Registration number:
Wellington Motors Limited
for the Year Ended 31 December 2025
Wellington Motors Limited
Contents
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Company Information |
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Strategic Report |
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Director's Report |
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Statement of Director's Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Wellington Motors Limited
Company Information
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Director |
Mr MC Holcombe |
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Registered office |
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Auditors |
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Wellington Motors Limited
Strategic Report for the Year Ended 31 December 2025
The director presents his strategic report for the year ended 31 December 2025.
Principal activity
The principal activity of the company is that of sales and servicing of motor vehicles together with a wholesale trade parts division
Fair review of the business
The motor retail marketplace remains a competitive sector and the director is pleased with the trading performance of the company which is in line with expectation, with an increase in turnover and profit following the introduction of new franchises of MG and Chery and new models launched by Omoda & Jaecoo.
More pleasing to the director is the fact that cash reserves of the company have increased since last year, despite the ongoing investment in the sites to maintain the high standards.
The company continues to concentrates on a strategic presence within Somerset and Devon, and at the year end had the following sites:
• Exeter Nissan, Marsh Barton, Exeter, Devon
• Wellington Nissan, Taunton Vale, Somerset
• Barnstaple Nissan, Barnstaple, Devon
• Sidmouth Nissan, Sidmouth, Devon
• Wellington Omoda and Jaecoo, Wellington, Somerset
• Barnstaple Omoda and Jaecoo, Barnstaple, Devon
• Exeter Chery, Marsh Barton, Exeter, Devon
• Wellington MG, Wellington, Somerset
• Exeter Direct, Marsh Barton, Exeter, Devon
• Wellington Direct, Wellington, Somerset
• Taunton Direct, Taunton, Somerset
With the director having a clear direction of scaled growth, some of which was achieved during the year, the recuritment of key staff members to further support the existing team was also seen as a key objective of the director and during the year the company recruited an experienced Financial Controller with experience within the motor retail industry.
The company's key financial and other performance indicators during the year were as follows:
|
Unit |
2025 |
2024 |
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Turnover |
£ |
71,835,606 |
66,407,205 |
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Gross Profit |
£ |
8,462,494 |
8,006,087 |
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Profit before tax |
£ |
1,759,408 |
1,515,295 |
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Net Assets |
£ |
10,167,334 |
9,281,253 |
Wellington Motors Limited
Strategic Report for the Year Ended 31 December 2025
Principal risks and uncertainties
The director is confident that a thorough risk management process is in place which involves formal reviews on an ongoing basis.
The principal risks and uncertainties which could have a material impact on the company's performance are:
• The company mitigates the risk of high stocking charges through ensuring it only carries stock of a suitable profile and operates both an aged stock and retail pricing policy. This is controlled internally on a monthly basis with all departmental managers submitting a detail report and price adjustment report to the director covering all stock.
• The need to act fairly between members of the company.The director believes the current model mix is ideal for the demographic in the South West region with its vehicle order book remaining at a decent level and this creates fantastic part exchanges for the Used Direct sites.
The company benefits from a close relationship with many of its clients so constant and transparent client feedback remains key to everything the WMG team do and is the central pillar to all future planning relating to the retail and service marketplace.
Analysis of the inflationary pressures within the sector take place together with a programme of counter measures being assessed on an ongoing basis. The director strongly believes however that it is their responsibility to ensure all team members concentrate on areas of the business they can positively influence rather than spend too much time concerning themselves with macroeconomics.
Section 172(1) statement
The director aims to act in a way that promotes the long-term success of the business for the benefit of all its stakeholders. Section 172 matters are considered in our strategy development and significant decisions across all aspects of our business.
Section 172 requires the director to have regard to:
• The likely consequences of any decision in the long term
• The interests of the company's employees
• The need to foster the company's business relationships with suppliers, customers and others
• The impact of the company's operations on the community and the environment
• The desirability of the company maintaining a reputation for high standards of business conduct, and
• The need to act fairly between members of the company.
