Gravell's Limited Company accounts

COMPANY REGISTRATION NUMBER: 00653461

Gravell's Limited

Financial Statements

31 December 2025

Gravell's Limited

Financial Statements

Year ended 31 December 2025

CONTENTS	PAGE

Officers and professional advisers	1

Strategic report	2

Director's report	6

Independent auditor's report to the member	10

Statement of comprehensive income	14

Statement of financial position	15

Statement of changes in equity	16

Notes to the financial statements	17

Gravell's Limited

Officers and Professional Advisers

Director	Mr J Gravell

Company secretary	Mr S Ridings (appointed 30.04.2025)

Registered office	Service Centre
	Pembrey Road
	Kidwelly
	Carmarthenshire
	SA17 4TF

Auditor	James & Uzzell Ltd
	Chartered Certified Accountants & Statutory Auditor
	Axis 15, Axis Court
	Mallard Way
	Riverside Business Park
	Swansea
	SA7 0AJ

Gravell's Limited

Strategic Report

Year ended 31 December 2025

The director presents his strategic report for the year ended 31 December 2025. The principal activity of the company is a motor dealership. REVIEW OF BUSINESS The director undertakes a detailed analysis of the company's position during the year and at the year end using turnover and profitability as the key performance indicators as detailed below.

PRINCIPAL RISKS AND UNCERTAINTIES

The company operates in a competitive market and has reliance on a very good reputation and providing a quality service. The company's trading activities are all within the United Kingdom and therefore it does not expose itself to fluctuating exchange rates. The principal risk facing the company is the strength of the UK economy and following from that the demand for its products. The company continues to invest in it's underlying systems and constantly seeks to identify opportunities for growth. The company's performance is heavily influenced by the fortunes of the franchises it represents. Given the longstanding and successful relationship the company enjoys with each of its core franchises it is considered that such risks largely have been mitigated. The UK new car market continues to be a very competitive environment with a number of new Chinese brands entering the market. In addition, used car prices during 2025 especially in respect of EV vehicles continued to be quite volatile The performance of the UK economy and relatively high interest rates continue to put pressure on the consumer and businesses looking to replace their vehicle fleets. In addition, the UK Government continues to increase business taxes through increases in employment costs as well as business rate increases. These pressures will continue to create a challenging economic environment going forward. The Company remains focused on cost control and customer retention.

DEVELOPMENT AND PERFORMANCE

As stated above the principal activity of the company was that of a motor dealership. The company represents three esteemed brands Kia, Renault and Dacia, they also offer a wide range of vans and electric vehicles across their locations in South Wales and Hereford. The turnover and other key performance indicators are summarised below. The results for the year and the financial position at the year end was considered satisfactory by the director. The company net assets have decreased by £1,170,041 to £12,544,938 in 2025. Due to having sufficient reserves the director agreed to a large dividend which whilst reducing the companies net asset position, increased the net assets in the holding company in the year. The company made a further acquisition in 2025, a Renault dealership in Hereford. The company continues to be in a strong position to act quickly should further acquisitions opportunities arise. The director continues to identify growth strategies and improve the efficiency of the business operations.

FINANCIAL KEY PERFORMANCE INDICATORS

The key performance indicators are set out below:

	2025	2024
	£	£
Turnover	154,194,606	147,881,390
Gross Profit	8,596,814	8,351,416
Gross Profit %	5.6%	5.6%
Profit before tax	3,302,588	3,584,461
Profit before tax %	2.1%	2.4%
Number of cars sold	7,793	7,924
Used vehicle turnover	61,863,574	58,860,895
New vehicle turnover	76,824,998	74,508,607

