Company registration number 02071765 (England and Wales)
J F & E HADWIN LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
J F & E HADWIN LIMITED
COMPANY INFORMATION
Directors
Mr E Hadwin
Mrs A Hadwin
Mr J D Hadwin
Mr T M Hadwin
Secretary
Mrs A Hadwin
Company number
02071765
Registered office
The Garage
Torver
Coniston
LA21 8BJ
Auditor
MHA
Kendal House
Murley Moss Business Village
Oxenholme Road
Kendal
LA9 7RL
J F & E HADWIN LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Profit and loss account
11
Statement of comprehensive income
12
Balance sheet
13
Statement of changes in equity
14
Notes to the financial statements
15 - 26
J F & E HADWIN LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 1 -

The directors present the strategic report and financial statements for the year ended 30 November 2025.

Review of the business

As main Jaguar Land Rover fully franchised dealers at one site and Jaguar Land Rover service centres at the remaining two sites the Company continues to deal in new and used vehicles. We provide servicing and repairs at all sites as well as a spare parts operation.

The Company operations are split geographically with two based in Cumbria, namely Torver and Kendal and one based in Settle, North Yorkshire. Each site has its business split into separate business units.

- Sales of new units (Kentdale)

- Sales of used units

- Servicing and repair

- Sales of genuine Jaguar Land Rover parts

The financial statements showed a downturn in turnover again, however the used car market stabilised which reduced our risk exposure to price adjustments.

Economic conditions could be more favourable however should interest rates fall again in 2026 and inflation continues at a slower pace consumer confidence may rise.

Our employees remain resilient and have worked hard throughout the year to deliver high standards of sales and after care, and our thanks go to them for their continued hard work in such challenging times.

The outlook for the new car market continues to be buoyant but profit margins are tighter. However, there is a loyal following with the Land Rover brand which we expect to continue.

Demand for the Land Rover Defender also continues to be very high and again is a significant factor in our success this year.

The used car market will continue to prove challenging in 2025 as the supply and demand model rebalances for the new production delays during the pandemic i.e. less impact on demand as each year passes. Sales of new units was reduced again with tighter margins but in the current financial year to 30 November 2026 new sales to date have been encouraging.

J F & E HADWIN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -
Principal risks and uncertainties

As in all businesses, the company is subject to a number of risks, which it seeks to mitigate. The principal risks and areas of uncertainty are as follows:

Franchise agreement

The company relies on the continuation of its franchise agreement with Jaguar Land Rover (JLR) and is dependent upon them for the manufacture and supply of quality new vehicle products. However, J. F. & E. Hadwin Limited has a strong working relationship with Jaguar Land Rover and the directors are confident that JLR will continue to produce competitively priced and high-end quality cars which meet client expectations. Therefore, the directors consider that this "manufacturers risk" is minimal.

Competition risk

The new and used vehicle market is a competitive one and there is always the risk that clients will look to other suppliers or the internet. This risk is mitigated by building a strong reputation and ensuring that the company remains competitive and meets client expectations. Client satisfaction is constantly monitored and measured and we respond accordingly.

Having the right team

Any business is only as good as its team, and we are proud of the fact that we have low staff turnover. We strive to attract and retain the best people to ensure continuity for our clients. We invest heavily in training and communicate openly with colleagues. As a result, we have loyalty and longevity in our team with many knowledgeable and experienced colleagues who collaborate closely and have real empathy with our clients.

We are recognised by JLR for our dedication to client service and the professionalism of our colleagues following strong performances across sales, service and most importantly client satisfaction.

Economy

The UK and global economy is increasingly volatile. There does not look to be any indications that this will lessen and global uncertainty continues.

Stock value risk

Like all motor dealers, the company faces the risk that stock may fall in value due to specific industry/marque factors or a general downturn. There are good opportunities in the used car market and it appears to have stabilised but stock management continues to be of high importance.

