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Registered number: 16038777 TRADECOW2024 LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
TRADECOW2024 LIMITED COMPANY INFORMATION
Directors | N J Burgess (appointed 3 April 2025)
| N I Coward (appointed 3 April 2025)
| W E Downey (appointed 3 April 2025)
| D C Farthing (appointed 3 April 2025)
| A Frost (appointed 3 April 2025)
| T J Jones (appointed 24 October 2024, resigned 3 April 2025)
Registered number | 16038777
Registered office | The Shrewsbury Grange Benbow Business Park
| Harlescott Lane
| Shrewsbury
| Shropshire
| SY1 3EQ
Independent auditors | WR Partners
| Chartered Accountants & Statutory Auditors
| Belmont House
| Shrewsbury Business Park
| Shrewsbury
| Shropshire
| SY2 6LG
TRADECOW2024 LIMITED CONTENTS
| Page
Group strategic report | 1 - 3
Directors' report | 4 - 7
Independent auditors' report | 8 - 11
Consolidated statement of comprehensive income | 12
Consolidated balance sheet | 13
Company balance sheet | 14
Consolidated statement of changes in equity | 15
Company statement of changes in equity | 16
Consolidated statement of cash flows | 17 - 18
Notes to the financial statements | 19 - 41
TRADECOW2024 LIMITED GROUP STRATEGIC REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025
Introduction
The Company was incorporated on 24 October 2024 and the accounts cover the 14 month period to 31 December 2025. On 2 April 2025 the Company acquired Furrows Limited by way of a share for share exchange. The results of Furrows Limited and its subsidiary, Security Investments (Industrial) Limited, are therefore included in the consolidated accounts from 2 April 2025. On 3 April 2025 the controlling interest of the Company was sold to the Furrows Group Employee Ownership Trust, set up for the benefit of employees in the business. Furrows has always believed in the power of being firmly rooted in the community, working to create the best possible service for our customers. In our opinion, passing the controlling interest of the business to an employee ownership trust preserves and promotes all that makes the business special, in an exciting new way, for the future.
Business review
The Company is non-trading in its own right and its purpose is that of a holding company for the Furrows Group of trading companies being Furrows Limited and Security Investments (Industrial) Limited. The accounts include the trading results of the Furrows Group from 2 April 2025 to 31 December 2025 in which time the group generated turnover of £87.7m and operating profit of £0.9m. The balance sheet of the group at 31 December 2025 discloses net assets of £11.1m and net current assets of £8.4m. Continued diversification within the motor dealership trade, combined with the significant contributions of a great number of people throughout the business, and strong partnerships, enabled a strong performance in the period. During the period we were also proud to add the Geely brand to our dealerships in Telford and Shrewsbury to expand our offering further.
Principal risks and uncertainties
The business activities, financial condition and trading results are subject to risk factors and uncertainties that the Directors keep under review. The Directors are of the opinion that principal risks and uncertainties facing the Group relate to general economic and market conditions, which influence cost, pricing and the demand for its products and services as well as supply. Economic risks and uncertainties brought about by the wider economic and geopolitical environment are also closely monitored by the Directors. The Directors consider that the Group is well placed to continue in line with its business strategy.
Financial key performance indicators
The Group measures its financial performance and broader position by reference to key performance indicators. The key performance indicators used by the business include those relating to turnover, operating profit and net assets as referenced in the business review above.
