Acorah Software Products - Accounts Production 19.3.600 false true true 31 March 2024 1 April 2023 false 4 August 2026 true true true true 1 April 2024 30 September 2025 30 September 2025 00923161 Mr M R Brend Mr R P Brend false true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 00923161 2024-03-31 00923161 2025-09-30 00923161 2024-04-01 2025-09-30 00923161 frs-core:CurrentFinancialInstruments 2025-09-30 00923161 frs-core:Non-currentFinancialInstruments 2025-09-30 00923161 frs-core:BetweenOneFiveYears 2025-09-30 00923161 frs-core:FurnitureFittings 2025-09-30 00923161 frs-core:FurnitureFittings 2024-04-01 2025-09-30 00923161 frs-core:FurnitureFittings 2024-03-31 00923161 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2025-09-30 00923161 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-04-01 2025-09-30 00923161 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-03-31 00923161 frs-core:MoreThanFiveYears 2025-09-30 00923161 frs-core:MotorVehicles 2025-09-30 00923161 frs-core:MotorVehicles 2024-04-01 2025-09-30 00923161 frs-core:MotorVehicles 2024-03-31 00923161 frs-core:WithinOneYear 2025-09-30 00923161 frs-core:ShareCapital 2025-09-30 00923161 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2024-03-31 00923161 frs-core:RetainedEarningsAccumulatedLosses 2025-09-30 00923161 frs-bus:PrivateLimitedCompanyLtd 2024-04-01 2025-09-30 00923161 frs-bus:FullAccounts 2024-04-01 2025-09-30 00923161 frs-bus:MediumEntities 2024-04-01 2025-09-30 00923161 frs-bus:Audited 2024-04-01 2025-09-30 00923161 frs-bus:Medium-sizedCompaniesRegimeForAccounts 2024-04-01 2025-09-30 00923161 frs-bus:Medium-sizedCompaniesRegimeForDirectorsReport 2024-04-01 2025-09-30 00923161 frs-bus:OrdinaryShareClass1 2024-04-01 2025-09-30 00923161 frs-bus:OrdinaryShareClass1 2025-09-30 00923161 1 2024-04-01 2025-09-30 00923161 frs-core:DeferredTaxation 2024-04-01 2025-09-30 00923161 frs-core:DeferredTaxation 2024-03-31 00923161 frs-core:DeferredTaxation 2025-09-30 00923161 frs-bus:Director1 2024-04-01 2025-09-30 00923161 frs-bus:Director2 2024-04-01 2025-09-30 00923161 frs-bus:Director2 2025-09-30 00923161 frs-bus:Director3 2024-04-01 2025-09-30 00923161 frs-bus:Director3 2025-09-30 00923161 frs-bus:Director4 2024-04-01 2025-09-30 00923161 frs-bus:Director4 2025-09-30 00923161 1 2024-04-01 2025-09-30 00923161 2 2024-04-01 2025-09-30 00923161 frs-countries:EnglandWales 2024-04-01 2025-09-30 00923161 frs-countries:EnglandWales 2024-04-01 2025-09-30 00923161 frs-core:ProductService1 2024-04-01 2025-09-30 00923161 frs-core:ProductService2 2024-04-01 2025-09-30 00923161 frs-core:ProductService3 2024-04-01 2025-09-30 00923161 2023-03-31 00923161 2024-03-31 00923161 2023-04-01 2024-03-31 00923161 frs-core:CurrentFinancialInstruments 2024-03-31 00923161 frs-core:Non-currentFinancialInstruments 2024-03-31 00923161 frs-core:BetweenOneFiveYears 2024-03-31 00923161 frs-core:MoreThanFiveYears 2024-03-31 00923161 frs-core:WithinOneYear 2024-03-31 00923161 frs-core:ShareCapital 2024-03-31 00923161 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2023-03-31 00923161 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 00923161 frs-bus:OrdinaryShareClass1 2023-04-01 2024-03-31 00923161 1 2023-04-01 2024-03-31 00923161 2 2023-04-01 2024-03-31 00923161 frs-core:ProductService1 2023-04-01 2024-03-31 00923161 frs-core:ProductService2 2023-04-01 2024-03-31 00923161 frs-core:ProductService3 2023-04-01 2024-03-31
Registered number: 00923161
Taw Garages Limited
Strategic Report, Directors' Report and
Financial Statements
For the Period 1 April 2024 to 30 September 2025
Taw Garages Limited
Contents
Contents

