The directors present the strategic report for the year ended 31 December 2025.

The principal activities of the company continue to be the sale of new and used motor vehicles, the sale of motor accessories and the servicing and repair of motor vehicles.

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

2025 was another challenging year with declining demand among new car buyers affecting both Nissan and Vauxhall performance. Despite these headwinds, selected areas of the business delivered profit growth and the outlook for 2026 is more positive in light of expected product improvements, recruitment plans and operational focus throughout the group.

Nissan Performance

Nissan Retail sales registrations fell by 20% with overall profit declining by 23% primarily due to limited model availability and a restricted electric vehicle offering. Looking ahead, the arrival of two new electric models in 2026 combined with improved retail market confidence, is expected to support a recovery in retail sales.

Nissan Motability sales showed a slight reduction in registrations, however unit profit increased by 15%. This improvement was driven by to NMGB linking Motability sales with retail sales in the overall SPM payment's. The forward pipeline for Motability remains encouraging, with good profit potential.

Nissan Commercial Centre registrations increased by 240% with an overall profit increase of 13%. This growth reflects a stronger commercial vehicle line up, improved pricing competitiveness and the recruitment of a dedicated sales executive to focus on the sector.

Nissan used cars declined by 18.55% year on year, largely as a result of lower new car volumes reducing the supply of high quality used stock. To address this, the business is focusing on sourcing used vehicles through Motability and NMGB used vehicle channels.

The Nissan service department delivered a 16% increase in labour sales following the addition of a new staff member, while overall departmental operating profits increased by 127%. Despite this progress, profitability remains below budget.

The Nissan parts department recorded a marginal increase in turnover. Further improvement is expected through stronger upselling from the service department.

Vauxhall Performance

Vauxhall retail sales registrations fell by 12.5% year on year, partly due to shortages in the petrol models, a strong manufacturer-led shift towards electric vehicles and insufficient sales staffing to achieve the required targets. Recruitment of additional sales staff is planned for 2026.

Vauxhall Motability registrations were down by 36% with no sales on Corsa-e, Grandland X, Astra & Crossland X. This was due to advance payments on these models being too high to remain competitive.

Vauxhall commercial activity remains on hold due to a lack of competitiveness in the market.

Vauxhall used car sales were only marginally down year on year but remained significantly below target. Increasing sales staffing and sourcing additional used vehicles through Motability and Spoticar should help to improve volumes.

The Vauxhall service department a marginal year on year increase of .09% in labour sales, however, overall profit declined due to significant increases in wages and vehicle related expenses. Recruitment of more skilled technicians is a priority.

Vauxhall parts department turnover fell slightly by 2.2%, with the largest decline in service parts sales. Increased labour costs on fixed price servicing may also be affecting parts profitability.

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

Priorities for 2026

• Recruit additional sales executives across both sales department.

• Ensure sales managers hold regular team meetings to review performance against targets, including accessory sales.

• Prepare for increased competition from Chinese brands particularly on value for money.

• Maximize Nissan workshop hours and labour sales following the recruitment of two Nissan technicians, including one with extensive brand knowledge.

• Recruit more skilled technicians within the Vauxhall workshop to achieve required labour targets needed.

In summary, while 2025 presented significant market and operational challenges across both franchises, the business has demonstrated resilience in several key areas and has a clear plan for improvement. With new product opportunities, targeted recruitment, stronger management focus and continued attention to operational efficiency, the group is well positioned to improve performance and deliver more sustainable growth in 2026 and beyond.

On behalf of the board

The principal activities of the company continue to be the sale of new and used motor vehicles, the sale of motor accessories and the servicing and repair of motor vehicles.

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

In accordance with the company's articles, a resolution proposing that Phillips Frith LLP be reappointed as auditor of the company will be put at a General Meeting.

The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practices.    

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) and FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland ('FRS 102'). 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 and then apply them consistently;    

- make judgments 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 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.

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 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 and then apply them consistently;

• make judgements 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.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The information required by schedule 7 of the Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008 is included in the strategic report on page 1.

We have audited the financial statements of West End Motors (Bodmin) Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including 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 loss 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

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 and 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 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.

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.

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.

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

- Enquiry of management and those charged with governance about actual and potential litigation and claims and consideration of compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing legal and professional fee charges to identify any instances of non-compliance with laws and regulations.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

West End Motors (Bodmin) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bodmin Business Park, Launceston Road, Bodmin, Cornwall, PL31 2RJ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, having given due consideration to the impact of economic factors that may affect the business, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The business is continuing to trade successfully and has a strong asset base with little borrowing. For these reasons the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is made up of the sales of motor vehicles and accessories, the provision of servicing and repairs and income from manufacturer bonuses on the achievement of sales targets. These are all recognised at the value of the consideration received or receivable provided in the normal course of business, and is shown net of VAT and other sales related taxes. The value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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

Intangible assets are recognised at cost. The directors have assigned a residual value equal to cost in respect of this asset, a cherished number plate and as such no amortisation is recognised.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Expenditure is recognised as capital with a value in excess of £2,000.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss,

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and costs that have been incurred in bringing the stocks to their present location and condition.

The company has applied the accounting treatment required by FRS 102 Section 13 to its vehicle consignment stock. Where the interest free consignment period has expired, vehicles are included in the statement of financial position as stock with a matching liability for the purchase price included in trade creditors.

Stock valuation is regularly monitored against age profile and market demand. Management use a number of market tools during the appraisal process including CAP valuation guides. The directors maintain oversight of ageing stock profiles and a monthly review of the relevant provision is performed

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The judgements which have the most significant impact on the financial statements are those related to stock valuations, which is regularly monitored against age profile and market demand using CAP valuation guides. Any provision is reviewed on a monthly basis.

An analysis of the company's turnover is as follows:

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

Excluded from stock at the year end are vehicles received on consignment costing £1,233,653 (2024: £587,626) which are not accruing interest and are therefore not considered to be in substance assets of the company as at the balance sheet date.

The bank overdraft is secured by fixed, floating and legal charges over the company's assets. There are no set terms for repayment. The facilities are reviewed annually.

The following are the major deferred tax liabilities and assets recognised by the company:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The company has one class of ordinary shares which carry no right to fixed income. All shares rank equally for voting purposes. On a show of hands, each member has one vote and on a poll each member has one vote per share held. Each share ranks equally for any distribution made on a winding up. No shares are redeemable.

The remuneration of key management personnel is as follows.

Advances or credits have been granted by the company to its directors as follows: