Caseware UK (AP4) 2025.0.111 2025.0.111 2025-12-31 2025-12-31 No description of principal activity false true true 269 true 2025-01-01 false 277 false 00149772 2025-01-01 2025-12-31 00149772 2024-01-01 2024-12-31 00149772 2025-12-31 00149772 2024-12-31 00149772 2024-01-01 00149772 1 2025-01-01 2025-12-31 00149772 1 2024-01-01 2024-12-31 00149772 3 2025-01-01 2025-12-31 00149772 3 2024-01-01 2024-12-31 00149772 4 2025-01-01 2025-12-31 00149772 4 2024-01-01 2024-12-31 00149772 d:Exceptional 2025-01-01 2025-12-31 00149772 d:Exceptional 2024-01-01 2024-12-31 00149772 e:CompanySecretary1 2025-01-01 2025-12-31 00149772 e:Director1 2025-01-01 2025-12-31 00149772 e:Director4 2025-01-01 2025-12-31 00149772 e:Director5 2025-01-01 2025-12-31 00149772 e:Director6 2025-01-01 2025-12-31 00149772 e:Director7 2025-01-01 2025-12-31 00149772 e:RegisteredOffice 2025-01-01 2025-12-31 00149772 d:Buildings 2025-01-01 2025-12-31 00149772 d:Buildings 2025-12-31 00149772 d:Buildings 2024-12-31 00149772 d:Buildings d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 00149772 d:Buildings d:LongLeaseholdAssets 2025-01-01 2025-12-31 00149772 d:Buildings d:LongLeaseholdAssets 2024-12-31 00149772 d:PlantMachinery 2025-01-01 2025-12-31 00149772 d:PlantMachinery 2024-12-31 00149772 d:PlantMachinery d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 00149772 d:MotorVehicles 2025-01-01 2025-12-31 00149772 d:MotorVehicles 2024-12-31 00149772 d:MotorVehicles d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 00149772 d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 00149772 d:CurrentFinancialInstruments 2025-12-31 00149772 d:CurrentFinancialInstruments 2024-12-31 00149772 d:CurrentFinancialInstruments d:WithinOneYear 2025-12-31 00149772 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 00149772 d:ReportableOperatingSegment1 2025-01-01 2025-12-31 00149772 d:ReportableOperatingSegment1 2024-01-01 2024-12-31 00149772 d:ReportableOperatingSegment4 2025-01-01 2025-12-31 00149772 d:ReportableOperatingSegment4 2024-01-01 2024-12-31 00149772 d:UKTax 2025-01-01 2025-12-31 00149772 d:UKTax 2024-01-01 2024-12-31 00149772 d:ShareCapital 2025-01-01 2025-12-31 00149772 d:ShareCapital 2025-12-31 00149772 d:ShareCapital 2024-01-01 2024-12-31 00149772 d:ShareCapital 2024-12-31 00149772 d:ShareCapital 2024-01-01 00149772 d:OtherMiscellaneousReserve 2025-01-01 2025-12-31 00149772 d:OtherMiscellaneousReserve 2025-12-31 00149772 d:OtherMiscellaneousReserve 2024-01-01 2024-12-31 00149772 d:OtherMiscellaneousReserve 2024-12-31 00149772 d:OtherMiscellaneousReserve 2024-01-01 00149772 d:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 00149772 d:RetainedEarningsAccumulatedLosses 2025-12-31 00149772 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 00149772 d:RetainedEarningsAccumulatedLosses 2024-12-31 00149772 d:RetainedEarningsAccumulatedLosses 2024-01-01 00149772 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2025-01-01 2025-12-31 00149772 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2025-12-31 00149772 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-12-31 00149772 e:OrdinaryShareClass1 2025-01-01 2025-12-31 00149772 e:OrdinaryShareClass1 2025-12-31 00149772 e:OrdinaryShareClass1 2024-12-31 00149772 e:FRS102 2025-01-01 2025-12-31 00149772 e:Audited 2025-01-01 2025-12-31 00149772 e:FullAccounts 2025-01-01 2025-12-31 00149772 e:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 00149772 d:Subsidiary1 2025-01-01 2025-12-31 00149772 d:Subsidiary1 1 2025-01-01 2025-12-31 00149772 d:WithinOneYear 2025-12-31 00149772 d:WithinOneYear 2024-12-31 00149772 d:BetweenOneFiveYears 2025-12-31 00149772 d:BetweenOneFiveYears 2024-12-31 00149772 d:MoreThanFiveYears 2025-12-31 00149772 d:MoreThanFiveYears 2024-12-31 00149772 d:AcceleratedTaxDepreciationDeferredTax 2025-12-31 00149772 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 00149772 d:TaxLossesCarry-forwardsDeferredTax 2025-12-31 00149772 d:TaxLossesCarry-forwardsDeferredTax 2024-12-31 00149772 2 2025-01-01 2025-12-31 00149772 4 2025-01-01 2025-12-31 00149772 6 2025-01-01 2025-12-31 00149772 f:PoundSterling 2025-01-01 2025-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00149772 FURROWS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