| Page
--- | ---
Strategic Report | 1—2
Directors' Report | 3—4
Independent Auditor's Report | 5—8
Statement of Income and Retained Earnings | 9
Balance Sheet | 10
Notes to the Financial Statements | 11—19

Page 1
Taw Garages Limited
Strategic Report
For the Period 1 April 2024 to 30 September 2025
Strategic Report
The directors present their strategic report for the period ended 30 September 2025.
Review of the Business
The Directors present their Strategic Report for the eighteen-month period ended 30 September 2025.
During the period the Company changed its accounting reference date from 31 March to 30 September following the wider group restructuring and demerger. Consequently, these financial statements cover an eighteen-month period and are therefore not directly comparable with the previous twelve-month financial year.
The period represented one of the most significant strategic changes in the Company’s history. Throughout the majority of the period the Company continued to operate as an authorised Ford retailer together with its established servicing, parts and fuel forecourt operations. Following a detailed strategic review, the decision was taken to cease operating as an authorised Ford dealer with effect from 30 September 2025.
The decision was driven by changing market dynamics within the franchised motor retail sector, increasing manufacturer requirements and the Directors’ belief that the long-term future of the business would be better served by operating independently as a specialist premium used vehicle retailer.
During the period the Company generated revenue of £33,880,698 (2024: £25,152,460) and gross profit of £3,509,312 (2024: £2,829,772), representing a gross profit margin of 10%, consistent with the previous financial year. The Company reported an operating loss of £873,982 and a loss before taxation of £877,385, primarily reflecting the costs associated with the restructuring, changing market conditions and the strategic transition of the business. Net assets at the period end amounted to £3,679,830. The Directors remain satisfied that the Company maintains a strong underlying financial position and continues to prepare the financial statements on a going concern basis.
The Directors have prepared detailed cash flow forecasts and budgets covering the period beyond twelve months from the date of approval of these financial statements and remain satisfied that the Company has adequate financial resources to continue trading.
Principal Risks and Uncertainties
The motor retail industry continues to operate within a highly competitive environment. The principal risks affecting the Company include fluctuations in consumer confidence, changes in interest rates affecting vehicle finance affordability, inflationary pressures, stock availability and volatility in used vehicle values.
Following the cessation of the Ford franchise, the Company has entered a new phase of trading as an independent premium used vehicle retailer. Whilst this introduces opportunities for improved flexibility and stronger margins, the Directors recognise the importance of maintaining disciplined stock purchasing, effective inventory management and careful control of operating costs.
The Company also continues to derive income from its servicing, parts and fuel forecourt operations, providing a diversified revenue base and reducing reliance on vehicle sales alone. The Directors regularly review financial performance, cash flow forecasts and key operational indicators to ensure risks are identified and managed effectively.
Financial Key Performance Indicators
The Directors monitor the performance of the Company using a range of financial indicators including:

| 2025 |  | 2024
Revenue | £33,880,698 |  | £25,152,460
Gross Profit | £3,509,312 |  | £2,829,772
Gross profit % | 10% |  | 11%
Operating (Loss)/Profit | (£873,982) |  | £244,973
(Loss)/Profit Before Tax | (£877,385) |  | £244,927
Net Assets | £3,679,830 |  | £4,597,033

