The director presents the strategic report for the year ended 31 March 2025.

The results for the year and financial position of the company are as shown in the annexed accounts. The key financial highlights are as follows:

There are a number of potential risks and uncertainties which could have a material impact on the company's long term performance. These risks and uncertainties are monitored by the Board on a regular basis.

The management team consider the risk implications of all significant business decisions and risks are re-assessed on a regular basis to ensure that any changes in the company's operations, or the external environment, are identified and appropriately managed. The key risks affecting the business are as follows:

Operating Risk - The company's reputation and continued success depends on its ability to provide stock to customers safely, efficiently and cost effectively. The company actively seeks to acquire vehicles that they consider to be saleable to commercial users.

Market Risk - The company operates in a very competitive market from which they seek to maintain a competitive advantage by offering the appropriate vehicles and providing high level of customer service and aftercare from professional and dedicated staff, combined with careful stock management.

Personal Risk - The company is a privately owned business and places great emphasis on recruiting and training high quality competent staff. The director considers succession planning issues and is seeking to broaden the company's management structure.

Financial Risk - As a privately owned company, Big Van World Limited is principally funded from retained profits as well as secured funding on the freehold property and is reliant on converting these profits into cash. Financial monitoring, forecasting and planning are continuous processes, with particular emphasis on balancing the maintenance of the gross profit margin with the delivery of a high quality service to customers, combined with carefully managing stock levels. Trading uncertainty from market conditions can always impact the company's financial position and thereby its profitability which in turn impacts the company's cashflow.

The director has considered the company's ability to continue trading for a period extending to at least twelve months from the date of approval of these financial statements. The director is satisfied taking into account, trading performance, gross profitability and market conditions that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the company continues to adopt the going concern basis.

On behalf of the board

The director presents his annual report and financial statements for the year ended 31 March 2025.

The principal activity of the company continued to be that of the sale of used cars and light motor vehicles.

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £36,000. The director does not recommend payment of a further dividend.

The director who held office during the year and up to the date of signature of the financial statements was as follows:

There are no events after the year end that the directors believe need to be reported.

In accordance with the company's articles, a resolution proposing that DSA Prospect Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The director is responsible for preparing the annual 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 of 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 judgements and accounting estimates that are reasonable and prudent; and

• 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 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. He 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.

We have audited the financial statements of Big Van World Limited (the 'company') for the year ended 31 March 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 March 2025 and of its loss 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 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.

Material Uncertainty Related to Going Concern

We draw attention to Note 1.2 in the financial statements which indicates that the Company is seeking replacement funding arrangements following the withdrawal of certain existing facilities. As stated in Note 1.2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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 contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

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.

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.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design and perform our audit procedures in accordance with ISAs (UK) to obtain reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error.

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud, we considered the nature of the company's operations and the regulatory environment in which it operates. This included consideration of compliance with relevant legislation and regulations applicable to the motor vehicle retail industry, including consumer protection legislation, road traffic and vehicle registration requirements, anti-money laundering regulations, and tax legislation, including VAT and corporation tax.

As part of our audit, we:

• Made enquiries of management and those charged with governance regarding any known or suspected non-compliance with laws and regulations, or instances of fraud;

• Made enquiries of individuals responsible for finance and compliance functions regarding adherence to relevant regulatory requirements, including VAT treatment, anti-money laundering procedures, and vehicle registration processes;

• Reviewed correspondence with regulatory authorities, including HMRC and other relevant government bodies;

• Reviewed financial statement disclosures and assessed whether they comply with applicable legal and regulatory requirements, including the Companies Act 2006;

• Performed audit procedures to address the risk of management override of controls, including journal entry testing, review of unusual or significant transactions, and evaluation of key accounting estimates (such as inventory valuation and provisions) for potential management bias.

Because of the inherent limitations of an audit, there is a risk that not all irregularities, including those involving fraud or non-compliance with regulations, will be detected. This risk increases where irregularities involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. It also increases the further removed compliance activities are from the financial reporting process — for example, in relation to operational compliance with consumer protection, vehicle registration, or anti-money laundering requirements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Big Van World Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, 1 Des Roches Square, Witan Way, Witney, OX28 4BE.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Big Van World Holdings Limited. These consolidated financial statements are available from its registered office, First Floor 1 Des Roches Square, Witan Way, Witney, OX28 4BE.

