,024) has been pledged as security for a bank loan held in Warners Trust plc.
Investment properties comprise:
1) An investment property valued in accordance with RICS valuation standard on the basis of market value at £790,000 by P J Pratt MRICS on behalf of Alder King LLP on 19 March 2024.
2) An investment property valued in accordance with RICS valuation standard on the basis of market value at £1,500,000, plus additions of £116,523 since the most recent valuation, by P J Pratt MRICS on behalf of Alder King LLP on 19 March 2024.
3) An investment property valued in accordance with RICS valuation standard on the basis of market value at £85,000 by P J Pratt MRICS on behalf of Alder King LLP on 19 March 2024.
The Directors do not consider that the market value of these properties is materially different from their carrying value.
Warners Trust plc
Notes to the Financial Statements for the Year Ended 30 September 2025
|
Joint ventures and associates |
Group
|
Interest in joint venture: |
2024 |
|
|
£ |
||
|
At 1 October 2024 |
496,728 |
|
|
Group's share of loss |
(280) |
|
|
At 30 September 2025 |
496,448 |
|
Investment in associate |
2025 |
|
|
£ |
||
|
At 1 October 2024 |
11,203 |
|
|
Group's share of profit |
15,015 |
|
|
At 30 September 2025 |
26,218 |
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) are as follows:
|
Undertaking |
Registered address |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Joint ventures |
||||
|
|
Eastern Avenue,
|
Ordinary 'A' |
|
|
|
Associates |
||||
|
|
Unit 2 130 Bristol Road, Gloucester, GL1 5SQ |
Ordinary 'E' |
|
|
* The shares in M5 Leisure Limited are held by Warners of Gloucester Limited.
Aggregate financial information of joint ventures
|
2025 |
2024 |
|
|
Group's share of loss in joint ventures |
( |
( |
Aggregate financial information of associates
|
2025 |
2024 |
|
|
Group's share of profit in associates |
|
|
Warners Trust plc
Notes to the Financial Statements for the Year Ended 30 September 2025
Joint Ventures
The principal activity of Warners of Tewkesbury Limited is property investment.
Warners of Tewkesbury Limited is jointly controlled by the group and one other venture under a contractual arrangement and is consequently treated as a joint venture. The group's share of the results and assets of Warners of Tewkesbury Limited are accounted for using the equity method.
Associates
The principal activity of M5 Leisure Limited Limited is the lease and sale of motor homes.
M5 Leisure Limited is partly controlled by the group and the company's Directors and is consequently treated as an associate. The group's share of the results and assets of M5 Leisure Limited are accounted for using the equity method.
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Investments in joint ventures |
|
|
|
|
|
|
Subsidiaries |
£ |
|
Cost |
|
|
At 1 October 2024 and at 30 September 2025 |
|
|
Provisions |
|
|
At 1 October 2024 and at 30 September 2025 |
|
|
Carrying amount |
|
|
At 1 October 2024 and at 30 September 2025 |
|
|
Joint ventures |
£ |
|
Cost and carrying amount |
|
|
At 30 September 2024 and 2025 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
Eastern Avenue,
|
Ordinary / 'B' Ordinary |
|
|
|
|
Eastern Avenue,
|
Ordinary |
|
|
|
Joint ventures |
||||
|
|
Eastern Avenue,
|
Ordinary 'A' |
|
|
Warners Trust plc
Notes to the Financial Statements for the Year Ended 30 September 2025
Subsidiary undertakings
Warners of Gloucester Limited
The principal activity of Warners of Gloucester Limited is as a garage proprietor.
Warners Accident Repair Centre Limited
The principal activity of Warners Accident Repair Centre Limited is that of a dormant company. An application has been made to strike off the company.
Joint Ventures
Warners of Tewkesbury Limited
The principal activity of Warners of Tewkesbury Limited is property investment.
|
Other financial assets |
Group
|
Financial assets at fair value through profit and loss |
|
|
Non-current financial assets |
|
|
Cost or valuation |
|
|
At 1 October 2024 |
1,788 |
|
Fair value adjustments |
1,287 |
|
Additions |
1,206 |
|
At 30 September 2025 |
4,281 |
|
Carrying amount |
|
|
At 30 September 2025 |
|
|
At 30 September 2024 |
|
|
Stocks |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Parts and accessories |
|
|
- |
- |
|
Work in progress |
|
|
- |
- |
|
Finished goods and goods for resale |
|
|
- |
- |
|
Vehicles on consignment from manufacturers |
- |
|
- |
- |
|
|
|
- |
- |
|
The principal terms of consignment stock agreement are that the Group holds new vehicles on consignment from manufacturers and is liable to interest on the cost of those vehicles from the date on which they are allocated to the Group.