Other key performance indicators
The Group uses a range of other KPI's to monitor and measure performance within the business on a regular basis. These cover the whole business and reflect its evolving nature. KPI’s cover diverse areas of the business such as customer service and productivity. Page 1
TRADECOW2024 LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2025
Directors' statement of compliance with duty to promote the success of the Group
The board of directors consider, both individually and together, that they have acted in a way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a) (f) of the Act) in the decisions taken during the period ended 31 December 2025. Decision making at the Board The Directors meet on a regular basis. When making decisions which are in the best interests of the Company and the Group they consider any potential impacts and risks for our customers, employees and other stakeholders including our partners, suppliers, the communities in which we operate, and serve, and the environment and how they are to be managed. Stakeholders Our key stakeholders are our employees, customers, partners, suppliers, finance providers and the communities in which we operate. We take a current and future view in relation to all such stakeholders. Sustainability Furrows is a business owned by a trust for the benefit of its employees and we are proud that it has now provided employment, training and financial reward for its employees and owners and benefits for a wide group of stakeholders for over 100 years. When making business decisions we consider the needs of our current and future customers, employees, suppliers and the communities in which we operate to ensure we are conducting all our business relationships with integrity, as well as ongoing responsibilities for previous staff. The continued sustainability of the Company and the wider Group is paramount in our decision making, particularly in response to the current challenging economic conditions. Employees Our people are fundamental to the delivery of our business plans. We aim to be a responsible employer in our approach to the pay and benefits our people receive. The health, safety and well being of our team is one of our primary considerations in the way we do business. We place considerable value on the involvement of our employees and continue to keep them informed on matters affecting them. Customers Engagement with customers who form the community we serve is key to our success. We are proud of our award-winning customer service and ensure that this is maintained through customer satisfaction surveys, social media, focus group meetings and a dedicated customer service team. Partners and Suppliers The Group operates a franchise business model in its motor trading subsidiary and therefore strong relationships with manufacturers is fundamental to what we do. We maintain regular communication with our key suppliers through regular reporting, conferences and councils. Finance Providers The Group seeks to make information available to financial stakeholders, including our relationship bank with whom we are proud to have had a strong relationship for over 100 years, as part of information provided about and by the Company and the Group. Communities and environment Page 2
TRADECOW2024 LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2025 The Company and the Group aim to use their resources to create positive change for the communities and the environment in which we operate. Business Conduct The Board of Directors always strive to behave responsibly and ensure that the management of the Company and the Group operate the business in a responsible manner and with high standards of business conduct and governance. This report was approved by the board and signed on its behalf.
N I Coward Director
Date: 22 July 2026
Page 3
TRADECOW2024 LIMITED DIRECTORS' REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the period ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the period, after taxation, amounted to £521,486. No dividends were declared during the year. Gifts of £4,675,625 were made to the Furrows Group Employee Ownership Trust during the year.
Directors
The directors who served during the period were:
N J Burgess (appointed 3 April 2025)
N I Coward (appointed 3 April 2025)
W E Downey (appointed 3 April 2025)
D C Farthing (appointed 3 April 2025)
A Frost (appointed 3 April 2025)
T J Jones (appointed 24 October 2024, resigned 3 April 2025)
Page 4
TRADECOW2024 LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2025
Financial instruments
The Group's operations expose it to a variety of financial risks that include credit risk, liquidity risk and interest rate risk. The Group has in place a risk management program that seeks to limit the adverse effects on the financial performance of the Group by monitoring levels of debt finance and the related finance costs. Credit risk - The Group has implemented policies that require appropriate credit checks on potential customers where credit sales are made. Liquidity risk - The Group actively maintains a mixture of long term and short term debt finance that is designed to ensure that it has sufficient available funds for operations and any planned expansions. Interest rate cash flow risk - The Group has interest bearing liabilities in the form of bank and financing facilities. Interest cash flows are monitored on a regular basis and interest rates are agreed at fixed rates where possible to ensure the certainty of future interest cash flows.
Disabled employees
Applications for employment by disabled persons are fully considered, bearing in mind the respective aptitude and abilities of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that employment with the Group continues and that the training, career development and promotion opportunities of disabled persons should, as far as possible, be identical to that of other employees.
Qualifying third-party indemnity provisions
During the year, and at the date of signing this report, the Group maintained liability insurance and third party indemnification provisions for its Directors, under which the Group has agreed to indemnify the Directors to the extent permitted by law in respect of all liabilities to third parties arising out of, or in connection with, the execution of their powers, duties and responsibilities as Directors of the Company and any of its associated companies. Page 5
TRADECOW2024 LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2025
Greenhouse gas emissions, energy consumption and energy efficiency action
This section includes our mandatory reporting of energy and greenhouse gas emissions for the period 24 October 2024 to 31 December 2025, pursuant to the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, implementing the government’s Streamlined Energy and Carbon Reporting (SECR) policy. Our methodology to calculate our greenhouse gas emissions is based on the 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance (March 2019)’, using DESNZ's 2025 conversion factors as appropriate. In some cases, consumption has been extrapolated from available data or direct comparison made to a comparable period. We report using a financial control approach to define our organisational boundary. We have reported all material emission sources required by the regulations for which we deem ourselves to be responsible and have maintained records of all source data and calculations. During the reporting period, no new energy efficiency actions have been taken. However, our energy management programme is ongoing at a number of sites, including monitoring and targeted reporting of energy consumption on a daily basis. Through the service provided by our energy consultants, the energy management programme we run enables us to identify and address any consumption issues as and when they arrive, allowing us to eliminate unnecessary energy waste. The table below includes total energy consumption (reported as kWh) and greenhouse gas emissions for the sources required by the regulations, along with our intensity ratio. Whilst this report covers the full accounting period, the energy consumption and associated emissions are solely from Furrows Ltd for this period, therefore the consumption data reflects Furrows Ltd’s inclusion from 02 April 2025 onwards. Page 6
TRADECOW2024 LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2025
Matters covered in the Group Strategic Report
Disclosure of engagement with employees, suppliers, customers and others are included in the Strategic Report.
Disclosure of information to auditors
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 and the Group's auditors are 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 and the Group's auditors are aware of that information.
Auditors
The auditors, WR Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
N I Coward Director
Date: 22 July 2026
Page 7
TRADECOW2024 LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRADECOW2024 LIMITED
Opinion
We have audited the financial statements of Tradecow2024 Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the period ended 31 December 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the Parent Company's affairs as at 31 December 2025 and of the Group's profit for the period then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 Group's or the Parent 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 8
TRADECOW2024 LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRADECOW2024 LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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 Group strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and ∙the Group 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the Parent Company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Page 9
TRADECOW2024 LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRADECOW2024 LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Group 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 audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). We understood how the Company and Group are is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non-compliance that might have a material impact on the financial statements. We assessed the susceptibility of the Group's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report. Page 10
TRADECOW2024 LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRADECOW2024 LIMITED (CONTINUED)
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. John Fletcher BA (hons) FCA (Senior statutory auditor) for and on behalf of WR Partners Chartered Accountants Statutory Auditors Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG 24 July 2026 Page 11
TRADECOW2024 LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 DECEMBER 2025
| 14 months ended 31 December
| 2025
Note | £
Turnover | 4 | 86,662,032
Cost of sales |  | (76,138,831)
Gross profit |  | 10,523,201
Administrative expenses |  | (9,704,545)
Fair value movements |  | 45,128
Operating profit |  | 863,784
Interest receivable and similar income | 8 | 29,982
Interest payable and similar expenses | 9 | (162,503)
Profit before taxation |  | 731,263
Tax on profit | 10 | (209,777)
Profit for the financial period |  | 521,486
Profit for the period attributable to: |  |
Owners of the Parent Company |  | 521,486
|  | 521,486
There were no recognised gains and losses for 2025 other than those included in the consolidated statement of comprehensive income.
There was no other comprehensive income for 2025.
The notes on pages 19 to 41 form part of these financial statements.
Page 12
TRADECOW2024 LIMITED REGISTERED NUMBER: 16038777 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025
Note |  | £
Fixed assets |  |  |
Intangible assets |  |  | 729,385
Tangible assets | 12 |  | 2,665,375
Investments | 13 |  | 112,581
|  |  | 3,507,341
Current assets |  |  |
Stocks | 14 | 20,537,389 |
Debtors: amounts falling due after more than one year | 15 | 673,604 |
Debtors: amounts falling due within one year | 15 | 5,029,531 |
Cash at bank and in hand | 16 | 1,899,927 |
|  | 28,140,451 |
Creditors: amounts falling due within one year | 17 | (19,823,334) |
Net current assets |  |  | 8,317,117
Total assets less current liabilities |  |  | 11,824,458
Provisions for liabilities |  |  |
Deferred taxation | 18 | (256,337) |
Other provisions | 19 | (312,260) |
|  |  | (568,597)
Net assets |  |  | 11,255,861
Capital and reserves |  |  |
Called up share capital | 20 |  | 15,500,000
Other reserves | 21 |  | 45,128
Profit and loss account | 21 |  | (4,289,267)
|  |  | 11,255,861
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
N I Coward
Director
Date: 22 July 2026
The notes on pages 19 to 41 form part of these financial statements. Page 13
TRADECOW2024 LIMITED REGISTERED NUMBER: 16038777 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025
Note |  | £
Fixed assets |  |  |
Investments | 13 |  | 15,577,499
|  |  | 15,577,499
Current assets |  |  |
Debtors: amounts falling due within one year | 15 | 1 |
|  | 1 |
Creditors: amounts falling due within one year | 17 | (77,500) |
Net current (liabilities)/assets |  |  | (77,499)
Total assets less current liabilities |  |  | 15,500,000
Net assets |  |  | 15,500,000
Capital and reserves |  |  |
Called up share capital | 20 |  | 15,500,000
Profit for the period |  | 4,765,625 |
Other changes in the profit and loss account |  | (4,765,625) |
|  |  | 15,500,000
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
N I Coward
Director
Date: 22 July 2026
The notes on pages 19 to 41 form part of these financial statements. Page 14
TRADECOW2024 LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2025
| Called up share capital | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £
Comprehensive income for the period |  |  |  |
Profit for the period | - | - | 521,486 | 521,486
Other comprehensive income for the period | - | - | - | -
Total comprehensive income for the period | - | - | 521,486 | 521,486
Distributions | - | - | (4,765,625) | (4,765,625)
Shares issued during the period | 15,500,000 | - | - | 15,500,000
Transfer to/from profit and loss account | - | 45,128 | (45,128) | -
Total transactions with owners | 15,500,000 | 45,128 | (4,810,753) | 10,734,375
At 31 December 2025 | 15,500,000 | 45,128 | (4,289,267) | 11,255,861
| The notes on pages 19 to 41 form part of these financial statements.
