STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

BICKERTON GARAGE LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditor

5

Statement of Income and Retained Earnings

8

Balance Sheet

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTORS:

J R Atherton

S C Beckett

SECRETARY:

S C Beckett

REGISTERED OFFICE:

Sherwood Oaks Business Park

Southwell Road West

Mansfield

Nottinghamshire

NG18 4GF

REGISTERED NUMBER:

01655279 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mr Oliver Jenkins ACCA

AUDITOR:

Hewitt Card Limited

Statutory Auditor

70-72 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BN

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

Our objectives are to provide a reliable, competitive and high quality supply of motor vehicles, and after sales care to both the public and corporate customers. This is backed up by specialist knowledge built up through the combined experience of our staff.

Through this we aim to achieve an acceptable return for the shareholders and provide for longer term planning to secure the future of the Company.

REVIEW OF BUSINESS

The directors are pleased with the overall performance of the business for the year in what continues to be a challenging environment.

The Company has seen an increase in the new car market during the year whilst still maintaining it's presence in the used car market.

The Company's turnover has increased and it's balance sheet position has strengthened overall at the year end when compared to the previous year. The Company has also seen an increase in gross profit percentage and thus net profit, due to increases in purchase prices.

The key performance indicators by which financial performance is measured are as follows:-

2025

2024

Turnover

£27.9m

£23.2m

Gross profit percentage

4.59%

6.46%

Net profit

£184k

£349k

Shareholders funds

£2.4m

£2.37m

The directors are confident that the business can maintain the current level of activity despite their expectation that the economic environment will remain difficult throughout the next year.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks that we face are those arising from competition in the marketplace particularly in the form of price and supply.

In addition effective working capital management is required to ensure that products are available at the right time.

The provision of specialist knowledge is also key to adding value and achieving our aim of a quality service and so retention of experienced and knowledgeable staff is a risk we face.

Used vehicle price volatility can also present a significant risk in the event that the market price moves rapidly between the point of purchase and the point of sale of a used vehicle. This leads to reduced margins and increased provisions on unsold stock. This risk is mitigated by a combination of regular monitoring of the used vehicle market by the company used car buyers, a focus on stock turn to reduce the length of time that used vehicles are held in stock, and regular review and re-pricing to ensure that vehicles are priced competitively in the market.

ON BEHALF OF THE BOARD:

S C Beckett - Director

8 July 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of motor car dealers and motor engineers.

DIVIDENDS

Interim dividends per share were paid as follows:

102.48

- 31 January 2025

102.48

- 28 February 2025

102.48

- 31 March 2025

102.48

- 30 April 2025

102.48

- 31 May 2025

102.48

- 30 June 2025

122.48

- 31 July 2025

122.48

- 31 August 2025

102.48

- 30 September 2025

102.48

- 31 October 2025

102.48

- 30 November 2025

1,302.48

- 31 December 2025

2,469.76

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2025 will be £ 123,488 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

J R Atherton

S C Beckett

FINANCIAL INSTRUMENTS

The company uses a number of financial instruments which include loans, cash and other various items such as trade debtors and trade creditors which arise directly from its operations.

The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below.

The directors review and agree policies for the management of each of these risks which are noted below.

Liquidity risk

The company seeks to manage risk by ensuring sufficient liquidity is available to meet operating requirements.

Market risk

Recent uncertainty in financial markets has dented consumer confidence. Steps taken by financial institutions to reduce exposure and risk have resulted in limiting available consumer credit. Initiatives led by the management team within the company have assisted in maintaining a good level of retail finance penetration.

The company policy throughout the year has been to achieve its objective of managing interest rate risk through day to day involvement of management in business decisions rather than through setting maximum or minimum liquidity ratios.

Credit risk

The company's principal financial assets are freehold property, stock, cash and trade debtors. The credit risk associated with freehold property, stock and cash is limited and therefore the principal credit risk arises from its trade debtors.

To manage credit risk, the directors have implemented processes to ensure receipt of cleared funds for vehicle sales before the vehicle is released.

Other trade debtors require approved credit in advance which is supported by references and payment is required within the company's credit terms and hence credit risk is minimised.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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;

-	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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditor is unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

AUDITOR

The auditors, Hewitt Card Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S C Beckett - Director

8 July 2026

Opinion

We have audited the financial statements of Bickerton Garage Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditor thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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.

Auditors' 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 a Report of the Auditor 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.

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:

We have adopted a risk based approach based upon analytical procedures and knowledge of the clients systems and environment it operates in.

This enables us to design and perform audit procedures responsive to those risks; and obtain audit evidence that is sufficient and appropriate to provide a basis for the audit opinion.

To obtain an understanding of internal control where relevant to the audit to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

To evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

To conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern.

The likelihood of detecting irregularities is inherently difficult and we have designed our tests and procedures to reduce this risk.

- We have enquired of management around actual and potential litigation and claims.

- Review of company minutes of meetings of those charged with governance.

- Reviewing financial statements disclosure and testing supporting documentation to assess compliance with applicable laws and regulations

- Review and testing of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at https://www.frc.org.uk/auditors/auditorsresponsibilities. This description forms part of our Report of the Auditor.

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 a Report of the Auditor 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.

Mr Oliver Jenkins ACCA (Senior Statutory Auditor)

for and on behalf of Hewitt Card Limited

Statutory Auditor

70-72 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BN

8 July 2026

TURNOVER

3

27,921,671

23,159,835

Cost of sales

26,640,998

21,663,355

GROSS PROFIT

1,280,673

1,496,480

Administrative expenses

951,667

985,298

OPERATING PROFIT

5

329,006

511,182

Interest payable and similar expenses

6

134,395

167,536

PROFIT BEFORE TAXATION

194,611

343,646

Tax on profit

7

10,097

(5,450

)

PROFIT FOR THE FINANCIAL YEAR

184,514

349,096

Retained earnings at beginning of year

2,366,926

2,079,318

Dividends

8

(123,488

)

(61,488

)

RETAINED EARNINGS AT END OF YEAR

2,427,952

2,366,926

FIXED ASSETS

Tangible assets

9

132,511

81,822

CURRENT ASSETS

Stocks

10

3,812,362

3,569,465

Debtors

11

2,417,295

2,737,180

Cash at bank and in hand

6,610

952

6,236,267

6,307,597

CREDITORS

Amounts falling due within one year

12

3,907,252

3,999,017

NET CURRENT ASSETS

2,329,015

2,308,580

TOTAL ASSETS LESS CURRENT LIABILITIES

2,461,526

2,390,402

PROVISIONS FOR LIABILITIES

15

28,021

17,923

NET ASSETS

2,433,505

2,372,479

CAPITAL AND RESERVES

Called up share capital

16

50

50

Share premium

5,453

5,453

Capital redemption reserve

50

50

Retained earnings

2,427,952

2,366,926

SHAREHOLDERS' FUNDS

2,433,505

2,372,479

The financial statements were approved by the Board of Directors and authorised for issue on 8 July 2026 and were signed on its behalf by:

J R Atherton - Director

Cash flows from operating activities

Cash generated from operations

1

(26,419

)

267,510

Interest paid

(134,395

)

(167,536

)

Tax paid

-

(64,369

)

Net cash from operating activities

(160,814

)

35,605

Cash flows from investing activities

Purchase of tangible fixed assets

(79,428

)

(1,937

)

Sale of tangible fixed assets

-

1,000

Net cash from investing activities

(79,428

)

(937

)

Cash flows from financing activities

Loan repayments in year

(48,058

)

(66,964

)

Amounts (to) / from group companies

521,447

-

Equity dividends paid

(123,488

)

(61,488

)

Net cash from financing activities

349,901

(128,452

)

Increase/(decrease) in cash and cash equivalents

109,659

(93,784

)

Cash and cash equivalents at beginning of year

2

(103,049

)

(9,265

)

Cash and cash equivalents at end of year

2

6,610

(103,049

)

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.25

31.12.24

£

£

Profit before taxation

194,611

343,646

Depreciation charges

28,740

27,541

Profit on disposal of fixed assets

-

(974

)

Finance costs

134,395

167,536

357,746

537,749

Increase in stocks

(242,897

)

(448,862

)

Increase in trade and other debtors

(143,021

)

(137,783

)

Increase in trade and other creditors

1,753

316,406

Cash generated from operations

(26,419

)

267,510

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

6,610

952

Bank overdrafts

-

(104,001

)

6,610

(103,049

)

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

952

377

Bank overdrafts

(104,001

)

(9,642

)

(103,049

)

(9,265

)

3.	ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

952

5,658

6,610

Bank overdrafts

(104,001

)

104,001

-

(103,049

)

109,659

6,610

Debt

Debts falling due within 1 year

(48,057

)

48,057

-

(48,057

)

48,057

-

Total

(151,106

)

157,716

6,610

1.	STATUTORY INFORMATION

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

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.

Turnover

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

Sale of goods

Turnover from the sale of goods is recognised when;

- the significant risks and rewards of ownership of the goods has transferred 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 turnover can be measured reliably

- it is probable that the economic benefits associated with the transaction will flow to the company

- the costs incurred or to be incurred in respect of the transaction can be measured reliably

Rendering of services

Turnover from a contract to provide services is recognised in the period by reference to the stage of completion of the contract when all of the following conditions are satisfied;

- the amount of turnover can be measured reliably

- it is probable that the economic benefits associated with the services will flow to the company

- the stage of completion of the contract at the reporting date can be measured reliably

- the costs incurred and the costs to complete the contract 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.

Short leasehold

-

Over the term of the lease

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

At each reporting date, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Consignment stock

Consignment vehicles which bear considerably more of the risks and responsibilities of ownership are regarded effectively as being under the control of the company and, in accordance with FRS 102 are included in stocks on the balance sheet, although legal title has not passed to the company. The corresponding liability is included as new vehicle funding and is secured directly on these vehicles.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements or a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.12.25

31.12.24

£

£

Sales of goods

24,936,169

21,216,443

Sales of services

2,985,502

1,943,392

27,921,671

23,159,835

4.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

912,068

734,661

Social security costs

172,919

98,798

Other pension costs

30,970

184,952

1,115,957

1,018,411

The average number of employees during the year was as follows:

31.12.25

31.12.24

Employees

38

36

31.12.25

31.12.24

£

£

Directors' remuneration

12,000

11,000

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.25

31.12.24

£

£

Hire of plant and machinery

69,785

66,332

Other operating leases

187,905

171,560

Depreciation - owned assets

28,739

27,542

Profit on disposal of fixed assets

-

(974

)

Auditors remuneration

9,350

10,493

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.25

31.12.24

£

£

Bank loan interest

-

7,549

Stocking loan interest

134,395

159,987

134,395

167,536

7.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

31.12.25

31.12.24

£

£

Current tax:

Adjustment in respect of

prior years

-

(31

)

Deferred tax:

Origination and reversal of timing differences

10,097

(5,419

)

Tax on profit

10,097

(5,450

)

Reconciliation of total tax charge/(credit) included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.25

31.12.24

£

£

Profit before tax

194,611

343,646

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

48,653

85,912

Effects of:

Depreciation in excess of capital allowances

2,093

6,089

Adjustments to tax charge in respect of previous periods

-

(31

)

Deferred taxation

10,097

(5,419

)

Group relief

(50,746

)

(92,001

)

Total tax charge/(credit)

10,097

(5,450

)

8.

DIVIDENDS

31.12.25

31.12.24

£

£

Ordinary shares of £1 each

Interim

123,488

61,488

9.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2025

25,813

291,238

230,738

59,283

607,072

Additions

12,870

12,173

53,633

752

79,428

At 31 December 2025

38,683

303,411

284,371

60,035

686,500

DEPRECIATION

At 1 January 2025

18,710

236,580

212,648

57,312

525,250

Charge for year

2,325

14,745

10,130

1,539

28,739

At 31 December 2025

21,035

251,325

222,778

58,851

553,989

NET BOOK VALUE

At 31 December 2025

17,648

52,086

61,593

1,184

132,511

At 31 December 2024

7,103

54,658

18,090

1,971

81,822

10.

STOCKS

31.12.25

31.12.24

£

£

Stocks

3,812,362

3,569,465

Consignment vehicles which bear considerably more of the risks and responsibilities of ownership are regarded effectively as being under the control of the company and, in accordance with FRS 102 are included in stocks on the balance sheet, although legal title has not passed to the company. The corresponding liability is included as new vehicle funding and is secured directly on these vehicles.

Stocks held under stocking loan and hire purchase agreements are secured against the individual vehicles in which amounts are advanced against.

Consignment stock accounts for £1,372,558 of total stock in the current year (2024: £923,022).

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

453,955

442,283

Amounts owed by group undertakings

1,774,060

2,236,966

Other debtors

15,702

1,177

Prepayments

173,578

56,754

2,417,295

2,737,180