REGISTERED NUMBER: 02600554 (England and Wales)

TRACKS OF EXETER LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr S J Ody

Mr H W Ody

REGISTERED OFFICE:

Alphinbrook Road

Marsh Barton

Exeter

Devon

EX2 8QF

REGISTERED NUMBER:

02600554 (England and Wales)

ACCOUNTANTS:

Wilson Partners Limited

Chartered Accountants

7 Sandy Court

Ashleigh Way

Langage Business Park

Plymouth

Devon

PL7 5JX

FIXED ASSETS

Intangible assets

5

17,728

-

Tangible assets

6

358,532

354,517

376,260

354,517

CURRENT ASSETS

Stocks

1,376,363

1,462,367

Debtors

7

3,167,578

3,095,328

Cash at bank and in hand

450,721

523,028

4,994,662

5,080,723

CREDITORS

Amounts falling due within one year

8

2,835,745

1,656,502

NET CURRENT ASSETS

2,158,917

3,424,221

TOTAL ASSETS LESS CURRENT LIABILITIES

2,535,177

3,778,738

PROVISIONS FOR LIABILITIES

37,000

34,000

NET ASSETS

2,498,177

3,744,738

CAPITAL AND RESERVES

Called up share capital

5,000

5,000

Retained earnings

2,493,177

3,739,738

2,498,177

3,744,738

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2026 and were signed on its behalf by:

Mr S J Ody - Director

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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

The directors’ believe that the company is continuing to maintain a good level of sales and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below:

(i) Stock provisioning

The company's products are subject to changing industry demands and market trends. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock as well as applying assumptions around the anticipated saleability of stock. A review has been made of last sale dates which gives management a basis for assumptions on if a product will have future sales. There is no stock provisions deemed to be required.

(ii) Manufacturer sales bonus

The company is given certain sale targets to hit from suppliers of key lines of stock. If sale targets are met then the company is awarded a sales bonus. Where the timing of this bonus is not yet received at year end, the company will review sales in the period against targets set to estimate if bonuses will be met. If management consider the bonus to be attainable then a pro-rated bonus is treated as accrued income in the accounts.

(iii) Impairment of, and rights to, improvements to property

The directors have assessed the value of the property as a whole and feel that the value attributed to the freehold and improvements is far in excess of their cost value, based on future generatable profits and revenue levels. On this basis they feel no impairment is considered necessary.

(iv) Lifetime Warranty Provision

The company offers a lifetime warranty on all new car purchases. The directors therefore provide for an estimate of the potential costs arising from this for each car sold. The uncertainty is surrounding the level of claims that will be realised in the lifecycle of each car. The directors compare the provision made to historic data of claims make to ensure this estimate is reasonable and will add a certain percentage to the provision each month for each car. This provison is then written off after 5 years, as this is the estimated life of a new , car, with most customers selling their cars after 5 years and replacing it with a new one. The warranty does not pass on to the new owner.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and the rendering of services.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

2% on cost

Long leasehold

-

Over the term of the lease

Plant and machinery

-

15% on reducing balance and 4% straight line

Fixtures and fittings

-

5% on cost

Motor vehicles

-

25% on cost

Tangible fixed assets are stated at costs less accumulated depreciation and accumulated impairment losses.

Impairment of Assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss if recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the assets in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors

Short term debtors are initially measured at transaction price, less any impairment. Such assets are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised costs using the effective interest method.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related turnover is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Pension costs and other post-retirement benefits

Short- term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

Provisions for liabilities

Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance costs in profit or loss in the period it arises.

The Company recognises a provision for annual leave accrued by employees for services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months, measured at the salary costs payable for the period of absence.

Manufacturer bonuses

Manufacturer bonuses are earned on meeting of certain criteria. Upon meeting the agreed criteria, the estimated bonus receivable is recognised as accrued income, and is credited to cost of sales to offset against the purchase costs.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2024 - 26 ) .

5.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

Additions

26,592

At 31 December 2025

26,592

AMORTISATION

Amortisation for year

8,864

At 31 December 2025

8,864

NET BOOK VALUE

At 31 December 2025

17,728

6.	TANGIBLE FIXED ASSETS

Freehold

Long

Plant and

property

leasehold

machinery

£

£

£

COST

At 1 January 2025

407,524

4,068

649,212

Additions

-

-

32,202

At 31 December 2025

407,524

4,068

681,414

DEPRECIATION

At 1 January 2025

201,317

4,068

532,878

Charge for year

8,143

-

18,396

At 31 December 2025

209,460

4,068

551,274

NET BOOK VALUE

At 31 December 2025

198,064

-

130,140

At 31 December 2024

206,207

-

116,334

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 January 2025

32,966

6,409

1,100,179

Additions

-

-

32,202

At 31 December 2025

32,966

6,409

1,132,381

DEPRECIATION

At 1 January 2025

990

6,409

745,662

Charge for year

1,648

-

28,187

At 31 December 2025

2,638

6,409

773,849

NET BOOK VALUE

At 31 December 2025

30,328

-

358,532

At 31 December 2024

31,976

-

354,517

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

248,876

83,384

Amounts owed by group undertakings

1,710,280

1,902,298

Other debtors

1,106,243

1,022,697

Prepayments and accrued income

102,179

86,949

3,167,578

3,095,328

Amounts owed by group undertakings are unsecured, interest free and have no set terms of repayment.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

293,002

322,804

Amounts owed to group undertakings

-

574,854

Tax

120,500

185,100

Social security and other taxes

26,285

21,655

VAT

78,868

108,658

Other creditors

1,850,184

3,074

Accruals and deferred income

466,906

440,357

2,835,745

1,656,502

Amounts owed to group undertakings are unsecured, interest free and have no set terms of repayment.

The amount within other creditors is mainly relating to a loan with a former shareholder following the redemption of his preference shares held within the ultimate holding company. There are no set repayment terms on this and therefore this has been included as all within one year. Interest is charged at 7%.

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Trade creditors

158,691

226,468

The above debt within trade creditors is secured against stock from the suppliers to which it relates.

10.	ULTIMATE PARENT UNDERTAKING

Tracks Investments Limited is regarded by the directors as being the company's ultimate parent company.