REGISTERED NUMBER: 00532879 (England and Wales)

Thompson Commercials Limited

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31st December 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

P T Simpson

R E Thorpe

J J Swaby

SECRETARY:

P T Simpson

REGISTERED OFFICE:

Salvesen Way,

Clive Sullivan Way

Hull

East Yorkshire

HU3 4UQ

REGISTERED NUMBER:

00532879 (England and Wales)

INDEPENDENT AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

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

REVIEW OF BUSINESS

Thompson Commercials Limited is the largest privately owned franchised Renault Truck dealer group in the UK, based in the north and east of England. The company also operates an Isuzu Truck franchise. It buys and sells commercial vehicles and has an extensive aftersales operation, servicing and maintaining vehicles, and supplying parts in each of its seven depots. Via its sister companies it has access to a fleet of some 820 commercial vehicles for both short and long term hire.

Performance of the company for the year under review was strong in the view of the directors despite the challenges that continue to be faced, not least the continued shortage of skilled technicians, meaning some performance was ultimately suppressed in an area driving profit.

The directors remain positive for 2026 despite the current economic climate.

PRINCIPAL RISKS AND UNCERTAINTIES

The entity's operations expose it to competitive, legislative and financial risks that include credit risk and liquidity risk. The company has in place a strong risk management programme that aims to eliminate adverse effects on the financial performance of the company.

SECTION 172(1) STATEMENT

The directors have considered the matters set out in section 172 (1) (a) to (f) when performing their duties to promote the success of the group. The directors continue to ensure that any business decisions consider the long-term impact on all key shareholders. This includes when evaluating acquisition and growth opportunities. Environmental issues continue to be a major focus of the group and are a key consideration in its strategy. In addition, the directors consider the group's employees, suppliers and customers to be integral to its continued success. The directors have reported on engagement with employees, suppliers, customers and other within the Report of the Directors.

ANALYSIS OF PERFORMANCE

The financial performance of the company is reviewed using detailed KPI's.

These are reviewed on a company level as well as individual sites to monitor performance and consistency.

At a board level the principle KPI's that are monitored include:

- Sales growth

- Gross profit margin

- Operating profit margin

- Average debtor days and recoverability

- Cashflow

These figures are evident from the financial statements.

ON BEHALF OF THE BOARD:

R E Thorpe - Director

15th October 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of main dealers in the commercial motor trade.

DIVIDENDS

Dividends totalling £1,440,000 (2024 £1,320,000) were paid during the period.

The director recommends there is no final dividend paid.

DIRECTORS

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

P T Simpson

R E Thorpe

J J Swaby

GOING CONCERN

The directors, having considered the Group forecasts for a two-year period ending 31 December 2027, have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of 12 months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.

ENGAGEMENT WITH EMPLOYEES

The director makes use of senior management throughout the group to ensure that all employees are kept up to date with key and relevant information. Each group location consults its employees as necessary when making material decisions which may affect them. Employees are encouraged to have an interest in the performance of the company and a general awareness of the group's performance.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The director continuously considers key stakeholder relationships and develops them through ongoing support from all employees. The group considers relationships with customers and suppliers on a group-wide and local level and maintains strong relationships with all parties.

STREAMLINED ENERGY AND CARBON REPORTING

The company consumes more than 40,000 kWh of energy each year, therefore energy efficiency disclosures under the Streamlined Energy and Carbon Reporting regulations ("SECR") are disclosed.

2025

2024

Energy usage

Total kWh consumed

1,875,746

1,851,831

tCO2e

tCO2e

2025

2024

Scope 1

Transport

774

803

Scope 2

Purchased electric/gas

0

120

Scope 3

Business travel etc.

104

7

Total

878

930

Intensity ratio

tCO2e/£1m turnover

0.01

0.01

These figures have been complied in line with Streamlined Energy and Carbon Reporting (SECR) requirements using the UK Government Conversion Factors for Company Reporting.