FURROWS LIMITED COMPANY INFORMATION
Directors | N I Coward
| D C Farthing
| W Downey
| N Burgess
| A Frost
Company secretary | N Burgess
Registered number | 00149772
Registered office | The Shrewsbury Garage
| 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
FURROWS LIMITED CONTENTS
| Page
Strategic report | 1 - 3
Directors' report | 4 - 6
Independent auditors' report | 7 - 10
Profit and loss account | 11
Statement of comprehensive income | 12
Balance sheet | 13 - 14
Statement of changes in equity | 15
Notes to the financial statements | 16 - 38
FURROWS LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Business review
In the year to 31 December 2025 Furrows Limited ("the Company") generated an operating profit of £2.7m (2024: £2.8m) from turnover of £121m (2024: £111m). 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 year. During the year we were proud to add the Geely brand to our dealerships in Telford and Shrewsbury to expand our offering further. On 2 April 2025 the Company exited the Furrows Holdings Limited group by way of a capital reduction demerger. This was to facilitate the transfer of the controlling interest of the Company to an 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. The post restructure balance sheet of the business at 31 December 2025 discloses net assets of £10.5m (2024: £12.1m) and net current assets of £6.5m (2024: £10.9m). On 24 March 2025, as part of the restructure, the company's defined benefit pension obligation was transferred to the parent company at that time, being Furrows Holdings Limited.
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 Company 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 Company is well placed to continue in line with its business strategy.
Financial key performance indicators
The Company 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 Company 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
FURROWS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Directors' statement of compliance with duty to promote the success of the Company
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 year 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 Company 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 Company 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
FURROWS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR 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 April 2026
Page 3
FURROWS 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.
Directors' responsibilities statement
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; ∙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 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.
Results and dividends
The profit for the year, after taxation, amounted to £3,641,778 (2024 - £1,941,597). Dividends of £4,765,625 were declared during the year (2024: £Nil)
Directors
The Directors who served during the year were:
N I Coward
D C Farthing
W Downey
N Burgess
A Frost
Page 4
FURROWS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Financial instruments
The Company's operations expose it to a variety of financial risks that include credit risk, liquidity risk and interest rate risk. The Company has in place a risk management program that seeks to limit the adverse effects on the financial performance of the Company by monitoring levels of debt finance and the related finance costs. Credit risk - The Company has implemented policies that require appropriate credit checks on potential customers where credit sales are made. Liquidity risk - The Company 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 Company 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 Company 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 Company maintained liability insurance and third party indemnification provisions for its Directors, under which the Company 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.
Greenhouse gas emissions, energy consumption and energy efficiency action
Information in relation to greenhouse gas emissions, energy consumption and energy efficiency action are included in the accounts of the parent company, TradeCow2024 Limited.
