REGISTERED NUMBER: 01962593 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2025

for

Chippenham Motor Company Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

A J Bailey

J A Bailey

D C Wall

SECRETARY:

L S Bailey

REGISTERED OFFICE:

Chippenham Motor Company

Bumpers Way

Chippenham

Wiltshire

SN14 6LF

REGISTERED NUMBER:

01962593 (England and Wales)

The directors present their strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

The Company's principal activity for the year ended 31 December 2025 is the sales and service of new and used motor vehicles together with the associated sale of parts and accessories.

The UK new car market recorded its third consecutive year of growth with total registrations of 2.02 million new cars sold during 2025 - an increase of 3.5% over the previous year, and the first year of this decade that it has exceeded 2 million units. The growth was shared in both private and fleet sectors, and the year saw pure electric car sales (BEVs) rise to almost half a million registrations taking a market share of total new car sales to 23.4%, largely driven by the fleet sector.

In terms of how the Kia franchise that we represent performed compared with the national market, sales grew by 1.1% over last year and it was the fourth best-selling brand in the UK. We have retained Authorised Repairer status for Peugeot, Citroën, Volvo and Ford, and this enables us to continue to serve our longstanding customers and retain their service and repair business in our Workshops.

Company turnover grew by £1.53m to £31.83m, an increase of 5.0% over the previous year, driven by an increase of 20.4% in New Car Sales of £1.4m. Aftersales contributed to the growth in Company turnover adding £611.6K, an increase of 14.4%. The overall gross profit grew by £187.1K (8.9%) yielding a gross margin of 7.2%, a small increase of 0.25%, lower than planned due to the pressure on overall vehicle margins. Used car margins reduced by 1% over the period to 8.7%. Firm control of all departmental expenses during the year enabled the Company operating profit margin to grow by 0.26% to 2.0%.

New retail car sales volumes for the year outperformed the market, with an increase of 15% over the previous year, whereas used retail volumes reduced by 151 over 2024. This was largely due to a high mix of EV stock carried over from the previous year which had been overvalued and proved difficult to retail, which had a negative effect on used margins.

The total Company total administrative expenses rose by £76k over the period primarily due to increases in rates, rent and utility costs, and the Company has recorded a net profit before tax for the year of £500.1k (1.6%), compared to last year's £369.4k (1.2%). The Vehicle Sales team has seen a stable growth in experience and productivity, and we are starting to see benefits from the recent additions to the Aftersales teams.

It looks as though the challenging economic climate we are facing will remain with us for the foreseeable future, and with it comes the increasing pressures on the cost of living driven by high utility costs and interest rates resulting in potential pressure on retail demand in the automotive sector. The Government's Budget saw the Company confronted with an increase in Business Rates and Employer National Insurance contributions from April 2025 which added significant increases to the overhead cost structure of the business. This, together with the ongoing war in Ukraine and the volatile Republican administration in the USA has affected both the market and our business, but the Company approaches the year ahead with cautious optimism, assisted by the growing attractiveness and range of the Kia franchise, and the growing opportunities in the Used Car market.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal challenges of the company continue due to the economy and competition from other dealerships and manufacturers.

Financial Instruments

The Company's principal financial instruments comprise of cash, borrowings, trade debtors and trade creditors. The main purpose of these financial instruments is to raise finance for the company's operations. The main risks arising from the company's financial instruments are:

Interest rate risk

Interest rate risks arise from the company's exposure to interest rate fluctuations and is managed by use of a mixture of fixed and floating facilities.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds and available for the ongoing and future development, the company uses a mixture of long term and short term debt finance.

Credit risk

Credit risk arises from the company's trade debtors and in order to minimise this, limits are set based on a combination of payment history and third party credit references. Outstanding amounts are monitored regular based upon debt ageing and collection history.

FINANCIAL KEY PERFORMANCE INDICATORS

The Director uses a number of key performance measures to monitor and manage performance within the business. The key performance indicators used are turnover, gross profit and operating profit and these are disclosed in the financial statements. The director monitors these key performance indicators on a regular basis throughout the year to ensure the company's strategy is achieved.

FUTURE DEVELOPMENTS

The business is firmly established in two trading locations in Chippenham, and we continue to focus on methods by which we can grow volumes across all departments of the business, whilst seeking to improve margins and maintain a firm control on staffing levels and costs.