NON FINANCIAL KEY PERFORMANCE INDICATORS

SUSTAINABILITY The company continues to offer high levels of customer satisfaction as we believe this to be the key for the ongoing success of the company. The company continues to win franchise partner customer service awards. The company prides itself on the high level of returning customers and continue to offer them great choice with our expanding franchise ambitions and top-level customer care. The company is a responsible business and constantly looking to reduce waste and follow guidance on emission targets. This is highlighted by the company's large range of low emission vehicles held in stock, utilisation of solar panels at all dealerships, increased provision of electric vehicle charge points across the group as well as the company's responsible disposal of waste from the company's workshops. HEALTH & SAFETY The health & safety of its workforce and staff with responsibility to third parties is a principal priority of the company. This is embraced with a focus on a behavioural based approach which is planned to underpin all activities and drive improvement strategy for health & safety issues forward. TRAINING The company is proactive throughout the business with regards to the training of staff from the administration office through to the workshop floor. The continuing high level of employee training is key to the company's ongoing success. ENVIRONMENT The company recognises its responsibilities in continually minimising the impact of activities on the environment. This is evident in many ways, from company cars being encouraged with low emission engines to electric and hybrid vehicles being on sale. The company also provides battery electric and plug-in hybrid courtesy vehicles for it's service courtesy customers. The company has invested heavily in solar at all branches as well battery storage in 2 branches. QUALITY The company prides itself on a top-class customer service team focusing on building excellent relationships with the customers. The aim is not only to meet customer expectations but to exceed them.

SECTION 172(1) STATEMENT

The revised UK Corporate Governance Code (‘2018 Code’) was published in July 2018 and applies to accounting periods beginning on or after January 1, 2019. The Companies (Miscellaneous Reporting) Regulations 2018 (‘2018 MRR’) require Directors to explain how they considered the interests of key stakeholders and the broader matters set out in section 172(1) (A) to (F) of the Companies Act 2006 (‘S172’) when performing their duty to promote the success of the Company under S172. This includes considering the interest of other stakeholders which will have an impact on the long-term success of the company. The Board welcomes the direction of the UK Financial Reporting Council (the ‘FRC’). This S172 statement, which explains how Gravell's Director: 1) has engaged with employees, suppliers, customers and others; and 2) has had regard to employee interests, the need to foster the company’s business relationships with suppliers, customers and other, and the effect of that regards, including on the principal decisions taken by the company during the financial year. The S172 statement focuses on matters of strategic importance to Gravell's, and the level of information disclosed is consistent with the size and the complexity of the business. GENERAL CONFIRMATION OF DIRECTOR'S DUTIES Gravell’s Board has a clear framework for determining the matters within its remit. When making decisions, the Director ensures that he acts in the way he considers, in good faith, would most likely promote the Company’s success for the benefit of its members as a whole, and in doing so have regard (among other matters) to: S172(1) (A) “The likely consequences of any decision in the long term” The Director understands the business and the evolving environment in which we operate. The strategy set by the Board is intended to strengthen our position within the motor trade by following it's strategic ambitions. S172(1) (B) “The interests of the company’s employees” The Director recognises that Gravell's employees are fundamental and core to our business and delivery of our strategic ambitions. The success of our business depends on attracting, retaining and motivating employees. From ensuring that we remain a responsible employer, from pay and benefits to our health, safety and workplace environment, the Director factors the implications of decisions on employees and the wider workforce, where relevant and feasible. S172(1) (C) “The need to foster the company’s business relationships with suppliers, customers and others” Delivering our strategy requires strong mutually beneficial relationships with suppliers, customers, and others. Gravell's seeks the promotion and application of certain general principles in such relationships. Our key supplier relationships are our manufacturer partners Groupe Renault, Kia Motors. We also have strong working relationships with our commercial lenders and finance houses for new vehicle stocking. We also focus on supporting local business across our dealerships to provide required products and services. We focus on a limited number of key relationship partners to support the business. S172(1) (D) “The impact of the company’s operations on the community and the environment” The company recognises it's environmental responsibilities as referred to earlier in the Strategic report. S172(1) (E) “The desirability of the company maintaining a reputation for high standards of business conduct” In line with the company's strategic plan, it always promotes high standards in all areas. S172(1) (F) “The need to act fairly as between members of the company” After weighing up all relevant factors, the Director considers which course of action best enables delivery of our strategy through the long-term, taking into consideration the impact on stakeholders. In doing so, our Director acts fairly as between the Company’s members.