Matters covered in the Strategic report
Disclosure of engagement with employees, suppliers, customers and others are included in the Strategic Report. Page 5
FURROWS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
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'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'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 April 2026
Page 6
FURROWS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FURROWS LIMITED
Opinion
We have audited the financial statements of Furrows Limited (the 'Company') for the year ended 31 December 2025, which comprise the Profit and loss account, the Statement of comprehensive income, 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 Auditors' 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 7
FURROWS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FURROWS 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 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 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 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 8
FURROWS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FURROWS LIMITED (CONTINUED)
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 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 Company and determined that the most significant are those that relate to the reporting framework (FRS102 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 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 Company'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 9
FURROWS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FURROWS 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 FCA (Senior statutory auditor) for and on behalf of WR Partners Chartered Accountants Statutory Auditors Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Date: 24 July 2026 Page 10
FURROWS LIMITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 121,207,080 | 110,904,249
Cost of sales |  | (108,005,804) | (97,953,370)
Gross profit |  | 13,201,276 | 12,950,879
Administrative expenses |  | (11,088,986) | (10,179,646)
Exceptional administrative expenses | 12 | 575,586 | -
Fair value movements |  | 45,128 | 13,440
Operating profit |  | 2,733,004 | 2,784,673
Income from shares in group undertakings |  | 1,440,444 | -
Interest receivable and similar income |  | 29,982 | 94,256
Interest payable and similar expenses | 8 | (261,593) | (250,717)
Other finance income |  | (740) | (48,000)
Profit before tax |  | 3,941,097 | 2,580,212
Tax on profit | 10 | (299,319) | (638,615)
Profit for the financial year |  | 3,641,778 | 1,941,597
The notes on pages 16 to 38 form part of these financial statements.
Page 11
FURROWS LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  |  | 2025 | 2024
|  |  | Note | £ | £
Profit for the financial year |  | 3,641,778 | 1,941,597
Other comprehensive income |  |  |
Actuarial gain on defined benefit schemes |  | - | 309,000
Movement on deferred tax relating to pension losses |  | (395,370) | (77,250)
Other comprehensive income for the year |  | (395,370) | 231,750
Total comprehensive income for the year |  | 3,246,408 | 2,173,347
The notes on pages 16 to 38 form part of these financial statements.
Page 12
FURROWS LIMITED REGISTERED NUMBER: 00149772 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 2,665,375 |  | 2,524,900
Investments | 14 |  | 1,589,497 |  | 67,453
|  |  | 4,254,872 |  | 2,592,353
Current assets |  |  |  |  |
Stocks | 15 | 20,537,305 |  | 23,140,907 |
Debtors: amounts falling due within one year | 16 | 4,590,911 |  | 9,182,433 |
Cash at bank and in hand | 17 | 1,269,645 |  | 799,006 |
|  | 26,397,861 |  | 33,122,346 |
Creditors: amounts falling due within one year | 18 | (19,816,876) |  | (22,221,351) |
Net current assets |  |  | 6,580,985 |  | 10,900,995
Total assets less current liabilities |  |  | 10,835,857 |  | 13,493,348
Provisions for liabilities |  |  |  |  |
Deferred taxation | 19 | (256,337) |  | (254,713) |
Other provisions | 20 | - |  | (612,898) |
|  |  | (256,337) |  | (867,611)
Net assets excluding pension liability/asset |  |  | 10,579,520 |  | 12,625,737
Pension asset/liability |  |  | - |  | (527,000)
Net assets |  |  | 10,579,520 |  | 12,098,737
Page 13
FURROWS LIMITED REGISTERED NUMBER: 00149772 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 43,102 |  | 43,102
Other Reserves | 22 |  | 11,259 |  | (33,869)
Profit And Loss Account | 22 |  | 10,525,159 |  | 12,089,504
|  |  | 10,579,520 |  | 12,098,737
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 April 2026
The notes on pages 16 to 38 form part of these financial statements. Page 14
FURROWS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 43,102 | (47,309) | 9,929,597 | 9,925,390
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,941,597 | 1,941,597
Actuarial gains on pension scheme | - | - | 231,750 | 231,750
Other comprehensive income for the year | - | - | 231,750 | 231,750
Total comprehensive income for the year | - | - | 2,173,347 | 2,173,347
| - | - | - | -
Fair value movement | - | 13,440 | (13,440) | -
At 1 January 2025 | 43,102 | (33,869) | 12,089,504 | 12,098,737
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 3,641,778 | 3,641,778
Actuarial losses on pension scheme | - | - | (395,370) | (395,370)
Other comprehensive income for the year | - | - | (395,370) | (395,370)
Total comprehensive income for the year | - | - | 3,246,408 | 3,246,408
Dividends: Equity capital | - | - | (4,765,625) | (4,765,625)
Fair value movement | - | 45,128 | (45,128) | -
At 31 December 2025 | 43,102 | 11,259 | 10,525,159 | 10,579,520
| The notes on pages 16 to 38 form part of these financial statements.