All sites now have LED lighting and we are continually increasing the size of our electric fleet. Most of our owned sites have solar panels and we are looking to add these to remaining owned sites.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R E Thorpe - Director

15th October 2026

Opinion

We have audited the financial statements of Thompson Commercials Limited (the 'company') for the year ended 31st December 2025 which comprise the Income Statement, Other Comprehensive Income, 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 31st 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence..

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 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 to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

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;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.

William Cowell FCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

15th October 2026

TURNOVER

84,954,038

83,588,314

Cost of sales

73,110,000

71,848,837

GROSS PROFIT

11,844,038

11,739,477

Distribution costs

4,414,981

3,898,842

Administrative expenses

6,153,399

5,982,838

10,568,380

9,881,680

1,275,658

1,857,797

Other operating income

281,751

12,000

OPERATING PROFIT

4

1,557,409

1,869,797

Interest payable and similar expenses

5

151,379

664,607

PROFIT BEFORE TAXATION

1,406,030

1,205,190

Tax on profit

6

356,437

283,637

PROFIT FOR THE FINANCIAL YEAR

1,049,593

921,553

PROFIT FOR THE YEAR

1,049,593

921,553

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,049,593

921,553

FIXED ASSETS

Tangible assets

8

735,232

643,246

Investments

9

12,500

12,500

747,732

655,746

CURRENT ASSETS

Stocks

10

29,861,817

13,576,458

Debtors

11

10,850,737

14,281,186

Cash at bank

3,111,518

1,863,758

43,824,072

29,721,402

CREDITORS

Amounts falling due within one year

12

36,449,463

21,817,223

NET CURRENT ASSETS

7,374,609

7,904,179

TOTAL ASSETS LESS CURRENT LIABILITIES

8,122,341

8,559,925

CREDITORS

Amounts falling due after more than one year

13

(6,082

)

(45,850

)

PROVISIONS FOR LIABILITIES

16

(76,475

)

(83,884

)

NET ASSETS

8,039,784

8,430,191

CAPITAL AND RESERVES

Called up share capital

17

308,000

308,000

Retained earnings

18

7,731,784

8,122,191

SHAREHOLDERS' FUNDS

8,039,784

8,430,191

The financial statements were approved by the Board of Directors and authorised for issue on 15th October 2026 and were signed on its behalf by:

R E Thorpe - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2024

308,000

8,520,638

8,828,638

Changes in equity

Dividends

-

(1,320,000

)

(1,320,000

)

Total comprehensive income

-

921,553

921,553

Balance at 31st December 2024

308,000

8,122,191

8,430,191

Changes in equity

Dividends

-

(1,440,000

)

(1,440,000

)

Total comprehensive income

-

1,049,593

1,049,593

Balance at 31st December 2025

308,000

7,731,784

8,039,784

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

General information and basis of preparation

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirement of paragraph 33.7.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenditure. These estimates and judgements are based on historical experience and other factors considered relevant. Actual results may differ from these estimates.

Key Sources of Estimation Uncertainty:

The directors consider the following to be the key sources of estimation uncertainty at the reporting date:

Stock Valuation

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Management reviews stock holdings at the reporting date to assess whether any provision is required for slow-moving, obsolete or damaged stock.

The company operates a fully integrated perpetual inventory system which enables stock quantities and locations to be identified across all depots at any point in time. Stocks are generally ordered specifically for customer jobs, resulting in relatively low levels of inventory being held and reducing the risk of obsolescence. In assessing the carrying value of inventories, management considers stock age, usage patterns, known changes in demand and any specific items identified as potentially obsolete or impaired.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Commercial vehicles

Turnover from the sale of commercial vehicles is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Parts and service

Turnover from the sale of parts and servicing of vehicles is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer or the service has been completed and the vehicle released back to the owner, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods or the release of the vehicle.

Short term maintenance contracts

Turnover from short term vehicle maintenance contracts is recognised when the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually upon completion of the contract.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Leasehold property

3 years

Plant and equipment

3 - 10 years

Motor vehicles

2 - 4 years

Where a land element has not been separately identifiable from a building, it has been depreciated in accordance with the accounting policy applied to the building.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. For parts, cost is calculated using the average weighted purchase price. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

In the case of consumable stores, cost means purchase price including transport and handling costs, less trade discounts, calculated on a current replacement cost basis. In the case of work in progress and finished goods, cost consists of direct materials, direct labour and attributable production and other overheads based on normal levels of activity.

Net realisable value means estimated selling price less all further costs to completion and all costs to be incurred in marketing, selling and distribution.

Unregistered vehicles were held within the company's control at the year end on a Dealer Stocking Facility. These have been included in the company's stock figure as in the opinion of the directors the substantial risks of ownership have been transferred to the company.

Financial instruments

Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price and subsequently measured at amortised costs using the effective interest method, where applicable.

Basic financial liabilities, including trade and other creditors, bank loans and amounts owed to group undertakings, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method, where applicable,

Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled. Financial liabilities are derecognised when the obligation specified in the contract is discharged, cancelled or expires.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Foreign currencies

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Hire purchase and leasing commitments

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated

Government Grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance model.

3.	EMPLOYEES AND DIRECTORS

The average number of persons employed by the company, including directors, during the year was as follows:

2025

2024

Management

3

3

Administration

47

49

Operational and sales

169

162

219

214

The aggregate payroll costs in respect of these employees were as follows:

2025

2024

£

£

Wages and salaries

8,810,123

8,017,697

Social security

1,016,841

786,027

Other pension costs

260,145

231,646

10,087,109

9,035,370

4.	OPERATING PROFIT

Operating profit is stated after charging/(crediting):

2025

2024

£

£

Depreciation - owned assets

194,529

186,631

Operating lease rentals - plant and machinery

49,488

31,255

Operating lease rentals - other

464,395

732,656

Auditor's remuneration

50,004

33,511

Directors' emoluments

32,160

32,160

Directors' pension contributions to money purchase schemes

29,760

9,600

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

3

1

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Stocking interest

151,379

664,607

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

363,846

283,468

Deferred tax

(7,409

)

169

Tax on profit

356,437

283,637

Reconciliation of total tax charge included in profit and loss

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

2025

2024

£

£

Profit before tax

1,406,030

1,205,190

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

351,508

301,298

Effects of:

Expenses not deductible for tax purposes

4,929

8,399

Utilisation of tax losses

-

(26,060

)

expenditure

at decreased rate

Total tax charge

356,437

283,637

7.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Interim

1,440,000

1,320,000

8.	TANGIBLE FIXED ASSETS

Plant,

machinery,

Short

Long

fixtures

Motor

leasehold

leasehold

& fittings

vehicles

Totals

£

£

£

£

£

COST

At 1st January 2025

38,366

379,720

2,097,471

473,398

2,988,955

Additions

-

-

286,515

-

286,515

At 31st December 2025

38,366

379,720

2,383,986

473,398

3,275,470

DEPRECIATION

At 1st January 2025

38,357

77,521

1,819,328

410,503

2,345,709

Charge for year

-

10,392

137,126

47,011

194,529

At 31st December 2025

38,357

87,913

1,956,454

457,514

2,540,238

NET BOOK VALUE

At 31st December 2025

9

291,807

427,532

15,884

735,232

At 31st December 2024

9

302,199

278,143

62,895

643,246

9.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1st January 2025

and 31st December 2025

12,500

NET BOOK VALUE

At 31st December 2025

12,500

At 31st December 2024

12,500

10.

STOCKS

2025

2024

£

£

Goods for resale

29,861,817

13,576,458

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

8,112,804

9,451,754

Amounts owed by group undertakings

2,158,972

4,544,178

Prepayments and accrued income

578,961

285,254

10,850,737

14,281,186

Trade debtors as disclosed above are subject to a Confidential Invoice Discounting facility. At 31st December 2025 the drawdown balance was £nil (2024 £nil) and the cash account was £7,944 (2024 £3,377). Due to its nature, this amount was shown within cash and bank in hand.