Company Registration Number: 10200505
FINANCIAL STATEMENTS
28 FEBRUARY 2026
B.W. AYLESBURY (HOLDINGS) LIMITED
COMPANY INFORMATION
B.W. AYLESBURY (HOLDINGS) LIMITED
CONTENTS
B.W. AYLESBURY (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2026
The directors present their strategic report of the Group for the year ended 28 February 2026.
In the context of a ‘cost of living’ crisis, EV rules & competition, political uncertainty (domestic & foreign), new market entrants, Honda Agency Model rollout & post-covid recovery, the directors were satisfied with results (£33m sales & +19% operating profit) in what remains a challenging trading environment.
New car sales dropped -19% due to i) reduced EV demand ii) fierce competition (Chinese brands) & iii) higher living/finance costs impacting demand & mix. Profitability improved from i) stronger margins (reduced supply) ii) year 1 support re Honda Agency transition iii) & avoidance of concessions re prior year EV sales quota.
Used car sales dropped -7% (largely Nissan) from i) consumers preferring cheaper/budget (& older) models & ii) Competition (Chinese budget brands). Tempered by change in mix, revenues remained relatively flat. Operating profits reduced, impacted by lower volumes, lower margin & related ancillary opportunity.
The business’s anticipation of these possibilities, with strong focus on price management meant the business was well placed to manage / mitigate used market volatility and the value buyer opportunity.
Compared with the prior year, aftersales revenues were relatively flat. Operating profits for service grew +4% aided by an extensive Honda warranty programme whilst Part’s profits dropped back due to lower sales.
In respect of overheads, utilities and healthcare benefitted from improved deals, whilst strong controls kept cost
base in check.
Beyond the commercials, there has been a keen focus on (i) analysis to help anticipate & maximize a challenging market & (ii) transition from Honda Franchise to Agency model, whilst maintaining customer service excellence & profitability.
New car sales dropped -19% due to i) reduced EV demand ii) fierce competition (Chinese brands) & iii) higher living/finance costs impacting demand & mix. Profitability improved from i) stronger margins (reduced supply) ii) year 1 support re Honda Agency transition iii) & avoidance of concessions re prior year EV sales quota.
Used car sales dropped -7% (largely Nissan) from i) consumers preferring cheaper/budget (& older) models & ii) Competition (Chinese budget brands). Tempered by change in mix, revenues remained relatively flat. Operating profits reduced, impacted by lower volumes, lower margin & related ancillary opportunity.
The business’s anticipation of these possibilities, with strong focus on price management meant the business was well placed to manage / mitigate used market volatility and the value buyer opportunity.
Compared with the prior year, aftersales revenues were relatively flat. Operating profits for service grew +4% aided by an extensive Honda warranty programme whilst Part’s profits dropped back due to lower sales.
In respect of overheads, utilities and healthcare benefitted from improved deals, whilst strong controls kept cost
base in check.
Beyond the commercials, there has been a keen focus on (i) analysis to help anticipate & maximize a challenging market & (ii) transition from Honda Franchise to Agency model, whilst maintaining customer service excellence & profitability.
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B.W. AYLESBURY (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
The management of the business and the nature of the group's strategy are subject to a number of risks. The directors have set out below the principal risks facing the business.
General economic conditions
The general economic environment and levels of consumer and business confidence have a direct impact on levels of demand in the motor retail sector. In addition, fuel prices, interest rates, and levels of unemployment can all significantly impact sales levels. Demand levels are closely monitored by the business on an on-going basis (via sales and enquiry analysis) and action taken accordingly if these measures deviate from expectation.
Key dealerships
The Group has dealer agreements with manufacturers which enable us to achieve our key objectives of providing top quality products and services to our customers. The loss of certain of these franchises could have a short to medium term impact on our product offering and therefore our financial performance. The Group works closely with these manufacturers to ensure that, together, we provide the best customer value and experience.
Business continuity
The directors recognise that a major disaster, such as fire, prolonged power failure or major computer failure could have a significant impact on the Group's operational capability. Insurance cover and recovery plans are therefore in place to ensure the business as a whole remains operational.
Manufacturer supply of new and improved products
The Group is reliant on new vehicle products from Honda and Nissan. This exposes the Group to risks in a number of areas as the Group is dependent on its manufacturers/suppliers in respect of:
• Availability of new vehicle product in particular emission compliant hybrid & electric vehicles.
• Quality of new vehicle product
• Pricing of new vehicle product
The directors are confident that future new products from its manufacturers and suppliers will continue to be competitively priced and high quality and therefore consider that this "manufacturer risk" is minimal. It is, in any case, mitigated by other core business areas of the Group, including used vehicle sales, parts sales and service work.