Page 15
FURROWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Furrows Limited is a company limited by shares, incorporated in England. The registered office is disclosed on the Company Information page. The principal activity of the business is the sale of motor vehicles and associated activities. 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 (see note 3). 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 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of TradeCow2024 Limited as at 31 December 2025 and these financial statements may be obtained from Companies House.
| 2.3 | Going concern
In assessing the appropriateness of the going concern basis in preparing the accounts the Directors have considered the current financial position of the Company and the wider Group along with detailed forecasts for a period of 12 months after the date of the signing of these accounts. In reviewing the forecasts the Directors have considered the headroom in the finance facilities which the Directors have a reasonable expectation will be renewed. The Directors consider that the Company is well positioned and have reasonable expectations that it has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements. Page 16
FURROWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Exemption from preparing consolidated financial statements
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
| 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. 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 Company 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. Page 17
FURROWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.6 | Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. 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
|  |  |  | L/Term Leasehold Property | - | 10 - 20%
|  |  |  | Plant, machinery and office equipment | - | 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.
| 2.7 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Unlisted investments held as fixed assets are shown at cost less provision for 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. Page 18
FURROWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.8 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 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. Consignment Stock Consignment vehicles that are regarded effectively as being under the control of the Company due to the transfer of the risks and rewards, are included within new vehicle stocks on the balance sheet, although legal title has not passed to the Company. The corresponding liability is included within trade creditors and is secured directly on these vehicles.
| 2.9 | 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.
| 2.10 | 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. Page 19
FURROWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Financial instruments
The Company 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 Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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. 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 Company'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. 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 Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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. Page 20
FURROWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Financial instruments (continued)
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.
| 2.12 | 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.
| 2.13 | 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.
| 2.14 | 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 21
FURROWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.15 | 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. Defined benefit pension plan The Company previously funded a defined benefit pension scheme. On 24 March 2025, the Company exited the scheme following the completion of a legally binding arrangement under which all pension assets and liabilities relating to the Company were transferred to Furrows Holdings Limited. As a result of this transaction, the Company has no ongoing obligation, legal or constructive, to the scheme, and no further contributions are payable. At the reporting date no assets or liabilities are included within these financial statements in relation to the fair value of the defined benefit pension scheme. The Scheme provided benefits based on final salary and length of service on retirement, leaving service or death. The Scheme was subject to the Statutory Funding Objective under the Pensions Act 2004. A valuation of the Scheme is carried out at least once every three years to determine whether the Statutory Funding Objective is met. As part of the process the Company must agree with the Trustees of the Scheme the contributions to be paid to meet the Statutory Funding Objective. The Scheme was managed by a board of Trustees appointed in part by the Company and part from elections by members of the Scheme. The Trustees have responsibility for obtaining valuations of the fund, administering benefit payments and investing the Scheme's assets. The Trustees delegate some of these functions to their professional advisers where appropriate.
| 2.16 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.17 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 22
FURROWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.18 | 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.
| 2.19 | 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, 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.
| 2.20 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence. Page 23
FURROWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Estimates and judgments 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. 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:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Vehicle sales | 100,933,487 | 93,691,537
| Other motor dealership related sales and income | 20,273,593 | 17,212,712
|  | 121,207,080 | 110,904,249
| All turnover arose within the United Kingdom.
5. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements | 25,500 | 24,300
| Fees payable to the Company's auditors and their associates in respect of: |  |
| Preparation of the financial statements | 4,275 | 4,275
| Services relating to taxation | 3,225 | 3,225
Page 24
FURROWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Employees
| Staff costs, including Directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 8,458,773 | 8,116,673
| Social security costs | 1,012,670 | 715,008
| Cost of defined benefit scheme | - | 139,000
| Cost of defined contribution scheme | 244,354 | 150,919
|  | 9,715,797 | 9,121,600
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Sales | 40 | 42
|  | Technicians and workshop | 170 | 175
|  | Administration | 59 | 60
|  |  | 269 | 277
7. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 396,650 | 305,530
| Company contributions to defined contribution pension schemes | 2,559 | 2,385
|  | 399,209 | 307,915
| During the year retirement benefits were accruing to 2 Directors (2024 - 2) in respect of defined contribution pension schemes.
| The highest paid Director received remuneration of £136,070 (2024 - £125,288).
Page 25
FURROWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Vehicle stocking interest | 261,593 | 250,717
|  | 261,593 | 250,717
9. | Other finance costs
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interest income on pension scheme assets | 140,055 | 484,000
| Interest on pension scheme obligation | (140,795) | (532,000)
|  | (740) | (48,000)
Page 26
FURROWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 561,315 | 338,374
|  | 561,315 | 338,374
| Total current tax | 561,315 | 338,374
| Deferred tax |  |
| Origination and reversal of timing differences | (261,996) | 300,241
| Total deferred tax | (261,996) | 300,241
| Taxation on profit on ordinary activities | 299,319 | 638,615
Page 27
FURROWS 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 lower than (2024 - lower 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 | 3,941,097 | 2,580,212
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 985,274 | 645,053
| Effects of: |  |
| Non-deductible expenses | 12,465 | 961
| Short-term timing difference leading to an increase (decrease) in taxation | 8,220 | (3,922)
| Non-taxable income | (360,111) | (3,360)
| Fair value adjustment | (11,282) | -
| Book profit on chargeable assets | (176) | (117)
| Changes in provisions leading to an increase (decrease) in the tax charge | (41,667) | -
| Deferred tax on transfer of defined benefit pension scheme | (263,620) | -
| Group relief | (29,784) | -
| Total tax charge for the year | 299,319 | 638,615
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
11. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends | 4,765,625 | -
|  | 4,765,625 | -
Page 28
FURROWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Exceptional items
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Release of dilapidation provision on old leases | 575,586 | -
|  | 575,586 | -
| During the year, new lease agreements were entered into which resulted in a release of repairs and reinstatement obligations relating to the previous lease agreements.
13. | Tangible fixed assets
|  | Freehold property | L/Term Leasehold Property | Plant, machinery and office equipment | Motor vehicles | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | 934,500 | - | 2,214,073 | 138,626 | 3,287,199
| Additions | 3,513 | 180,870 | 378,342 | - | 562,725
| Disposals | - | - | (1,392) | (10,000) | (11,392)
| At 31 December 2025 | 938,013 | 180,870 | 2,591,023 | 128,626 | 3,838,532
| Depreciation |  |  |  |  |
| At 1 January 2025 | - | - | 720,419 | 41,880 | 762,299
| Charge for the year on owned assets | 76 | 14,246 | 334,671 | 27,282 | 376,275
| Charge for the year on financed assets | - | - | 44,931 | - | 44,931
| Disposals | - | - | (348) | (10,000) | (10,348)
| At 31 December 2025 | 76 | 14,246 | 1,099,673 | 59,162 | 1,173,157
| Net book value |  |  |  |  |
| At 31 December 2025 | 937,937 | 166,624 | 1,491,350 | 69,464 | 2,665,375
| At 31 December 2024 | 934,500 | - | 1,493,654 | 96,746 | 2,524,900
Page 29
FURROWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Fixed asset investments
|  | Investments in Subsidiary Companies | Listed Investments | Unlisted Investments | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2025 | - | 57,453 | 10,000 | 67,453
| Additions | 1,476,916 | - | - | 1,476,916
| Revaluations | - | 45,128 | - | 45,128
| At 31 December 2025 | 1,476,916 | 102,581 | 10,000 | 1,589,497
| Subsidiary undertaking
| The following was a subsidiary undertaking of the Company:
| Name | Registered office | Class of shares | Holding
| Security Investments (Industrial) Limited | Benbow Business Park, Harlescott Lane, Shrewsbury, Shropshire, SY1 3EQ | Ordinary | 100%
15. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| New vehicles | 12,578,154 | 14,456,198
| Used vehicles | 4,367,621 | 5,235,752
| Parts and other stocks | 823,306 | 758,476
| Demo and courtesy vehicles | 2,768,224 | 2,690,481
|  | 20,537,305 | 23,140,907
| The difference between purchase price of stocks and their replacement cost is not material. Included within new vehicle stock is £11,600,188 (2024 - £13,977,330) in relation to consignment stock. A corresponding liability is included within trade creditors in relation to these vehicles.
