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Registered number: 01304936 MINI SPARES CENTRE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
MINI SPARES CENTRE LIMITED CONTENTS
| Page
Company information | 1
Strategic report | 2 - 3
Directors' report | 4
Directors' responsibilities statement | 5
Independent auditor's report | 6 - 9
Profit and loss account | 10
Balance sheet | 11
Statement of changes in equity | 12
Notes to the financial statements | 13 - 25
MINI SPARES CENTRE LIMITED COMPANY INFORMATION
Directors | K Dodd
| S M Dodd
| J T Jeffery
| N L Jeffery
Company secretary | N L Jeffery
Registered number | 01304936
Registered office | Units 12 & 13 Cranborne Industrial Estate
| Cranborne Road
| Potters Bar
| Hertfordshire
| EN6 3JN
Independent auditor | Blick Rothenberg Audit LLP
| Chartered Accountants & Statutory Auditor
| 16 Great Queen Street
| Covent Garden
| London
| WC2B 5AH
Page 1
MINI SPARES CENTRE LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors present their strategic report of the company and the group for the year ended 31 December 2025.
Business review
The principal activity of the company continued to be that of retailing of motor vehicle spare parts. The company continued to fully focus on supplying only the best quality parts available. 2025 has been a relatively successful year, as the company continues to concentrate its efforts on maintaining its market share within the industry. The directors are highly satisfied with the performance for the year, especially bearing in mind the continued struggles with distribution as a result of the United Kingdom's departure from the European Union. The directors sought appropriate logistics partners and advise on the customs rules to mitigate these struggles. Current operating results duly reflect the management's strategy, focus and intention to achieve an efficient operation at the lowest possible overhead, as we look forward to maintain the company's current performance levels.
Principal risks and uncertainties
The company's operation exposes it to a variety of financial risks. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring the levels of financial risk. Foreign exchange risk While the greater part of the company's revenues and expenses are denominated in Sterling, the company is exposed to some foreign exchange risk in the normal course of business, principally purchases in Euros and US Dollars. The company uses foreign currency bank accounts to assist in the hedge of foreign currency exposure as necessary. Credit risk The company has implemented policies that require appropriate credit checks on potential customers before credit sales are made. The amount of exposure to individual customers is subject to a limit that is reassessed regularly by the finance department. Liquidity ris k The company does not currently carry any debt as there are sufficient available funds to carry on operations and any planned expansions. Business performance risk The directors manage the risk that the company may not perform as expected due to internal factors or external pressures, including risk relating to the cost of living crisis. These risks have been managed by ensuring the appropriate teams are in place, financial controls are operating effectively, prices are being monitored, response times are fast and strong relationships are maintained with customers and suppliers. Page 2
MINI SPARES CENTRE LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Financial key performance indicators
The directors are of the opinion that the relevant key performance indicator for an assessment and measurement of the company's performance and financial position is revenue, which is shown on the profit and loss account. The overall revenue has decreased by 1% to £16,423,309 (2024: £16,590,714). The directors have continued to focus on pricing and cost control to deliver a better than expected profit. At the balance sheet date, the company had a net asset value on the balance sheet of £16,947,662 (2024: £16,717,481).
Other key performance indicators
The company relies on its staff knowledge of classic Minis to maintain the high level of service it provides to customers. Employees are recruited only through channels that facilitate this, such as word-of-mouth. The directors believe the company has relatively high retention of staff due to the employees' passion for classic Minis. Future developments In 2026, the company will continue to concentrate its efforts on maintaining market share and streamlining position within the industry, whilst providing high level of service to its existing clients in the UK and overseas markets. This report was approved by the board and signed on its behalf.
N L Jeffery Director
Date: 29 June 2026
Page 3
MINI SPARES CENTRE LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Results and dividends
The profit for the year, after taxation, amounted to £474,263 (2024 - £818,118). A dividend of £244,082 (2024: £244,082) was declared and paid in the financial year.