Environmental Policy
The management continue to work towards the development of the Group's environmental policy. It is the managements' objective to continually improve performance in this area. When assessing the environmental performance of the Group, management consider various measures, including waste, recycling and CO2 emissions from the Group's vehicles.
General economic conditions
The general economic environment and levels of consumer and business confidence have a direct impact on levels of demand in the motor retail sector. In addition, fuel prices, interest rates, and levels of unemployment can all significantly impact sales levels. Demand levels are closely monitored by the business on an on-going basis (via sales and enquiry analysis) and action taken accordingly if these measures deviate from expectation.
Key dealerships
The Group has dealer agreements with manufacturers which enable us to achieve our key objectives of providing top quality products and services to our customers. The loss of certain of these franchises could have a short to medium term impact on our product offering and therefore our financial performance. The Group works closely with these manufacturers to ensure that, together, we provide the best customer value and experience.
Business continuity
The directors recognise that a major disaster, such as fire, prolonged power failure or major computer failure could have a significant impact on the Group's operational capability. Insurance cover and recovery plans are therefore in place to ensure the business as a whole remains operational.
Manufacturer supply of new and improved products
The Group is reliant on new vehicle products from Honda and Nissan. This exposes the Group to risks in a number of areas as the Group is dependent on its manufacturers/suppliers in respect of:
• Availability of new vehicle product in particular emission compliant hybrid & electric vehicles.
• Quality of new vehicle product
• Pricing of new vehicle product
The directors are confident that future new products from its manufacturers and suppliers will continue to be competitively priced and high quality and therefore consider that this "manufacturer risk" is minimal. It is, in any case, mitigated by other core business areas of the Group, including used vehicle sales, parts sales and service work.
Environmental Policy
The management continue to work towards the development of the Group's environmental policy. It is the managements' objective to continually improve performance in this area. When assessing the environmental performance of the Group, management consider various measures, including waste, recycling and CO2 emissions from the Group's vehicles.
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B.W. AYLESBURY (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
Used vehicle price variation
Used vehicle prices can decline significantly. As a significant proportion of our business comprises used vehicle sales, these declines can have a material impact on our business. The impact of declines in used vehicle prices can result in reduced profits on sales and also write-downs in the value of used vehicle stock.
Group people and reputation
The Group has invested heavily in its people and its reputation over a number of years. It is therefore reliant on these individuals to a degree in delivering the Group result and reinforcing the underlying brand. The Group undertakes a regular review of remuneration and packages to ensure that it attracts and retains the best people.
Competition
The Group competes with other franchised vehicle dealerships, independent used vehicle sellers, private buyers and sellers, internet based dealers, independent service and repair shops and vehicle manufacturers who have entered the retail market. The Group competes for the sale of new and used vehicles, the performance of warranty repairs, non-warranty repairs, routine maintenance business and for the provision of spare parts. The principal competitive factors in service and parts sales are price, familiarity with a manufacturer's brands and models and the quality of customer service.
Used vehicle prices can decline significantly. As a significant proportion of our business comprises used vehicle sales, these declines can have a material impact on our business. The impact of declines in used vehicle prices can result in reduced profits on sales and also write-downs in the value of used vehicle stock.
Group people and reputation
The Group has invested heavily in its people and its reputation over a number of years. It is therefore reliant on these individuals to a degree in delivering the Group result and reinforcing the underlying brand. The Group undertakes a regular review of remuneration and packages to ensure that it attracts and retains the best people.
Competition
The Group competes with other franchised vehicle dealerships, independent used vehicle sellers, private buyers and sellers, internet based dealers, independent service and repair shops and vehicle manufacturers who have entered the retail market. The Group competes for the sale of new and used vehicles, the performance of warranty repairs, non-warranty repairs, routine maintenance business and for the provision of spare parts. The principal competitive factors in service and parts sales are price, familiarity with a manufacturer's brands and models and the quality of customer service.
The directors consider that unit sales and service hours sold are key performance indicators. During the year the Group sold 1,675 vehicles (2025: 1,878) and sold 20,030 service hours (2025: 21,190). Other financial key performance indicators are shown below :
This report was approved by the board and signed on its behalf.
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B.W. AYLESBURY (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2026
The directors present their report and the financial statements for the year ended 28 February 2026.
The profit for the year, after taxation, amounted to £305,438 (2025 - £235,470).
The total distribution of dividends for the year ended 28 February 2026 will be £200,000 (2025: £350,000).
The directors who served during the year were:
The Group uses various financial instruments, other than derivatives, which include bank, financial institution and stocking loans, cash and various items, such as consignment stock, trade debtors and trade creditors that arise directly from operations. The main purpose of these financial instruments is to raise finance for the Group's operations. Their existence exposes the Group to a number of financial risks.