This report was approved by the board of directors on 31 July 2026 and signed on behalf of the board by:

Jonathan Gravell

Mr J Gravell

Director

Gravell's Limited

Director's Report

Year ended 31 December 2025

The director presents his report and the financial statements of the company for the year ended 31 December 2025 .

PRINCIPAL ACTIVITY

The principal activity of the company is a motor dealership.

DIRECTOR

The director who served the company during the year was as follows:

Mr J Gravell

DIVIDENDS

Particulars of recommended dividends are detailed in note 14 to the financial statements.

FUTURE DEVELOPMENTS

The director aims to maintain the management policies which have resulted in the company's steady trading in recent years and continue to focus on sustained profitability and growth within its existing core franchise operations.

GREENHOUSE GAS EMISSIONS AND ENERGY CONSUMPTION

	Unit	2025	2024
Total emissions generated through combustion of gas	tCO2e	86	99
Total emissions generated through use of purchased electricity	tCO2e	129	143
Total emissions generated through business travel and other fuels	tCO2e	84	102
		----	----
Total emissions	tCO2e	299	344
Total energy consumption	kWh	1,546,908	1,662,165
Intensity ratio (total gross emissions)		2.00	2.40
		------------	------------

METHODOLOGIES FOR ENERGY AND EMISSIONS CALCULATIONS

The 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 2024 and 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, £250k has been invested in battery storage.The table above includes total energy consumption (reported as kWh) and greenhouse gas emissions for the sources required by the regulations, along with our intensity ratio.

PRINCIPAL MEASURES TAKEN TO INCREASE ENERGY EFFICIENCY

The company recognises that its trading activities have an impact on the environment and environmental awareness is one of the business' core values. The company minimises the effect on motor retailing on the environment, and reviews and controls the key areas of its business that may have an impact on the environment including asbestos, contamination, noise, recycled waste, tyre disposal and waste oil. The company monitors its energy consumption through regular energy saving reviews and has installed solar panels at all of its sites which contributes to its net zero ambition. The company also operates electric courtesy cars with a minimum of 6 charging points at each dealership and has installed a 20-charging-point hub at Kidwelly as well as DC charging across 4 sites hub at the main dealership at Kidwelly. The company has also implemented battery storage at all dealerships and has submitted plans for a 1GW solar farm to further support its initiatives to reduce emissions.

FINANCIAL INSTRUMENTS

The company operates a number of risk management policies designed to minimise it's exposure to financial risk.

Liquidity and cash flow risk

The company produces detailed monthly management accounts and forecasts, which enables the director to monitor the cash position and to ensure there is sufficient liquidity and cash flow to minimise the risk of the company being unable to pay its debts as they fall due.

Interest rate risk

The bank overdraft borrowings at variable rates expose the company to cash flow interest rate risk, however, the director actively manages this risk by transferring funds between group company bank accounts in order to minimise the use of overdraft facilities.

Credit risk

The company operates a number of policies and controls to minimise credit risk. All customers are subject to a detailed credit review prior to any terms being agreed. The director must authorise any larger value contracts and the company will only conduct business with customers deemed to be credit worthy.

Within the short term hire division customers may also be subject to credit review, especially where such customers are commercial entities who may hire a number of vehicles at any time.

Price risk

The company operates in a highly competitive market. Significant product innovations, technological advances or the intensification of price competition could adversely affect the results of the company. Gravell's Limited invest in significant training of its staff to ensure that the company is well placed to provide a choice for customers, to ensure that they are aware of their options and are satisfied with the level of service we provide. The company also continually works to streamline its cost base to ensure it remains competitive.

RESEARCH AND DEVELOPMENT

The company has implemented a policy of investment in research and development in order to create a competitive position in the market

BUSINESS RELATIONSHIPS

As referred to in the Section 172(1) Statement of the Strategic report, the company's main business relationships are with it's manufacturer partners.