These measures are reviewed regularly by the Directors to assess operational performance, profitability, cash generation and financial strength.
Page 1
Page 2
Taw Garages Limited
Strategic Report (continued)
For the Period 1 April 2024 to 30 September 2025
Future Developments
The Company has now commenced trading as an independent premium used vehicle retailer following the strategic withdrawal from the Ford franchise. The Directors believe this transition provides greater operational flexibility, improved control over stock purchasing and pricing, and the opportunity to focus on higher-margin premium used vehicles.
Whilst turnover is expected to reduce following the cessation of new vehicle sales, the Directors anticipate that the revised business model will deliver a more sustainable level of profitability and stronger cash generation over the medium to long term. Investment will continue in customer service, digital marketing, stock sourcing and operational efficiency to strengthen the Company’s market position.
The Directors remain confident that the Company is well positioned to adapt to changing market conditions and deliver sustainable long-term value for its shareholders, customers and employees.
On behalf of the board

Mr M R Brend Director | Mr R P Brend Director
3 August 2026

Page 2
Page 3
Taw Garages Limited
Company No. 00923161
Directors' Report For the Period 1 April 2024 to 30 September 2025
Directors' Report
The directors present their report and the financial statements for the period ended 30 September 2025.
Principal Activity
The company's principal activities during the period were those of motor dealers, engineers and garage propretors.
Directors
The directors who held office during the period were as follows:

Mr M R Brend
Mr R P Brend | Appointed | 10/06/2025
Mr J J Brend | Resigned | 10/06/2025
Mr M J Brend | Resigned | 10/06/2025

Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:

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

Page 3
Page 4
Taw Garages Limited
Directors' Report (continued)
For the Period 1 April 2024 to 30 September 2025
Independent Auditors
The auditors, Sumer Auditco Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board

Mr M R Brend Director | Mr R P Brend Director
3 August 2026

Page 4
Page 5
Independent Auditor's Report
to the Members of
Taw Garages Limited
Independent Auditor's Report
Opinion
We have audited the financial statements of Taw Garages Limited for the period ended 30 September 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its profit/(loss) for the period then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 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 entity's ability to continue as a going concern for a period of at least 12 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.
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 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. 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 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.
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 period for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Page 5
Page 6
Independent Auditor's Report (continued)
to the Members of
Taw Garages Limited
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records or returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3—4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Page 6
Page 7
Independent Auditor's Report (continued)
to the Members of
Taw Garages Limited
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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
As part of our audit planning, through discussions with management, we obtained an understanding of the legal and regulatory framework applicable to the company and the motor vehicle retail sector in which it operates, to identify the key laws and regulations affecting the company. The key laws and regulations identified include those relating to motor trade and consumer protection, including the Consumer Rights Act 2015, VAT and wider HMRC tax compliance requirements, DVLA registration and vehicle licensing requirements, as well as health and safety and employment legislation. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily the Companies Act 2006, the reporting framework (FRS 102), and relevant UK tax compliance regulations.
We discussed with management how the compliance with these laws and regulations is monitored and we discussed the policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the entity complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the company’s ability to continue trading and the risk of material misstatement to the accounts.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

- Enquiries of management and those charged with governance regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements
- Reviewed legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance
- Considered compliance in relation to vehicle sales processes, including documentation supporting ownership transfer (DVLA records) and finance arrangements

As part of our enquiries, we discussed with management whether there have been any known instances, allegations, or suspicions of fraud, of which there were none reported.
We also evaluated the risk of fraud through management override including that arising from management's incentives. The key risk we identified was fraudulent financial reporting.
In response to the identified risk, as part of our audit work we:

- Identified and tested journal entries throughout the year and year end adjustments, for appropriateness
- Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates, in particular in relation to stock provision

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Page 7
Page 8
Independent Auditor's Report (continued)
to the Members of
Taw Garages Limited
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that 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.