Directors
The directors who served during the year were:
K Dodd
S M Dodd
J T Jeffery
N L Jeffery
Matters covered in the strategic report
As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Group (Accounts and Reports) Regulations 2008', in the strategic report.
Disclosure of information to auditor
Each of the persons who are directors at the time when this directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information. This report was approved by the board and signed on its behalf.
N L Jeffery Director
Date: 29 June 2026
Page 4
MINI SPARES CENTRE LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors are responsible for preparing the strategic report, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 5
MINI SPARES CENTRE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MINI SPARES CENTRE LIMITED FOR THE YEAR ENDED 31 DECEMBER 2025
Opinion
We have audited the financial statements of Mini Spares Centre Limited (the 'company') for the year ended 31 December 2025, which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the company's affairs as at 31 December 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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. Page 6
MINI SPARES CENTRE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MINI SPARES CENTRE LIMITED (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
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 contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion 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 have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of 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 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 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. Page 7
MINI SPARES CENTRE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MINI SPARES CENTRE LIMITED (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
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: ∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's sector; ∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment and health and safety legislation; ∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and ∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and ∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙tested a sample of journal entries to identify unusual transactions; and ∙investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: ∙agreeing financial statement disclosures to underlying supporting documentation; and ∙enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. Page 8
MINI SPARES CENTRE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MINI SPARES CENTRE LIMITED (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our 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. Darsh Shah (senior statutory auditor) for and on behalf of Blick Rothenberg Audit LLP Chartered Accountants Statutory Auditor 16 Great Queen Street Covent Garden London WC2B 5AH Date: 29 June 2026 Page 9
MINI SPARES CENTRE LIMITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 3 | 16,423,309 | 16,590,714
Cost of sales |  | (11,832,006) | (11,897,062)
Gross profit |  | 4,591,303 | 4,693,652
Administrative expenses |  | (4,094,177) | (3,827,012)
Operating profit | 4 | 497,126 | 866,640
Interest receivable and similar income | 8 | 136,238 | 233,036
Interest payable and similar expenses | 9 | - | (200)
Profit before taxation |  | 633,364 | 1,099,476
Tax on profit | 10 | (159,101) | (281,358)
Profit for the financial year |  | 474,263 | 818,118
There are no items of other comprehensive income for either the year or the prior year other than the profit for the year. Accordingly, no statement of other comprehensive income has been presented.
Page 10
|  | REGISTERED NUMBER:01304936
MINI SPARES CENTRE LIMITED BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 2,828,549 |  | 2,862,603
|  |  | 2,828,549 |  | 2,862,603
Current assets |  |  |  |  |
Stocks | 13 | 7,016,211 |  | 6,029,354 |
Debtors: amounts falling due within one year | 14 | 7,419,225 |  | 5,831,081 |
Cash at bank and in hand | 15 | 3,818,969 |  | 6,025,008 |
|  | 18,254,405 |  | 17,885,443 |
Creditors: amounts falling due within one year | 16 | (4,033,853) |  | (3,925,589) |
Net current assets |  |  | 14,220,552 |  | 13,959,854
Total assets less current liabilities |  |  | 17,049,101 |  | 16,822,457
Provisions for liabilities |  |  |  |  |
Deferred taxation |  | (101,439) |  | (104,976) |
|  |  | (101,439) |  | (104,976)
Net assets |  |  | 16,947,662 |  | 16,717,481
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 100 |  | 100
Profit and loss account | 19 |  | 16,947,562 |  | 16,717,381
Total equity |  |  | 16,947,662 |  | 16,717,481
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
N L Jeffery
Director
Date: 29 June 2026
Page 11
MINI SPARES CENTRE LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 100 | 16,143,345 | 16,143,445
Comprehensive income for the year |  |  |
Profit for the financial year | - | 818,118 | 818,118
Total comprehensive income for the year | - | 818,118 | 818,118
Dividends: Equity capital | - | (244,082) | (244,082)
Total transactions with owners | - | (244,082) | (244,082)
At 31 December 2024 and 1 January 2025 | 100 | 16,717,381 | 16,717,481
Comprehensive income for the year |  |  |
Profit for the financial year | - | 474,263 | 474,263
Total comprehensive income for the year | - | 474,263 | 474,263
Dividends: Equity capital | - | (244,082) | (244,082)
Total transactions with owners | - | (244,082) | (244,082)
At 31 December 2025 | 100 | 16,947,562 | 16,947,662
Page 12
MINI SPARES CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
The company is a private company limited by shares and incorporated in England and Wales. The address of its registered office and principal place of business is Unit 12 & 13, Cranborne Industrial Estate, Cranborne Road, Potters Bar, Hertfordshire, EN 6 3JN. The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Mini Spares Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.
| 2.3 | Going concern
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. Page 13
MINI SPARES CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'admin expenses'.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the company has transferred the significant risks and rewards of ownership to the buyer; ∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Page 14
MINI SPARES CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.6 | Financial instruments
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The company’s policies for its major classes of financial assets and financial liabilities are set out below. Financial assets Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financings are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Financial liabilities Basic financial liabilities, including trade and other creditors, loans from fellow group companies are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Impairment of financial assets Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. Page 15
MINI SPARES CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued) If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Derecognition of financial assets and financial liabilities Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
| 2.7 | Operating leases: the company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.8 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.9 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
| 2.10 | Pensions
Defined contribution pension plan The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. Page 16
MINI SPARES CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% straight-line
|  |  |  | Short-term leasehold property | - | over the remaining length of the lease
|  |  |  | Plant and machinery | - | 25% straight-line
|  |  |  | Motor vehicles | - | 25% straight-line
|  |  |  | Computer equipment | - | 25% straight-line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 17
MINI SPARES CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.13 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.14 | Cash at bank
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.15 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.16 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sale of goods | 16,423,309 | 16,590,714
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 6,257,295 | 6,017,058
| Europe | 5,435,340 | 5,510,137
| Rest of the world | 4,730,674 | 5,063,519
|  | 16,423,309 | 16,590,714
Page 18
MINI SPARES CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation | 117,740 | 164,911
| Foreign exchange differences | 3,975 | 3,707
| Operating lease rentals | 126,173 | 56,700
| Defined contribution pension cost | 87,205 | 87,089
5. | Auditor's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the company's auditor for the audit of the company's financial statements | 33,000 | 31,500
| The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the ultimate parent company.
6. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 2,157,143 | 2,057,000
| Social security costs | 269,675 | 225,250
| Cost of defined contribution scheme | 87,205 | 87,089
|  | 2,514,023 | 2,369,339
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Management | 5 | 5
|  | Administration | 5 | 4
|  | Sales | 17 | 17
|  | Warehouse | 23 | 22
|  |  | 50 | 48
Page 19
MINI SPARES CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 590,828 | 577,868
|  | 590,828 | 577,868
| The highest paid director received remuneration of £233,091 (2024 - £230,172).
| The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2024 - £NIL).
8. | Interest receivable and similar income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 136,238 | 233,036
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest payable | - | 200
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 162,638 | 286,918
|  | 162,638 | 286,918
| Total current tax | 162,638 | 286,918
| Deferred tax |  |
| Origination and reversal of timing differences | (3,537) | (5,560)
| Total deferred tax | (3,537) | (5,560)
| Tax on profit | 159,101 | 281,358
Page 20
MINI SPARES CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 633,364 | 1,099,477
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 158,341 | 274,869
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 887 | 1,521
| Capital allowances for year in excess of depreciation | 3,410 | 17,453
| Other differences leading to an decrease in the tax charge | - | (6,925)
| Deferred Tax | (3,537) | (5,560)
| Total tax charge for the year | 159,101 | 281,358
| Factors that may affect future tax charges
There are no factors that may affect future tax charges.
11. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends on equity shares | 244,082 | 244,082
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MINI SPARES CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Tangible fixed assets
|  | Freehold property | Short-term leasehold property | Plant and machinery | Motor vehicles | Computer equipment
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 January 2025 | 3,024,838 | 264,246 | 321,255 | 315,843 | 171,288
| Additions | - | - | - | 83,686 | -
| At 31 December 2025 | 3,024,838 | 264,246 | 321,255 | 399,529 | 171,288
| Depreciation |  |  |  |  |
| At 1 January 2025 | 295,308 | 264,246 | 307,569 | 197,643 | 170,101
| Charge for the year | 49,103 | - | 7,920 | 60,321 | 396
| At 31 December 2025 | 344,411 | 264,246 | 315,489 | 257,964 | 170,497
| Net book value |  |  |  |  |
| At 31 December 2025 | 2,680,427 | - | 5,766 | 141,565 | 791
| At 31 December 2024 | 2,729,530 | - | 13,686 | 118,200 | 1,187
|  | Total
|  | £
| Cost |
| At 1 January 2025 | 4,097,470
| Additions | 83,686
| At 31 December 2025 | 4,181,156
| Depreciation |
| At 1 January 2025 | 1,234,867
| Charge for the year | 117,740
| At 31 December 2025 | 1,352,607
| Net book value |
| At 31 December 2025 | 2,828,549
| At 31 December 2024 | 2,862,603
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MINI SPARES CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 12.Tangible fixed assets (continued)
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Freehold | 2,680,427 | 2,729,530
13. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 7,016,211 | 6,029,354
|  | 7,016,211 | 6,029,354
14. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 809,460 | 639,277
| Amounts owed by group undertakings | 6,349,474 | 4,967,184
| Other debtors | 111,055 | 107,747
| Prepayments and accrued income | 110,858 | 116,873
| Tax recoverable | 38,378 | -
|  | 7,419,225 | 5,831,081
15. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 3,818,969 | 6,025,008
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MINI SPARES CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 960,547 | 761,401
| Amounts owed to group undertakings | 1,690,406 | 1,685,538
| Corporation tax | - | 27,432
| Other taxation and social security | 53,341 | 45,900
| Other creditors | 1,253,647 | 1,333,536
| Accruals and deferred income | 75,912 | 71,782
|  | 4,033,853 | 3,925,589
| Amounts owed to group undertakings are interest free, have no fixed repayment date and are repayable on demand.
17. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 104,976
| Charged to the profit and loss | (3,537)
| At end of year | 101,439
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other timing differences | 101,439 | 104,976
18. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares of £1.00 each | 100 | 100
Page 24
MINI SPARES CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
19. | Reserves
Profit and loss account The profit and loss account includes all cumulative retained profits and losses.
20. | Pension commitments
The company operates a defined contribution pension scheme. The pension cost charge for the year was £87,205 (2024: £87,089) and £7,780 (2024: £7,267) was outstanding at the balance sheet date. The directors pension charge included in the above for the year was £nil (2024: £nil).
21. | Commitments under operating leases
| At 31 December 2025 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 102,069 | 24,927
| Later than 1 year and not later than 5 years | 198,852 | 72,625
|  | 300,921 | 97,552
22. | Related party transactions
| The company has taken advantage of the exemption contained in Section 33 of FRS 102 “Related Party Disclosures” from disclosing transactions with entities which are part of the group, since 100% of the voting rights in the company are controlled within the group. At the balance sheet date the company owed £1,140,195 (2024: £1,221,104) to a director. All transactions are at arm's length and the outstanding balance is interest free and repayable on demand.
23. | Ultimate parent undertaking and controlling party
The immediate parent undertaking is Mini Spares Centre Holdings Limited. The parent undertaking of the smallest group for which consolidated financial statements are drawn up and of which the company is a member is Mini Spares Limited, whose registered office is at Units 12 & 13 Cranborne Industrial Estate, Cranborne Road, Potters Bar, Hertfordshire, United Kingdom, EN6 3JN. Copies of these group financial statements are available to the public from its registered office. The ultimate parent company is Mini Spares Limited. In the opinion of the directors, the company has no ultimate controlling party.
Page 25