Page 15
TRADECOW2024 LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
Comprehensive income for the period |  |  |
Profit for the period | - | 4,765,625 | 4,765,625
Other comprehensive income for the period | - | - | -
Total comprehensive income for the period | - | 4,765,625 | 4,765,625
Contributions by and distributions to owners |  |  |
Distributions | - | (4,765,625) | (4,765,625)
Shares issued during the period | 15,500,000 | - | 15,500,000
Total transactions with owners | 15,500,000 | (4,765,625) | 10,734,375
At 31 December 2025 | 15,500,000 | - | 15,500,000
| The notes on pages 19 to 41 form part of these financial statements.
Page 16
TRADECOW2024 LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2025
|  |  | 2025
|  |  | £
Cash flows from operating activities |
Profit for the financial period | 521,486
Adjustments for: |
Amortisation of intangible assets | 59,139
Depreciation of tangible assets | 330,617
Loss on disposal of tangible assets | (2,793)
Interest paid | 162,503
Interest received | (29,982)
Taxation charge | 209,777
(Increase)/decrease in stocks | (20,537,389)
(Increase)/decrease in debtors | (5,734,257)
Increase in creditors | 19,449,279
Increase in amounts owed to associates | 161,665
Increase in provisions | 312,260
Net fair value (gains)/losses recognised in P&L | (45,128)
Corporation tax received | 222,619
Net cash generated from operating activities | (4,920,204)
Cash flows from investing activities |
Purchase of intangible fixed assets | (788,524)
Purchase of tangible fixed assets | (355,290)
Sale of tangible fixed assets | 2,793
Fixed assets and investment acquired on acquisition of subsidiaries | (2,640,702)
Interest received | 29,982
HP interest paid | (160,703)
Net cash from investing activities | (3,912,444)
Page 17
TRADECOW2024 LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2025
|  | 2025
|  | £
Cash flows from financing activities |
Issue of ordinary shares | 15,500,000
Distributions | (4,765,625)
Interest paid | (1,800)
Net cash used in financing activities | 10,732,575
Net increase in cash and cash equivalents | 1,899,927
Cash and cash equivalents at the end of period | 1,899,927
Cash and cash equivalents at the end of period comprise: |
Cash at bank and in hand | 1,899,927
| 1,899,927
Page 18
TRADECOW2024 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
1. | General information
Tradecow2024 Limited (16038777) is a private company, limited by shares, incorporated and domiciled in England and Wales with its registered office and principal place of business at The Shrewsbury Garage Benbow Business Park, Harlescott Lane, Shrewsbury, Shropshire, United Kingdom, SY1 3EQ. 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 Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
| 2.3 | Going concern
The Company's and Group's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Company and the Group should be able to operate within the available facilities. The Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. The Company and the Group have therefore adopted the going concern basis in preparing these financial statements. Page 19
TRADECOW2024 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group 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 Group 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. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred. Page 20
TRADECOW2024 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.8 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.
| 2.9 | Current and deferred taxation
The tax expense for the period 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 and the Group operate and generate 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.