Warners Trust plc
Notes to the Financial Statements for the Year Ended 30 September 2025
|
Debtors |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Trade debtors |
|
|
|
|
|
Amounts owed by related parties |
|
- |
- |
- |
|
Other debtors |
|
|
|
- |
|
Prepayments |
|
|
|
|
|
Accrued income |
|
|
- |
- |
|
|
|
|
|
|
Included in other debtors is a loan to shareholders of £77,835 (2024 - £nil), which is interest free, unsecured and repayable on demand.
Amounts owed by related parties accrue interest at a rate of 7.75% per annum and are repayable on demand and unsecured.
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Cash on hand |
|
|
- |
- |
|
Cash at bank |
|
|
|
|
|
|
|
|
|
|
|
Creditors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
|
|
|
|
Amounts owed to group undertakings |
- |
- |
|
|
|
|
Other taxes and social security |
|
|
|
|
|
|
Other payables |
|
|
|
- |
|
|
Accruals |
|
|
|
|
|
|
Corporation tax |
94,482 |
127,911 |
23,525 |
24,920 |
|
|
Consignment stock creditor |
- |
|
- |
- |
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
Warners Trust plc
Notes to the Financial Statements for the Year Ended 30 September 2025
The group funds vehicle stock on extended credit terms from both the principal manufacturer and other providers of vehicle funding, which are secured on the assets of the company. The group classifies such creditors as vehicle funding agreements within trade creditors, which as at 30 September 2025 amounted to £4,611,194 (2024 - £2,284,818). Vehicle funding agreements bear interest at an average rate of 5.0% (2024 - 5.0%). The vehicle funding agreements creditor includes manufacturer liabilities of £3,743,694 (2024 - £1,294,135) in respect of other purchases which are also secured on the trade and assets of the group.
Consignment stock creditors are secured on the assets to which they relate.
The principal terms of consignment stock agreements are set out in note 17.
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
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Loans and borrowings |
Current loans and borrowings
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Group |
Company |
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2025 |
2024 |
2025 |
2024 |
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Bank borrowings |
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Obligations under finance leases and hire purchase contracts |
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Non-current loans and borrowings
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Group |
Company |
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2025 |
2024 |
2025 |
2024 |
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Bank borrowings |
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Obligations under finance leases and hire purchase contracts |
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- |
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Finance leases and hire purchase contracts are secured on the assets to which they relate.
Bank loans include an amount of £187,500 (2024 - £237,500) which attracts interest at a rate of 2.25% plus the Bank of England bank rate (2024 - 2.25% plus Bank of England bank rate). The final instalment is due in June 2029, with monthly repayments of £4,167 (2024 - £4,167).
Bank loans also include a Coronavirus Business Interruption Loan (CBILs) of £122,500 (2024 - £227,500). The loan attracts interest at 2.69% plus the banks base rate. The loan is repayable in 60 equal instalments of £8,750, starting in December 2021.
Warners Trust plc
Notes to the Financial Statements for the Year Ended 30 September 2025
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Obligations under leases and hire purchase contracts |
Group
Finance leases and hire purchase contracts
The total of future minimum lease payments is as follows:
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2025 |
2024 |
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Not later than one year |
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Later than one year and not later than five years |
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Operating leases
The total of future minimum lease payments is as follows:
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2025 |
2024 |
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Not later than one year |
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Later than one year and not later than five years |
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Later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Operating leases - lessor
The total of future minimum lease payments is as follows:
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2025 |
2024 |
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Not later than one year |
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Later than one year and not later than five years |
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Later than five years |
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Total contingent rents recognised as income in the period are £
Company
Finance leases and hire purchase contracts
The total of future minimum lease payments is as follows:
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2025 |
2024 |
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Not later than one year |
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Later than one year and not later than five years |
- |
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Operating leases - lessor
The total of future minimum lease payments is as follows:
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2025 |
2024 |
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Not later than one year |
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Later than one year and not later than five years |
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Later than five years |
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Warners Trust plc
Notes to the Financial Statements for the Year Ended 30 September 2025
Total contingent rents recognised as income in the period are £
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Provisions for liabilities |
Group
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Deferred tax |
Dilapidations provision |
Total |
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At 1 October 2024 |
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Increase in existing provisions |
( |
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At 30 September 2025 |
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The dilapidations provision of £322,057 (2024 - £114,750) relates to the costs the Group expects to incur in restoring the leased premises to its condition prior to occupancy.