Key performance indicators

We consider the key performance indicators to judge the business strengths and performance are as follows:

Turnover - £85,059,083 (2024: £102,839,676) Gross profit margin - 2.83% (2024: 2.26%) Net profit margin - 0.46% (2024: 0.31%) Return on capital employed - 1.11% (2024: 0.36%) Return on working capital - 1.15% (2024: 0.37%)

These can be calculated from the information contained within the financial statements. Comparisons can be made with other Jaguar Land Rover dealers by use of manufacturers' composite report.

J F & E HADWIN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -
Section 172(1) statement

The Directors of the Company have a legal responsibility under Section 172 of the Companies Act 2006 to conduct ourselves in the most effective manner to promote the group’s success for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

(a) The likely consequences of any decision in the long term

(b) The interests of the company’s employees

(c) The need to foster the company’s business relationships with suppliers, customers and others

(d) The impact of the company’s operations on the community and the environment,

(e) The desirability of the company maintaining a reputation for high standards of business conduct, and

(f) The need to act fairly between members of the company.

Promoting the company's success for its members

J F & E Hadwin Limited was founded in Torver near Coniston as a vehicle repair business in 1961. 61 years later the business consists of one Land Rover retailer, one Jaguar retailer, two Jaguar Land Rover service centres and a vehicle conversion and preparation centre.

Several family members are at the helm of the business and are committed to supporting all your Jaguar or Land Rover needs. From purchasing to servicing, we also have a dedicated team of specially trained staff to assist this.

Together the family have built up an enviable reputation with the philosophy being “we look after customers and their cars” and this philosophy still remains at the heart of the business today.

J F & E HADWIN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 4 -
Engagement with key stakeholder groups

Our people

The Directors place a high emphasis on continuing loyalty and longevity within our team. We are fortunate to have many knowledgeable and experienced staff who work closely and demonstrate true empathy to our customers.

We are a responsible employer and the well-being, health and safety of our team members is a primary consideration.

Our customers

As demonstrated, we are an award-winning retailer and now offer nationwide delivery so no matter where you live in the UK, you can feel the benefits of being a J F & E Hadwin Limited customer.

We are continuously striving to improve customer experience and this is paramount in maintaining our good reputation.

Our suppliers

Our success is aligned to that of our manufacturing and finance partners JLR whom we meet with regularly and communicate with our staff openly regarding the direction of the business. JLR use a variety of ways to measure the performance of our dealerships such as balanced scorecards and dealership audits. We engage actively and share best practice to improve the Company's performance.

The company is regulated under the FCA as it acts as an introducer of business to finance companies.

Community and Environment

The Company actively engages with the local community in which it operates sponsoring various local initiatives and trying to make a positive impact. We offer an apprenticeship programme which creates routes into work for young people.

The Company acts in an environmentally friendly manner and is socially responsible. We recognise that the car industry will play an important part in reducing carbon emissions and we will be led by our manufacturing partner JLR.

On behalf of the board

Mr E Hadwin
Director
31 July 2026
J F & E HADWIN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 5 -

The directors present their annual report and financial statements for the year ended 30 November 2025.

Principal activities

The Company is principally engaged in operating Jaguar and Land Rover franchises and providing related garage services.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £155,701. The directors do not recommend payment of a final dividend.

Directors

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

Mr E Hadwin
Mrs A Hadwin
Mr J D Hadwin
Mr T M Hadwin
Financial instruments

The company's operations expose it to a variety of financial risks that include the effects of changes in debt market prices, credit risk, liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and related finance costs. The company does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.

Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub - committee of the board. The policies set by the board of directors are implemented by the company's finance department.

The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.

Future developments

Demand for the JLR product remains high, both new and used.

As a wider group we continue to develop our site at Greenodd and will increase our working capacity this year.

We will continue to build lasting relationships and live our simple philosophy “We look after customers and their cars”.

Auditor

The auditor, MHA, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

As the company is the subsidiary in a large group, its emissions, energy consumption and energy efficiency activities are included within the report included in the accounts of the parent entity, Eriann Holdings Ltd.

J F & E HADWIN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 6 -
Statement of disclosure to auditor

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.

On behalf of the board
Mr E Hadwin
Director
31 July 2026
J F & E HADWIN LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 7 -

The directors are responsible for preparing the annual 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 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- 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.