QUALIFYING INDEMNITY PROVISION

The Articles of Association of the Company contain an indemnity in favour of all the Directors of the Company that, subject to law, indemnifies the Directors, out of the assets of the Company, from any liability incurred by them in defending any proceedings in which judgement is given in their favour (or otherwise disposed of without any finding or admission of any material breach of duty on their part).

DISCLOSURE OF INFORMATION IN THE STRATEGIC REPORT

The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies 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 company will continue in business. The director is 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. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. DISCLOSURE OF INFORMATION TO THE AUDITORS

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 31 July 2026 and signed on behalf of the board by:

Jonathan Gravell

Mr J Gravell

Director

Gravell's Limited

Independent Auditor's Report to the Member of Gravell's Limited

Year ended 31 December 2025

OPINION

We have audited the financial statements of Gravell's Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, statement of financial position, 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 FRS 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; - have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors’ assessment of the entity’s ability to continue to adopt the going concern basis of accounting included review of post year end management accounts, projected outcomes for the 2026 year and detailed discussions with informed management.

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

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is 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.

OPINIONS 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 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 director's 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 director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

RESPONSIBILITIES OF THE DIRECTOR

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director 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 the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

AUDITOR'S 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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: - We obtained an understanding of the legal regulatory frameworks that are applicable to the company and determined that the most significant of those relate to the reporting framework (United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard as applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice)) and the relevant tax compliance regulations, principally relating to those issued by HMRC. In addition, we concluded that there are certain significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements being the General Data Protection Regulation, and those laws and regulations relating to health and safety and employee matters. - We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of Board minutes and by understanding the entity level controls implemented by those charged with governance. - We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered where the significant estimates and judgements are in the financial statements. We assessed the programmes and controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures including testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud or error. - Based on this understanding we designed our audit procedures to identify non compliance with such laws and regulations. Our procedures involved, journal entry testing, with a focus on manual journals or unusual transactions based on our understanding of the business. In addition, Stock testing incorporating cut off and valuation testing were also focused on together with sales cut off testing. 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. USE OF OUR REPORT

This report is made solely to the company's member, 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 member 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 member as a body, for our audit work, for this report, or for the opinions we have formed.

ALISON JAYNE UZZELL FCCA

(Senior Statutory Auditor)

For and on behalf of

James & Uzzell Ltd

Chartered Certified Accountants & Statutory Auditor

Axis 15, Axis Court

Mallard Way

Riverside Business Park

Swansea

SA7 0AJ

31 July 2026

Gravell's Limited

Statement of Comprehensive Income

Year ended 31 December 2025

		2025	2024
			(restated)
Note		£	£
TURNOVER	4	154,194,606	147,881,390

Cost of sales	145,597,791	139,529,974
	--------------	--------------
GROSS PROFIT	8,596,815	8,351,416

Administrative expenses		5,460,775	5,194,554
Other operating income	5	98,926	130,042
		------------	------------
OPERATING PROFIT	6	3,234,966	3,286,904

Income from other fixed asset investments	10	418,300	624,830
Other interest receivable and similar income	11	93,568	312,031
Interest payable and similar expenses	12	444,245	639,304
		------------	------------
PROFIT BEFORE TAXATION		3,302,589	3,584,461

Tax on profit	13	698,340	706,258
		------------	------------
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME		2,604,249	2,878,203
		------------	------------

All the activities of the company are from continuing operations.