ON BEHALF OF THE BOARD:

D C Wall - Director

23 July 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the sale, maintenance and repair of motor vehicles and related parts and accessories.

DIVIDENDS

The directors recommend a final dividend payment of £NIL be made in respect of the financial year ended 31 December 2025.

Total dividends paid during the year amounted to £570,000 (2024 - £500,000).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

A J Bailey

J A Bailey

Other changes in directors holding office are as follows:

D P McDade - appointed 1 September 2025

D C Wall was appointed as a director after 31 December 2025 but prior to the date of this report.

D P McDade ceased to be a director after 31 December 2025 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 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 these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Sumer Auditco Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D C Wall - Director

23 July 2026

Opinion

We have audited the financial statements of Chippenham Motor Company Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery, employment law and company legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the We Company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

-

Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

-

Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;

-

Reviewing the Company's legal costs to check for non-compliance with laws and regulations and fraud;

-

Review of tax compliance with the involvement of our tax specialists in the audit;

-

Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of expenses;

-

Testing transactions entered into outside of the normal course of the Company's business; and

-

Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as journals with round numbers.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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 at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.

David Iain Black (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Statutory Auditor

Hermes House

Fire Fly Avenue

Swindon

Wiltshire

SN2 2GA

28 July 2026

TURNOVER

4

31,834,122

30,302,722

Cost of sales

29,533,234

28,188,958

GROSS PROFIT

2,300,888

2,113,764

Administrative expenses

1,673,625

1,596,755

OPERATING PROFIT

6

627,263

517,009

Interest payable and similar expenses

7

127,145

147,649

PROFIT BEFORE TAXATION

500,118

369,360

Tax on profit

8

69,892

107,785

PROFIT FOR THE FINANCIAL YEAR

430,226

261,575

PROFIT FOR THE YEAR

430,226

261,575

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

430,226

261,575

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

848,923

997,378

Investments

12

-

-

848,923

997,378

CURRENT ASSETS

Stocks

13

3,430,972

2,848,524

Debtors

14

4,778,575

4,847,399

Cash at bank and in hand

113,535

562,396

8,323,082

8,258,319

CREDITORS

Amounts falling due within one year

15

4,601,308

4,353,751

NET CURRENT ASSETS

3,721,774

3,904,568

TOTAL ASSETS LESS CURRENT LIABILITIES

4,570,697

4,901,946

CREDITORS

Amounts falling due after more than one year

16

(1,740,127

)

(1,835,292

)

PROVISIONS FOR LIABILITIES

19

(121,592

)

(217,902

)

NET ASSETS

2,708,978

2,848,752

CAPITAL AND RESERVES

Called up share capital

20

200

200

Retained earnings

21

2,708,778

2,848,552

SHAREHOLDERS' FUNDS

2,708,978

2,848,752

The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2026 and were signed on its behalf by:

D C Wall - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

200

3,086,977

3,087,177

Changes in equity

Profit for the year

-

261,575

261,575

Total comprehensive income

-

261,575

261,575

Dividends

-

(500,000

)

(500,000

)

Balance at 31 December 2024

200

2,848,552

2,848,752

Changes in equity

Profit for the year

-

430,226

430,226

Total comprehensive income

-

430,226

430,226

Dividends

-

(570,000

)

(570,000

)

Balance at 31 December 2025

200

2,708,778

2,708,978

1.	STATUTORY INFORMATION

Chippenham Motor Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared 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 financial statements have been prepared under the historical cost convention.

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;

•

the requirement of paragraph 3.17(d);

•

the requirements of 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 paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirement of paragraph 33.7.

The information is included in the consolidated financial statements of Wiltshire Motor Company Limited as at 31 December 2025 and these financial statements may be obtained from the Registrar of Companies, Cardiff.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

-

the Company has transferred the significant risks and rewards of ownership to the buyer;

-

the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

-

the amount of turnover can be measured reliably;

-

it is probable that the Company will receive consideration due under the transaction; and

-

the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Sales of vehicles are recognised on delivery to the customer together with the associated manufacture bonus income. Any other manufacturer income in relation to achieving targets is recognised on an accruals basis.

Sale of parts are recognised at point of sale or delivery of goods to the customer. Service and repair sales are recognised on completion of all work and handover to the customer.