J F & E HADWIN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J F & E HADWIN LIMITED
- 8 -
Opinion

We have audited the financial statements of J F & E Hadwin Limited (the 'company') for the year ended 30 November 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 material 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 30 November 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 Auditor 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 ethical responsibilities in accordance with those 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 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. 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.

J F & E HADWIN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J F & E HADWIN LIMITED (CONTINUED)
- 9 -

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 directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

Matters on which we are required to report by exception

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 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' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

J F & E HADWIN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J F & E HADWIN LIMITED (CONTINUED)
- 10 -

- enquiring of management and those charged with governance of any actual and potential litigation and claims;

- reviewing the financial statement disclosures and testing of supporting documentation to assess compliance with the relevant laws and regulations. For J F & E Hadwin Limited we consider these to be the Health and Safety Act 1974, FCA regulations and compliance with the UK Companies Act 2006;

- assessing whether the judgements made in making accounting estimates are indicative of any potential bias;

- auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; and

- auditing the risk of fraud in revenue, including through the testing of the cut off of income at the year end and sales transaction testing to ensure revenue occurred in the financial statements and recognised in the correct accounting period.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

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 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.

Jenny McCabe FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Kendal, United Kingdom
3 August 2026
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
J F & E HADWIN LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 11 -
2025
2024
Notes
£
£
Turnover
3
85,059,083
102,839,676
Cost of sales
(82,654,243)
(100,510,076)
Gross profit
2,404,840
2,329,600
Administrative expenses
(2,381,172)
(2,405,233)
Other operating income
140,575
128,359
Operating profit
4
164,243
52,726
Interest receivable and similar income
8
257,861
290,500
Interest payable and similar expenses
9
(28,506)
(29,331)
Profit before taxation
393,598
313,895
Tax on profit
10
(98,400)
(66,930)
Profit for the financial year
295,198
246,965

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

J F & E HADWIN LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 12 -
2025
2024
£
£
Profit for the year
295,198
246,965
Other comprehensive income
-
-
Total comprehensive income for the year
295,198
246,965
J F & E HADWIN LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2025
30 November 2025
- 13 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
668,639
750,542
Current assets
Stocks
13
22,683,747
16,206,458
Debtors
14
6,265,171
5,114,156
Cash at bank and in hand
9,334,699
9,225,758
38,283,617
30,546,372
Creditors: amounts falling due within one year
15
(24,002,641)
(16,479,854)
Net current assets
14,280,976
14,066,518
Total assets less current liabilities
14,949,615
14,817,060
Provisions for liabilities
Deferred tax liability
17
90,660
97,602
(90,660)
(97,602)
Net assets
14,858,955
14,719,458
Capital and reserves
Called up share capital
19
1,000
1,000
Profit and loss reserves
14,857,955
14,718,458
Total equity
14,858,955
14,719,458
The financial statements were approved by the board of directors and authorised for issue on 31 July 2026 and are signed on its behalf by:
Mr E Hadwin
Mr J D Hadwin
Director
Director
Company registration number 02071765 (England and Wales)
J F & E HADWIN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2023
1,000
14,642,945
14,643,945
Year ended 30 November 2024:
Profit and total comprehensive income
-
246,965
246,965
Dividends
11
-
(171,452)
(171,452)
Balance at 30 November 2024
1,000
14,718,458
14,719,458
Year ended 30 November 2025:
Profit and total comprehensive income
-
295,198
295,198
Dividends
11
-
(155,701)
(155,701)
Balance at 30 November 2025
1,000
14,857,955
14,858,955
J F & E HADWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 15 -
1
Accounting policies
Company information

J F & E Hadwin Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Garage, Torver, Coniston, LA21 8BJ.

1.1
Accounting convention

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. 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. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- 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: The disclosure requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b), and 12.29A;

- Section 26 ‘Share based Payment’: Share based payment arrangements required under FRS 102 paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

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

The financial statements of the company are consolidated in the financial statements of Eriann Holdings Ltd. These consolidated financial statements are available from its registered office.