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Pension and other schemes |
Defined contribution pension scheme
The Group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Group to the scheme and amounted to £
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Share capital |
Allotted, called up and fully paid shares
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2025 |
2024 |
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No. |
£ |
No. |
£ |
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47,500 |
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47,500 |
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2,506 |
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2,506 |
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All shares rank pari passu in all respects except that they carry independent rights to dividends.
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Reserves |
Group and Company
Called up share capital
This represents the nominal value of the issued share capital.
Capital redemption reserve
This represents paid up share capital from the buy back of shares by the company. These are undistributable reserves.
Profit and loss account
This represents the cumulative profit or losses, net of dividends and other adjustments.
Non-controlling interest (Group only)
This represents the cumulative profits or losses, net of dividends and other adjustments, attributable to minority interests.
Warners Trust plc
Notes to the Financial Statements for the Year Ended 30 September 2025
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Dividends |
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2025 |
2024 |
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Dividends paid |
44,400 |
88,400 |
During the year, Directors received dividends of £44,400 (2024 - £88,400).
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Related party transactions |
Group
During the year the Group was charged rent of £68,004 (2024 - £68,000) by its joint venture.
During the year the Group made sales of £834,696 (2024 - £1,008,599) and purchases of £311,878 (2024 - £318,558) to companies under common control. At the balance sheet date, included in trade creditors is amounts due from companies under common control of £51,466 (2024 - £149,908) and included in trade debtors is amounts due from companies under common control of £88,304 (2024 - £32,187).
During the year the Group made sales of £11,880 (2024 - £627) to Directors of the company. At 30 September 2025, the Group was owed £206 (2024 - £180) by the directors.
At the balance sheet date, a loan of £77,835 (2024 - £nil) was owed by a shareholder of the company.
During the year loans were provided to a company under common control for £257,115 (2024 - £530,000). At the balance sheet date, the amount due was £250,000 (2024 - £nil). During the year, interest of £nil (2024 - £13,762) was received on a loan to a company under common control.
Company
During the year the Company made sales of £143,766 (2024 - £110,560) and purchases of £90,847 (2024 - £80,661) to companies under common control. At the balance sheet date, included in trade creditors is amounts due to companies under common control of £33,766 (2024 - £21,427) and included in trade debtors is amounts due from companies under common control of £870 (2024 - £7,318).
During the year, a loan repayment of £nil (2024 - £34,000) was made from a Director and at the balance sheet date, £nil (2024 - £34,000) was owed to the company.
At the balance sheet date, a loan of £9,673 (2024 - £nil) was owed by a shareholder of the company.
Warners Trust plc
Notes to the Financial Statements for the Year Ended 30 September 2025
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Financial instruments |
Group
Categorisation of financial instruments
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2025 |
2024 |
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Financial assets measured at fair value through profit or loss |
4,281 |
1,788 |
Financial assets measured at fair value
Listed investments
Listed investments are valued using quoted share prices.
The fair value is £4,281 (2024 - £1,788) and the change in value included in profit or loss is £1,287 (2024 - £468).
Items of income, expense, gains or losses
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2025 |
Income |
Expense |
Net gains |
Net losses |
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Financial assets measured at fair value through profit or loss |
- |
- |
1,287 |
- |
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Financial liabilities measured at amortised cost |
- |
182,047 |
- |
- |
|
- |
182,047 |
1,287 |
- |
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2024 |
Income |
Expense |
Net gains |
Net losses |
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Financial assets measured at fair value through profit or loss |
- |
- |
- |
468 |
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Financial liabilities measured at amortised cost |
- |
201,597 |
- |
- |
|
- |
201,597 |
- |
468 |
The total interest income for financial assets not measured at fair value through profit or loss is £45,063 (2024 - £27,971). The total interest expense for financial liabilities not measured at fair value through profit or loss is £182,047 (2024 - £201,597).
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Analysis of net debt |
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At 1 October 2024 |
Cash flow |
Other non-cash changes |
At 30 September 2025 |
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|
£ |
£ |
£ |
£ |
|
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Cash at bank and in hand |
496,925 |
785,654 |
- |
1,282,579 |
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496,925 |
785,654 |
- |
1,282,579 |
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Bank loans |
(465,000) |
155,000 |
- |
(310,000) |
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Finance lease and hire purchase contract |
(270,610) |
187,351 |
24,581 |
(58,678) |
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Net debt |
(238,685) |
1,128,005 |
24,581 |
913,901 |
Other non-cash changes reflect transfers of finance leases and hire purchase contracts.
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Control |
The ultimate controlling party is
Warners Trust plc
Notes to the Financial Statements for the Year Ended 30 September 2025
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Non adjusting events after the financial period |
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