The directors present the strategic report and financial statements for the year ended 30 November 2025.
As main Jaguar Land Rover fully franchised dealers at one site and Jaguar Land Rover service centres at the remaining two sites the Group continues to deal in new and used vehicles. We provide servicing and repairs at all sites as well as a spare parts operation.
The Group 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.
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.
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 - 0.39% (2024: 0.48%) Return on capital employed - 1.24% (2024: 2.07%) Return on working capital - 2.02% (2024: 3.28%) |
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.
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.
The Hadwin Family Group trading under the parent entity Eriann Holdings Ltd was founded in Torver near Coniston as a vehicle repair business in 1961. 63 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.
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 customer of Hadwins Group trading under the parent entity of Eriann Holdings Ltd.
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 Group’s performance.
The group is regulated under the FCA as it acts as an introducer of business to finance companies.
Community and Environment
The Group 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 Group 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
The directors present their annual report and financial statements for the year ended 30 November 2025.
The results for the year are set out on page 12.
Ordinary dividends were paid amounting to £223,702. The directors do not recommend payment of a further dividend
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
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”.
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
The information below relates to the period 1 December 2024 – 30 November 2025.
We have calculated the carbon emissions and kWh figures using the latest 2025 UK Government’s GHG Conversion Factors for Company Reporting. For fuel used for transport purchased from forecourts the data provided by the UK Government “Energy prices road fuels and other petroleum products” has been used. Scope 2 emissions are location based.
To avoid double counting of emissions we have not included activity from the use of plug-in electric vehicles that are charged predominantly at our premises at Kentdale as these are already reported in the purchase of electricity figure under the indirect emissions heading.
Total carbon emissions per £1m of revenue in the year to 30 November 2025 were 1.972 tCO2 (2024: 1.843 tCO2). This is based on Group Turnover of £85m (2024: £102m).
There is an active programme of saving energy where possible regarding the air conditioning and heating at the Kentdale site. We are currently developing our Greenodd site and adopting energy saving measures wherever possible.
Efficiencies in the operation of the aforementioned has been challenged with our providers to improve and there have been numerous site visits by our supplier in conjunction with this.
At the Kentdale site based at Kendal solar panels were installed in February 2022. This has significantly reduced the carbon emissions at the Kentdale site going forward.
The site at Kendal is a modern building in keeping with the Arch concept design we committed to with our trading partner JLR. As such there is energy efficiency due to good insulation, ventilation and current building regulation compliance.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group 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 United Kingdom 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 group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of Eriann Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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).
Basis for 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's and parent 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
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' report 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 group and the 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.
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:
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 Eriann Holdings Ltd and the wider group 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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £194,423 (2024 - £421,599 profit).
Eriann Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Garage, Torver, Coniston, LA21 8BJ.
The group consists of Eriann Holdings Ltd and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated accounts incorporate the accounts of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the merger method. The results of the companies acquired of are included in the group profit and loss account for the full year as the group position is stated based on the group being in existence for both the current and comparative years due to the use of the merger method for acquisitions. As the company was only incorporated during the period, there are no comparative figures for the individual company position. As a consolidated group profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group accounts by virtue of section 408 of the Companies Act 2006.
The consolidated group financial statements consist of the financial statements of the parent company Eriann Holdings Ltd together with all entities controlled by the parent company, J. F. & E. Hadwin and Ribblesdale Motors and have been consolidated using the merger method.
The undertakings acquired share the same registered office as Eriann Holdings Ltd. The shares in J. F. & E. Hadwin Limited have been acquired through a share for share exchange with the directors and their family who now hold the equivalent shareholdings in Eriann Holdings Ltd. The shares in Ribblesdale Motors Limited have been acquired from J. F. & E. Hadwin Limited. A merger reserve has been created to reflect the profit & loss reserves which related to pre merger activity.
The wider group has returned a profit in a year of substantial headwinds and we are looking to build upon this in 2026.
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 Group 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.
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.
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 recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group 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.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
In the application of the group’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.
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.
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 current market conditions for that particular class of asset.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
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:
The recurring post year end monthly dividend payable is £12,038 (2024 - £13,288).
The gross amount of Freehold land and buildings in the group on which depreciation is being provided is £6,846,296 (2024: £5,976,325). Freehold land and buildings includes £1,173,684 (2024: £1,173,684) non-depreciable land.
Land and buildings were revalued at a value of £6,035,000 at 23 August 2022 by independent valuers not connected with the company on the basis of fair value. The valuation conforms to International Valuation Standards. Additions subsequent to the valuation have been added at fair value and the carrying value of land and buildings at 30 November 2025 was £7,623,962. The directors consider this valuation to be a fair indication of the value of the land and buildings at 30 November 2025.
If land and buildings were measured using the cost model rather than the revaluation model, the carrying amounts would have been approximately:
Details of the company's subsidiaries at 30 November 2025 are as follows:
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.
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.
All classes of cumulative preference shares shall be entitled to be redeemed after two years from the date of their issue. The directors, by way of resolution, may determine the terms, conditions and manner of redemption of said shares.
The holders of the A preference shares, shall be entitled as a class, in priority to any payments of a dividend on any other ordinary and preferred class of shares, to a cumulative preferential dividend equal to the company ‘A’ preference dividend rate, payable monthly, the dividend to be distributed to the holders of ‘A’ cumulative preference shares pro rata to the number of such shares held by them and the holders of the ‘A’ cumulative preference shares shall not be entitled to any further dividend.
The holders of all other classes of preference shares, shall be entitled as a class to a cumulative preferential dividend equal to the company respective class preference dividend rate, payable monthly, the dividend to be distributed to the holders of the respective cumulative preference shares pro rata to the number of such shares held by them and the holders of the respective classes of cumulative preference shares shall not be entitled to any further dividend.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the group entered into the following transactions with related parties:
During the year, the Group received a freehold property valued at £500,000 from Lakeland Land Rover Hire, a partnership in which certain directors are partners. No consideration was paid. The transfer was recognised as a capital contribution and credited to other reserves.
The following amounts were outstanding at the reporting end date:
The following amounts were outstanding at the reporting end date: