The directors present the strategic report for the year ended 31 March 2026.
The principal activities of F.P. Smith (Holdings) Limited ("the Company") and its subsidiaries ("the Group") are the retail of new and used motor vehicles, vehicle servicing and repair, accident repair and the sale of associated parts and accessories. The Group operates franchised sales and aftersales businesses representing Nissan, Renault, Dacia, Hyundai and Vauxhall.
The Group delivered a resilient performance during the year against a backdrop of continued structural change within the UK motor retail sector, increasing competition and significant transition towards electrified vehicles.
The UK new car market continued to grow during 2025, although trading conditions remained highly competitive. The transition towards battery electric vehicles ("BEVs") continued to influence manufacturer strategies, vehicle supply, incentives and pricing as manufacturers sought to balance regulatory requirements under the Zero Emission Vehicle mandate with the underlying level of consumer demand.
These market dynamics resulted in increased levels of manufacturer support and promotional activity, particularly within the BEV market, while the growing presence of new market entrants further increased competitive pressure. Against this background, the Group maintained its focus on sustainable volume, margin management and disciplined control of vehicle stocks.
Group turnover for the year was £116.3 million compared with £123.0 million in the previous year. Despite the reduction in turnover, gross profit was broadly maintained at £12.4 million, increasing the gross profit margin from 10.1% to 10.6%. Operating profit was £2.1 million compared with £2.5 million in the prior year, with profit before taxation of £2.4 million compared with £2.8 million.
The reduction in profitability primarily reflected increased operating costs and the continuing competitive pressures affecting the sector. Employment costs remained a significant component of the Group's cost base, reflecting both investment in operational capability and wider wage inflation.
The used vehicle market remained an important contributor to Group performance. Demand remained resilient and the Group continued to focus on disciplined vehicle sourcing, stock management and stock turn in order to manage exposure to movements in used vehicle values.
Aftersales operations continued to provide an important and recurring contribution to Group profitability. Service, parts and accident repair activities provide a more stable earnings base than vehicle sales and remain strategically important to customer retention and the long-term value of the Group's manufacturer relationships.
The Group continued to invest in its facilities, people, systems and processes during the year. Particular emphasis continues to be placed on improving operational efficiency, customer relationship management and the use of technology and digital processes across the business.
The Group remains in a strong financial position. At 31 March 2026, Group net assets were £18.7 million compared with £17.9 million at the previous year end. Cash at bank and in hand amounted to £9.3 million, together with short-term deposits of £1.0 million.
Vehicle and parts stocks increased to £15.9 million from £10.0 million. The increase was principally due to a change in accounting judgement of certain consignment vehicle stocking arrangements, under which £3.9 million of consignment vehicles are now recognised within stock, together with the corresponding stocking liability. The directors continue to monitor stock levels, ageing, funding and residual value exposure closely.
The Group's strong balance sheet and liquidity provide a sound platform from which to respond to changes in the sector and to continue investing where appropriate.
The principal risks and uncertainties facing the Group include:
Economic conditions and consumer demand: Vehicle demand is influenced by consumer confidence, interest rates, finance affordability and wider economic conditions. The Group seeks to mitigate this risk through its diversified franchise portfolio, a balanced mix of new and used vehicle operations and the recurring contribution from aftersales.
Manufacturer relationships and market change: The Group is dependent upon its relationships with vehicle manufacturers and their finance partners. Changes to franchise arrangements, distribution strategies, vehicle supply and incentive programmes may affect performance. The Group maintains close working relationships with its manufacturer partners and continues to invest in meeting franchise and customer requirements.
Electrification and competition: The transition towards BEVs, regulatory targets and the emergence of new manufacturers continue to change the competitive landscape. Differences between regulatory requirements and consumer demand may result in increased discounting and volatility in vehicle values. The Group manages these risks through disciplined stock management and continued investment in the facilities and skills required to sell, service and repair electrified vehicles.
Vehicle stock and residual values: The Group holds significant new and used vehicle inventory and is therefore exposed to changes in market values. Stock levels and ageing are closely monitored, and appropriate provisions are made where expected net realisable values fall below cost.
Costs and employees: Wage inflation, employment costs, energy and other operating expenses continue to place pressure on the Group's cost base. The recruitment and retention of skilled employees, particularly technicians, also remains important. The Group continues to invest in training, workforce development and operational efficiency.
