Registered number: 16038777
FOR THE PERIOD ENDED 31 DECEMBER 2025
TRADECOW2024 LIMITED
COMPANY INFORMATION
TRADECOW2024 LIMITED
CONTENTS
TRADECOW2024 LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2025
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.
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.
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.
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.
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.
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.
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TRADECOW2024 LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
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
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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.
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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.
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.
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.
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.
Gifts of £4,675,625 were made to the Furrows Group Employee Ownership Trust during the year.
The directors who served during the period were:
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TRADECOW2024 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
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.
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.
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TRADECOW2024 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
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.
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TRADECOW2024 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
Disclosure of engagement with employees, suppliers, customers and others are included in the Strategic Report.
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.
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TRADECOW2024 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRADECOW2024 LIMITED
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 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.
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TRADECOW2024 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRADECOW2024 LIMITED (CONTINUED)
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.
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.
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.
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TRADECOW2024 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRADECOW2024 LIMITED (CONTINUED)
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.
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TRADECOW2024 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRADECOW2024 LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Belmont House
Shrewsbury Business Park
Shropshire
SY2 6LG
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TRADECOW2024 LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2025
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TRADECOW2024 LIMITED
REGISTERED NUMBER: 16038777
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 41 form part of these financial statements.
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TRADECOW2024 LIMITED
REGISTERED NUMBER: 16038777
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 41 form part of these financial statements.
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TRADECOW2024 LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2025
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TRADECOW2024 LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2025
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TRADECOW2024 LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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TRADECOW2024 LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
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TRADECOW2024 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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
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:
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.
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.
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.
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.
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TRADECOW2024 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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TRADECOW2024 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
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.
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TRADECOW2024 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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:
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.
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TRADECOW2024 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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TRADECOW2024 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (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.
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TRADECOW2024 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (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.
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TRADECOW2024 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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.
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TRADECOW2024 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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TRADECOW2024 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
6.Employees (continued)
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TRADECOW2024 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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TRADECOW2024 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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TRADECOW2024 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
10.Taxation (continued)
There were no factors that may affect future tax charges.
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TRADECOW2024 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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TRADECOW2024 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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TRADECOW2024 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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TRADECOW2024 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
Page 35
TRADECOW2024 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
Page 36
TRADECOW2024 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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TRADECOW2024 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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TRADECOW2024 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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.
- 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.
Other reserves
Profit and loss account
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TRADECOW2024 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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TRADECOW2024 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
The Company is a member of a group guarantee arrangement with Furrows Limited an Security Investments (Industrial) Limited.
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.
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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