Brend Garages Limited

	Page
Strategic Report	1
Directors' Report	2—3
Independent Auditor's Report	4—7
Consolidated Profit and Loss Account	8
Consolidated Balance Sheet	9
Company Balance Sheet	10
Consolidated Statement of Changes in Equity	11
Company Statement of Changes in Equity	12
Consolidated Statement of Cash Flows	13
Notes to the Consolidated Statement of Cash Flows	14
Company Statement of Cash Flows	15
Notes to the Company Statement of Cash Flows	16
Notes to the Financial Statements	17—25

The directors present their strategic report for the period ended 30 September 2025.

Review of the Business

The company was newly incorporated to operate as a holding company in order for a demerger to take place and alow the directors to obtain control of Taw Garage (Holdings) Limited and its trading subsidiary Taw Garages Limited. The directors believe that the demerger provides a clear ownership structure and allows management to focus on the long-term development of the business and its assets.

During the period the trading subsidiary underwent 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.

The trading subsidiary 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 their previous financial year. The trading subsidiary 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 trading subsidiary maintains a strong underlying financial position and continues to prepare the financial statements on a going concern basis. In turn this allows the directprs to remian satisfied that the group holds a strong financial position and has prepared 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 group has adequate financial resources to continue trading.

Financial Key Performance Indicators

The performance of the company's principal trading subsidiary, Taw Garages Limited, is monitored by the directors and is considered the key driver of the company's results and financial position. The KPIs of the principal trading subsidiary, Taw Garages Limited, are set out in the financial statements of Taw Garages Limited.

Principal Risks and Uncertainties

The motor retail industry continues to operate within a highly competitive environment. The principal risks affecting the group primarily stem from the risks applicable to the trading subsidiary and 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 group 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 Directors regularly review financial performance, cash flow forecasts and key operational indicators to ensure risks are identified and managed effectively.

On behalf of the board

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

Page 1

Page 2

Brend Garages Limited

Company No. 16273952

Directors' Report For the Period 25 February 2025 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 group'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	Appointed	11/06/2025
Mr R P Brend	Appointed	11/06/2025
Mr R P Brend	Appointed	25/02/2025	Resigned	11/06/2025

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 the group and of the profit or loss of the group 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 and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 and group'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 and group's auditors are aware of that information.

Page 2

Page 3

Brend Garages Limited

Directors' Report (continued)

For the Period 25 February 2025 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 3

Page 4

Independent Auditor's Report

to the Members of

Brend Garages Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Brend Garages Limited (the "parent company") and its subsidiaries (the "group") for the period ended 30 September 2025 which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement 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 group's and of the parent company's affairs as at 30 September 2025 and of the group's 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 group and parent 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 group and parent company'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 4

Page 5

Independent Auditor's Report (continued)

to the Members of

Brend Garages Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the group and parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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 2—3, 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 group and parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Page 5

Page 6

Independent Auditor's Report (continued)

to the Members of

Brend 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.

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.

Page 6

Page 7

Independent Auditor's Report (continued)

to the Members of

Brend Garages Limited

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

6 Houndiscombe Road

Plymouth

Devon

PL4 6HH

Page 7

Page 8

Brend Garages Limited

Consolidated Profit and Loss Account

For the Period 25 February 2025 to 30 September 2025

Consolidated Profit and Loss Account

		30 September 2025
	Notes	£
TURNOVER	3	6,937,181
Cost of sales		(6,218,638 )

GROSS PROFIT		718,543

Administrative expenses		(943,425 )

OPERATING LOSS	4	(224,882 )
Other interest receivable and similar income	9	173
Interest payable and similar charges	10	(870 )

LOSS BEFORE TAXATION		(225,579 )
Tax on Loss	11	100,831

LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL PERIOD ATTRIBUTABLE TO THE OWNERS OF THE PARENT		(124,748 )

The notes on pages 14 to 25 form part of these financial statements.

Page 8

Page 9

Brend Garages Limited

Consolidated Balance Sheet

As At 30 September 2025

Consolidated Balance Sheet

Registered number: 16273952

		30 September 2025
	Notes	£	£
FIXED ASSETS
Intangible Assets	12		1,152,752
Tangible Assets	13		4,461,246

			5,613,998
CURRENT ASSETS
Stocks	15	1,597,974
Debtors	16	6,407,893
Cash at bank and in hand		359,871

		8,365,738
Creditors: Amounts Falling Due Within One Year	17	(5,230,419 )

NET CURRENT ASSETS (LIABILITIES)			3,135,319

TOTAL ASSETS LESS CURRENT LIABILITIES			8,749,317

Creditors: Amounts Falling Due After More Than One Year	18		(2,443,300 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	19		(130,763 )

NET ASSETS			6,175,254

CAPITAL AND RESERVES
Called up share capital	21		6,300,002
Profit and Loss Account			(124,748 )

SHAREHOLDERS' FUNDS			6,175,254

On behalf of the board

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

The notes on pages 14 to 25 form part of these financial statements.