Regulatory, technology and cyber risk: The Group operates within a comprehensive regulatory environment, including consumer protection, motor finance, data protection, health and safety and environmental requirements. Increasing reliance on technology and digital platforms also creates cyber security and business continuity risks. Appropriate policies, systems and controls are maintained and reviewed regularly.
The Group is also exposed to credit and liquidity risks through its normal trading activities. Credit exposure is managed through customer credit controls and regular monitoring of debtors, while liquidity is managed through cash flow monitoring and the maintenance of appropriate cash resources and stocking facilities.
The directors consider the principal financial key performance indicators to be:
|
| 2026 |
| 2025 |
Turnover |
| £116,287,565 |
| £122,992,805 |
Gross profit |
| £12,380,075 |
| £12,391,042 |
Profit before taxation |
| £2,413,483 |
| £2,821,729 |
Gross profit % |
| 10.6% |
| 10.1% |
Return on sales % |
| 2.1% |
| 2.3% |
Net assets |
| £18,702,555 |
| £17,876,283 |
The directors also monitor a range of operational measures including vehicle sales volumes, gross profit per vehicle, stock levels and ageing, aftersales performance and employee productivity.
The directors remain positive about the Group's longer-term prospects while recognising that the UK motor retail sector continues to undergo significant change.
Electrification, the growth of new vehicle manufacturers and evolving manufacturer distribution strategies are expected to continue to shape the market. The Group will maintain a disciplined approach to vehicle stock and working capital while continuing to invest in its existing franchises, aftersales operations, facilities, technology and customer retention.
The directors will also continue to consider opportunities arising from changes within the UK franchise landscape where these complement the Group's existing operations and are capable of generating an appropriate return on capital.
The Group enters the new financial year with a strong balance sheet, substantial liquidity, established manufacturer relationships and a diversified portfolio of franchises and activities. The directors therefore consider the Group well positioned to manage the continuing changes within the sector and pursue appropriate opportunities for sustainable growth.
The directors consider, both individually and collectively, that during the year they have acted in good faith in the way most likely to promote the success of the Group for the benefit of its members as a whole, having regard to the matters set out in section 172(1)(a) to (f) of the Companies Act 2006.
In making decisions, the Board considers their likely long-term consequences and the interests of the Group's principal stakeholders, including employees, customers, manufacturers, suppliers, shareholders and the communities in which it operates.
Employees are fundamental to the Group's success and the Board seeks to provide appropriate remuneration, training and development together with a safe working environment. Maintaining high levels of customer service and strong long-term relationships with manufacturer partners and suppliers also remains central to the Group's strategy.
The Board considers the environmental and community impact of the Group's activities and seeks to operate responsibly, comply with relevant legislation and improve efficiency where commercially and operationally appropriate.
During the year, the Board's principal decisions included continued investment in facilities, people and technology and the management of vehicle stock and working capital in response to changing manufacturer and market conditions. In considering these matters, the directors took account of their likely long-term consequences and their impact on the Group's principal stakeholders.
The Board believes that maintaining a strong balance sheet, sustainable manufacturer relationships, appropriately skilled employees and high standards of customer service provides the foundation for the long-term success of the Company and Group.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 March 2026.
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £940,580. 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:
Cooper Parry Group Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
This section includes our mandatory reporting of energy and greenhouse gas emissions for the period 1 April 2025 to 31 March 2026, pursuant to the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, implementing the government’s Streamlined Energy and Carbon Reporting (SECR) policy.
The following standards are used in the calculation the above disclosures:
2019 HM Government Environmental Reporting Guidelines
GHG Reporting Protocol – Corporate Standard
2025 UK Government's Conversion Factors for Company Reporting
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £million turnover, the recommended ratio for the sector.
The Group continue to push towards transport sustainability with the installation of electric vehicle charging points across the remainder of its dealerships. All dealerships now have electric charging point facilities installed. The Group is currently undertaking a review at each premises with a view to reducing energy consumption and, where appropriate, will look to upgrade existing fixtures and equipment to more energy efficient equivalents.
We have audited the financial statements of F.P.Smith(Holdings)Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise 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 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).
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.