Edward Meardon FCA (Senior Statutory Auditor) for and on behalf of Sumer Auditco Limited , Statutory Auditor
4 August 2026
Sumer Auditco Limited T/A Sumer Audit 69 High Street Bideford EX39 2AT

Page 8
Page 9
Taw Garages Limited
Statement of Income and Retained Earnings
For the Period 1 April 2024 to 30 September 2025
Statement of Income and Retained Earnings

| 30 September 2025 |  | 31 March 2024 as restated
--- | --- | --- | ---
| Notes | £ |  | £
TURNOVER | 3 | 33,880,698 |  | 25,152,460
Cost of sales |  | (30,371,386 ) |  | (22,322,688 )
GROSS PROFIT |  | 3,509,312 |  | 2,829,772
Administrative expenses |  | (4,383,294 ) |  | (2,584,799 )
OPERATING (LOSS)/PROFIT | 4 | (873,982 ) |  | 244,973
Other interest receivable and similar income | 9 | 847 |  | -
Interest payable and similar charges | 10 | (4,250 ) |  | (46 )
(LOSS)/PROFIT BEFORE TAXATION |  | (877,385 ) |  | 244,927
Tax on (Loss)/profit | 11 | 99,519 |  | (61,726 )
(LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL PERIOD |  | (777,866 ) |  | 183,201
RETAINED EARNINGS
As at 1 April 2024 |  | 4,567,033 |  | 4,383,832
Dividends paid |  | (139,337) |  | -
As at 30 September 2025 |  | 3,649,830 |  | 4,567,033

The notes on pages 11 to 19 form part of these financial statements.
Page 9
Page 10
Taw Garages Limited
Balance Sheet
As At 30 September 2025
Balance Sheet
Registered number: 00923161

| 30 September 2025 | 31 March 2024 as restated
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 13 |  | 969,303 |  | 1,118,449
|  |  | 969,303 |  | 1,118,449
CURRENT ASSETS
Stocks | 14 | 1,597,974 |  | 4,260,215 |
Debtors | 15 | 6,407,893 |  | 1,389,770 |
Cash at bank and in hand |  | 359,871 |  | 1,749,951 |
|  | 8,365,738 |  | 7,399,936 |
Creditors: Amounts Falling Due Within One Year | 16 | (5,188,919 ) |  | (3,742,936 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 3,176,819 |  | 3,657,000
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 4,146,122 |  | 4,775,449
Creditors: Amounts Falling Due After More Than One Year | 17 |  | (344,334 ) |  | -
PROVISIONS FOR LIABILITIES
Deferred Taxation | 18 |  | (121,958 ) |  | (178,416 )
NET ASSETS |  |  | 3,679,830 |  | 4,597,033
CAPITAL AND RESERVES
Called up share capital | 20 |  | 30,000 |  | 30,000
Profit and Loss Account |  |  | 3,649,830 |  | 4,567,033
SHAREHOLDERS' FUNDS |  |  | 3,679,830 |  | 4,597,033