| 2.10 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life, which is considered to be 10 years. Page 21
TRADECOW2024 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | 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 | - | Not depreciated
|  |  |  | Long-term leasehold property | - | 10%
|  |  |  | Plant and machinery | - | 10 - 25%
|  |  |  | Motor vehicles | - | 36 - 42%
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.
| 2.12 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 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 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 22
TRADECOW2024 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.15 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.16 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.17 | 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.
| 2.18 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument. Page 23
TRADECOW2024 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.18 | Financial instruments (continued)
Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Page 24
TRADECOW2024 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.18 | Financial instruments (continued)
Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
| 2.19 | 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. Page 25
TRADECOW2024 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the Directors there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. FCA Provision The Group has recognised a provision in respect of potential redress payable to customers relating to historic motor finance arrangements, following regulatory guidance and supervisory communications issued by the Financial Conduct Authority (“FCA”). The total provision at the balance sheet date is disclosed in note 20 of these accounts. Consignment Stock Under certain dealer agreements with motor manufacturers the Company is allocated "consignment stock". Where it is considered the risks and rewards of ownership have been transferred to the Company during the consignment period and the Company has in substance control over stock, it is recognised in the balance sheet with an equivalent liability. Otherwise, until such time as legal title passes at the end of the consignment period, this stock is not included in the balance sheet and the commitment is disclosed in the notes to the financial statements.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 14 months ended 31 December
|  |  |  |  | 2025
|  |  |  |  | £
| Vehicle sales | 71,815,168
| Other motor dealership related sales and income | 14,846,864
|  | 86,662,032
| All turnover arose within the United Kingdom.
Page 26
TRADECOW2024 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
5. | Auditors' remuneration
| During the period, the Group obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 14 months ended 31 December
|  |  |  |  | 2025
|  |  |  |  | £
| Fees payable to the Company's auditors and their associates for the audit of the consolidated and Parent Company's financial statements | 37,075
| Fees payable to the Company's auditors and their associates in respect of: |
| Accounts & corporation tax compliance | 9,900
6. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group
|  | 14 months ended 31 December 2025
|  | £
| Wages and salaries | 6,358,107
| Social security costs | 812,502
| Cost of defined contribution scheme | 190,899
|  | 7,361,508
Page 27
TRADECOW2024 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 6.Employees (continued)
| The average monthly number of employees, including the directors, during the period was as follows:
|  |  | 14 months ended 31 December
|  |  | 2025
|  |  | No.
|  | Sales | 29
|  | Productive | 51
|  | Non-productive | 62
|  | Administration & management | 39
|  |  | 181
7. | Directors' remuneration
|  |  |  |  | 14 months ended 31 December
|  |  |  |  | 2025
|  |  |  |  | £
| Directors' emoluments | 347,922
| Group contributions to defined contribution pension schemes | 1,899
|  | 349,821
| During the period retirement benefits were accruing to 2 directors in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £109,084.
Page 28
TRADECOW2024 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
8. | Interest receivable
|  |  |  |  | 14 months ended 31 December
|  |  |  |  | 2025
|  |  |  |  | £
| Other interest receivable | 29,982
|  | 29,982
9. | Interest payable and similar expenses
|  |  |  |  | 14 months ended 31 December
|  |  |  |  | 2025
|  |  |  |  | £
| Bank interest payable | 1,800
| Vehicle stocking interest | 160,703
|  | 162,503
Page 29
TRADECOW2024 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
10. | Taxation
|  |  |  |  | 14 months ended 31 December
|  |  |  |  | 2025
|  |  |  |  | £
| Corporation tax |
| Current tax on profits for the year | 208,153
|  | 208,153
| Total current tax | 208,153
| Deferred tax |
| Origination and reversal of timing differences | 1,624
| Total deferred tax | 1,624
| Tax on profit | 209,777
Page 30
TRADECOW2024 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 10.Taxation (continued)
| Factors affecting tax charge for the period
| The tax assessed for the period is higher than the standard rate of corporation tax in the UK of 25%. The differences are explained below:
|  |  |  |  | 14 months ended 31 December
|  |  |  |  | 2025
|  |  |  |  | £
| Profit on ordinary activities before tax | 731,263
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% | 182,816
| Effects of: |
| Non-tax deductible amortisation of goodwill and impairment | 14,785
| Short-term timing difference leading to an increase (decrease) in taxation | (6,941)
| Other timing differences leading to an increase (decrease) in taxation | 18,595
| Book profit on chargeable assets | 522
| Total tax charge for the period | 209,777
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 31
TRADECOW2024 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
11. | Intangible assets
| Group and Company
|  | Goodwill
|  | £
| Cost |
| Additions | 788,524
| At 31 December 2025 | 788,524
| Amortisation |
| Charge for the period on owned assets | 59,139
| At 31 December 2025 | 59,139
| Net book value |
| At 31 December 2025 | 729,385
Page 32
TRADECOW2024 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
12. | Tangible fixed assets
| Group
|  | Freehold property | Long-term leasehold property | Plant and machinery | Motor vehicles | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| Additions | 3,513 | - | 351,777 | - | 355,290
| Acquisition of subsidiary | 934,500 | 180,870 | 1,435,406 | 89,926 | 2,640,702
| Disposals | - | - | - | (10,000) | (10,000)
| At 31 December 2025 | 938,013 | 180,870 | 1,787,183 | 79,926 | 2,985,992
| Depreciation |  |  |  |  |
| Charge for the period on owned assets | 76 | 14,246 | 250,902 | 20,462 | 285,686
| Charge for the period on financed assets | - | - | 44,931 | - | 44,931
| Disposals | - | - | - | (10,000) | (10,000)
| At 31 December 2025 | 76 | 14,246 | 295,833 | 10,462 | 320,617
| Net book value |  |  |  |  |
| At 31 December 2025 | 937,937 | 166,624 | 1,491,350 | 69,464 | 2,665,375
Page 33
TRADECOW2024 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
13. | Fixed asset investments
| Group
|  | Listed investments | Unlisted investments | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| Revaluations | 45,128 | - | 45,128
| On acquisition of subsidiaries | 57,453 | 10,000 | 67,453
| At 31 December 2025 | 102,581 | 10,000 | 112,581
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| Additions | 15,577,499
| At 31 December 2025 | 15,577,499
| Direct subsidiary undertaking
| The following was a direct subsidiary undertaking of the Company:
| Name | Registered office | Holding
| Furrows Limited | The Shrewsbury Garage, Benbow Business Park, Harlescott Lane Shrewsbury, Shropshire, SY1 3EQ | 100%
Page 34
TRADECOW2024 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
| Indirect subsidiary undertaking
| The following was an indirect subsidiary undertaking of the Company:
| Name | Registered office | Holding
| Security Investments (Industrial) Limited | Benbow Business Park, Harlescott Lane, Shrewsbury, Shropshire, SY1 3EQ | 100%
14. | Stocks
|  | Group
|  | 2025
|  | £
| New vehicles | 12,578,154
| Used vehicles | 4,367,621
| Parts and other stocks | 823,390
| Demo and courtesy vehicles | 2,768,224
|  | 20,537,389
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
| Included within new vehicle stock is £11,600,188 in relation to consignment stock. A corresponding liability is included within trade creditors in relation to these vehicles.
Page 35
TRADECOW2024 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
15. | Debtors
|  | Group | Company
|  | 2025 | 2025
|  | £ | £
| Due after more than one year |  |
| Trade debtors | 673,604 | -
|  | 673,604 | -
|  | Group | Company
|  | 2025 | 2025
|  | £ | £
| Due within one year |  |
| Trade debtors | 1,958,761 | -
| Other debtors | 2,770,575 | 1
| Prepayments and accrued income | 300,195 | -
|  | 5,029,531 | 1
16. | Cash and cash equivalents
|  | Group
|  | 2025
|  | £
| Cash at bank and in hand | 1,899,927
|  | 1,899,927
Page 36
TRADECOW2024 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
17. | Creditors: Amounts falling due within one year
|  | Group | Company
|  | 2025 | 2025
|  | £ | £
| Vehicle stocking loans | 2,888,142 | -
| Trade creditors | 14,254,964 | -
| Amounts owed to group undertakings | - | 77,500
| Corporation tax | 561,315 | -
| Other taxation and social security | 1,060,833 | -
| Other creditors | 140,268 | -
| Accruals and deferred income | 917,812 | -
|  | 19,823,334 | 77,500
| Amounts owed to group undertakings are repayable on demand and do not accrue interest. Secured loans Balances of £12,872,820 included within trade creditors and vehicle stocking loans of £2,888,142 are secured over certain stocks of the Group.
Page 37
TRADECOW2024 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
18. | Deferred taxation
| Group
|  | 2025
|  | £
| Charged to profit or loss | (1,624)
| Arising on acquisition of subsidiaries | (254,713)
| At end of year | (256,337)
| The deferred taxation balance is made up as follows:
|  | Group
|  | 2025
|  | £
| Accelerated capital allowances | (256,337)
|  | (256,337)
19. | Provisions
| Group
|  | FCA provision
|  | £
| Charged to profit or loss | 312,260
| At 31 December 2025 | 312,260
| The provision comprises of the Director's best estimate, based on information available at the reporting date, of uninsured settlement costs that may be incurred should an FCA imposed scheme be implemented. The underlying positions remain under review and contested.
Page 38
TRADECOW2024 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
20. | Share capital
|  |  |  |  | 2025
|  |  |  |  | £
|  | Allotted, called up and fully paid |
|  | 11,625,000 Ordinary A shares of £1.00 each | 11,625,000
|  | 3,875,000 Ordinary B shares of £1.00 each | 3,875,000
|  |  | 15,500,000
During the year the following shares were issued at par: - 11,625,000 Ordinary A shares of £1.00 each. - 3,875,000 Ordinary B shares of £1.00 each. The Ordinary shares rank equally for voting rights and are not redeemable. There is a variation of rights between the Ordinary A shares and the Ordinary B shares with respect to dividend and distribution rights. Ordinary B shares hold preferential dividend rights until the shareholder repayment amount has been fulfilled. Beyond this amount the dividend rights between Ordinary A shares and Ordinary B shares are equal and are distributed pro rata to the respective holdings.
21. | Reserves
Other reserves Other reserves represent unrealised gains and losses arising on the revaluation of investments in listed shares to fair value. Profit and loss account The profit and loss account represents the accumulated profits since incorporation less distributions made to shareholders.
22. | Analysis of net debt
|  | Cash flows | Acquisition and disposal of subsidiaries | At 31 December 2025
|  | £ | £ | £
| Cash at bank and in hand | (1,318,569) | 3,218,496 | 1,899,927
| Debt due within 1 year | (436,807) | (2,451,335) | (2,888,142)
|  | (1,755,376) | 767,161 | (988,215)
Page 39
TRADECOW2024 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
23. | Business combinations
On 2 April 2025 the Company acquired 100% of the share capital of Furrows Limited via a share for share exchange.
| Acquisition of Furrows Limited
| Recognised amounts of identifiable assets acquired and liabilities assumed
|  |  |  |  | Book value | Fair value adjustments | Fair value
|  |  |  |  | £ | £ | £
| Fixed Assets |  |  |
| Tangible | 4,423,542 | - | 4,423,542
|  | 4,423,542 | - | 4,423,542
| Current Assets |  |  |
| Stocks | 21,539,306 | - | 21,539,306
| Debtors | 9,403,941 | - | 9,403,941
| Cash at bank and in hand | 3,218,496 | - | 3,218,496
| Total Assets | 38,585,285 | - | 38,585,285
| Creditors |  |  |
| Due within one year | (23,796,310) | - | (23,796,310)
| Total Identifiable net assets | 14,788,975 | - | 14,788,975
| Goodwill | 788,524
| Total purchase consideration | 15,577,499
| Consideration
|  |  |  |  | £
| Equity instruments | 15,499,999
| Directly attributable costs | 77,500
| Total purchase consideration | 15,577,499
Page 40
TRADECOW2024 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
24. | Contingent liabilities
The Company is a member of a group guarantee arrangement with Furrows Limited an Security Investments (Industrial) Limited.
25. | Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £190,899. No contributions were payable to the fund at the balance sheet date.
26. | Commitments under operating leases
| At 31 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group
|  | 2025
|  | £
| Not later than 1 year | 1,021,744
| Later than 1 year and not later than 5 years | 4,010,893
| Later than 5 years | 3,833,205
|  | 8,865,842
27. | Related party transactions
| The Company has taken the exemption available in FRS102 to not disclose transactions with wholly owned subsidiary companies. During the period Furrows Limited made purchases from Furrows (Holdings) Limited, a company related through significant influence, of £757,681. At the balance sheet date there are amounts due from Furrows (Holdings) Limited of £2,415,647.
28. | Controlling party
Tradecow 2024 Limited is 75% owned by the Furrows Group Employee Benefit Trust, of which the Trident Trust Company (UK) Limited is the corporate Trustee. There is no ultimate controlling party of the Company.
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