The director is aware of his responsibilities to ensure that the company acts fairly in all its dealings and communications with key stakeholder groups and considers the impact of the company’s operations on the wider community and the environment. The director considers a range of factors in making decisions on the success of the company and its holdings in the group, including the section 172 duties above, the company’s activities and, where appropriate, the subsidiaries' business.
Engagement with suppliers, customers and other relationships
We aim to build long-term relationships with our suppliers, which includes the key suppliers of the branded vehicles, to help ensure availability of vehicles through a stable supply chain.
We continue to focus on a high-quality customer experience delivering a quality experience and relationship with all who interact in any way with the company.
Wellington Motors Limited
Strategic Report for the Year Ended 31 December 2025
Non-financial and sustainability information
Energy and carbon report
This section includes our mandatory reporting of energy and greenhouse gas emissions for the period 1 January 2025 to 31 December 2025, 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.
Emissions and energy consumption
Our methodology to calculate our greenhouse gas emissions is based on the 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance (March 2019)’, using DESNZ's 2025 conversion factors. In some cases, consumption has been extrapolated from available data or direct comparison made to a comparable period.
Summary of scope 1 (direct) greenhouse gas emissions for the year ended 31 December 2025:
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Name and description |
Unit of measurement |
2025 |
2024 |
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Gas combustion |
Metric tonnes CO2 equivalent |
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Fuel consumed for owned transport |
Metric tonnes CO2 equivalent |
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Summary of scope 2 (indirect) greenhouse gas emissions for the year ended 31 December 2025:
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Name and description |
Unit of measurement |
2025 |
2024 |
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Purchased electricity |
Metric tonnes CO2 equivalent |
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Vehicle electricity |
Metric tonnes CO2 equivalent |
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Summary of scope 3 (other indirect) greenhouse gas emissions for the year ended 31 December 2025:
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Name and description |
Unit of measurement |
2025 |
2024 |
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Fuel consumed for vehicles not owned by the group |
Metric tonnes CO2 equivalent |
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Summary of energy consumption for the year ended 31 December 2025:
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Name and description |
Unit of measurement |
2025 |
2024 |
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Aggregrate of energy consumption in the year |
kWh |
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Wellington Motors Limited
Strategic Report for the Year Ended 31 December 2025
Intensity ratio
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Turnover (tCo2e/£m)
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Energy effeciency action
During the reporting period we have invested £14k towards a new PV installation.
Approved and authorised by the
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Wellington Motors Limited
Director's Report for the Year Ended 31 December 2025
The director presents his report and the financial statements for the year ended 31 December 2025.
Director of the company
The director who held office during the year was as follows:
Dividends
The directors recommend a final dividend payment of £Nil be made in respect of the financial year ended 31 December 2025 (2024 - £Nil).
Financial instruments
The company has procedures to identify risk and manage the risks that may hinder its financial performance objectives. The objective is to limit counterparty exposure, ensure sufficient weekly capital and to mitigate the risk identified. The company does not consider it necessary to employ derivatives to manage risk, based upon the current activites of the company.
Objectives and policies
The objectives of the company are to grow the business organically whilst remaining true to the core beliefs of service and price.
The company is exposed to price risk, credit risk, liquidity risk and cash flow risk. The directors review risk management strategies regularly.
Price risk, credit risk, liquidity risk and cash flow risk
Price
The company has minimal exposure to price risk as all prices are pre-set by management.
Credit
The company is exposed to credit risk and management ensure that credit checks are completed on all new customers and chase debts on a regular basis once they become overdue.
Liquidity
The company's exposure to liquidity risk is minimal as the group has adequate net current assets.
Cash flow
The company is exposed to cash flow risk as a result of the timing between paying suppliers and the receipt of money from customers. Management manage this through the use of an invoice discounting facility.
Future developments
Management's aim is to continue to grow the business whilst maintaining the group's strong position in the market, which includes considering further opportunities which become available within Devon and Somerset.
Further development plans for 2026 in the market areas of Taunton & Exeter remain crucial and planning permission has been granted for further development on the Alphington site for a Lepas showroom, and there are also plans for a 12-bay workshop for the Chery brands.
The continued development of staff is considered a key ongoing objective of management, with the development of a young operational team for the future considered important for the longterm business sucession planning.
Wellington Motors Limited
Director's Report for the Year Ended 31 December 2025
Disclosure of information to the auditors
The director has taken 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 auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Disclosure in the strategic report
The business review, principal risks and uncertainties, and financial key performance indicators are not included in the Director's Report as they are covered in the Strategic Report as required under s414C of the Companies Act 2006.
Reappointment of auditors
The auditors ML Audit LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved by the
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Wellington Motors Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
Wellington Motors Limited
Independent Auditor's Report to the Members of Wellington Motors Limited
Opinion
We have audited the financial statements of Wellington Motors Limited (the 'company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and 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 director's 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 were authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The director is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Wellington Motors Limited
Independent Auditor's Report to the Members of Wellington Motors Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Director's Report.
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 director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities set out on page 8, the director is 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 director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
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obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; |
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inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud; |
Wellington Motors Limited
Independent Auditor's Report to the Members of Wellington Motors Limited
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discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. |
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undertaken a review of manual journals processed in the accounting system, applying professional scepticism to ensure they are in line with our expectation that they are not unusual in the normal course of business. |
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Winchester House
Deane Gate Avenue
Somerset
TA1 2UH
Wellington Motors Limited
Profit and Loss Account for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
1,743,802 |
1,515,122 |
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Other interest receivable and similar income |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above. Accordingly, a seperate Statement of Other Comprehensive Income is not presented.
Wellington Motors Limited
(Registration number: 03125962)
Balance Sheet as at 31 December 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Capital redemption reserve |
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Profit and loss account |
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Total equity |
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Approved and authorised by the
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Wellington Motors Limited
Statement of Changes in Equity for the Year Ended 31 December 2025
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Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 January 2024 |
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Profit for the year |
- |
- |
- |
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Dividends |
- |
- |
- |
( |
( |
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At 31 December 2024 |
65,702 |
26,660 |
246,228 |
8,942,663 |
9,281,253 |
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Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 January 2025 |
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Profit for the year |
- |
- |
- |
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Dividends |
- |
- |
- |
( |
( |
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At 31 December 2025 |
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Wellington Motors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional and presentational currency of the company, and rounded to the nearest £.
Summary of disclosure exemptions
The Company is a qualifying entity for the purposes of FRS 102 and has elected to take the exemption under FRS 102 para 1.12(b) not to present the Company Statement of Cash Flows and has also elected to take the exemption not to disclose the key managment personnel compensation.
Name of parent of group
These financial statements are consolidated in the financial statements of Holcombe's of Taunton Limited.
The financial statements of Holcombe's of Taunton Limited may be obtained from Taunton Vale House, Summerfield Way, Chelston Business Park, Wellington, Somerset, TA21 9JE.
Going concern
The financial statements have been prepared on a going concern basis. As at the date of signing the financial statements, the director confirms that the company is in a position to meet its liabilities for a period of 12 months and that there are no foreseeable events which may give rise to liabilities which exceeds the company’s ability to pay.
Wellington Motors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Key sources of estimation uncertainty
In the application of the company's accounting policies the director is required to make judgements, estimates and assumptions about the carrying amounts 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, if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.
The estimate for provision of stock is considered to have a significant risk of causing a material adjustment to the carrying amount of stock valuation of the company. The carrying amount is £11,067,481 (2024 - £11,045,301).
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and for the provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue for the sale of goods when all the following conditions are satisfied:
a) the significant risks and rewards of ownership have been transferred to the buyer;
b) the group retains no continuing involvement or control over the goods;
c) the amount of revenue can be reliably measured;
d) it is probable that future economic benefits will flow to the company; and
e) specific criteria have been met for each of the groups activities.
The company recognises revenue from the provision of services 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:
a) the amount of revenue can be reliably measured;
b) it is probable that future economic benefit will flow to the company;
c) the stage of completion of the contract at the end of the reporting period can be reliably measured; and
d) the costs incurred and the costs to complete the contract can be reliably measured.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Wellington Motors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Goodwill |
10% straight line |
Tangible assets
Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
|
Leasehold improvements |
10% straight line |
|
Fixtures, fittings & equipment |
15% reducing balance |
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Computer equipment |
35% reducing balance |
Wellington Motors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
The company holds consignment stock vehicles which are regarded as being effectively under the control of the company and are included within stock in the balance sheet as the company has the significant risks and rewards of ownership even though the legal title has not yet passed. Legal title does not pass to the company until the earlier of the company holding the vehicles for a specified period, adopting the vehicle by using it as a demonstrator vehicle, or selling the vehicle to a third party. The corresponding liability is included in creditors.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Wellington Motors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
|
Turnover |
The analysis of the company's Turnover for the year from UK continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of goods |
|
|
|
Rendering of services |
|
|
|
Commissions received |
|
|
|
|
|
Wellington Motors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Miscellaneous other operating income |
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Profit/(loss) on disposal of tangible fixed assets |
|
( |
|
Operating profit |
Arrived at after charging/(crediting):
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
(Profit)/loss on disposal of property, plant and equipment |
( |
|
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
Wellington Motors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including the director) during the year, analysed by category, was as follows:
|
2025 |
2024 |
|
|
Administration and support |
|
|
|
Sales, marketing and distribution |
|
|
|
Servicing and parts |
|
|
|
|
|
|
Director's remuneration |
The director's remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
101,800 |
107,890 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
Wellington Motors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Other fees to auditors |
||
|
Taxation compliance services |
|
|
|
Taxation |
Tax charged/(credited) in the income statement:
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Tax decrease from other short-term timing differences |
( |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Corporation tax expense not recognised |
|
- |
|
Deferred tax expense not recognised |
|
- |
|
Total tax charge |
|
|
Wellington Motors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Deferred tax
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Difference between accumulated depreciation and capital allowances |
- |
|
|
Short term timing differences |
- |
( |
|
- |
|
|
2024 |
Asset |
Liability |
|
Difference between accumulated depreciation and capital allowances |
- |
|
|
Other short-term timing differences |
- |
( |
|
- |
|
The deferred tax position is not expected to reverse significantly in the next twelve months, although this is subject to estimation uncertainty.
|
Intangible assets |
|
Goodwill |
Total |
|
|
Cost |
||
|
At 1 January 2025 |
|
|
|
At 31 December 2025 |
|
|
|
Amortisation |
||
|
At 1 January 2025 |
|
|
|
Amortisation charge |
|
|
|
At 31 December 2025 |
|
|
|
Carrying amount |
||
|
At 31 December 2025 |
|
|
|
At 31 December 2024 |
|
|
The amortisation of intangible assets is recognised in administrative expenses in the profit and loss account.
Wellington Motors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Tangible assets |
|
Leasehold improvements |
Fixtures, fittings and equipment |
Computer equipment |
Total |
|
|
Cost |
||||
|
At 1 January 2025 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
( |
- |
- |
( |
|
At 31 December 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2025 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
( |
- |
- |
( |
|
At 31 December 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2025 |
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
Stocks |
|
2025 |
2024 |
|
|
Parts stock |
|
|
|
Work in progress |
|
|
|
Vehicle stock |
|
|
|
|
|
Impairment of stocks
The amount of impairment loss included in profit or loss is £470 (2024 - £79,936).
The carrying amount of stocks pledged as security for liabilities amounted to £
.
Wellington Motors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Debtors |
|
Current |
2025 |
2024 |
|
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Consignment stock creditor |
8,202,391 |
4,453,428 |
|
|
Stocking loans |
3,114,948 |
4,553,007 |
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
- |
|
|
Other creditors |
|
|
|
|
Accruals and deferred income |
|
|
|
|
Corporation tax liability |
173,381 |
89,531 |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
Stocking loans are secured on the vehicle stock of the company to which they relate. This loan bears interest at 2.35% above the Bank of England base rate per annum.
Wellington Motors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 January 2025 |
|
|
|
Additional provisions |
|
|
|
At 31 December 2025 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
722 |
|
722 |
|
|
|
64,980 |
|
64,980 |
|
|
|
|
|
|
Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions: |
|
A Ordinary shares have the following rights, preferences and restrictions: |
Wellington Motors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Reserves |
Share premium account
The share premium reserve represents the premium received on the issue of share capital. Any transaction costs associated with the issuing of shares are deducted from the share premium.
Capital redemption reserve
This reserve records the nominal value of shares repurchased by the company.
Profit and loss reserve
This reserve includes all current and prior period retained profits and losses.
|
Loans and borrowings |
Current loans and borrowings
|
2025 |
2024 |
|
|
Other borrowings |
|
|
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Other borrowings |
|
|
Included within loans is an interest free loan of £133,333 (2024: £233,333) due to a supplier. This loan is repayable over a 3-year period and the company has to purchase certain quantities of products from the supplier to avoid charges.
|
Obligations under leases and hire purchase contracts |
Operating leases
At the reporting date, the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases relating to land and buildings, which fall due as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
- |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Wellington Motors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Dividends |
|
2025 |
2024 |
|||
|
£ |
£ |
|||
|
Interim dividend of £ |
402,000 |
402,000 |
||
|
Commitments |
Other financial commitments
On 18 December 2023, a debenture was created via cross guarantee with group companies, covering all the property or undertaking of the company, excluding stocks pledged as security against the consignment stock creditor and stock relating to stocking loans, with Barclays Bank PLC being the person entitled.
|
Related party transactions |
The company has taken advantage of the exemptions in Section 33.1A of Financial Reporting Standard 102, and has not disclosed transactions between wholly owned members of the same group.
Key management personnel
During the year, an interest free loan repayable upon demand, was provided to key management personnel.
|
Transactions with the director |
|
2025 |
At 1 January 2025 |
Advances to director |
At 31 December 2025 |
|
Mr MC Holcombe |
|||
|
Interest free loan repayable on demand |
|
|
|
Wellington Motors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
2024 |
At 1 January 2024 |
Advances to director |
At 31 December 2024 |
|
Mr MC Holcombe |
|||
|
Interest free loan repayable on demand |
- |
|
|
Summary of transactions with other related parties
|
|
Income and receivables from related parties
|
2025 |
Other related parties |
|
Receipt of services |
|
|
Amounts receivable from related party |
|
|
|
|
|
2024 |
Other related parties |
|
Receipt of services |
|
|
|
|
Expenditure with and payables to related parties
|
2025 |
Other related parties |
|
Rendering of services |
|
|
Amounts payable to related party |
|
|
|
|
|
2024 |
Other related parties |
|
Rendering of services |
|
|
Amounts payable to related party |
|
|
|
|
Loans to related parties
|
2025 |
Key management |
Other related parties |
Total |
|
At start of period |
|
|
|
|
Advanced |
|
- |
|
|
Repaid |
- |
( |
( |
|
At end of period |
|
|
|
|
|
|||
Wellington Motors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
2024 |
Key management |
Other related parties |
Total |
|
At start of period |
- |
|
|
|
Advanced |
|
|
|
|
At end of period |
|
|
|
|
|
|||
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is
The parent of the largest group in which these financial statements are consolidated is