Goodwill

Goodwill represents the difference between the amounts paid on the cost of a business combination and the acquirers interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life.

Amoritisation is provided on the following bases:

Goodwill - 20%

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.

Depreciation is provided on the following basis:

Leasehold land and buildings

- 10% straight line

Equipment, fixtures and fittings

- 20% straight line

Website development costs

- 20% straight line

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

The directors consider the substance of stocking arrangements with manufacturers and where the group has access to the benefits of the stock and exposure to the risk and costs, the stock is treated as an asset of the group.

Current and deferred taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pensions

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Trade debtors

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

Trade debtors are recognised at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Accounts payable are classified as current liabilities if the group does not have an

unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve

months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months

after the reporting date, they are presented as non-current liabilities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances.

The items in the financial statements where these estimates and judgements have been made include:

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 of all assets are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 10 for the carrying amount of the property plant and equipment, and note 2 for the useful economic lives for each class of assets.

Stock provisioning

Significant estimates are involved in the determination of stock provisions. Management exercise judgement in determining whether the costs of a particular item of stock are recoverable on an item by item basis. Management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability and future usage. A provision is made where a loss can be reliably estimated.

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. See note 13 for the net carrying amount of the debtors and associated impairment provision.

4.

TURNOVER

All turnover arose within the United Kingdom.

The whole of the turnover is attributable to the principle activity of the company being the sale and service of new and used motor vehicles together with the sale of parts and accessories.

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,789,185

1,730,073

Social security costs

198,612

159,039

Other pension costs

34,934

31,330

2,022,731

1,920,442

The average number of employees during the year was as follows:

2025

2024

Sales Staff

9

9

Service and parts staff

31

31

Administration staff and management

14

16

54

56

2025

2024

£

£

Directors' remuneration

33,333

30,000

6.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

213,760

223,901

Loss on disposal of fixed assets

5,526

-

Auditors remuneration

14,700

14,000

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

127,145

147,649

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

166,202

111,426

Deferred tax

(96,310

)

(3,641

)

Tax on profit

69,892

107,785

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

500,118

369,360

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

125,030

92,340

Effects of:

Expenses not deductible for tax purposes

3,137

36,381

Depreciation in excess of capital allowances

38,035

39,169

Utilisation of tax losses

-

(56,464

)

Deferred Tax

(96,310

)

(3,641

)

Total tax charge

69,892

107,785

Factors that may affect future tax charges

The Company has £Nil (2024 - £Nil) of trading losses carried forward to utilise against future profits.

9.

DIVIDENDS

2025

2024

£

£

A Ordinary Shares shares of 1 each

Interim

570,000

500,000

10.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2025

and 31 December 2025

3,507,856

AMORTISATION

At 1 January 2025

and 31 December 2025

3,507,856

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

-

11.	TANGIBLE FIXED ASSETS

Equipment,

Leasehold

fixtures

Website

land and

and

development

buildings

fittings

costs

Totals

£

£

£

£

COST

At 1 January 2025

1,515,904

990,395

28,400

2,534,699

Additions

29,570

45,866

-

75,436

Disposals

-

(10,131

)

-

(10,131

)

At 31 December 2025

1,545,474

1,026,130

28,400

2,600,004

DEPRECIATION

At 1 January 2025

697,757

811,164

28,400

1,537,321

Charge for year

154,058

59,702

-

213,760

At 31 December 2025

851,815

870,866

28,400

1,751,081

NET BOOK VALUE

At 31 December 2025

693,659

155,264

-

848,923

At 31 December 2024

818,147

179,231

-

997,378

12.	FIXED ASSET INVESTMENTS

Investment

in

subsidiary

£

COST

At 1 January 2025

and 31 December 2025

946,380

PROVISIONS

At 1 January 2025

and 31 December 2025

946,380

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

-

13.

STOCKS

2025

2024

£

£

Vehicle Stock

2,785,571

2,198,724

Parts Stock

262,383

266,247

Consignment Stock

383,018

383,553

3,430,972

2,848,524

The director's have considered the substance of the stocking arrangements with the manufacturers, and considers that the consignment stock held by the company is in substance an asset of the company. The company has access to the benefits of the stock and exposure to the risk and costs of holding it. The company has therefore recognised the consignment stock in its balance sheet at 31 December 2025 and a corresponding liability to the manufacturers.