The main risks arising from the Group's financial instruments are interest rate risk, liquidity risk and credit risk. The directors review and agree policies for managing each of these risks which are summarised below. These policies have remained unchanged from previous years.
Interest rate risk
The Group finances its operations through a mixture of bank and other external borrowings. The Group's exposure to interest rate fluctuations on its borrowings is managed by the use of fixed and floating facilities. The Consolidated Statement of Financial Position includes trade debtors and creditors which do not attract interest.
Liquidity risk
The Group seeks to manage risk by ensuring sufficient liquidity is available to meet foreseeable needs to invest cash assets safely and profitably.
The Group's policy throughout the year has been to achieve this objective through the day to day involvement of management in business decisions rather than through setting maximum or minimum liquidity ratios.
The main risks arising from the Group's financial instruments are interest rate risk, liquidity risk and credit risk. The directors review and agree policies for managing each of these risks which are summarised below. These policies have remained unchanged from previous years.
Interest rate risk
The Group finances its operations through a mixture of bank and other external borrowings. The Group's exposure to interest rate fluctuations on its borrowings is managed by the use of fixed and floating facilities. The Consolidated Statement of Financial Position includes trade debtors and creditors which do not attract interest.
Liquidity risk
The Group seeks to manage risk by ensuring sufficient liquidity is available to meet foreseeable needs to invest cash assets safely and profitably.
The Group's policy throughout the year has been to achieve this objective through the day to day involvement of management in business decisions rather than through setting maximum or minimum liquidity ratios.
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B.W. AYLESBURY (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
Credit risk
The Group's principal financial assets are cash and trade debtors. The credit risk associated with the cash is limited as the counterparts have high credit ratings assigned by international credit-rating agencies. The principal credit risk therefore arises from its trade debtors.
In order to manage credit risk, the directors set credit limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the finance director on a regular basis in conjunction with debt ageing and collection history.
The Group's principal financial assets are cash and trade debtors. The credit risk associated with the cash is limited as the counterparts have high credit ratings assigned by international credit-rating agencies. The principal credit risk therefore arises from its trade debtors.
In order to manage credit risk, the directors set credit limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the finance director on a regular basis in conjunction with debt ageing and collection history.
The directors review of business and their consideration of the risks and uncertainties surrounding the business may be found in the Strategic Report.
This report was approved by the board and signed on its behalf.
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B.W. AYLESBURY (HOLDINGS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2026
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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B.W. AYLESBURY (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF B.W. AYLESBURY (HOLDINGS) LIMITED
We have audited the financial statements of B.W. Aylesbury (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 28 February 2026, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, 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 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 or the 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.
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B.W. AYLESBURY (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF B.W. AYLESBURY (HOLDINGS) LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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B.W. AYLESBURY (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF B.W. AYLESBURY (HOLDINGS) LIMITED (CONTINUED)
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 Group 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:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and knowledge of the Company to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the company through discussions with directors and other management and review of appropriate industry knowledge. Key laws and regulations we identified during the audit were the UK Companies Act 2006 and UK tax legislation and FCA regulations;
∙we assessed the extent of compliance with the laws and regulations identified above by making enquiries of management; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships;
∙tested journal entries recorded on the Company's finance system to identify unusual transactions that may indicate override of controls;
∙reviewed key judgements and estimates for any evidence of management bias; and
∙reviewed the application of accounting policies with focus on those with heightened estimation uncertainty.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation; and
∙enquiring of management to identify actual and potential litigation and claims
Due 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. For example, as with any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
Due 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. For example, as with any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
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B.W. AYLESBURY (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF B.W. AYLESBURY (HOLDINGS) LIMITED (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
Manchester
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B.W. AYLESBURY (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2026
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B.W. AYLESBURY (HOLDINGS) LIMITED
REGISTERED NUMBER: 10200505
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 36 form part of these financial statements.
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B.W. AYLESBURY (HOLDINGS) LIMITED
REGISTERED NUMBER: 10200505
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 36 form part of these financial statements.
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B.W. AYLESBURY (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2026
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B.W. AYLESBURY (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2026
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B.W. AYLESBURY (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2026
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B.W. AYLESBURY (HOLDINGS) LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 28 FEBRUARY 2026
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B.W. AYLESBURY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
B.W. Aylesbury (Holdings) Limited is a private company, limited by shares, registered in England and Wales and the company's registered number is 10200505.
The Company's registered office address is Aylesbury Honda, Gatehouse Road, Aylesbury, Buckinghamshire, HP19 8ED.
The presentation currency of the financial statements is Pound Sterling (£).
The Group has no single principal place of business.
The Company's principal activity is that of a holding company. The subsidiary's principal activity is that of a motor retailer.
The Company's registered office address is Aylesbury Honda, Gatehouse Road, Aylesbury, Buckinghamshire, HP19 8ED.
The presentation currency of the financial statements is Pound Sterling (£).
The Group has no single principal place of business.
The Company's principal activity is that of a holding company. The subsidiary's principal activity is that of a motor retailer.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Group and its own subsidiaries ("the Group") as if they form a single entity except intercompany transactions and balances between Group companies are eliminated in full. However, one of the subsidiary undertakings, Rotary Parking Systems Limited has been excluded from the consolidation in accordance with section 405(2) of the Companies Act 2006 as it is not material to the group's financial position.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
At the reporting date the Group had net current assets of £3,564,946 (2025: £4,377,511). The Company had net current liabilities of £1,769,977 (2025: £1,430,553) and the amounts due to group undertakings of £1,752,169 (2025 £1,391,654). The trading company is unlikely to call in the debt given that the directors and shareholders consider the Groups performance as a whole. In such a scenario, the Parent Company owns a significant property holding, which could be liquidated to meet the liability.
The directors have considered cash flow, forecasts and available facilities, together with current trading and are confident that the Group will be able to meet its debts as they fall due for the period of 12 months after the approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.
The directors have considered cash flow, forecasts and available facilities, together with current trading and are confident that the Group will be able to meet its debts as they fall due for the period of 12 months after the approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.
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B.W. AYLESBURY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
2.Accounting policies (continued)
Commission income is accounted for on a receivable basis.
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B.W. AYLESBURY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
2.Accounting policies (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods listed below.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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B.W. AYLESBURY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
2.Accounting policies (continued)
Consignment vehicles that are regarded effectively as being under control of the Group due to the transfer of risks and responsibilities, are included within stocks on the Statement of Financial Position, although legal title has not passed to the Group, in accordance with FRS 102. The corresponding liability is included within trade creditors and is secured directly on these vehicles.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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 Statement of financial position when the Group 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.
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B.W. AYLESBURY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
2.Accounting policies (continued)
Impairment of financial assets
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B.W. AYLESBURY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
2.Accounting policies (continued)
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
The Company only has basic financial instruments which are measured at amortised cost.
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B.W. AYLESBURY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:
Consignment stock
Vehicles held on consignment have been included in ‘vehicles’ within ‘stocks’ on the basis that the Group has determined that it holds the significant risks and rewards attached to these vehicles.
Stock valuation
Stock valuation is regularly monitored against age profile and market demand. Management use a number of market tools during the appraisal process including CAP valuation guides. The directors maintain oversight of ageing stock profiles and a monthly review of any provision required is performed.
Property, plant and equipment assets
Property, plant and equipment are reviewed for impairment if events or circumstances indicate that the carrying value may not be recoverable. When an impairment review is carried out the recoverable value is determined based on value in use calculations which require estimates to be made of future cash flows.
Incentives and other rebates received from brand partners
The Group receives income in the form of various incentives which are determined by the brand partners. The amount received is generally based on achieving specific objectives such as a specified sales volume, as well as other objectives including maintaining brand partner standards which may include, but are not limited to, retail centre image and design requirements, customer satisfaction survey results and training standards. Objectives are generally set and measured on either a quarterly or annual basis.
Where incentives are based on a specific sales volume or number of registrations, the related income is recognised as a reduction in cost of sales when it is reasonably certain that the income has been earned. This is generally the later of the date the related vehicles are sold or registered or when it is reasonably certain that the related target will be met. Where incentives are linked to retail centre image and design requirements, customer satisfaction survey results or training standards, they are recognised as a reduction in cost of sales when it is reasonably certain that the incentive will be received for the relevant period.
The Group may also receive contributions towards advertising, promotional and rent expenditure. Where such contributions are received they are recognised as a reduction in the related expenditure in the period to which they relate.
Page 24
B.W. AYLESBURY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
Page 25
B.W. AYLESBURY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
Page 26
B.W. AYLESBURY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
Page 27
B.W. AYLESBURY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
12.Taxation (continued)
There were no factors that may affect future tax charges.
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.
Page 28
B.W. AYLESBURY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
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Page 29
B.W. AYLESBURY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
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Page 30
B.W. AYLESBURY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
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Page 31
B.W. AYLESBURY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
Page 32
B.W. AYLESBURY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
Vehicle funding liabilities included within trade creditors are secured directly over the vehicles to which they relate.
Page 33
B.W. AYLESBURY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
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Page 34
B.W. AYLESBURY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
Share premium account
Capital redemption reserve
Profit and loss account
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £79,020 (2025: £66,370). Contributions totalling £12,873 (2025: £11,799) were payable to the fund at the reporting date
The following advances and credits to directors subsisted during the years ended 28 February 2026 and 29 February 2025:
Page 35
B.W. AYLESBURY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
The ultimate controlling party is deemed to be P W Cockton through his majority shareholding.
Page 36