Page 9

Page 10

Brend Garages Limited

Company Balance Sheet

As At 30 September 2025

Company Balance Sheet

Registered number: 16273952

		30 September 2025
	Notes	£	£
FIXED ASSETS
Investments	14		6,300,002

			6,300,002
Creditors: Amounts Falling Due Within One Year	17	(31,500 )

NET CURRENT ASSETS (LIABILITIES)			(31,500 )

TOTAL ASSETS LESS CURRENT LIABILITIES			6,268,502

NET ASSETS			6,268,502

CAPITAL AND RESERVES
Called up share capital	21		6,300,002
Profit and Loss Account			(31,500 )

SHAREHOLDERS' FUNDS			6,268,502

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's loss for the period was £(31,500 ) .

On behalf of the board

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

The notes on pages 14 to 25 form part of these financial statements.

Page 10

Page 11

Brend Garages Limited

Consolidated Statement of Changes in Equity

For the Period 25 February 2025 to 30 September 2025

Consolidated Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 25 February 2025	1	-	1
Loss for the period and total comprehensive income	-	(124,748 )	(124,748)

Dividends paid	-	-	-
Arising on shares issued during the period	6,300,001	-	6,300,001

As at 30 September 2025	6,300,002	(124,748 )	6,175,254

Page 11

Page 12

Brend Garages Limited

Company Statement of Changes in Equity

For the Period 25 February 2025 to 30 September 2025

Company Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 25 February 2025	1	-	1
Loss for the period and total comprehensive income	-	(31,500 )	(31,500)

Arising on shares issued during the period	6,300,001	-	6,300,001

As at 30 September 2025	6,300,002	(31,500 )	6,268,502

Page 12

Page 13

Brend Garages Limited

Consolidated Statement of Cash Flows

For the Period 25 February 2025 to 30 September 2025

Consolidated Statement of Cash Flows

		30 September 2025
	Notes	£
Cash flows from operating activities
Net cash used in operations	1	(989,425 )
Interest paid		(870 )

Net cash used in operating activities		(990,295 )

Cash flows from investing activities
Purchase of tangible assets		(99,305 )
Proceeds from disposal of tangible assets		181,808
Interest received		173
Acquisition of subsidiary		1,267,490

Net cash generated from investing activities		1,350,166



Increase in cash and cash equivalents		359,871
Cash and cash equivalents at beginning of period	2	-

Cash and cash equivalents at end of period	2	359,871

Page 13

Page 14

Brend Garages Limited

Notes to the Consolidated Statement of Cash Flows

For the Period 25 February 2025 to 30 September 2025

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of loss for the financial period to cash used in operations

	30 September 2025
	£
Loss for the financial period	(124,748 )
Adjustments for:
Tax on loss	(100,831 )
Interest expense	870
Interest income	(173 )
Amortisation of intangible assets	128,084
Depreciation of tangible assets	33,317
Movements in working capital:
Decrease in stocks	2,662,242
Increase in trade and other debtors	(5,050,562 )
Increase in trade and other creditors	1,462,376

Net cash used in operations	(989,425 )

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	30 September 2025
	£
Cash at bank and in hand	359,871

3. Analysis of changes in net funds

	As at 25 February 2025	Cash flows	As at 30 September 2025
	£	£	£
Cash at bank and in hand	-	359,871	359,871

Page 14

Page 15

Brend Garages Limited

Company Statement of Cash Flows

For the Period 25 February 2025 to 30 September 2025

Company Statement of Cash Flows

		30 September 2025
	Notes	£
Cash flows from operating activities
Net cash generated from/(used in) operations	1	-

Cash flows from investing activities
Purchase of investment in subsidiary undertaking		(6,300,002 )

Cash flows from financing activities
Proceeds from issue of share capital		6,300,002



Increase/(decrease) in cash and cash equivalents		-
Cash and cash equivalents at beginning of period	2	-

Cash and cash equivalents at end of period	2	-

Page 15

Page 16

Brend Garages Limited

Notes to the Company Statement of Cash Flows

For the Period 25 February 2025 to 30 September 2025

Notes to the Company Statement of Cash Flows

1. Reconciliation of loss for the financial period to cash generated from/(used in) operations

	30 September 2025
	£
Loss for the financial period	(31,500 )
Movements in working capital:
Increase in trade and other creditors	31,500

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, were NIL at the start and end of the period.

3. Analysis of changes in net funds/(debt)

Page 16

Page 17

Brend Garages Limited

Notes to the Financial Statements

For the Period 25 February 2025 to 30 September 2025

Notes to the Financial Statements

1. General Information

Brend Garages Limited is a private company, limited by shares, incorporated in England & Wales, registered number 16273952 . The registered office is 69 High Street, Bideford, 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.

2.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 30 September 2025.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

2.3. Business Combinations

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

2.4. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the group and parent company's ability to continue as a going concern.

Page 17

Page 18

Brend Garages Limited

Notes to the Financial Statements (continued)

For the Period 25 February 2025 to 30 September 2025

2.5. 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.

2.6. 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.

2.7. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.

Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.

Goodwill is amortised over its expected useful life which is estimated to be 10 years.

Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.

2.8. 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:

Freehold	0%
Leasehold	0%
Motor Vehicles	Based on market value
Fixtures & Fittings	10% reducing balance

Page 18

Page 19

Brend Garages Limited

Notes to the Financial Statements (continued)

For the Period 25 February 2025 to 30 September 2025

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 directors consider that the freehold and leasehold properties are maintained in such a state of repair that their residual value is at least equal to their net book values. As a result, any corresponding depreciation charge would not be material and therefore is not charged to the profit and loss account.

The carrying values of the freehold and leasehold properties are reviewed for impairment annually to ensure that the carrying value is recoverable.

2.9. Investments

Investments in subsidiaries are shown at cost less any provision for impairment.

2.10. 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.

2.11. 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.

2.12. Financial Instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

2.13. 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 group'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.

...CONTINUED

Page 19

Page 20

Brend Garages Limited

Notes to the Financial Statements (continued)

For the Period 25 February 2025 to 30 September 2025

2.13. Taxation - continued

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.

2.14. Pensions

The group 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.

3. Turnover

Analysis of turnover by class of business is as follows:

	30 September 2025
	£
Forecourt	1,471,340
Parts and servicing	703,086
Vehicle sales	4,762,755

	6,937,181

All turnover arose within the United Kingdom.

4. Operating Loss

The operating loss is stated after charging:

	30 September 2025
	£
Depreciation of tangible fixed assets	33,317
Amortisation of intangible fixed assets	128,084

5. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the period was as follows:

	30 September 2025
	£
Audit Services
Audit of the group and company's financial statements	30,000


Other Services
Other non-audit services	10,000

Page 20

Page 21

Brend Garages Limited

Notes to the Financial Statements (continued)

For the Period 25 February 2025 to 30 September 2025

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	30 September 2025
	£
Wages and salaries	371,978
Social security costs	49,899
Other pension costs	13,075

	434,952

7. Average Number of Employees

Group

Average number of employees, including directors, during the period was as follows:

	30 September 2025
Directors	2
Garage personnel	47
Administration	4

	53

Company

Average number of employees, including directors, during the period was: 2

8. Directors' remuneration

	30 September 2025
	£
Emoluments	821

9. Interest Receivable and Similar Income

	30 September 2025
	£
Bank interest receivable	173

10. Interest Payable and Similar Charges

	30 September 2025
	£
Bank loans and overdrafts	870

Page 21

Page 22

Brend Garages Limited

Notes to the Financial Statements (continued)

For the Period 25 February 2025 to 30 September 2025

11. Tax on Profit

The tax credit on the loss for the period was as follows:

	Tax Rate	30 September 2025
	30 September 2025	£
Current tax
UK Corporation Tax	25.0%	(43,061 )
Deferred Tax
Deferred taxation		(57,770 )


Total tax charge for the period		(100,831 )

The actual credit for the period can be reconciled to the expected credit for the period based on the loss and the standard rate of corporation tax as follows:

		30 September 2025
		£
Profit before tax		(225,579)

Tax on profit at 25% (UK standard rate)		(56,395 )
Goodwill/depreciation not allowed for tax		32,021
Expenses not deductible for tax purposes		(18,629 )
Tax losses utilised		43,061
Capital allowances		(23,230 )
Deferred tax from unrecognised timing difference from a prior period		(57,770 )
Tax losses unutilised carried forward		(19,889 )

Total tax charge for the period		(100,831)

12. Intangible Assets

Group

	Goodwill
	£
Cost
As at 25 February 2025	-
Additions	1,280,836

As at 30 September 2025	1,280,836

Amortisation
As at 25 February 2025	-
Provided during the period	128,084

As at 30 September 2025	128,084

...CONTINUED

Page 22

Page 23

Brend Garages Limited

Notes to the Financial Statements (continued)

For the Period 25 February 2025 to 30 September 2025

Net Book Value
As at 30 September 2025	1,152,752

As at 25 February 2025	-

Company

The company had no intangible fixed assets as at 30 September 2025.

