REGISTERED NUMBER: 04113002 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

ANGUS MACKINNON LIMITED

Page

Statement of Financial Position

1

to

2

Notes to the Financial Statements

3

to

8

FIXED ASSETS

Tangible assets

5

489,843

487,372

CURRENT ASSETS

Stocks

1,042,749

771,018

Debtors

6

293,224

464,263

Cash at bank and in hand

596,980

404,745

1,932,953

1,640,026

CREDITORS

Amounts falling due within one year

7

(1,331,519

)

(1,147,452

)

NET CURRENT ASSETS

601,434

492,574

TOTAL ASSETS LESS CURRENT LIABILITIES

1,091,277

979,946

CREDITORS

Amounts falling due after more than one year

8

(233,233

)

(157,872

)

PROVISIONS FOR LIABILITIES

(85,296

)

(93,849

)

NET ASSETS

772,748

728,225

CAPITAL AND RESERVES

Called up share capital

250,000

250,000

Retained earnings

522,748

478,225

772,748

728,225

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2026 and were signed on its behalf by:

M MacKinnon - Director

1.	STATUTORY INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Derby Road, Uttoxeter, Staffordshire, ST14 8EG. The principal activity of the company during the year was that of vehicle sales and leasing systems for vehicle purchases and vehicle sales.

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 financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

As described in the accounting policies of the financial statements, depreciation of intangible and tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidence by disposals during current and prior accounting periods.

REVENUE RECOGNITION

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

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

TANGIBLE FIXED ASSETS

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

Long leasehold

-

straight line over the life of the lease

Fixtures & Equipment

-

25% reducing balance

Motor vehicles

-

25% reducing balance

Computer equipment

-

33% straight line

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

STOCKS

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

FINANCIAL INSTRUMENTS

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

DEFINED CONTRIBUTION PLANS

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

IMPAIRMENT OF FIXED ASSETS

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

EMPLOYEE BENEFITS

The company provides a range of benefits to employees.

Short term benefits, include holiday pay, are recognised as an expense in the profit and loss account in the period in which they are incurred.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 54 (2024 - 50 ) .

5.	TANGIBLE FIXED ASSETS

Long

Fixtures

Motor

Computer

leasehold

& Equipment

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2025

25,583

489,804

428,262

31,511

975,160

Additions

-

61,173

147,160

2,956

211,289

Disposals

-

-

(133,450

)

-

(133,450

)

At 31 December 2025

25,583

550,977

441,972

34,467

1,052,999

DEPRECIATION

At 1 January 2025

11,826

199,921

251,729

24,312

487,788

Charge for year

1,023

78,741

65,119

5,035

149,918

Eliminated on disposal

-

-

(74,550

)

-

(74,550

)

At 31 December 2025

12,849

278,662

242,298

29,347

563,156

NET BOOK VALUE

At 31 December 2025

12,734

272,315

199,674

5,120

489,843

At 31 December 2024

13,757

289,883

176,533

7,199

487,372

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Motor vehicles

£

At 31 December 2025

75,337

At 31 December 2024

24,216

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

199,325

377,163

Other debtors

7,086

9,235

Prepayments and accrued income

86,813

77,865

293,224

464,263

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans and overdrafts

-

31,272

Hire purchase contracts

29,003

21,987

Trade creditors

397,432

281,451

Amounts owed to group undertakings

167,225

69,082

Tax

21,240

23,263

Social security and other taxes

41,217

31,157

VAT

56,696

44,141

Other creditors

111,938

97,626

Stocking loan

270,122

277,460

Directors' loan accounts

81,850

131,995

Accruals and deferred income

154,796

138,018

1,331,519

1,147,452

Debenture dated 02 May 2011 in favour of Barclay Bank Plc over the facilities in place, incorporation a fixed and floating charge over all assets present and future.

Charge dated 16 May 2016 in favour of Barclays Bank Plc incorporating a fixed and floating charge over all the assets present and future of Angus Mackinnon Limited and Mackinnon Properties Staffordshire Limited.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

31.12.24

£

£

Hire purchase contracts

83,233

7,872

Directors' loan accounts

150,000

150,000

233,233

157,872

9.	CAPITAL COMMITMENTS

There were none, either contracted, or authorised but not contracted.

10.	EVENTS AFTER THE END OF THE REPORTING PERIOD

There were no significant events up to the date of approval of the financial statements by the board.

11.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is Mackinnon Holdings Limited, a company registered in England and Wales.