On behalf of the board

Mr M R Brend Director | Mr R P Brend Director
3 August 2026

The notes on pages 11 to 19 form part of these financial statements.
Page 10
Page 11
Taw Garages Limited
Notes to the Financial Statements
For the Period 1 April 2024 to 30 September 2025
Notes to the Financial Statements
1. General Information
Taw Garages Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00923161 . The registered office is 69 High Street, Bideford, Devon, EX39 2AT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.
During the period the company changed its accounting reference date from 31 March 2025 to 30 September 2025. Accordingly, the financial statements cover the eighteen-month period ended 30 September 2025. Comparative figures relate to the year ended 31 March 2024 and are therefore not directly comparable. The change was made following the restructuring and demerger of the wider group during the period.
2.2. Financial Reporting Standard 102 - Reduced Disclosure Exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d);
- the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48 (a) (iii), 11.48 (a) (iv), 11.48 (b) and 11.48 (c);
- the requirements of Section 12 Other Financial Instruments Issues paragraphs 12.27, 12.29 (a), 12.29 (b), 12.29A and 12.30;
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Brend Garages Limited as at 30 September 2025 and these financial statements may be obtained from Companies House.
2.3. Going Concern Disclosure
The financial statements have been prepared on the going concern basis.
In assessing the appropriateness of the going concern basis, the directors have considered the company's financial position, cash flow forecasts and available financing arrangements for a period of at least twelve months from the date of approval of these financial statements.
The company reported a net loss of £777,866 for the eighteen-month period ended 30 September 2025 (2024: net profit of £183,201). At 30 September 2025, the company had net assets of £3,679,830 (2024: £4,597,033) and net current assets of £3,176,819 (2024: £3,657,000).
During the period, the company underwent a group restructuring and the Ford franchise ceased at the period end. The directors have considered the impact of these matters, together with the company's continued operations as a used and commercial vehicle dealership, servicing and maintenance provider and petrol forecourt operator.
Having reviewed forecasts and expected future trading performance, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing these financial statements.
Page 11
Page 12
Taw Garages Limited
Notes to the Financial Statements (continued)
For the Period 1 April 2024 to 30 September 2025
2.4. Significant judgements and estimations
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However the nature of estimation means that actual outcomes could differ from those estimates. The following have had the most significant effect on amounts recognised in the financial statements:
DEPRECIATION
The annual depreciation charge is sensitive to any changes in the estimated useful life and residual values of tangible assets. The useful economic lives and residual value is assessed on an annual basis and are amended only when evidence shows a change in the estimated economic lives or residual life. Criteria used to assess the economic life and residual value includes technological advancement, economic utilisation, physical condition of the asset and future investments.
STOCKWRITE DOWN PROVISION
Included in the financial statements are provisions against used car stock to align the book value to the net realisable value. These provisions are created by management based on their assumptions of the local market and expected selling prices.
2.5. Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Revenue from new vehicle sales is recognised when the vehicle is registered. From this point the sale of the vehicle is virtually certain, and therefore the Directors consider this to be the point at which substantially all of the risks and rewards of ownership have been transferred to the customer. The customer is committed to the sale and is required to take out a separate insurance policy from the manufacturer for the period between registration and collection or delivery.
Revenue from the sale of used vehicles, parts and accessorises is recognised when the significant risks and rewards of ownership have been transferred to the buyer which generally occurs when vehicles or parts are delivered to the customer and title has passed. Servicing and body shop sales are recognised on completion of the agreed work.
Forecourt revenue is recognised on the day that the sales are made.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Long-term leasehold property | 0%
Motor Vehicles | Based on market value
Fixtures & Fittings | 10% reducing balance

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.
The long-term leasehold property is depreciated at 0%. The company has a policy and practice of regular maintenance and repair (charges for which are recognised in the Statement of income and Retained Earnings) such that the leasehold property is kept to its previously assessed standard of performance. The directors are of the opinion that the carrying value of the long-term leasehold property remains at least equivalent to the value in which it is held in the accounts and that as such, any depreciation charge would be negligible.
2.7. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
Page 12
Page 13
Taw Garages Limited
Notes to the Financial Statements (continued)
For the Period 1 April 2024 to 30 September 2025
2.8. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.9. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.10. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the period, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.11. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
Page 13
Page 14
Taw Garages Limited
Notes to the Financial Statements (continued)
For the Period 1 April 2024 to 30 September 2025
3. Turnover
Analysis of turnover by class of business is as follows:

| 30 September 2025 |  | 31 March 2024 as restated
--- | --- | --- | ---
| £ |  | £
Forecourt | 7,185,922 |  | 5,643,239
Parts and servicing | 3,433,824 |  | 2,201,555
Vehicle sales | 23,260,952 |  | 17,307,666
| 33,880,698 |  | 25,152,460

All turnover arose within the United Kingdom.
4. Operating (Loss)/profit
The operating (loss)/profit is stated after charging:

| 30 September 2025 |  | 31 March 2024 as restated
--- | --- | --- | ---
| £ |  | £
Operating lease rentals | 412,500 |  | 275,000
Depreciation of tangible fixed assets | 315,291 |  | 129,101

5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the period was as follows:

| 30 September 2025 |  | 31 March 2024 as restated
--- | --- | --- | ---
| £ |  | £
Audit Services
Audit of the company's financial statements | 20,000 |  | 22,450
Other Services
Other non-audit services | 5,000 |  | -

6. Staff Costs
Staff costs, including directors' remuneration, were as follows:

| 30 September 2025 |  | 31 March 2024 as restated
--- | --- | --- | ---
| £ |  | £
Wages and salaries | 1,816,712 |  | 1,258,157
Social security costs | 243,703 |  | 107,184
Other pension costs | 63,858 |  | 23,086
| 2,124,273 |  | 1,388,427

Page 14
Page 15
Taw Garages Limited
Notes to the Financial Statements (continued)
For the Period 1 April 2024 to 30 September 2025
7. Average Number of Employees
Average number of employees, including directors, during the period was as follows:

| 30 September 2025 |  | 31 March 2024
--- | --- | --- | ---
Directors | 5 |  | 6
Garage personnel | 47 |  | 47
| 52 |  | 53

8. Directors' remuneration

| 30 September 2025 |  | 31 March 2024 as restated
--- | --- | --- | ---
| £ |  | £
Emoluments | 4,008 |  | -

9. Interest Receivable and Similar Income

| 30 September 2025 |  | 31 March 2024 as restated
--- | --- | --- | ---
| £ |  | £
Bank interest receivable | 847 |  | -

10. Interest Payable and Similar Charges

| 30 September 2025 |  | 31 March 2024 as restated
--- | --- | --- | ---
| £ |  | £
Bank loans and overdrafts | 4,250 |  | 46

11. Tax on Profit
The tax (credit)/charge on the (loss)/profit for the period was as follows:

| 30 September 2025 |  | 31 March 2024 as restated
--- | --- | --- | ---
| £ |  | £
Current tax
UK Corporation Tax | (43,061 ) |  | 61,726
Deferred Tax
Deferred taxation | (56,458 ) |  | -
Total tax charge for the period | (99,519 ) |  | 61,726

The actual (credit)/charge for the period can be reconciled to the expected (credit)/charge for the period based on the (loss)/profit and the standard rate of corporation tax as follows:
Page 15
Page 16
Taw Garages Limited
Notes to the Financial Statements (continued)
For the Period 1 April 2024 to 30 September 2025

| 30 September 2025 |  | 31 March 2024
--- | --- | --- | ---
| £ |  | £
Profit before tax | (877,385) |  | 244,927
Tax on profit at 25% (UK standard rate) | (219,346 ) |  | 61,232
Expenses not deductible for tax purposes | 78,823 |  | 32,765
Tax losses utilised | 43,061 |  | -
Capital allowances | (25,649 ) |  | (50,936 )
Group relief | 99,939 |  | -
Deferred tax from unrecognised timing difference from a prior period | (56,458 ) |  | -
Tax losses unutilised carried forward | (19,889 ) |  | -
Current tax from unrecognised timing difference from a prior period | - |  | 18,215
Total tax charge for the period | (99,519) |  | 61,276

12. Prior Period Adjustment
Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period. The reclassification has had no impact on the company's net assets or net profit previously reported.
The principal reclassification relates to the presentation of certain balances within creditors. Amounts of £2,727,831 previously included within trade creditors have been reclassified to other creditors to improve the presentation and consistency of the financial statements.
13. Tangible Assets

| Land & Property
--- | ---
| Long-term leasehold property | Motor Vehicles | Fixtures & Fittings | Total
| £ | £ | £ | £
Cost
As at 1 April 2024 | 95,414 | 831,076 | 1,564,776 | 2,491,266
Additions | - | 558,660 | 114,454 | 673,114
Disposals | - | (625,609 ) | - | (625,609 )
As at 30 September 2025 | 95,414 | 764,127 | 1,679,230 | 2,538,771
Depreciation
As at 1 April 2024 | - | 147,661 | 1,225,156 | 1,372,817
Provided during the period | - | 247,180 | 68,111 | 315,291
Disposals | - | (118,640 ) | - | (118,640 )
As at 30 September 2025 | - | 276,201 | 1,293,267 | 1,569,468
Net Book Value
As at 30 September 2025 | 95,414 | 487,926 | 385,963 | 969,303
As at 1 April 2024 | 95,414 | 683,415 | 339,620 | 1,118,449

Page 16
Page 17
Taw Garages Limited
Notes to the Financial Statements (continued)
For the Period 1 April 2024 to 30 September 2025
14. Stocks

| 30 September 2025 |  | 31 March 2024 as restated
--- | --- | --- | ---
| £ |  | £
Stock | 105,175 |  | 133,839
Finished goods and goods for resale | 1,492,799 |  | 4,090,211
Work in progress | - |  | 36,165
| 1,597,974 |  | 4,260,215

15. Debtors

| 30 September 2025 |  | 31 March 2024 as restated
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 513,456 |  | 344,078
Amounts owed by group undertakings | 2,380,076 |  | 1,034,307
Other debtors | 3,514,361 |  | 11,385
| 6,407,893 |  | 1,389,770

16. Creditors: Amounts Falling Due Within One Year

| 30 September 2025 |  | 31 March 2024 as restated
--- | --- | --- | ---
| £ |  | £
Trade creditors | 471,630 |  | 416,619
Other creditors | 4,229,722 |  | 2,727,831
Corporation tax | - |  | 43,060
Taxation and social security | 339,086 |  | 370,689
Accruals and deferred income | 148,481 |  | 184,737
| 5,188,919 |  | 3,742,936

Included within creditors is £3,889,405 due to a finance provider, secured by a floating charge over vehicle stocks and related assets of the company.
In October 2025, the outstanding balance secured by the floating charge was cleared in full and the charge was subsequently satisfied.
17. Creditors: Amounts Falling Due After More Than One Year

| 30 September 2025 |  | 31 March 2024 as restated
--- | --- | --- | ---
| £ |  | £
Amounts owed to participating interests | 344,334 |  | -

Page 17
Page 18
Taw Garages Limited
Notes to the Financial Statements (continued)
For the Period 1 April 2024 to 30 September 2025
18. Deferred Taxation
The provision for deferred tax is made up as follows:

| 30 September 2025 |  | 31 March 2024 as restated
--- | --- | --- | ---
| £ |  | £
Other timing differences | 121,958 |  | 178,416

19. Provisions for Liabilities

| Deferred Tax | Total
--- | --- | ---
| £ | £
As at 1 April 2024 | 178,416 | 178,416
Deferred taxation | (56,458 ) | (56,458 )
Balance at 30 September 2025 | 121,958 | 121,958

20. Share Capital

| 30 September 2025 |  | 31 March 2024 as restated
--- | --- | --- | ---
Allotted, called up and fully paid | £ |  | £
30,000 Ordinary Shares of £ 1.00 each | 30,000 |  | 30,000

21. Contingent Liabilities
An Omnibus Guarantee and Set-Off Agreement has been given in favour of Lloyds Banking Group by Taw Garages Limited, Taw Garage (Holdings) Limited and the other parties to the agreement to secure all monies and liabilities due or which may thereafter become due.
22. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:

| 30 September 2025 |  | 31 March 2024 as restated
--- | --- | --- | ---
| £ |  | £
Not later than one year | 275,000 |  | 275,000
Later than one year and not later than five years | 1,100,000 |  | 1,100,000
Later than five years | 275,000 |  | 550,000
| 1,650,000 |  | 1,925,000

Operating lease expenditure contained within the profit and loss account totals £412,500 (2024: £275,000).
23. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the period the charge to the profit and loss account in respect of defined contribution schemes was £63,858 (2024: £23,086).
At the balance sheet date contributions of £NIL were due to the fund.
Page 18
Page 19
Taw Garages Limited
Notes to the Financial Statements (continued)
For the Period 1 April 2024 to 30 September 2025
24. Dividends

| 30 September 2025 |  | 31 March 2024 as restated
--- | --- | --- | ---
| £ |  | £
On equity shares:
Interim dividend paid | 139,337 |  | -

25. Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
26. Controlling Parties
The company's immediate parent undertaking is Taw Garage (Holdings) Limited .
The ultimate parent undertaking is Brend Garages Limited (incorporated in England & Wales). Its registered office is 69 High Street, Bideford, England, EX39 2AT .
Copies of the group accounts may be obtained from the company's registered office.
The company has no ultimate controlling party
Page 19