Commercial Vehicle Auctions Limited

Directors

R Dalton
C J H Montgomery
H M J Montgomery

Solicitor

Carson McDowell LLP​
Murray House​
4 Murray Street ​​
Belfast​​
BT1 6DN​​

The Directors present​​ their​ report and the financial statements for the year ended 30 September 2025.

The Directors​ who served during the year:

R Dalton

C J H Montgomery

H M J Montgomery

Directors’ liability insurance

The company has indemnified the directors of the company against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity provision was in force during the year and is in force at the date of approving the directors’ report.

Auditors

Grant Thornton (NI) LLP were appointed as auditors and have indicated their willingness to continue in office in accordance with section 485 of the Companies Act 2006, and a resolution that they will be reappointed will be proposed at the annual general meeting.

This report was approved by the board and signed on its behalf:

C J H Montgomery

Director

Date: 29 June 2026 

We have audited the financial statements of Commercial Vehicle Auctions Limited​ (the Company)​​​ for the year ended 30 September 2025, which comprise the Balance Sheet, 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:

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.

In auditing the financial statements, we have concluded that the 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 Director with respect to going concern are described in the relevant sections of this report.

Other information

Other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report thereon, including the Directors' report and the Strategic Report. The Directors are responsible for the other information. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we​ identify such material inconsistencies or apparent material misstatements, we are​ required to determine whether there is a material misstatement in the ​​​​​​financial statements or a material misstatement of the other information. 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:

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 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:

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. 

Those charged with governance are responsible for overseeing the Company's financial reporting process.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Louise Kelly​ (Senior statutory auditor)

For and on behalf of
Grant Thornton (NI) LLP ​

Chartered Accountants and Statutory Auditor 

Belfast

Date: 29th June 2026

The above results were derived from continuing operations. There is no other comprehensive income for 2025 (2024: £Nil).

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A- Small Entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf:

Date: 29 June 2026 

The notes on pages 14 to 23 form part of these financial statements.

Commercial Vehicle Auctions Limited is a private company limited by shares and is incorporated in England & Wales. The address of its registered office is Carr Hill​, BT36 4RF.

The principal Activity of the Company is that of auctioneers and valuers.

The financial statements have been prepared under the historic cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of ​Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (FRS 102) and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's​ accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3.

The Company's functional and presentational currency is the Pound Sterling. All balances presented are rounded to the nearest £1.

Tangible fixed assets are initially recognised at cost. Cost includes the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Subsequently, tangible fixed assets are measured using the cost model. Under the cost model, intangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

All tangible fixed assets are considered to have a finite useful life.

Depreciation is calculated to allocate the depreciable amount of tangible fixed assets to their residual values over their estimated useful lives on the following bases​:

If factors such as a change in how an asset is used, technological advancement, or changes in market prices indicate that the residual value or useful life of an asset has changed since the most recent balance sheet date, the Company reviews its previous estimates and, if current expectations differ, amends the residual value, amortisation method or useful life, accounting for this as a change in an accounting estimate.

Tangible fixed assets are derecognised on disposal, with the difference between the net disposal proceeds and the carrying amount recognised in profit or loss.

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. 

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. 

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Cash and cash equivalents include cash in hand, deposits with financial institutions repayable without penalty on notice of not more than 24 hours, other highly liquid investments that mature in no more than three months from the date of acquisition and bank overdrafts. Bank overdrafts, where applicable, are shown within 'Creditors: amounts due within one year'.

Turnover 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. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. 

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet and are depreciated over their useful lives. The capital elements of future obligations under the leases and hire purchase contracts are included as liabilities in the balance sheet. 

The interest elements of the rental obligations are charged in the profit and loss account over the years of the leases and hire purchase contracts and represent a constant proportion of the balance of capital repayments outstanding.

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 payments obligations. 

The contributions are recognised as an expense in the income statement when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when a shareholders' written resolution is passed.

Estimating an allowance for the impairment of debtors

Arrived at after charging:

An entity shall disclose a reconciliation between the tax expense/income included in profit or loss and the profit or loss before tax multiplied by the applicable tax rate. (FRS 102 Section 29.27 (b)) 

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:

The net book value of tangible fixed assets within plant, fixtures and fittings include £5,067 (2024: £52,869) in respect of assets held under hire purchase. The depreciation charge in respect of such assets amounted to £7,492 (2024: £13,043) for the year.

The depreciation charge in respect of such assets amounted to £Nil (2024: £13,043) for the year.

Amounts due under hire purchase and finance lease agreements are secured against the assets to which they relate.

Amounts owed to group undertakings are unsecured, interest free; and repayable on demand.

Authorised

Allotted, called up and fully paid shares

Each ordinary share holds one voting right.

At 30 September 2025, the Company had future minimum commitments under non-cancellable operating leases as set out below:

Called up share capital

This reserve represents the nominal value of shares that have been issued.

This reserve comprises all gains on the revaluation of land and buildings in current and prior periods.

This reserve includes all current and prior period retained profits and losses.