Gravell's Limited

Statement of Financial Position

31 December 2025

	2025	2024
		(restated)
Note	£	£

FIXED ASSETS

Tangible assets	15	12,376,275	10,709,516
Investments	16	4,606,698	4,828,398
		-------------	-------------
		16,982,973	15,537,914

CURRENT ASSETS

Stocks	17	19,025,782	14,854,927
Debtors	18	3,293,533	1,929,759
Cash at bank and in hand		958,270	771,176
		-------------	-------------
		23,277,585	17,555,862

CREDITORS: amounts falling due within one year	19	23,057,251	14,739,563
		-------------	-------------
NET CURRENT ASSETS		220,334	2,816,299
		-------------	-------------
TOTAL ASSETS LESS CURRENT LIABILITIES		17,203,307	18,354,213

PROVISIONS

Taxation including deferred tax	20	1,343,369	1,310,124
Other provisions	20	3,315,000	3,329,110
		------------	------------
		4,658,369	4,639,234
		-------------	-------------
NET ASSETS		12,544,938	13,714,979
		-------------	-------------

CAPITAL AND RESERVES

Called up share capital	25	225,001	225,001
Revaluation reserve	26	1,577,778	1,159,478
Profit and loss account	26	10,742,159	12,330,500
		-------------	-------------
SHAREHOLDER FUNDS		12,544,938	13,714,979
		-------------	-------------

These financial statements were approved by the board of directors and authorised for issue on 31 July 2026 , and are signed on behalf of the board by:

Jonathan Gravell

Mr J Gravell

Director

Company registration number: 00653461

Gravell's Limited

Statement of Changes in Equity

Year ended 31 December 2025

		Called up share capital	Revaluation reserve	Profit and loss account	Total
		£	£	£	£
AT 1 JANUARY 2024		225,000	534,648	13,468,680	14,228,328

Profit for the year				2,878,203	2,878,203
Other comprehensive income for the year	24	–	624,830	( 624,830)	–
		---------	---------	-------------	-------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR		–	624,830	2,253,373	2,878,203

Issue of shares		1	–	–	1
Dividends paid and payable	14	–	–	( 3,391,553)	( 3,391,553)
		---------	---------	-------------	-------------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS		1	–	( 3,391,553)	( 3,391,552)

AT 31 DECEMBER 2024		225,001	1,159,478	12,330,500	13,714,979

Profit for the year				2,604,249	2,604,249
Other comprehensive income for the year	24	–	418,300	( 418,300)	–
		---------	------------	-------------	-------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR		–	418,300	2,185,949	2,604,249

Dividends paid and payable	14	–	–	( 3,774,290)	( 3,774,290)
		----	----	------------	------------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS		–	–	( 3,774,290)	( 3,774,290)

		---------	------------	-------------	-------------
AT 31 DECEMBER 2025		225,001	1,577,778	10,742,159	12,544,938
		---------	------------	-------------	-------------

Gravell's Limited

Notes to the Financial Statements

Year ended 31 December 2025

1. GENERAL INFORMATION

Gravell's Limited is a private company limited by shares, incorporated in England and Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.

2. STATEMENT OF COMPLIANCE

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparation

The reporting period of these financial statements and its comparative period is twelve months. These financial statements only include the results of the individual entity made up to 31 December 2025. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £1. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

The company meets its day-to-day working capital requirements through its bank facilities. After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company's forecasts and projections, show that the company should be able to operate within the level of its current facilities. Therefore the company continues to adopt the going concern basis in preparing its financial statements.

Debtors and creditors receivable payable within one year

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

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of JTG Holdings Limited which can be obtained from the registered office. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Key management personnel compensation has not been presented for the company. (c) Disclosures in respect of share-based payments have not been presented.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Research & development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Share-based payment

The cost and corresponding increase in equity in respect of equity-settled share-based payment transactions with employees are measured by reference to the fair value of equity instruments issued at the date of grant. Amounts are expensed on a straight line basis over the vesting period based on the estimate of shares that will eventually vest and adjusted for the effect of non market-based vesting conditions. The cost and fair value of the liability incurred in respect of cash-settled transactions is is measured using an appropriate option pricing model with changes in fair value recognised in profit or loss for the period.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Turnover from the sale of vehicles, parts and services is recognised when the significant risks and rewards of ownership have been transferred to the buyer.

Short term hire and fleet turnover from continuing operations is calculated as being the total amount receivable in the normal course of business.

Income received in respect of interest, charges, finance and bonuses from the provision of finance agreements is recognised over the period in which receivables are due using the actuarial basis.

Interest income is recognised using the effective interest rate method.

Income from investments is recognised on a fair value basis at each balance sheet date.

Dividend income is recognised as the group's right to receive payment is established.

Subsidy and adhoc bonus income not attached to vehicle sales is recognised as the right to the income is established.

Judgements and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Provisions Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. Other - Non Key Accounting Estimates Stock provisioning The company sells vehicles and is subject to consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Going concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard. Research and Developments Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Leases

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	3 to 50 years
Motor Vehicles	-	1 to 4 years

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. 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. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre- payment for liquidity services and amortised over the period of the facility to which it relates. Preference shares, which result in fixed returns to the holder or are mandatorily redeemable on a specific date, are classified as liabilities. The dividends on these preference shares are recognised in the profit and loss account as interest expense. Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting Financial assets and liabilities are offset and 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.

4. TURNOVER

Turnover arises from:

	2025	2024
		(restated)
	£	£
Vehicle sales	138,688,572	133,369,502
Parts and service sales	11,282,024	10,275,422
Other sales	4,224,010	4,236,466
	--------------	--------------
	154,194,606	147,881,390
	--------------	--------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. OTHER OPERATING INCOME

	2025	2024
		(restated)
	£	£
Other operating income	98,926	130,042
	--------	---------

6. OPERATING PROFIT

Operating profit or loss is stated after charging/crediting:

	2025	2024
		(restated)
	£	£
Depreciation of tangible assets	1,993,552	1,633,057
Gains on disposal of tangible assets	( 362,699)	( 361,110)
Impairment of trade debtors	6,079	4,325
Operating lease rentals	525,197	512,516
	------------	------------

7. AUDITOR'S REMUNERATION

	2025	2024
		(restated)
	£	£
Fees payable for the audit of the financial statements	37,500	35,000
	--------	--------

In accordance with SI 2008/489 the company has not disclosed the fees payable to the company's auditor for 'other services' as this information is included in the consolidated financial statements of JTG Holdings Limited

8. STAFF COSTS

The average number of persons employed by the company during the year, including the director, amounted to:

	2025	2024
	No.	No.
Production staff	98	102
Administrative staff	18	19
sales staff	39	38
	----	----
	155	159
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
		(restated)
	£	£
Wages and salaries	4,310,392	4,017,566
Social security costs	675,421	431,687
Other pension costs	518,475	429,245
	------------	------------
	5,504,288	4,878,498
	------------	------------

9. DIRECTOR'S REMUNERATION

The director's aggregate remuneration in respect of qualifying services was:

	2025	2024
		(restated)
	£	£
Remuneration	11,085	10,517
Company contributions to defined contribution pension plans	60,000	60,000
	--------	--------
	71,085	70,517
	--------	--------

The number of directors who accrued benefits under company pension plans was as follows:

	2025	2024
		(restated)
	No.	No.
Defined contribution plans	1	1
	----	----

10. INCOME FROM OTHER FIXED ASSET INVESTMENTS

	2025	2024
		(restated)
	£	£
Gain/(loss) on fair value adjustment to other fixed asset investments	418,300	624,830
	---------	---------

11. OTHER INTEREST RECEIVABLE AND SIMILAR INCOME

	2025	2024
		(restated)
	£	£
Interest on cash and cash equivalents	93,568	312,031
	--------	---------

12. INTEREST PAYABLE AND SIMILAR EXPENSES

	2025	2024
		(restated)
	£	£
Interest on obligations under finance leases and hire purchase contracts	101,401	299,727
Other interest payable and similar charges	342,844	339,577
	---------	---------
	444,245	639,304
	---------	---------

13. TAX ON PROFIT

Major components of tax expense

	2025	2024
		(restated)
	£	£

Current tax:

UK current tax expense	665,095	392,735

Deferred tax:

Origination and reversal of timing differences	33,245	313,523
	---------	---------
Tax on profit	698,340	706,258
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
		(restated)
	£	£
Profit on ordinary activities before taxation	3,302,589	3,584,461
	------------	------------
Profit on ordinary activities by rate of tax	825,647	878,970
Adjustment to tax charge in respect of prior periods	–	( 118,847)
Effect of expenses not deductible for tax purposes	( 90,300)	( 246,183)
Effect of capital allowances and depreciation	( 93,237)	( 121,205)
Effect of different UK tax rates on some earnings	22,985	–
Deferred tax	33,245	313,523
	------------	------------
Tax on profit	698,340	706,258
	------------	------------

Factors that may affect future tax expense

There are no tax rate changes proposed that would have an effect on the calculation of deferred tax.

