Company registration number 01866003 (England and Wales)
SHERWOOD TRUCK AND VAN LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
SHERWOOD TRUCK AND VAN LTD
COMPANY INFORMATION
Directors
Mr R A Spittle
Mr D Gray
(Appointed 2 September 2025)
Mr F R Guest
(Appointed 20 March 2025)
Mr J Broderick
(Appointed 20 March 2025)
Company number
01866003
Registered office
Kenrick Way
West Bromwich
West Midlands
B70 6BY
Auditor
CK Audit
No 4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH
Business address
Berristow Lane
South Normanton
Alfreton
Derbyshire
DE55 2FH
Bankers
Lloyds Bank Plc
293 High Street
West Bromwich
West Midlands
B70 8NA
Solicitors
Ansons
Unit 8
Castle Court 2
Castlegate Way
Dudley
DY1 4RH
SHERWOOD TRUCK AND VAN LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
SHERWOOD TRUCK AND VAN LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Review of the business

The key financial performance indicators during the year were as follows:

Change

Turnover a decrease of 58.6%

Gross Profit a decrease from 16.4% to 12.3%

Profit before taxation an increase from £678k to £689k

At the end of September 2024 the Company sold assets relating to its truck and van dealership operations to Guest Motors Limited, a sister group company. The 2025 financial year is the first full year since this sale.

The Company continues to focus on its fleet management business trading as Sentinel Fleet Management. Sentinel Fleet Management has continued to expand and has delivered a significant increase in turnover for the period.

Principal risks and uncertainties

We have assessed the risks within and outside our control. The Company’s short term growth has been focussed around supporting a small number of large blue chip fleet customers. The Company continues to monitor contractual relationships alongside sustainable future growth plans.

On behalf of the board

Mr R A Spittle
Director
19 March 2026
SHERWOOD TRUCK AND VAN LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company up to the end of September 2024 continued to be that of franchise commercial vehicle motor dealer. After this date, the principal activity was fleet management.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. 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 I R Guest
(Resigned 20 March 2025)
Mr R P Barron
(Resigned 20 March 2025)
Mr R A Spittle
Mr P J Bostock
(Resigned 20 March 2025)
Mr D Gray
(Appointed 2 September 2025)
Mr F R Guest
(Appointed 20 March 2025)
Mr J Broderick
(Appointed 20 March 2025)
Auditor

In accordance with the section 485 of the Companies Act 2006, a resolution proposing that CK Audit be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

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; 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.

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.

SHERWOOD TRUCK AND VAN LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr R A Spittle
Director
19 March 2026
SHERWOOD TRUCK AND VAN LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHERWOOD TRUCK AND VAN LTD
- 4 -
Opinion

We have audited the financial statements of Sherwood Truck and Van Ltd (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 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's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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.

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.

SHERWOOD TRUCK AND VAN LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHERWOOD TRUCK AND VAN LTD (CONTINUED)
- 5 -
Matters on which we are required to report by exception

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

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's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identified and assessed the risks of material misstatement of the financial statements, in respect of irregularities whether due to fraud or error, or non compliance with laws and regulations and then designed and performed audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company by discussion and enquiry with the directors and management team and our general knowledge and experience of the motor dealer sector.

We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, employment, and health and safety legislation;

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing correspondence with relevant regulators and reviewing board minutes.

SHERWOOD TRUCK AND VAN LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHERWOOD TRUCK AND VAN LTD (CONTINUED)
- 6 -
Audit response to risks identified

- We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed included but were not limited to:

- Discussions with directors and management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- Confirming our understanding of controls by performing a walk through test or observation and enquiry

- Performing analytical procedures to identify any unusual or unexpected relationships;

- Challenging assumptions and judgements made by management in its significant accounting estimates;

- Identifying and testing journal entries;

- Reviewing unusual or unexpected transactions; and

- Agreeing the financial statement disclosures to underlying supporting documentation.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Frances Clapham (Senior Statutory Auditor)
For and on behalf of CK Audit, Statutory Auditor
Chartered Accountants
No 4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH
19 March 2026
SHERWOOD TRUCK AND VAN LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
Continuing
Discontinued
31 December
Continuing
Discontinued
31 December
operations
operations
2025
operations
operations
2024
Notes
£
£
£
£
£
£
Turnover
3
20,402,916
-
20,402,916
4,637,692
44,682,702
49,320,394
Cost of sales
(17,873,691)
-
0
(17,873,691)
(3,993,662)
(37,255,603)
(41,249,265)
Gross profit
2,529,225
-
2,529,225
644,030
7,427,099
8,071,129
Administrative expenses
(1,908,028)
-
0
(1,908,028)
(1,539,428)
(5,625,931)
(7,165,359)
Other operating income
67,274
-
0
67,274
299,997
-
0
299,997
Operating profit
4
688,471
-
688,471
(595,401)
1,801,168
1,205,767
Interest receivable and similar income
7
881
-
0
881
2,931
-
0
2,931
Interest payable and similar expenses
8
-
0
-
0
-
(9,913)
(989,811)
(999,724)
Fair value gains and losses on investment properties
11
-
0
-
-
0
469,652
-
469,652
Profit before taxation
689,352
-
0
689,352
(132,731)
811,357
678,626
Tax on profit
9
(173,708)
-
0
(173,708)
142,685
(71,998)
70,687
Profit for the financial year
515,644
-
0
515,644
9,954
739,359
749,313

The notes on pages 11 to 22 form part of these financial statements.

SHERWOOD TRUCK AND VAN LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
£
£
Profit for the year
515,644
749,313
Other comprehensive income
-
-
Total comprehensive income for the year
515,644
749,313

The notes on pages 11 to 22 form part of these financial statements.

SHERWOOD TRUCK AND VAN LTD
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
130,986
181,622
Investment property
11
1,660,000
1,660,000
Investments
12
1
1
1,790,987
1,841,623
Current assets
Stocks
14
7,812
644,059
Debtors
15
9,796,427
9,274,691
Cash at bank and in hand
424,323
320,478
10,228,562
10,239,228
Creditors: amounts falling due within one year
16
(5,368,584)
(5,945,530)
Net current assets
4,859,978
4,293,698
Total assets less current liabilities
6,650,965
6,135,321
Provisions for liabilities
Deferred tax liability
17
117,414
117,414
(117,414)
(117,414)
Net assets
6,533,551
6,017,907
Capital and reserves
Called up share capital
19
100,000
100,000
Non-distributable profits reserve
20
352,238
352,238
Distributable profit and loss reserves
21
6,081,313
5,565,669
Total equity
6,533,551
6,017,907

The notes on pages 11 to 22 form part of these financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on 19 March 2026 and are signed on its behalf by:
Mr R A Spittle
Director
Company registration number 01866003 (England and Wales)
SHERWOOD TRUCK AND VAN LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2024
100,000
-
0
5,168,594
5,268,594
Year ended 31 December 2024:
Profit and total comprehensive income
-
352,238
397,075
749,313
Balance at 31 December 2024
100,000
352,238
5,565,669
6,017,907
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
515,644
515,644
Balance at 31 December 2025
100,000
352,238
6,081,313
6,533,551

The notes on pages 11 to 22 form part of these financial statements.

SHERWOOD TRUCK AND VAN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
1
Accounting policies
Company information

Sherwood Truck and Van Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Kenrick Way, West Bromwich, West Midlands, B70 6BY.

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, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. 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: Interest income/expense and net gains/losses for financial instruments not measured at fair value; 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 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Ian Guest Holdings Limited. These consolidated financial statements are available from its registered office, Kenrick Way, West Bromwich, West Midlands, B70 6BY.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

Revenue from contracts for the provision of vehicle repairs and maintenance is only recognised once the contract has concluded and all costs have been fully reconciled.

SHERWOOD TRUCK AND VAN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
1.4
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.

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

Plant and machinery
Straight line over 3 to 10 years

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.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

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

1.8
Stocks

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

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.

1.9
Cash at bank and in hand

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

SHERWOOD TRUCK AND VAN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.10
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.

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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.

Impairment of financial assets

Financial assets, other than those held at fair value, 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. The impairment loss 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.

Classification of financial liabilities

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

Basic financial liabilities

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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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.

Derecognition of financial liabilities

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

SHERWOOD TRUCK AND VAN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.11
Equity instruments

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

1.12
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 tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
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.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

SHERWOOD TRUCK AND VAN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
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 estimating the useful economic lives of assets, and the estimation of accruals by the directors.

Investment property

Investment properties are recorded at fair value and are reviewed annually by the directors.

Vehicle cost accruals

As part of the vehicle sale process a reserve is made for vehicle body costs, road tax, and other accessories, that are either ordered, or estimated. At the year-end included in creditors < 1 year for this total accrual is £nil (2024 - £316,140).

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Vehicle sales
1,018,761
27,683,920
Service sales
361,485
5,163,738
Parts sales
192,732
8,272,542
Sentinel
18,702,939
6,533,891
Other
126,999
1,666,303
20,402,916
49,320,394
2025
2024
£
£
Other revenue
Interest income
881
2,931

The turnover for the year was derived from the provision of goods and services which fall within the company's ordinary activities. The whole of the turnover is attributable to the UK market.

SHERWOOD TRUCK AND VAN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
15,000
18,500
Depreciation of tangible fixed assets
89,679
288,069
Operating lease charges
-
527,663
5
Employees

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

2025
2024
Number
Number
Works
7
85
Sales and distribution
-
41
Administration
36
20
Total
43
146

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,676,434
6,227,547
Social security costs
174,454
636,593
Pension costs
41,279
140,570
1,892,167
7,004,710
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
85,263
64,356
Company pension contributions to defined contribution schemes
6,395
4,116
91,658
68,472

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

SHERWOOD TRUCK AND VAN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
881
2,931
8
Interest payable and similar expenses
2025
2024
£
£
Interest on finance leases and hire purchase contracts
-
9,913
Other interest
-
0
989,811
-
0
999,724
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
149,281
44,384
Deferred tax
Origination and reversal of timing differences
24,427
(115,071)
Total tax charge/(credit)
173,708
(70,687)

The actual charge/(credit) 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
689,352
678,626
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
172,338
169,657
Tax effect of expenses that are not deductible in determining taxable profit
1,370
1,138
Permanent capital allowances in excess of depreciation
-
0
(245,405)
Depreciation on assets not qualifying for tax allowances
-
0
3,923
Taxation charge/(credit) for the year
173,708
(70,687)
SHERWOOD TRUCK AND VAN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
10
Tangible fixed assets
Plant and machinery
£
Cost
At 1 January 2025
2,549,016
Additions
131,872
Disposals
(310,101)
At 31 December 2025
2,370,787
Depreciation and impairment
At 1 January 2025
2,367,394
Depreciation charged in the year
89,679
Eliminated in respect of disposals
(217,272)
At 31 December 2025
2,239,801
Carrying amount
At 31 December 2025
130,986
At 31 December 2024
181,622
11
Investment property
2025
£
Fair value
At 1 January 2025 and 31 December 2025
1,660,000

Investment Property with a carrying amount of £1,660,000 was revalued in early 2025 by Bromwich Hardy LLP, independent valuers, not connected with the company on the basis of market value. This valuation was reflected in the accounts at 31 December 2024. The Directors believe this value is not materially different to the year end and have therefore included the investment property at this value at 31 December 2025.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2025
2024
£
£
Cost
1,284,488
1,284,488
Accumulated depreciation
(109,828)
(94,140)
Carrying amount
1,174,660
1,190,348
SHERWOOD TRUCK AND VAN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
12
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
13
1
1
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Sentinel Vehicle Solutions Limited
England and Wales
Dormant
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Sentinel Vehicle Solutions Limited
1
-
0
14
Stocks
2025
2024
£
£
Work in progress
7,812
248,490
Finished goods and goods for resale
-
0
395,569
7,812
644,059
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,247,428
1,745,976
Corporation tax recoverable
44,307
-
0
Amounts owed by group undertakings
6,064,025
7,265,497
Other debtors
161,632
450
Prepayments and accrued income
198,483
157,789
9,715,875
9,169,712
SHERWOOD TRUCK AND VAN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
15
Debtors
(Continued)
- 20 -
2025
2024
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 17)
80,552
104,979
Total debtors
9,796,427
9,274,691
16
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
3,406,437
2,716,741
Corporation tax
149,281
44,384
Other taxation and social security
44,883
637,202
Other creditors
7,748
227,807
Accruals and deferred income
1,760,235
2,319,396
5,368,584
5,945,530
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
Assets
Assets
2025
2024
2025
2024
Balances:
£
£
£
£
ACAs
-
-
61,405
90,858
Pension payments
-
-
1,958
1,461
General provisions
-
-
17,189
12,660
Revaluation of assets
117,414
117,414
-
-
117,414
117,414
80,552
104,979
2025
Movements in the year:
£
Liability at 1 January 2025
12,435
Charge to profit or loss
24,427
Liability at 31 December 2025
36,862
SHERWOOD TRUCK AND VAN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
41,279
140,570

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.

19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
20
Non-distributable profits reserve
2025
2024
£
£
At the beginning of the year
352,238
-
Non distributable profits in the year
-
352,238
At the end of the year
352,238
352,238
21
Profit and loss reserves
2025
2024
£
£
At the beginning of the year
5,565,669
5,168,594
Adjusted balance
5,565,669
5,168,594
Profit for the year
515,644
749,313
Current year profits transferred to non-distributable reserve
-
(352,238)
At the end of the year
6,081,313
5,565,669
22
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
-
0
3,148
SHERWOOD TRUCK AND VAN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
23
Related party transactions
Transactions with related parties

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

Rent
2025
2024
£
£
Guest Motors Ltd Self Administered Pension Fund
-
279,375

One of the directors is a Trustee of the Guest Motors Self Administered Pension Fund.

24
Ultimate controlling party

The company's ultimate parent company at the balance sheet date was Guest Motors Group Holdings Limited (GMGH), a company incorporated 22 September 2025 and registered in England and Wales.

GMGH extended its first period of account to 31 December 2026. For the year ended 31 December 2025 consolidated accounts were prepared at the smallest group level, being Ian Guest Holdings Limited.

Copies of group accounts can be obtained from the Company Secretary, Kenrick Way, West Bromwich, West Midlands, B70 6BY.

The ultimate controlling party is I R Guest.

The following are t he parents of the largest and smallest groups in which this company's results are consolidated:

Largest group
Guest Motors Group Holdings Limited (31 Dec 2026)
Smallest group
Ian Guest Holdings Limited
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