Redgate Lodge Ltd 31/10/2025 iXBRL

Company registration number: 08274506

Redgate Lodge Ltd

Financial statements

31 October 2025

Redgate Lodge Ltd

Contents

Directors and other information

Strategic report

Directors report

Independent auditor's report to the members

Statement of comprehensive income

Statement of financial position

Statement of changes in equity

Statement of cash flows

Notes to the financial statements

Redgate Lodge Ltd

Directors and other information


Directors	S. W. Sibley
	J. Sibley
	P. Cannon	(Appointed 14th March 2025)
	E.A. Sibley	(Appointed 14th March 2025)
	B. Dewar	(Appointed 14th March 2025, Resigned 12th March 2026)


Company number	08274506


Registered office	246 Park View
	Whitley Bay
	Tyne and Wear
	NE26 3QX


Business address	New York Road
	Shiremoor
	Tyne and Wear
	NE27 0ER


Auditor	Harrison Hutchinson Ltd
	246 Park View
	Whitley Bay
	Tyne and Wear
	NE26 3QX


Accountants	Harrison Hutchinson Ltd
	246 Park View
	Whitley Bay
	Tyne and Wear
	NE26 3QX

Redgate Lodge Ltd

Strategic report

Year ended 31st October 2025

Principal activities

The principal activities of the company are that of used vehicle sales and vehicle repairers.

Business review and future developments

The company’s results reflect a challenging year for the business. Positively, turnover and gross profit increased through all channels but this was eroded by increases in operating costs.

The most significant increase was in employment costs. The increased rate of employers national insurance added £60k of cost and there was a significant payment of directors pension contributions (zero in the previous year). There were also increases in technology costs.

The company continues to invest in omni channel marketing with continued focus in online and social media platforms. Brand awareness and exposure is increasingly important through a wide variety of online channels.

The company has restructured the operational management to streamline reporting lines and strategic decision making.

Key Performance Indicators

Turnover - £25.9m (2024 - £22.2m) – the increase in turnover was due to a full year of acquired aftersales businesses and also increases in the average selling price of used cars.

Profit Before Taxation - £196k (2024 - £332k) – the reduction in PBT was a result in the increases in employment and technology costs but also the general cost rises imposed in a number of service providers.

Current Ratio – 1.67:1 (2024 – 1.65:1) – the company manages the current asset base through investment in stock without full reliance on third party funding facilities.

Debt to Equity Ratio – 1.12:1 (2024 – 1.04:1) – the company continues to maintain a strong balance sheet position with low debt risk exposure.

Principal risks and uncertainties

Interest Rate Risk – the company continues to utilise used vehicle funding for approximately 50% of used stock. The interest on the facilities is linked to the Bank of England base rate.Liquidity Risk – the company ensures that strong controls are in place to manage and monitor liquidity therefore mitigating any risk exposure.Stock Valuation – the significant investment in stock is exposed to market pricing and used vehicle valuations however these have remained robust during the year. Provisions cover decreases in aged stock and the company focuses corrective pricing on a regular basis.Cost Inflation – as with many UK businesses, cost inflation has had an impact on ongoing operational costs and is expected to continue. The company has taken steps to mitigate some of those costs and also undertakes periodical cost reviews.

Development of the company

The company has made significant investments to drive future performance, brand and people. These developments include:

a. A restructure of operational management to narrow focus on strategic matters.

b. Completion of a full showroom refurbishment to create a modernised working environment and customer spaces.

c. Consolidation of sales outlets from two to one will allow easier colleague management and ease for customers.

d. Increased focus on brand and online exposure with targeted online analysis on geography and demographic.

This report was approved by the board of directors on 15th June 2026 and signed on behalf of the board by:

S. W. Sibley

Director

Redgate Lodge Ltd

Directors report

Year ended 31st October 2025

The directors present their report and the financial statements of the company for the year ended 31st October 2025.

Directors

The directors who served the company during the year were as follows:


S. W. Sibley
J. Sibley
P. Cannon				(Appointed 14th March 2025)
E.A. Sibley				(Appointed 14th March 2025)
B. Dewar				(Appointed 14th March 2025)(Resigned 12th March 2026)

Dividends

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Future developments

The company has made significant investments to drive future performance, brand and people. These developments include; a. The appointment of a full time Finance Director with a wealth of sector experience has strengthened the board of directors and, aligned with the Managing Director, will plan and review the future strategic path of the company. b. The company has invested in improving the facilities of the business, for both colleagues and customers. There has also recently been an expansion of workshop facilities. c. Colleagues across all parts of the business have seen significant increases in remuneration packages as well as the introduction of colleague benefit schemes. This will increase colleague satisfaction and reduce colleague turnover. d. The company has invested in customer satisfaction platforms and frequently reviews customer feedback, driving process, facilities and service level improvements. e. A significant investment has been made in environmental improvements with the introduction of solar panels at all business premises which will provide energy savings long into the future.

Directors responsibilities statement

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 company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 15 June 2026 and signed on behalf of the board by:

S. W. Sibley

Director

Redgate Lodge Ltd

Independent auditor's report to the members of

Redgate Lodge Ltd

Year ended 31st October 2025

Opinion

We have audited the financial statements of Redgate Lodge Ltd (the 'company') for the year ended 31st October 2025 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, 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 FRS 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 31st October 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 auditor’s 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 directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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.

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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report has 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 directors' report. 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 the 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 directors' responsibilities statement, 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 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 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. 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: 1. We identified the laws and regulations which apply to the Company and assessed the areas which could have a material effect on the financial statements2. We analysed the financial statements to assess their susceptibility to material misstatement by obtaining an understanding of the entity's operations and control environment 3. We ensured the engagement team were familiar with the entity and the sector in which it operates, including the laws and regulations applicable to it. The engagement team remained alert to any indications of non compliance throughout the audit4. By testing manual journal entries, particularly those relating to management estimates or those that were large or unusual, were able to address the risk of management override of controls5. We reviewed the assumptions and judgments of management in accounting estimates to assess any bias resulting in the risk of material misstatement, indicative of fraud6. Board meeting minutes are reviewed. Our audit procedures are designed to make us aware of instances of non-compliance with laws and regulations leading to the risk of material misstatement. There are inherent limitations with the audit procedures as detecting a material misstatement due to fraud is more difficult than error, due to deliberate concealment or collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Stanley Hutchinson (Senior Statutory Auditor)

For and on behalf of

Harrison Hutchinson Ltd

Chartered Accountants

246 Park View

Whitley Bay

Tyne and Wear

NE26 3QX

15 June 2026

Redgate Lodge Ltd

Statement of comprehensive income

Year ended 31st October 2025

		2025	2024
	Note	£	£


Turnover	4	25,876,798	22,180,117
Cost of sales		( 23,208,570)	( 19,742,501)
		_________	_________
Gross profit		2,668,228	2,437,616

Administrative expenses		( 2,425,626)	( 2,044,445)
		_________	_________
Operating profit	5	242,602	393,171

Other interest receivable and similar income	8	736	1,238
Interest payable and similar expenses	9	( 46,839)	( 62,150)
		_______	_______
Profit before taxation		196,499	332,259

Tax on profit	10	( 2,660)	( 93,559)
		_______	_______
Profit for the financial year		193,839	238,700
		_______	_______

All the activities of the company are from continuing operations.

Redgate Lodge Ltd

Statement of financial position

31st October 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Tangible assets	13	1,343,660		1,793,216
Investments	14	102		102
		_________		_________
			1,343,762		1,793,318

Current assets
Stocks	15	4,066,083		3,556,578
Debtors	16	446,029		408,196
Cash at bank and in hand		773,101		455,148
		_________		_________
		5,285,213		4,419,922
Creditors: amounts falling due
within one year	17	( 3,169,110)		( 2,681,769)
		_________		_________
Net current assets			2,116,103		1,738,153
			_________		_________
Total assets less current liabilities			3,459,865		3,531,471

Creditors: amounts falling due
after more than one year	18		( 323,212)		( 486,832)

Provisions for liabilities	20		( 11,597)		-

			_________		_________
Net assets			3,125,056		3,044,639
			_________		_________

Capital and reserves
Called up share capital	24		129		114
Revaluation reserve	25		170,490		134,242
Profit and loss account	25		2,954,437		2,910,283
			_________		_________
Shareholders funds			3,125,056		3,044,639
			_________		_________

These financial statements were approved by the board of directors and authorised for issue on 15 June 2026 , and are signed on behalf of the board by:

S. W. Sibley

Director

Company registration number: 08274506

Redgate Lodge Ltd

Statement of changes in equity

Year ended 31st October 2025

	Called up share capital	Revaluation reserve	Profit and loss account	Total
	£	£	£	£


At 1st November 2023 (as previously reported)	12	134,242	2,920,940	3,055,194
Prior period adjustments	(-)	(-)	(160,357)	(160,357)
	_______	_______	_________	_________
At 1st November 2023 (restated)	12	134,242	2,760,583	2,894,837

Profit for the year			238,700	238,700
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	238,700	238,700

Issue of shares	102			102
Dividends paid and payable			( 89,000)	( 89,000)
	_______	_______	_______	_______
Total investments by and distributions to owners	102	-	( 89,000)	( 88,898)

At 31st October 2024 (as previously reported)	114	134,242	3,123,312	3,257,668
Prior period adjustments	(-)	(-)	(213,029)	(213,029)
	_______	_______	_________	_________
At 31st October 2024 (restated) and 1st November 2024	114	134,242	2,910,283	3,044,639

Profit for the year			193,839	193,839
Other comprehensive income for the year:
Revaluation of tangible assets		36,248		36,248
	_______	_______	_______	_______
Total comprehensive income for the year	-	36,248	193,839	230,087

Issue of shares	15			15
Dividends paid and payable			( 149,685)	( 149,685)
	_______	_______	_______	_______
Total investments by and distributions to owners	15	-	( 149,685)	( 149,670)

	_______	_______	_________	_________
At 31st October 2025	129	170,490	2,954,437	3,125,056
	_______	_______	_________	_________

Redgate Lodge Ltd

Statement of cash flows

Year ended 31st October 2025

	2025	2024
	£	£

Cash flows from operating activities
Profit for the financial year	193,839	238,700

Adjustments for:
Depreciation of tangible assets	76,231	60,589
Other interest receivable and similar income	( 736)	( 1,238)
Interest payable and similar expenses	46,839	62,150
Gain/(loss) on disposal of tangible assets	( 10,706)	27,302
Tax on profit	2,660	93,559
Accrued expenses/(income)	( 130,169)	46,940
Unpaid share capital	15	-
Prior year adjustment	-	(160,357)

Changes in:
Stocks	( 509,505)	( 30,731)
Trade and other debtors	( 37,833)	36,691
Trade and other creditors	656,474	297,977
	_______	_______
Cash generated from operations	287,109	671,582

Interest paid	( 46,839)	( 62,150)
Interest received	736	1,238
Tax paid	( 100,512)	( 94,108)
	_______	_______
Net cash from operating activities	140,494	516,562
	_______	_______

Cash flows from investing activities
Purchase of tangible assets	( 199,724)	( 209,274)
Proceeds from sale of tangible assets	620,000	16,000
Acquisition of subsidiaries	-	( 102)
	_______	_______
Net cash from/(used in) investing activities	420,276	( 193,376)
	_______	_______

Cash flows from financing activities
Proceeds from issue of ordinary shares	15	102
Proceeds from borrowings	( 273,455)	( 46,437)
Proceeds from loans from group undertakings	52,758	-
Payment of finance lease liabilities	111,678	1,750
Equity dividends paid	( 149,685)	( 89,000)
	_______	_______
Net cash used in financing activities	( 258,689)	( 133,585)
	_______	_______

Net increase/(decrease) in cash and cash equivalents	302,081	189,601
Cash and cash equivalents at beginning of year	455,148	265,547
	_______	_______
Cash and cash equivalents at end of year	757,229	455,148
	_______	_______

Redgate Lodge Ltd

Notes to the financial statements

Year ended 31st October 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 246 Park View, Whitley Bay, Tyne and Wear, NE26 3QX.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold property	-	Not depreciated
Plant and machinery	-	15 %	straight line
Fittings fixtures and equipment	-	25 %	straight line
Motor vehicles	-	25 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Hire purchase and finance leases