14. DIVIDENDS

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2025	2024
		(restated)
	£	£
Dividends paid	3,774,290	3,391,553
	------------	------------

15. TANGIBLE ASSETS

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 January 2025 (as restated)	4,968,340	8,840,768	13,809,108
Additions	687,879	14,124,894	14,812,773
Disposals	–	( 12,180,350)	( 12,180,350)
	------------	-------------	-------------
At 31 December 2025	5,656,219	10,785,312	16,441,531
	------------	-------------	-------------
Depreciation
At 1 January 2025	1,976,356	1,123,236	3,099,592
Charge for the year	362,403	1,631,149	1,993,552
Disposals	–	( 1,027,888)	( 1,027,888)
	------------	-------------	-------------
At 31 December 2025	2,338,759	1,726,497	4,065,256
	------------	-------------	-------------
Carrying amount
At 31 December 2025	3,317,460	9,058,815	12,376,275
	------------	-------------	-------------
At 31 December 2024	2,991,984	7,717,532	10,709,516
	------------	-------------	-------------

16. INVESTMENTS

	Other investments other than loans
	£
Cost
At 1 January 2025 as restated	4,828,398
Additions	360,000
Disposals	( 1,000,000)
Revaluations	418,300
	------------
At 31 December 2025	4,606,698
	------------
Impairment
At 1 January 2025 as restated and 31 December 2025	–
	------------

Carrying amount
At 31 December 2025	4,606,698
	------------
At 31 December 2024	4,828,398
	------------

	2025	2024
	£	£
Listed	420	420
Unlisted	19,500	19,500
	--------	--------
	19,920	19,920
	--------	--------

The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date.

Collective Investments

Other investment excluding the listed and unlisted noted above are collective unit trust investments. These have an easily obtainable valuation and are therefore measured at fair value.

17. STOCKS

	2025	2024
		(restated)
	£	£
Raw materials and consumables	424,720	564,084
Finished goods and goods for resale	18,601,062	14,290,843
	-------------	-------------
	19,025,782	14,854,927
	-------------	-------------

18. DEBTORS

	2025	2024
		(restated)
	£	£
Trade debtors	1,552,948	865,477
Amounts owed by group undertakings	84,432	–
Prepayments and accrued income	134,100	71,695
Other debtors	1,522,053	992,587
	------------	------------
	3,293,533	1,929,759
	------------	------------

19. CREDITORS: amounts falling due within one year

	2025	2024
		(restated)
	£	£
Trade creditors	19,965,847	11,718,459
Amounts owed to undertakings in which the company has a participating interest	686,676	511,676
Accruals and deferred income	90,285	178,447
Corporation tax	739,559	511,604
Social security and other taxes	134,254	278,787
Director loan accounts	2,277	–
Provisons short term	24,203	–
Other creditors	1,414,150	1,540,590
	-------------	-------------
	23,057,251	14,739,563
	-------------	-------------

The bank overdraft is secured by a fixed and floating charge over the assets of the company, together with a group cross guarantee with JTG Holdings Limited (group parent) and JTG Enterprises Limited (fellow subsidiary). The aggregate of secured liabilities falling due within one year is £nil (2024: £nil).