The financial statements have been prepared on a going concern basis.true

Subsequent to the year end, the Company's existing funding arrangements with HSBC Bank plc and Lombard North Central plc became subject to withdrawal and replacement. The directors have continued to review the Company's liquidity position and funding requirements and have prepared cash flow forecasts covering a period of at least twelve months from the date of approval of these financial statements.

The forecasts assume the successful completion of replacement funding arrangements currently being negotiated with Handelsbanken. At the date of approval of these financial statements, the replacement facilities had not been formally approved or completed.

Whilst the directors believe, based on discussions to date and the ongoing support of the Company's existing stock funding providers, that replacement facilities will be secured and that the Company will continue to meet its obligations as they fall due, the outcome of the refinancing process cannot be regarded as certain at the date of approval of these financial statements.

Accordingly, these circumstances indicate the existence of a material uncertainty which may cast significant doubt upon the Company's ability to continue as a going concern. Nevertheless, the directors consider it appropriate to prepare the financial statements on the going concern basis as they have a reasonable expectation that adequate funding will be available.

The financial statements do not include any adjustments that would arise if the Company were unable to continue as a going concern.

Revenue represents the amounts receivable from the sale of second-hand vans to customers, stated net of value added tax and other sales taxes, and after deducting trade discounts and any expected returns.

Revenue from the sale of second-hand vans is recognised when all of the following conditions have been satisfied:

• the significant risks and rewards of ownership of the van have been transferred to the buyer;

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

• the amount of revenue can be measured reliably;

• it is probable that the economic benefits associated with the transaction will flow to the Company; and

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

This is typically at the point when the customer takes possession of the van, either on delivery or collection, and the sales transaction is completed.

Each sale of a van is treated as a single transaction and revenue is recognised in full at that point in time.

Where payment for a van is deferred beyond normal credit terms, and the arrangement constitutes a financing transaction, revenue is recognised at the present value of the future receipts. The difference between the present value and the total amount receivable is recognised as interest income over the period of the financing arrangement using the effective interest method.

The company recognises revenue from the following major sources:

• Sale of vehicles and bikes

• Rental income - vans

• Rental income - property

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of vans, motorcycles and other goods is recognised when control of the goods passes to the customer, which is generally upon delivery and acceptance. Revenue is measured at the fair value of the consideration receivable, net of trade discounts and value added tax, and is recognised when it is probable that the economic benefits associated with the transaction will flow to the company and the amount can be measured reliably.

Rental income from the hire of vans is recognised on a straight-line basis over the period of the rental agreement, in accordance with the terms of the contract. Income received in advance is deferred and recognised over the period to which it relates.

Rental income arising from operating leases of property is recognised on a straight-line basis over the lease term. Lease incentives granted are recognised as an integral part of the total rental income and are spread over the lease term on a straight-line basis. Income received in advance is deferred and recognised over the period to which it relates.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

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, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors 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 finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

When the company acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the company allocates the consideration in the contract to the two elements.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

In preparing these financial statements, management has made certain judgements and estimates that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The directors have exercised judgement in assessing the company's ability to continue as a going concern. In making this assessment, they have considered cash flow forecasts, future trading performance, available financing facilities and ongoing discussions regarding replacement funding arrangements.

Judgement is applied in determining when control of a vehicle passes to the customer, which is generally upon delivery or collection of the vehicle.

Judgement is applied in assessing whether the company acts as principal or agent in respect of vehicle-related services, including warranties, finance commissions and other ancillary services, which determines whether revenue is recognised on a gross or net basis.

Judgement is exercised in assessing the recoverability of amounts due from related parties. This assessment considers the financial position of the related parties, expected future cash flows, repayment history and any supporting arrangements in place.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The company has significant balances due from related parties at the balance sheet date. Management has assessed the recoverability of these balances based on the financial position of the counterparties, projected cash flows and anticipated repayment arrangements. Due to the size of these balances, a change in the assumptions used could result in a material adjustment to their carrying value within the next financial year.