Extent to which the audit was considered capable of detecting irregularities including fraud
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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, we considered the following:
the nature of the industry and sector, control environment and business performance.
any matters we identified having obtained and reviewed the Group’s documentation of their policies and procedures relating to:
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance,
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
the matters discussed among the audit engagement team and involving relevant internal specialists, including tax, and industry specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: valuation of used vehicle stocks and recognition of supplier incentives. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override and irregularities in the recording of revenue recognition.
We also obtained an understanding of the legal and regulatory frameworks the Company and Group operates in, focussing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group’s ability to operate or to avoid a material penalty. These included the Group’s FCA regulatory requirements.
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.
Our procedures to respond to risks identified included the following:
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
enquiring of management and those charged with governance concerning actual and potential litigation claims;
in addressing the risk of fraud through inappropriate valuation of used vehicle stocks, assessing net realisable value of stock items sold after the year end was above cost or assessing their value with reference to third party data sources if unsold;
in addressing the risk of fraud through inappropriate recording of supplier incentives, ensuring amounts recorded as due were then subsequently acknowledged as such by the supplier;
in assessing the risk of fraud through management override of controls, testing the appropriateness of journal entries and assessing whether judgements made in making accounting estimates are indicative of potential bias.
In assessing the risk of fraud through revenue recognition, testing a sample of sales to ensure recorded correctly, reviewing credit notes issued following the year end and testing cut off has been applied correctly.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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 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 £620,832 (2025 - £675,208 profit).
F.P.Smith(Holdings)Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Sturrock Way Bretton Way, Bretton, Peterborough, Cambridgeshire, PE3 8YL.
The group consists of F.P.Smith(Holdings)Limited 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 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company F.P.Smith(Holdings)Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 March 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
At the time of approving the financial statements, the directors have a reasonable expectation that the group 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 is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received including commissions earned, net of trade discounts and value added tax.
Sale of goods
Turnover from the sale of motor vehicles, parts and accessories are recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction;
the costs incurred or to be incurred in respect of the transaction can be measured reliably..
Sale of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract 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 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 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.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group 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.
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.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
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 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 if, and only if, there is 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.
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.
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 leased asset are consumed.
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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Vehicles held on consignment that have been delivered have been included within stocks on the basis that the group has determined that it holds the significant risks and rewards attached to these vehicles upon receipt on site.
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.
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives of the assets so these are re-assessed annually and amended when necessary to reflect current estimates.
For motor vehicle stock, provisions have been made for specific vehicles in line with available published industry data and taking into account further anticipated costs to sell. Parts have been provided for at different rates determined by the age of the parts in stock. The amount of the stock provision is disclosed in note 16 to the accounts.
All turnover arose within the United Kingdom.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2025 - 4).
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:
Land is not depreciated in the group and company.
Details of the company's subsidiaries at 31 March 2026 are as follows:
The registered office for all subsidiaries is Sturrock Way Bretton Way, Bretton, Peterborough, Cambridgeshire, PE3 8YL.
Included within vehicle stock are consignment vehicles amounting to £3,864,152 (2025: £nil).
The group held £1,833,305 of consignment stock at 31 March 2026 (2025: £5,300,855) which is not recorded on the Balance Sheet.
An impairment provision of £278,307 (2025: £256,441) has been recognised against the value of inventory due to slow-moving and obsolete stock.
Included within other creditors is an amount of £3,864,152 (2025: £nil) in relation to consignment stocking facilities.
Included within trade creditors is an amount of £5,470,019 (2025: £5,412,356) in relation to vehicle funding facilities. These amounts are secured directly over the vehicles to which they relate.
The manufacturer loans of £450,000 (2025: £450,000) is secured by way of corporate guarantee and indemnity by the group.
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.
No amounts were payable to the fund at the current or prior year Balance Sheet date.
The revaluation reserve represents the accumulation of revaluation gains, net of any losses, impairments and other adjustments, in relation to the company's investments in its subsidiaries.
The capital redemption reserve contains the par value of any shares redeemed by the group and company.
This reserve includes all current and prior period retained profits and losses, less dividends paid.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Key management is defined as employees who take an active role in the management team. The aggregate cost of Key Management Personnel, including employers national insurance and pension contributions, was £551,193 (2025: £546,525)