Page 30
FURROWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,447,878 | 1,176,643
| Amounts owed by group undertakings | 77,500 | 6,986,409
| Other debtors | 2,765,338 | 506,426
| Prepayments and accrued income | 300,195 | 381,205
| Deferred taxation | - | 131,750
|  | 4,590,911 | 9,182,433
| Amounts owed by group undertakings are repayable on demand and do not accrue interest.
17. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,269,645 | 799,006
|  | 1,269,645 | 799,006
18. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Vehicle stocking loans | 2,888,142 | 2,105,109
| Trade creditors | 14,254,964 | 16,925,908
| Amounts owed to group undertakings | - | 932,258
| Corporation tax | 561,315 | 338,374
| Other taxation and social security | 1,060,833 | 818,080
| Other creditors | 135,770 | 67,910
| Accruals and deferred income | 915,852 | 1,033,712
|  | 19,816,876 | 22,221,351
| Secured loans Balances of £12,872,820 (2024 - £15,217,190) included within trade creditors and vehicle stocking loans of £2,888,142 (2024 - £2,105,109) are secured over certain stocks of the Company.
Page 31
FURROWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
19. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (122,963)
| Charged to profit or loss | 261,996
| Charged to other comprehensive income | (395,370)
| At end of year | (256,337)
| The deferred tax balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (256,337) | (254,713)
| Pension deficit | - | 131,750
|  | (256,337) | (122,963)
| Comprising: |  |
| Asset - due within one year | - | 131,750
| Liability | (256,337) | (254,713)
|  | (256,337) | (122,963)
20. | Provisions
|  | Dilapidation Provision
|  | £
| At 1 January 2025 | 612,898
| Charged to the profit or loss | (575,586)
| Utilised in year | (37,312)
| At 31 December 2025 | -
| Dilapidation provision The provision relates to the estimated dilapidation costs where payable on leases.
Page 32
FURROWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
21. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 43,102 (2024 - 43,102) Ordinary shares of £1.00 each | 43,102 | 43,102
22. | Reserves
Other reserves Other reserves represent unrealised gains and losses arising on the revaluation of the Company's investment in listed shares to fair value. Profit & loss account The profit and loss account represents the accumulated profits of the Company since incorporation less distributions made to shareholders.
23. | Contingent liabilities
The Company is a member of a group guarantee arrangement with TradeCow2024 and Security Investments (Industrial) Limited. Page 33
FURROWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
24. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £242,498 (2024 - £140,604). Contributions totaling £Nil (2024 - £Nil) were payable to the fund at the balance sheet date and are included in other creditors. The Company previously funded a defined benefit pension scheme. On 24 March 2025, the Company exited the scheme following the completion of a legally binding arrangement under which all pension assets and liabilities relating to the Company were transferred to Furrows Holdings Limited. As a result of this transaction, the Company has no ongoing obligation, legal or constructive, to the scheme, and no further contributions are payable. At the reporting date no assets or liabilities are included within these financial statements in relation to the fair value of the defined benefit pension scheme. The Scheme provided benefits based on final salary and length of service on retirement, leaving service or death. The Scheme was subject to the Statutory Funding Objective under the Pensions Act 2004. A valuation of the Scheme is carried out at least once every three years to determine whether the Statutory Funding Objective is met. As part of the process the Company must agree with the Trustees of the Scheme the contributions to be paid to meet the Statutory Funding Objective. The Scheme was managed by a board of Trustees appointed in part by the Company and part from elections by members of the Scheme. The Trustees have responsibility for obtaining valuations of the fund, administering benefit payments and investing the Scheme's assets. The Trustees delegate some of these functions to their professional advisers where appropriate. Page 34
FURROWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 24.Pension commitments (continued)
| Reconciliation of present value of plan liabilities:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Reconciliation of present value of plan liabilities |  |
| At the beginning of the year | 10,772,000 | 11,879,000
| Interest cost | 140,795 | 532,000
| Actuarial gains/losses | - | (986,000)
| Benefits paid | (151,890) | (653,000)
| Transfer of defined benefit plan liabilities | (10,760,905) | -
| At the end of the year | - | 10,772,000
| Reconciliation of present value of plan assets:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| At the beginning of the year | 10,245,000 | 10,609,000
| Administration costs | 740 | (139,000)
| Interest income | 140,055 | 484,000
| Actuarial gains/losses | - | (677,000)
| Contributions | 166,667 | 621,000
| Benefits paid | (151,890) | (653,000)
| Transfer of defined benefit plan assets | (10,400,572) | -
| At the end of the year | - | 10,245,000
Page 35
FURROWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 24.Pension commitments (continued)
| Composition of plan assets:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Index Gilts | - | 1,731,000
| Property | - | 338,000
| LDI Strategy/Hedge | - | (1,053,000)
| Cash | - | 368,000
| Index-Linked gilts | - | 1,624,000
| Multi Asset | - | 6,429,000
| Other | - | 808,000
| Total plan assets | - | 10,245,000
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fair value of plan assets | - | 10,245,000
| Present value of plan liabilities | - | (10,772,000)
| Net pension scheme liability | - | (527,000)
| The amounts recognised in profit or loss are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Administration costs | - | (139,000)
| Interest on obligation | (140,795) | (532,000)
| Interest income on plan assets | 140,055 | 484,000
| Total | (740) | (187,000)
Page 36
FURROWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 24.Pension commitments (continued)
| A comprehensive actuarial valuation of the company pension scheme, using the projected unit credit method, was carried out at 5 April 2022 by Barnett Waddingham LLP, independent consulting actuaries, Adjustments to the valuation at that date have been made based on the following assumptions:
|  | 2025 | 2024
|  | % | %
| Discount rate | - | 5.45
| Inflation assumption (RPI) | - | 3.15
| Inflation assumption (CPI) | - | 2.70
| Pension increases |  |
| Service from 6 April 1997 to 5 April 2006 (RPI max 5%) | - | 3.05
| Service on or after 6 April 2006 (CPI max 3%) | - | 2.15
| GMP benefits accrued after 5 April 1988 (CPI max 3%) | - | 1.95
| Life expectancy at age 65 of male aged 45 (years) | - | 21.7
| Life expectancy at age 65 of male aged 65 (years) | - | 20.4
| Life expectancy at age 65 of female aged 45 (years) | - | 24.4
| Life expectancy at age 65 of female aged 65 (years) | - | 23
| Post retirement mortality assumption | - | 115% of the S3PA Tables with CMI 2022 Projections using long term Improvement rate if 1.25% p.a.
|  | - | 75% of members are assumed to take the maximum tax free cash possible
Page 37
FURROWS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
25. | 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 | 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 | -
26. | Related party transactions
| The Company is a wholly owned subsidiary of TradeCow2024 Limited, and it has taken advantage of the exemption contained in FRS102 not to disclose transactions or balances with other wholly owned subsidiaries which form part of the group. The financial statements of TradeCow2024 Limited, the ultimate parent company of the group, can be obtained from Companies House. During the year purchases of £980,392 (2024: £569,201) were made from Furrows (Holdings) Limited, a company related through significant influence. There are amounts of £2,415,647 owed from Furrows (Holdings) Limited at the balance sheet date (2024: £6,986,409).
27. | Controlling party
The ultimate parent company at the year end was TradeCow2024 Limited, a company registered in England and Wales. TradeCow2024 Limited prepares consolidated financial statements for the smallest and largest group of which Furrows Limited is a member, and are publicly available from Companies House. Tradecow2024 Limited is 75% owned by the Furrows Group Employee Benefit Trust, of which the Trident Company (UK) Limited is the corporate Trustee. There is no ultimate controlling party of the Company.
Page 38