13. Tangible Assets

Group

	Land & Property
	Freehold	Leasehold	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost
As at 25 February 2025	-	-	-	-	-
Additions	450,000	3,092,071	669,734	464,566	4,676,371
Disposals	-	-	(181,808 )	-	(181,808 )

As at 30 September 2025	450,000	3,092,071	487,926	464,566	4,494,563

Depreciation
As at 25 February 2025	-	-	-	-	-
Provided during the period	-	-	-	33,317	33,317

As at 30 September 2025	-	-	-	33,317	33,317

Net Book Value
As at 30 September 2025	450,000	3,092,071	487,926	431,249	4,461,246

As at 25 February 2025	-	-	-	-	-

Company

The company had no tangible fixed assets as at 30 September 2025.

14. Investments

Company

	Subsidiaries
	£
Cost or Valuation
As at 25 February 2025	-
Additions	6,300,002

As at 30 September 2025	6,300,002

Provision
As at 25 February 2025	-

As at 30 September 2025	-

Net Book Value
As at 30 September 2025	6,300,002

As at 25 February 2025	-

Page 23

Page 24

Brend Garages Limited

Notes to the Financial Statements (continued)

For the Period 25 February 2025 to 30 September 2025

Subsidiaries

Details of the group's subsidiaries as at 30 September 2025 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Taw Garage (Holdings) Limited	69 High Street, Bideford, Devon, England, EX39 2AT	Ordinary	100.00%	-
Taw Garages Limited	69 High Street, Bideford, Devon, England, EX39 2AT	Ordinary	-	100.00%

The aggregate capital and reserves and the result for the period of the subsidiaries listed above was as follows:

	Capital and Reserves	Profit/(loss)
	£	£
Taw Garage (Holdings) Limited	1,404,172	535,158
Taw Garages Limited	3,679,830	(777,866 )

15. Stocks

	30 September 2025
	£
Stock	105,175
Finished goods and goods for resale	1,492,799

	1,597,974

16. Debtors

	Group	Company
	30 September 2025	30 September 2025
	£	£
Due within one year
Trade debtors	513,456	-
Amounts owed by participating interests	2,380,076	-
Other debtors	3,514,361	-

	6,407,893	-

17. Creditors: Amounts Falling Due Within One Year

	Group	Company
	30 September 2025	30 September 2025
	£	£
Trade creditors	471,630	-
Amounts owed to participating interests	31,500	31,500
Other creditors	4,229,722	-
Taxation and social security	339,086	-
Accruals and deferred income	158,481	-

	5,230,419	31,500

Page 24

Page 25

Brend Garages Limited

Notes to the Financial Statements (continued)

For the Period 25 February 2025 to 30 September 2025

Included within group’s creditors is £3,889,405 due to a finance provider, secured by a floating charge over vehicle stocks and related assets of the group.

In October 2025, the outstanding balance secured by the floating charge was cleared in full and the charge was subsequently satisfied.

18. Creditors: Amounts Falling Due After More Than One Year

	Group
	30 September 2025
	£
Amounts owed to participating interests	2,443,300

19. Deferred Taxation

The provision for deferred tax is made up as follows:

	30 September 2025
	£
Other timing differences	130,763

20. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
Additions	188,533	188,533
Utilised	(57,770 )	(57,770)

Balance at 30 September 2025	130,763	130,763

21. Share Capital

	30 September 2025
Allotted, called up and fully paid	£
6,300,002 Ordinary Shares of £ 1.00 each	6,300,002


Shares issued during the period:	£
6,300,001 Ordinary Shares of £ 1.00 each	6,300,001

22. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the period the charge to the profit and loss account in respect of defined contribution schemes was £13,075.

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

23. Controlling Parties

The company has no controlling party. Joint control is exercised by Mr Mark Brend and Mr Ryan Brend.

Page 25