J F & E HADWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.2
Going concern

The wider group has returned a profit in a year of substantial headwinds and we are looking to build upon this in 2026. true

We have an excellent relationship with our franchisor, Jaguar Land Rover who are committed to working with us as franchisees, their key business partners. The group is relatively small in comparison to others in the JLR network and because of that can respond to what market conditions are dictating.

We are strongly committed to the future of Jaguar Land Rover (JLR) and intend to take the necessary steps to ensure the company trades profitably . Our internal measures in place to manage the process are outlined as follows:

- Access support measures available and cut costs where necessary.

- Ensure the cash reserves are maintained to a healthy level and monitor the vehicle stock profile constantly to manage effectively.

- As a wider Group the management team meet regularly and tailor our response to adapt to any new economic and encompassing business circumstances presented.

- Liaise with our banking partners and discuss access to funding should it be required.

- Maintain an online presence and monitor website traffic to communicate successfully with our target market. This is continually developing in response to the increasing popularity of our website.

New car registrations broke 2 million in 2025 which is the first time since the pandemic, this is still below 2019 figures but encouraging nonetheless. The JLR product continues to have a loyal following and although there are new entrants into the UK new car market JLR has proved resilient.

After considering the impact of the above at company level, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the amounts receivable for goods and services net of VAT and trade discounts, to the extent that the company has a right to consideration arising from the performance of its contractual arrangements. In respect of car sales the company recognises a sale upon delivery of a vehicle.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets - goodwill

Goodwill on the Jaguar franchise has been written off in its entirety due to the uncertainty over future operating results of a new franchise.

1.5
Tangible fixed assets

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

J F & E HADWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 17 -

All fixed assets are initially recorded at cost. In the opinion of the directors the market value of land and buildings exceeds the current net book value.

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

Land and buildings Short L'hold
10% reducing balance
Assets under construction
Nil
Plant and machinery
10% - 25% straight line
Fixtures, fittings & equipment
10% - 20% straight line
Motor vehicles
25% straight line

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises of 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.

J F & E HADWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 18 -

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. The company use a combination of third party, JLR and own valuations to value stock and calculate provisions necessary at the year end.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

1.9
Financial instruments

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.

Other financial assets

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.

Impairment of financial assets

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.

Derecognition of financial assets

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.

J F & E HADWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 19 -
Other financial liabilities

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 s ubsequently 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 th r ough 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.

Derecognition of financial liabilities

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

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current 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

Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more or a right to pay less tax in the future have occurred by the balance sheet date with certain limited exceptions.

Deferred tax is calculated on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

J F & E HADWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 20 -
1.12
Retirement benefits

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

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.

Stock provision

Provision has been made against the value of stock where necessary on a line by line and age basis bearing in mind the asset class and the current market conditions for that particular class of asset.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Sale of goods and services
85,059,083
102,839,676
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
85,059,083
102,839,676
2025
2024
£
£
Other revenue
Interest income
257,861
290,500

The turnover is attributable to the one principal activity of the company.

J F & E HADWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 21 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Depreciation of tangible fixed assets
135,447
131,109
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
17,300
15,690
6
Employees

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

2025
2024
Number
Number
Administrative staff
19
17
Sales/after sales staff
150
152
Total
169
169

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
5,808,359
5,532,701
Social security costs
648,577
579,583
Pension costs
237,460
147,569
6,694,396
6,259,853
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
38,080
36,940
Company pension contributions to defined contribution schemes
83,788
3,030
121,868
39,970
J F & E HADWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 22 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
257,861
291,678
Other interest income
-
0
(1,178)
Total income
257,861
290,500
9
Interest payable and similar expenses
2025
2024
£
£
Other interest
28,506
29,331
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
105,342
73,738
Adjustments in respect of prior periods
-
0
(11,545)
Total current tax
105,342
62,193
Deferred tax
Origination and reversal of timing differences
(6,942)
4,737
Total tax charge
98,400
66,930

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

2025
2024
£
£
Profit before taxation
393,598
313,895
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
98,400
78,474
Adjustments in respect of prior years
-
0
(11,544)
Taxation charge for the year
98,400
66,930
J F & E HADWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 23 -
11
Dividends
2025
2024
£
£
Interim paid
155,701
171,452

The recurring post year end monthly dividend payable is £12,038 (2024 - £14,287).

12
Tangible fixed assets
Land and buildings Short L'hold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2024
239,117
1,392,576
546,296
66,712
2,244,701
Additions
-
0
51,689
1,855
-
0
53,544
At 30 November 2025
239,117
1,444,265
548,151
66,712
2,298,245
Depreciation and impairment
At 1 December 2024
233,841
704,053
534,027
22,238
1,494,159
Depreciation charged in the year
744
119,423
4,161
11,119
135,447
At 30 November 2025
234,585
823,476
538,188
33,357
1,629,606
Carrying amount
At 30 November 2025
4,532
620,789
9,963
33,355
668,639
At 30 November 2024
5,276
688,523
12,269
44,474
750,542

13
Stocks
2025
2024
£
£
Raw materials and consumables
55,558
64,906
Finished goods and goods for resale
22,628,189
16,141,552
22,683,747
16,206,458

Included within this figure is an impairment loss of £90,582 (2024: £204,400) which was recognised against stock during the year due to slow-moving and obsolete stock in line with the company's policy for write downs.

J F & E HADWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 24 -
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
4,374,113
3,412,106
Corporation tax recoverable
-
0
51,510
Amounts owed by group undertakings
1,136,692
943,645
Other debtors
1,195
1,240
Prepayments and accrued income
753,171
705,655
6,265,171
5,114,156
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Other borrowings
16
1,400,000
1,400,000
Trade creditors
20,319,567
13,158,910
Corporation tax
19,294
-
0
Other taxation and social security
519,320
814,668
Other creditors
337,795
346,835
Accruals and deferred income
1,406,665
759,441
24,002,641
16,479,854

Included within trade creditors is an amount owed to Black Horse Limited of £18,212,946 (2024: £11,272,149). Both creditors were secured by a fixed and floating charge over the vehicles supplied and the proceeds of the sale thereof.

Other borrowings relate to preference shares.

16
Loans and overdrafts
2025
2024
£
£
Preference shares
1,400,000
1,400,000
Payable within one year
1,400,000
1,400,000
J F & E HADWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 25 -
17
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
90,660
97,602
2025
Movements in the year:
£
Liability at 1 December 2024
97,602
Credit to profit or loss
(6,942)
Liability at 30 November 2025
90,660
18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
237,460
147,569

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable to the fund. Contributions totalling £29,016 (2024: £26,959) were payable to the fund at the year end.

19
Share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
250 'A' Ordinary of £1 each
250
250
190 'B' Ordinary of £1 each
190
190
240 'C' Ordinary of £1 each
240
240
20 'D' Ordinary of £1 each
20
20
50 'E' Ordinary of £1 each
50
50
250 'F' Ordinary of £1 each
250
250
1,000
1,000

Share classes A to F rank pari passu in all respects save that the directors can declare a dividend on one class of share and not another class. 'E' ordinary shareholders have no voting rights but their income and distribution rights remain the same as all other share classes.

J F & E HADWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 26 -
20
Related party transactions
Transactions with related parties

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

Sales
Sales
Purchases
Purchases
2025
2024
2025
2024
£
£
£
£
Other related parties
742,508
805,450
440,475
792,954

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Key management personnel
337,651
344,444

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Other related parties
326,325
34,082
Other information

The company is a wholly owned subsidiary of Eriann Holdings Ltd and in accordance with paragraph 33.1A of FRS102 is therefore not required to disclose transactions with that company and its fellow subsidiary, Ribblesdale Motors Limited.

21
Ultimate controlling party

Eriann Holdings Ltd is the ultimate controlling party of the Group. No Single individual has control of this company.

Copies of the consolidated financial statements of Eriann Holdings Ltd, which is both the smallest and largest group for which consolidated financial statements are prepared, may be obtained from Eriann Holdings Ltd, The Garage, Torver, Coniston, Cumbria, LA21 8BJ.

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