20. PROVISIONS

	Deferred tax (note 21)	Cost provisions	Total
	£	£	£
At 1 January 2025 (as restated)	1,310,124	3,329,110	4,639,234
Additions	33,245	( 14,110)	19,135
	------------	------------	------------
At 31 December 2025	1,343,369	3,315,000	4,658,369
	------------	------------	------------

21. DEFERRED TAX

The deferred tax included in the statement of financial position is as follows:

	2025	2024
		(restated)
	£	£
Included in provisions (note 20)	1,343,369	1,310,124
	------------	------------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
		(restated)
	£	£
Accelerated capital allowances	1,343,369	1,310,124
	------------	------------

The expected net reversal of deferred tax assets and liabilities in 2025 is Nil. This primarily relates to the reversal of timing differences on capital allowances with continued asset purchases at consistent levels year on year.

22. EMPLOYEE BENEFITS

Defined contribution pension plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 458,475 (2024: £ 369,245 ).

23. PRIOR PERIOD ERRORS

The comparative figures have been restated to remove courtesy and demonstrator vehicles from fixed asset and offset the balance against a corresponding creditor as ownership of the vehicles did not reside with the company. The comparative figures have also been restated to move provisions out of accruals.

24. ANALYSIS OF OTHER COMPREHENSIVE INCOME

	Revaluation reserve	Profit and loss account	Total
	£	£	£
Year ended 31 December 2025
Fair Value reserve movement	418,300	(418,300)	–
	---------	---------	----

Year ended 31 December 2024
Fair Value reserve movement	624,830	(624,830)	–
	---------	---------	----

Gravell's Limited

Notes to the Financial Statements (continued)

Year ended 31 December 2025

25. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2025		2024
			(restated)
	No.	£	No.	£
Ordinary shares of £ 1 each	225,000	225,000	225,000	225,000
Ordinary B shares of £ 1 each	1	1	1	1
	---------	---------	---------	---------
	225,001	225,001	225,001	225,001
	---------	---------	---------	---------

26. RESERVES

a) Profit and loss account This reserve records retained earnings and accumulated losses. b) Revaluation reserve The revaluation reserve represents the cumulate effect of revaluations of investment portfolios where a policy of revaluation has been adopted.

27. OPERATING LEASES

Lessee

The total future minimum lease payments under non-cancellable operating leases are as follows.

	2025	2024
	£	£
Not later than 1 year	563,000	563,000

Lessor

The company owns a fleet of motor vehicles for rental purposes. Motor vehicles are leased or made available for lease and the term varies depending on the lessee and their needs. None of the leases are non-cancellable agreements and the lessee does not have an option to purchase the motor vehicle at the expiry of the lease

28. CONTINGENCIES

Both Gravell's Limited and JTG Enterprises Limited, a fellow group company, and JTG Holdings Limited, the holding company are party to a group cross guarantee in respect of the groups bank borrowings. At the year end the bank borrowings of JTG Enterprises Limited covered by the cross guarantee amounted to £6,166 (2024: £16,519). Gravell's Limited and JTG Holdings Limited are part of the same VAT group. The was no liability for the company to guarantee at the year end 2024: (£nil).

29. RELATED PARTY TRANSACTIONS

During the year the company entered into transactions with related parties as follows: Director At the year end the director was owed £2,277 (2024: £2,277) from the company Group Companies

	2025	2023
	£	£
Rent paid to Group Companies	393,000	393,000
Balance owing (to)/from group comapnies	84,432	–

No interest was charged on any of the outstanding amounts Other related parties

	2025	2024
	£	£
Balance owing (to)/from related parties	(793,075)	(506,021)

	Rent paid	170,000	170,000

No interest was charged on any of the outstanding amounts. The director has provided a personal guarantee of £400,000 to Hyundai Capital to cover all facilities provided. This personal guarantee was released on 25th March 2026.

30. CONTROLLING PARTY

Mr J Gravell is the ultimate controlling party, by virtue of both his direct shareholding in JTG Holdings Limited and his indirect shareholding in Gravells Services Limited.

31. PARENT UNDERTAKINGS

The ultimate parent company is JTG Holdings Limited, a company incorporated in England and Wales. It's registered office is the same as that displayed on page 1 of these financial statements.