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Sale of goods	22,844,713	21,092,905
Rendering of services	2,176,867	540,098
Commissions	700,211	415,138
Miscellaneous income	112,594	92,331
Rent	42,413	39,645
	_________	_________
	25,876,798	22,180,117
	_________	_________

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Operating profit

Operating profit is stated after charging/(crediting):

	2025	2024
	£	£
Depreciation of tangible assets	76,231	60,589
(Gain)/loss on disposal of tangible assets	( 10,706)	27,302
Impairment of trade debtors	-	956
	_______	_______

6. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2025	2024
Administrative staff	7	9
Directors	4	2
Sales Staff	6	5
Mechanics	13	5
Body shop	6	3
Other	13	9
	_______	_______
	49	33
	_______	_______

The aggregate payroll costs incurred during the year were:

	2025	2024
	£	£
Wages and salaries	1,730,795	1,408,283
Social security costs	187,580	127,453
Other pension costs	172,284	29,265
	_________	_________
	2,090,659	1,565,001
	_________	_________

7. Directors remuneration

The directors aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	45,880	18,864
Company contributions to pension schemes in respect of qualifying services	141,677	-
	_______	_______
	187,557	18,864
	_______	_______

8. Other interest receivable and similar income

	2025	2024
	£	£
Bank deposits	736	1,221
Other interest receivable and similar income	-	17
	_______	_______
	736	1,238
	_______	_______

9. Interest payable and similar expenses

		2025	2024
		£	£
Bank loans and overdrafts		38,281	54,649
Other loans made to the company:
	Finance leases and hire purchase contracts	8,173	5,470
Other interest payable and similar expenses		385	2,031
		_______	_______
		46,839	62,150
		_______	_______

10. Tax on profit

Major components of tax expense

	2025	2024
	£	£
Current tax:
UK current tax income/expense	( 15,887)	93,562
Adjustments in respect of previous periods	6,950	( 3)
	_______	_______
Total current tax	( 8,937)	93,559

Deferred tax:
Origination and reversal of timing differences	11,597	-
	_______	_______
Tax on profit	2,660	93,559
	_______	_______

Reconciliation of tax expense

The tax assessed on the profit for the year is lower than (2024: higher than) the standard rate of corporation tax in the UK of 25.00 % (2024: 25.00%).

	2025	2024
	£	£
Profit before taxation	196,499	332,259
	_______	_______

Profit multiplied by rate of tax	49,125	83,065
Adjustments in respect of prior periods	6,950	( 3)
Effect of expenses not deductible for tax purposes	2,236	-
Effect of capital allowances and depreciation	( 14,328)	( 2,921)
Profit on disposal of fixed asset	( 2,677)	-
Chargeable gain	3,264	-
Prior year adjustment	( 53,507)	13,418
Deferred tax	11,597	-
	_______	_______
Tax on profit	2,660	93,559
	_______	_______

11. Earnings per share

Basic earnings/(loss) per share

The earnings/(loss) and weighted average number of shares used in the calculation of basic earnings/(loss) per share are as follows:

	2025	2024
	£	£
Profit for the year attributable to the owners of the company	193,839	238,700
	_______	_______

Diluted earnings/(loss) per share

The earnings/(loss) and weighted average number of shares used in the calculation of diluted earnings/(loss) per share are as follows:

	2025	2024
	£	£
Earnings/(loss) used in calculation of basic earnings/(loss) per share	193,839	238,700
	_______	_______

12. Dividends

Equity dividends

	2025	2024
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year)	149,685	89,000
	_______	_______

13. Tangible assets

	Freehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£
Cost or valuation
At 1st November 2024	1,604,274	168,532	102,497	102,730	1,978,033
Additions	30,139	34,877	4,254	130,454	199,724
Disposals	( 610,243)	-	-	-	( 610,243)
Revaluation	25,830	-	-	-	25,830
	_________	_______	_______	_______	_________
At 31st October 2025	1,050,000	203,409	106,751	233,184	1,593,344
	_________	_______	_______	_______	_________
Depreciation
At 1st November 2024	2,907	67,130	53,334	61,448	184,819
Charge for the year	8,460	21,096	18,927	27,749	76,232
Disposals	( 949)	-	-	-	( 949)
Revaluations	( 10,418)	-	-	-	( 10,418)
	_______	_______	_______	_______	_______
At 31st October 2025	-	88,226	72,261	89,197	249,684
	_______	_______	_______	_______	_______
Carrying amount
At 31st October 2025	1,050,000	115,183	34,490	143,987	1,343,660
	_________	_______	_______	_______	_________
At 31st October 2024	1,601,367	101,402	49,163	41,282	1,793,214
	_________	_______	_______	_______	_________

14. Investments

	Shares in group undertakings	Total
	£	£
Cost
At 1st November 2024 and 31st October 2025	102	102
	_______	_______
Impairment
At 1st November 2024 and 31st October 2025	-	-
	_______	_______
Carrying amount
At 31st October 2025	102	102
	_______	_______
At 31st October 2024	102	102
	_______	_______

15. Stocks

	2025	2024
	£	£
Work in progress	339,772	324,838
Finished goods and goods for resale	3,726,311	3,231,740
	_________	_________
	4,066,083	3,556,578
	_________	_________

16. Debtors

	2025	2024
	£	£
Trade debtors	104,283	13,706
Amounts owed by group undertakings	-	15,219
Called up share capital not paid	15	-
Prepayments and accrued income	197,927	37,718
Other debtors	143,804	341,553
	_______	_______
	446,029	408,196
	_______	_______

17. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	38,779	58,295
Trade creditors	289,299	392,643
Amounts owed to group undertakings	52,758	-
Accruals and deferred income	114,087	244,259
Corporation tax	-	93,562
Social security and other taxes	339,618	360,326
Obligations under finance leases	55,783	34,424
Other creditors	2,278,786	1,498,260
	_________	_________
	3,169,110	2,681,769
	_________	_________

18. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	190,648	444,587
Obligations under finance leases	132,564	42,245
	_______	_______
	323,212	486,832
	_______	_______

19. Obligations under finance leases

Company lessee

The total future minimum lease payments under finance lease agreements are as follows:

	2025	2024
	£	£
Not later than 1 year	( 55,783)	( 34,424)
Later than 1 year and not later than 5 years	( 132,564)	( 42,245)
	_______	_______
	( 188,347)	( 76,669)
	_______	_______
Present value of minimum lease payments	( 188,347)	( 76,669)
	_______	_______

20. Provisions

	Deferred tax (note 21)	Total
	£	£
At 1st November 2024	-	-
Additions	11,597	11,597
	_______	_______
At 31st October 2025	11,597	11,597
	_______	_______

21. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 20)	11,597	-
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	11,597	-
	_______	_______

22. Employee benefits

The amount recognised in profit or loss in relation to defined contribution plans was £ 172,284 (2024: £ 29,265 ).

23. Prior period errors

A prior period adjustment has been made to correct an overstatement in depreciation in the prior period and to account for the VAT differences found during inspection.

24. Called up share capital

Issued, called up and fully paid

	2025		2024
	No	£	No	£
Ordinary shares shares of £ 1.00 each	104	104	104	104
Preference shares shares of £ 1.00 each	25	25	10	10
	_______	_______	_______	_______
	129	129	114	114
	_______	_______	_______	_______

25. Reserves

Profit and loss account:This reserve records retained earnings and accumulated losses. Revaluation reserve: This reserve recorded the change in valuation on fixed assets.

26. Analysis of changes in net debt

	At 1 November 2024	Cash flows	At 31 October 2025
	£	£	£
Cash and cash equivalents	455,148	317,953	773,101
Debt due within one year	(92,719)	(54,601)	(147,320)
Debt due after one year	(486,832)	163,620	(323,212)
	_______	_______	_______
	( 124,403)	426,972	302,569
	_______	_______	_______

27. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2025
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	S. W. Sibley	79,732	( 80,000)	37,930	37,662
		_______	_______	_______	_______

2024
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	S. W. Sibley	55,187	( 89,000)	113,545	79,732
		_______	_______	_______	_______