Used vans, motorcycles and other vehicles held for resale are measured at the lower of cost and estimated selling price less costs to complete and sell. Estimation is required in determining:

• expected selling prices based on current market conditions;

• the condition, mileage, age and desirability of individual vehicles;

• the impact of changing consumer demand and market trends;

• the extent of any discounts required to achieve a sale.

Management reviews the age profile and turnover of vehicle stock to identify vehicles that may require impairment or discounting. The provision reflects estimates of future selling prices and the time required to realise the stock.

Where warranties are provided on vehicles sold, provisions are recognised based on management's estimate of future claims. The estimate takes account of historical claims experience, the nature of warranties provided and anticipated repair costs.

Where indicators of impairment exist, management estimates the recoverable amount of tangible fixed assets, including rental vehicles, freehold property and equipment. This requires estimates of future cash flows, residual values and market conditions.

The turnover and profit before taxation are attributable to the one principal activity of the company.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

Tangible fixed assets with a carrying amount of £6,357,225 (2024 - £6,268,254) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings.

The freehold property was valued on 31st March 2018, by the director of the company.

If revalued assets were stated on a historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

The carrying amount of stocks includes £5,567,375 (2024 - £6,231,591) pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings.

Debtors with a carrying amount of £5,798,458 (2024 - £5,606,174) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings.

The stock loans are secured by way of an all monies debenture over the company with first unlimited priority over owned vehicles.

There is a fixed and floating charge over all the assets of the company to HSBC Bank Plc.

There is a second fixed and floating charge over the property or undertakings of the company to Firstrand Bank Limited trading as Motonovo Finance.

The stock loans are secured by way of an all monies debenture over the company with first unlimited priority over owned vehicles.

There is a fixed and floating charge over all the assets of the company to HSBC Bank Plc.

There is a second fixed and floating charge over the property or undertakings of the company to Firstrand Bank Limited trading as Motonovo Finance.

The stock loans are secured by way of an all monies debenture over the company with first unlimited priority over owned vehicles.

There is a fixed and floating charge over all the assets of the company to HSBC Bank Plc.

There is a second fixed and floating charge over the property or undertakings of the company to Firstrand Bank Limited trading as Motonovo Finance.

There is a third fixed charge granted to Lombard North Central Plc over the fixed asset as a first chargee by way of a secured mortgage.

There is a fourth fixed charge granted to Welford Properties Limited over the fixed asset as a first chargee by way of a secured mortgage.

The HSBC loans are also secured by personal guarantee by the director.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period. The deferred tax liability set out above is expected to reverse within 48 months and relates to accelerated capital allowances that are expected to mature within the same period.

Ordinary shares are entitled to one vote in any circumstances, equal rights to dividends, to participate in a distribution on winding up of the company and are non-redeemable.

The director does not believe there are any financial commitments, guarantees or contingent liabilities that need to be disclosed.

The directors do not believe there are any capital commitments that need to be disclosed.

There are no events after the year end that the directors believe need to be reported.

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

During the year, the company entered into transactions with entities controlled by Mr M Austen, a director of the company. These entities comprised of Big MXworld Limited, of which Mr Austen owns 100% of the issued share capital, and Big Van World Marine Operations LLP, of which Mr Austen holds a 99% interest.

Transactions during the year included the sale and purchase of goods and services, rental income, and the recharge of costs incurred on behalf of the LLP, including finance payments relating to assets owned by the LLP. These transactions were undertaken in the normal course of business.

The directors consider that all transactions with related parties were carried out on terms equivalent to those prevailing in arm's length transactions.

At the reporting date, amounts were due to and from these related parties. The balances are unsecured, interest free and repayable on demand.

Advances or credits have been granted by the company to its directors as follows:

Dividends totalling £33,000 (2024 - £0) were paid in the year in respect of shares held by the company's directors.

The parent company of Big Van World Limited is Big Van World Holdings Limited, a company incorporated and registered in England and Wales. The parents consolidated financial statements are available from its registered offices at First Floor, 1 Des Roches Square, Witan Way, Witney, OX28 4BE.

The company's financial statements are consolidated into the ultimate holding company's financial statements and are available from the parent's registered office.

The ultimate controlling party is Mr M Austen.

The following are the parents of the largest and smallest groups in which this company's results are consolidated: