REG - S & U PLC - Interim Results for the period ended 5 August 2025
09/10/2025 07:00
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RNS Number : 6455C S & U PLC 09 October 2025
9 October 2025
S&U PLC
("S&U" or "the Group")
INTERIM RESULTS FOR THE PERIOD ENDED 5 AUGUST 2025
S&U, the specialist motor and property financier, today announces its
results for the period ended 5 August 2025.
Financial Highlights
· Revenue: £51.8m (H1 2024: £60.4m)
· Profit before tax: £15.6m (H1 2024: £12.8m)
· Net group receivables: £426.8m (31 July 2024: £475.4m)
· Group impairment charge of £8.1m (H1 2024: £18.9m)
· Group net finance costs at £6.6m (H1 2024: £9.6m)
· Basic earnings per share: 95.5p (H1 2024: 78.6p)
· First interim dividend announced of 35p per ordinary share (H1
2024: 30p)
· Net Borrowings at £180.0m (31 July 2024: £239.6m) - gearing at
75% (31 July 2024: 103%)
Advantage Finance Limited
· Revenue: £39.3m (H1 2024: £49.1m)
· Profit before tax: £10.8m (H1 2024: £9.4m)
· Net receivables: £279.1m (31 July 2024: £326.2m)
· Impairment charge £8.0m (H1 2024: £18.1m)
· Live monthly repayments at 90% of due (H1 2024: 87%)
· Advances: £70.6m (H1 2024: £73.2m)
Aspen Bridging Limited
· Revenue: £12.5m (H1 2024: £11.2m)
· Profit before tax: £5.0m (H1 2024: £3.4m)
· Net receivables: £147.8m (31 July 2024: £149.3m)
· Impairment charge £0.2m (H1 2024: £0.8m)
· Collection repayments and recoveries: £113.0m (H1 2024: £72.8m)
· Advances: £106.4m (H1 2024: £92.5m)
Anthony Coombs, Chairman of S&U commented:
"These results provide clear evidence that S&U's recovery from the
challenges of the past two years is now underway. Current trading at both
Aspen and especially Advantage is strong, albeit still subject to the
fluctuations in consumer confidence caused by the upcoming budget and feeble
economic growth. Overall, however, the skies are brightening and this, allied
to the usual determination and excellent morale within the Group, should be
reflected in S&U's full year results."
Enquiries:
S&U Plc 0121 705 7777
Anthony Coombs, Chairman
Newgate Communications 020 7653 9848
Bob Huxford, Harry Handyside, Aqsa Ali
Peel Hunt LLP 020 7418 8900
Andrew Buchanan, Rob Parker
Chairman's Statement
S&U, the specialist motor and property financier, is pleased to announce
its results for the period ending 5 August 2025. As predicted in recent
trading statements, S&U's recovery from the hiatus of the past two years,
and the regulatory and judicial onslaught triggering it, continues its steady
and quickening process. This will strengthen further in the second half and
provide a firm basis for future growth.
Financial Highlights
· Profit before tax: £15.6m (H1 2024: £12.8m)
· Basic earnings per share: 95.5p (H1 2024: 78.6p)
· Net group receivables: £426.8m (31 July 2024: £475.4m)
· Group equity: £241.2m (31 July 2024: £233.4m)
· At Advantage, profit before tax up 15% due to credit quality and
impairment improvements
· At Aspen, profit before tax up 47% - record blended yield and
excellent collections and recoveries
I am pleased to announce that the "turning of the S&U tanker" I
anticipated earlier this year is now under way. Group profit before tax is
£15.6m for the half year up 22% on a year ago. Basic earnings per share have
risen from 78.6p last year to 95.5p in the current year.
As forecast, the first half saw consolidation in the Group's activities as
Advantage its motor finance subsidiary has adjusted to new regulatory demands,
focused on credit quality and upon further improvements to its historically
good customer relations. As a result, Group receivables are now £426.8m
against £475.4m last year; impairment charges are back to normal and Group
gearing has fallen to 75% against 103% a year ago.
These trends are both inevitable and desirable. The UK's economic and
political backdrop remains uncertain, with limited signs of sustained
recovery. Amid downward revisions to growth forecasts, a faltering labour
market, and persistently low consumer confidence, recent reports of potential
further tax increases raise legitimate concerns. Against such a backdrop, it
is astonishing that the Chancellor should now be considering further tax
increases.
Fortunately, even in such straitened economic conditions, S&U has usually
prospered. It does so by offering products and services to people who would
otherwise struggle with credit and access to it. As a responsible lender and
customer partner, S&U adjusts its offering according to our customers'
ability to repay. Successful repayment arrangements are in the mutual interest
of both ourselves and our loyal customers.
Good regulation recognises this. The credit market is not made healthy by
unnecessarily restricting access to it. The FCA clearly recognised this when
it was founded, on April 1, 2014. At the time I noted that the FCA had
"committed to regulate in a proportionate way". In that same annual report, I
continued that "to do otherwise would result in uncertainty, injustice, lack
of investment and ultimately in the possible contraction of the consumer
credit industry…… for many decades…… an engine of economic growth".
Whether the FCA, and its sister organisation the Financial Ombudsman Service
have in the succeeding 10 years delivered on that promise is, at least, open
to debate.
Certainly, the finance industry's trade body the Finance and Leasing
Association has its doubts. A report it commissioned in June from lawyers
Eversheds Sutherland looked at comparative regulatory regimes across Europe
and America. The report observed that "given the current political and
economic climate, there has never been a more crucial time to review the way
in which consumer credit is regulated and related complaints are dealt within
the UK." It also found that the UK financial services industry laboured under
at least four regulatory systems - CONC, Consumer Duty, principles-based
regulation and finally statute law. The review highlighted that "only the UK
had such a complex and multifaceted regime." It also found that only the UK
had outcome-focused regulation, a certified regime for those working in
financial services, and a licensing process perceived as more onerous than in
other jurisdictions. Additionally, it pointed out that only in the UK (and
Italy) was there no appeal from an adverse Ombudsman decision. And finally,
only the UK had a specific "unfair relationships regime for consumer credit as
well as general consumer protection laws."
Small wonder then that in the same month the House of Lords Select Committee
on Regulation produced a magisterial report which found the same British
regulatory regime "created unnecessary friction to financial services firms'
ability to grow, innovate and compete and that discourages new entrants
domestic and foreign". The Lords' conclusion was even more damning. It
concluded that "regulators do not have a clear understanding of the cumulative
burden of regulation on Financial services firms".
But that was then, and this is now. To paraphrase, Winston Churchill, himself
once said, "I'm an optimist, there doesn't seem much point in being anything
else." Current signs are that the FCA, in a number of initiatives recognise
its clear obligations for growth in the financial services sector. It has
already begun to review outdated rules and regulatory guidance including Dear
CEO letters, its methods of enforcement and its redress framework. It is also
reviewing its requirements and interpretation of Consumer Duty as well as the
SM&CR regime. Guided by an injunction from the Chancellor to reduce the
administration costs of regulation for financial services businesses by a
quarter, its approach appears to be more supportive and pragmatic.
Such an approach will hopefully carry over into the detailed design of the
FCA's redress scheme for customers who may have been disadvantaged by finance
agreements featuring discretionary or high or exclusive commissions between
2007 and 2024. The outlines are subject to consultation and likely change.
Indeed, the FCA's "next steps~ contain the words "if we introduce a redress
scheme."
The extent to which Advantage will be affected will be limited in several
ways. First, Advantage never offered brokers discretionary commission
arrangements. Second, the commissions it did offer were generally considerably
less than the FCA's proposed thresholds of "equal to or greater than 35% of
the total cost of credit and 10% of the loan." Third, Advantage did not
benefit from arrangements with brokers giving them exclusivity or right of
first refusal. Finally, the FCA have rightly recognised the position of
non-bank, non captive lenders like Advantage serving the non-prime market.
They may be able to rebut a presumption of loss or damage for the customer by
proof that they could not have secured a better offer from any of the broker's
other lenders. If so, no redress will be payable.
Advantage Finance
Overall then, we can be confident that for Advantage Finance, the regulatory
skies are now brightening. In February, a frankly counter-productive ban on
repossessions was lifted. In April the FCA's s166 investigatory process was
positively concluded. Since then, the departure of the chief executive of the
Financial Ombudsman Service has led to a more balanced charging regime for
claims management companies, who, it appears, will be effectively excluded
from any redress scheme. Most important of all, and as I predicted, August saw
the Supreme Court restore common sense in partially overturning last year's
Court of Appeal decision on commission arrangements which threatened to
severely disrupt the motor finance industry. The proposed FCA scheme reflects
that approach.
These pragmatic developments have enabled Advantage to regain its customary
momentum and close customer relations so that profit before tax in the half
year rose by 14.9% to £10.8m. Customer repayment rates recently returned to
over 90% and adherence to contracted repayments was 89.8% over the half year
against 86.9% a year ago. Such progress in credit quality was reflected in a
reduction in the impairment charge for the half year from £18.1m a year ago
to £8.0m now.
Quantity as well as quality is improving. Although Advantage deal numbers
ended at 7,121 for the half year against 8,752 in H1 2024, momentum has
improved with budget numbers being exceeded in July and since. Larger loan
sizes meant that advances were £70.6m against £73.2m last year, with nearly
45% of deals in Advantage's higher quality tiers. Recent months have seen deal
numbers accelerate as more pragmatic affordability changes make an impact.
Given the transition to higher quality, margins are tighter but expected to
improve in the second half. The wider market for used car finance is now
improving. FLA statistics show latest business volumes were 5% higher than in
June 2024 and values 9%. With 6 million consumers, the motor finance market is
second only to the mortgage market in macro-economic importance for the UK.
Advantage is pursuing the resulting opportunities by using the past half year
to make significant internal improvements. At the front end, in addition to
the above affordability and score card changes, the whole customer credit
journey has been reviewed and refinements made to smooth and hasten it. Thus,
pay outs have been speeded up by automation which avoids manual review. A new
self-employed product has been successfully introduced. Productivity
measurement is improving efficiency and likely to be reinforced by Advantage's
first artificial intelligence project. Customer repayment relations are
benefitting from new dialler technology, and a reorganisation which more
clearly matches customer needs to internal expertise. The MyAdvantage customer
portal introduced in February has streamlined repayments and general customer
enquiries. Customer contact has improved by no less than 40% in three months.
Much remains to be done but, emerging from challenging times, our loyal staff
and determined management at Advantage deserve our profound gratitude.
Aspen Bridging
Aspen, our property finance business founded in 2017, has produced yet another
excellent set of results. This, despite a residential property market showing
signs of faltering within a moribund economy and the shadow of a Labour
government considering mansion and council tax reforms, together with a
further onslaught on private landlords.
Nevertheless, Aspen's half year profit of £5.0m was a record and up 47% on
the prior half year (H1 2024: £3.4m). With net receivables at £147.8m, and
advances at £106.4m, the former would have been higher but for a very strong
collection and recovery performance which yielded £113.0m in the half year
against £72.8m last year.
Record advances were distinguished by the success of the new Bridge and Buy to
Let products which delivered £40.1m advances against £7.8m last year. These
products allow Aspen to retain competent and reliable developer customers at
attractive rates and lower LTVs. As such, they will spearhead Aspen's
expansion into the small development sector which is currently underserved by
mainstream banks.
The half year ended with 195 live facilities on the books (H1 2024: 177) an
10% increase. Of these 181 are within term, against 164 last year. This
improvement in quality was exemplified by a blended yield on finished loans up
fully 25% on 2024.
The result has been an overall yield on Aspen's loan book at half year of
14.9% (H1 2024: 13.4%). More significant still was Aspen's ROCE of 12.3%, a
record, against 11.5% in H1 2024.
Overall, a stellar performance, much to the credit of Aspen's young and
enthusiastic team.
Funding
As noted above current Group gearing is 75% with net borrowing of £180.0m at
half year end, over £59m less than a year ago. Although £280m of medium-term
funding facilities leave healthy headroom, current funding opportunities and
the projected expansion of the business over the next two years, have led to a
review of both the scope of S&U's facilities and their cost. This should
be concluded in H2.
Dividend
The Group's current trading and future prospects, and its cash position, have
led the board to conclude the first of three dividend payments at 35p this
year against 30p a year ago. This aligns with S&U's long held policy of
rewarding shareholders, in a narrow equity market, in line with sustainable
profit. The first dividend will be paid on 21 November 2025 to shareholders on
the register on 31 October 2025.
Governance
After the challenges of the past two years, S&U is undergoing a period of
renewal and invigoration. Integral to this has been the focus at Advantage on
customer relations, credit quality and productivity - a process which will
continue as the revival gathers pace. Whilst, all have played their part,
credit should also go to Karl Werner, Chief Executive, who has met the
challenges of the past 18 months with calm rationality, patience and good
humour.
Equally pleasing, and also fundamental to S&U's long-term development, is
our decision to appoint Jack Coombs as Group Chief Operating Officer. Jack
will report to Graham Coombs, deputy chairman and myself, continuing his role
at Aspen Bridging but widening his responsibilities to oversight of the
funding review, to matters of productivity generally, and to broader
experience with Advantage.
Jack has shown the qualities of determination, attention to detail and drive
which are characteristics of the Coombs family over the past 87 years, and of
which, together with his cousin Richard Coombs, we expect great things in the
years to come.
Current Trading and Outlook
These results provide clear evidence that S&U's recovery from the
challenges of the past two years is now underway. Current trading at both
Aspen and especially Advantage is strong, albeit still subject to the
fluctuations in consumer confidence caused by the upcoming budget and feeble
economic growth. Overall, however, the skies are brightening and this, allied
to the usual determination and excellent morale within the Group, should be
reflected in S&U's full year results.
Anthony Coombs
Chairman
8 October 2025
INTERIM MANAGEMENT REPORT
This interim management report has been prepared for the Group as a whole and
therefore gives greater emphasis to those matters which are significant to
S&U plc and its subsidiaries when viewed as a whole.
ACTIVITIES
The principal activity of S&U plc and its subsidiaries ("the Group")
continues to be that of specialist finance and in particular secured hire
purchase motor finance throughout England, Wales and Scotland and secured
property bridging finance throughout England and Wales. The principal activity
of S&U plc (the "Company") is as holding company of the Group.
BUSINESS REVIEW, RESULTS AND DIVIDENDS
A review of developments during the period together with key performance
indicators and future prospects is detailed in the Chairman's Statement.
The Group's profit on ordinary activities after taxation was £11,602,000 (H1
2024: £9,564,000). Dividends of £8,512,000 (H1 2024: £10,334,000) were paid
during the period.
The Directors recommend a first interim dividend of 35.0p per share (H1 2024:
30.0p). The dividend will be paid on the 21 November 2025 to shareholders on
the register on the 31 October 2025.
On 7 October 2025 the FCA published its consultation paper on a proposed
redress scheme regarding motor finance commissions. This has been considered
further in note 11, there are no other post balance sheet events.
PERFORMANCE MEASUREMENTS DEFINITIONS
Within our interim results we refer to the following performance measurements:
i) Risk adjusted yield as percentage of average monthly receivables is the
gross yield for the period (revenue minus impairment) divided by the average
monthly net receivables for the period.
ii) Return on average capital employed before cost of funds is calculated
as the Operating Profit divided by the average capital employed (total equity
plus Bank Overdrafts plus Borrowings less cash and cash equivalents).
iii) Group gearing is calculated as the sum of Bank Overdrafts plus
Borrowings less cash and cash equivalents divided by total equity.
As at 5 August 2025 gearing is 75% calculated as (3,510-183,500)/241,169
RELATED PARTY TRANSACTIONS
Related party transactions are disclosed in note 12 of these financial
statements.
SHARE OPTION SCHEMES
The 2021 Long Term Incentive Plan ("LTIP 2021") shadow share option scheme
allows for the granting of Shadow Share Options, which can only be cash
settled and therefore do not dilute current shareholders.
During the period, the Group recognised total share-based payments for LTIP
2021 of £111,837 (period to 31 July 2024 £131,066: year to 31 January 2025
£145,154).
CHANGES IN ACCOUNTING POLICIES
There have been no changes in accounting policies during the period.
At the date of authorisation of this interim report the directors anticipate
that the adoption in future periods of any other accounting standards and
interpretations which are in issue but not yet effective will have no material
impact on the financial statements of the Group.
CHANGES IN CONTINGENCIES
There have been no significant changes in contingent assets or liabilities
since 31 January 2025.
STATEMENT OF GOING CONCERN
The Directors have considered the principal risks and uncertainties set out
below, including the impact of the Supreme Court judgement regarding motor
finance commissions and the FCA's consultation on a compensation scheme and
have a reasonable expectation that the Group is well placed and has sufficient
financial resources to manage its business risks successfully.
After making enquiries, the directors have a reasonable expectation that the
Group has adequate resources to continue in operational existence for the
foreseeable future, including for at least the next 12 months, in line with
the Group's financial projections as approved in April 2025, and the latest 18
months forecast in October 25. Accordingly, they continue to adopt the going
concern basis in preparing these financial statements.
PRINCIPAL RISKS AND UNCERTAINTIES
The directors have reviewed the principal risks and uncertainties in
particular focussing on the remainder of this financial year and the following
are the key risks which apply:
Consumer and Economic risks
The Group is involved in the provision of consumer credit and it is considered
that the key material risk to which the Group is exposed is the credit risk
inherent in amounts receivable from customers. This risk is principally
controlled through our credit control policies supported by ongoing reviews
for impairment. The value of amounts receivable from customers may also be
subject to the risk of a severe downturn in the UK economy which might affect
the ability of customers to repay.
The UK labour market has continued to loosen gradually and with continued
rises in inflation expected over the short-term, albeit against lower interest
rates, this could hinder our customers' repayment performance - particularly
at Advantage Finance. Advantage historically has been resilient through
adverse macro-economic conditions and therefore currently we believe this risk
is limited.
The Group is particularly exposed to the non-prime motor finance sector and
within that to the values of used vehicles which are used as security. These
credit, economic and concentration risks are principally controlled through
our credit control policies including loan-to-value limits for the security
and through ongoing monitoring and evaluation. Used vehicle values have
continued to stabilise after a post-pandemic slump, with a recent trend
towards modest increases.
Our well tried and tested credit methods are equally important in limiting
risk at Aspen Bridging. Historically impairment rates in the bridging market
are extremely low, principally because loan-to-value calculations are
conservative, interest is retained up front, and loan periods are
approximately one year. The property market in which Aspen primarily operates
in England saw an annual increase of 3.7% in house price values up to June
2025 according to the Government's House Price Index. Aspen keeps its lending
criteria under constant review, to minimise risk and maintain its
risk-adjusted yield.
Funding and Liquidity Risk
Funding and Liquidity risk relates to the availability of sufficient borrowing
facilities for the Group to meet its liabilities as they fall due. This risk
is managed by ensuring that the Group has a variety of funding sources and by
managing the maturity of borrowing facilities such that sufficient funding is
available for the medium term. Future potential funding availability is also
helped by the Group's continued relatively low gearing. Compliance with
current banking covenants is monitored closely.
The Group's activities expose it to the financial risks of changes in interest
rates and where appropriate the Group considers using interest rate derivative
contracts to hedge these exposures in bank borrowings. The Group has no such
interest rate derivative contracts currently and so recent actual and forecast
potential reductions in base rates may help mitigate current higher borrowing
costs.
Legal, Regulatory and Conduct Risk
The Group is subject to legislation including consumer credit legislation
which contains very detailed and highly technical requirements. To fulfil its
responsibilities in this area, the Group has procedures in place and employs
dedicated compliance resource and specialist legal advisers to ensure
compliance with this legislation. Advantage directors are prominent members of
the Finance and Leasing Association's committees and, through them, regularly
liaise with the FCA. Advantage also engages in regular "face to face" liaisons
with the FCA and the relationship is excellent. Regulatory Risk at Advantage
is addressed by a strong compliance function and by the constant review and
monitoring of Advantage's internal controls and processes, overseen by RSM,
S&U's internal auditors. This process is buttressed by specific advice
from trade and other organisations, by RSM and by Shoosmiths, Advantage's
specialist lawyers.
Advantage and the wider motor finance are also potentially impacted by the
FCA's consultation on a compensation scheme for motor finance commissions,
which we refer to in more detail in note 11. Advantage's commission
disclosures have historically complied with regulation and were adjusted in
October to meet the expanded requirements following the Court of Appeal
ruling. The outcome from the FCA consultation is unknown and uncertain,
however for the reasons outlined in note 11 we believe this risk is limited.
Aspen Bridging operates in the unregulated bridging sector aimed at
professional borrowers. It nevertheless operates high lending and operational
standards and procedures, which are also subject to review under our internal
audit program. As required for companies in this sector, it has also
registered with the FCA for
Anti-Money Laundering purposes.
The Group is also exposed to conduct risk in that it could fail to deliver
fair outcomes to its customers which in turn could impact the reputation and
financial performance of the Group. The Group principally manages this risk
through Group staff training and motivation (Advantage is an Investor in
People) and through detailed monthly monitoring of customer outcomes for
compliance and treating customers fairly.
Operational Risk
The Group is also exposed to operational risk including the risk of not
maintaining effective internal systems, organisation and staffing. Increased
use of technology and excellent application by our staff has helped the
management of this systems risk and the Company has Cybersecurity measures in
place which are regularly tested. As part of Advantage's IT governance
framework, a real time monitoring suite for quality assurance is being
evolved. This will both provide absolute assurance in line with IT's second
line risk enterprise and offer still greater regulatory transparency.
Risk Management
The 2024 UK Corporate Governance Code came into effect from 1 February 2025
and contained revisions which whilst important did not have a major impact on
the Group. Under Provision 28 and 29 of the 2018 UK Corporate Governance Code,
the Board is expected to establish procedures to manage risk, identify the
principal and emerging risks the Company takes in order to achieve its
strategic objectives and to oversee an effective internal control framework.
This provision of the Code will be updated to the 2024 version of the Code
with effect from 1 February 2026, which with it comes a significant new
addition to include a formal declaration from the Board regarding the
effectiveness of material internal controls. The Group is in the process of
identifying its material controls, mapping them to the principal risks and
determining the parameters for the effectiveness assessment.
Although compliance with the Code is the responsibility of the Board as a
whole, risk in particular is independently assessed by members of the Audit
Committee. They receive regular reports, both from the management of Advantage
Finance and Aspen Bridging and from S&U's external and internal auditors.
These concern the effectiveness of the risk management and internal control
systems. Executive changes are regularly made to reinforce these procedures.
The Audit Committee oversees the work of RSM, S&U's Internal Auditors and
the Committee meets regularly to receive specific reports on RSM's work.
Anthony Coombs, Chairman
RESPONSIBILITY STATEMENT
We confirm that to the best of our knowledge:
a) the condensed set of financial statements which has been prepared
in accordance with IAS 34 as contained in UK-adopted IFRS, gives a true and
fair view of the assets, liabilities, financial position and profit of S&U
plc as required by DTR 4.2.4R;
b) the interim management report includes a fair review of the
information required by DTR 4.2.7R (indication of important events during the
period and description of principal risks and uncertainties for the remaining
period of the year); and
c) the interim management report includes a fair review of the
information required by DTR 4.2.8R (disclosure of related party transactions
and changes therein).
The directors are responsible for the maintenance and integrity of the
company's website. Legislation in the UK governing the preparation and
dissemination of financial statements may differ from legislation in other
jurisdictions
By order of the Board
Manjeet Bhogal, Company Secretary
INDEPENDENT REVIEW REPORT TO S&U PLC FOR THE PERIOD ENDED 5 AUGUST 2025
Conclusion
We have been engaged by the S&U plc (the 'parent company') and its
subsidiaries (the 'group') to review the condensed set of financial statements
in the half-yearly financial report for the period ended 5 August 2025 which
comprises the interim condensed consolidated income statement, the interim
condensed consolidated balance sheet, the interim condensed consolidated
statement of changes in equity, the interim condensed consolidated statement
of cash flows and the related explanatory notes.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the period ended 5 August 2025 is not prepared, in all
material respects, in accordance with UK adopted International Accounting
Standard 34 and the Disclosure Guidance and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410 (Revised), "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity", issued for use in the
United Kingdom. A review of interim financial information consists of making
enquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with
International Standards on Auditing (UK) and consequently does not enable us
to obtain assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit
opinion.
As disclosed in note 1.2, the annual financial statements of the group are
prepared in accordance with UK adopted IFRSs. The condensed set of financial
statements included in this half-yearly financial report has been prepared in
accordance with UK adopted International Accounting Standard 34, "Interim
Financial Reporting".
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis of Conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410 (Revised), however future events or conditions may cause the
entity to cease to continue as a going concern.
Responsibilities of directors
The directors are responsible for preparing the half-yearly financial report
in accordance with the Disclosure Guidance and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
In preparing the half-yearly financial report, 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.
Auditor's Responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the
Company a conclusion on the condensed set of financial statement in the
half-yearly financial report. Our conclusion, including our Conclusions
Relating to Going Concern, are based on procedures that are less extensive
than audit procedures, as described in the Basis for Conclusion paragraph of
this report.
Use of our Report
This report is made solely to the group in accordance with International
Standard on Review Engagements (UK) 2410 issued by the Financial Reporting
Council and our Engagement Letter dated 5 September 2025. Our work has been
undertaken so that we might state to the group those matters that we are
required to state to it in an independent review report and for no other
purpose. To the fullest extent permitted by the law, we do not accept or
assume responsibility to anyone other than the group, for our review work, for
this report, or for the conclusions we have formed.
Forvis Mazars LLP
Chartered Accountants
30 Old Bailey
London
EC4M 7AU
8 October 2025
S&U PLC GROUP
INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT
Period ended 5 August 2025 Note Unaudited Unaudited Audited
Period Period Financial
ended ended year ended
5.8.25 31.7.24 31.1.25
£'000 £'000 £'000
Revenue 2 51,750 60,360 115,611
Cost of Sales 3 (9,849) (9,968) (16,384)
Impairment charge 4 (8,126) (18,876) (35,571)
Gross Profit 33,775 31,516 63,656
Administrative expenses (11,594) (9,078) (18,826)
Operating profit 22,181 22,438 44,830
Finance costs (net) (6,609) (9,592) (18,118)
Profit before taxation before exceptional items 15,572 12,846 26,712
Exceptional items - - (2,736)
Profit before taxation 2 15,572 12,846 23,976
Taxation 5 (3,970) (3,282) (6,063)
Profit for the period attributable to equity holders 11,602 9,564 17,913
Earnings per share
Basic and Diluted 6 95.5p 78.6p 147.4p
All activities derive from continuing operations.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
Period Period Financial
ended ended year ended
5.8.25 31.7.24 31.1.25
£'000 £'000 £'000
Profit for the year 11,602 9,564 17,913
Other comprehensive income:
Actuarial loss on defined benefit pension scheme - - (33)
Total Comprehensive Income for the period 11,602 9,564 17,880
Items above will not be reclassified subsequently to the Income Statement
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET
As at 5 August 2025 Note Unaudited Unaudited Audited
5.8.25 31.7.24 31.1.25
£'000 £'000 £'000
ASSETS
Non-current assets
Property, plant and equipment 2,760 2,157 2,527
Amounts receivable from customers 8 215,922 239,769 203,516
Deferred tax assets 10 45 40
241,971 206,083
218,692
Current assets
Amounts receivable from customers 8 210,887 235,652 232,330
Trade and other receivables 1,380 1,775 1,427
Cash and cash equivalents 3,510 2 5,216
237,429 238,973
215,777
Total assets 479,400 445,056
434,469
LIABILITIES
Current liabilities
Bank overdrafts and loans - (1,047) -
Trade and other payables (3,840) (3,588) (3,295)
Tax liabilities (1,559) (740) (1,695)
Lease liabilities (90) (80) (109)
Provisions for liabilities and charges (2,208) - (2,272)
Accruals (1,513) (1,350) (1,473)
(9,210) (6,805) (8,844)
Non-current liabilities
Borrowings 10 (183,500) (238,500) (197,500)
Lease liabilities (140) (253) (183)
Other financial liabilities (450) (450) (450)
(184,090) (239,203) (198,133)
Total liabilities (193,300) (246,008) (206,977)
NET ASSETS 233,392 238,079
241,169
Equity
Called up share capital 1,719 1,719 1,719
Share premium account 2,301 2,301 2,301
Profit and loss account 237,149 229,372 234,059
TOTAL EQUITY 241,169 233,392 238,079
These interim condensed financial statements were approved on behalf of the
Board of Directors.
Signed on behalf of the Board of Directors
Anthony Coombs Graham Coombs Directors
Anthony Coombs
Graham Coombs
Directors
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Period ended 5 August 2025
Unaudited Unaudited Unaudited
Called up Share Profit Unaudited
share premium and loss Total
capital account account equity
£'000 £'000 £'000 £'000
At 1 February 2024 1,719 2,301 234,162
230,142
Profit for 6-month period - - 9,564 9,564
Other comprehensive income for 6-month period - - - -
Total comprehensive income for 6-month period - - 9,564 9,564
Dividends - - (10,334) (10,334)
At 31 July 2024 1,719 2,301 229,372 233,392
Profit for 6-month period - - 8,349 8,349
Other comprehensive income for 6-month period - - (33) (33)
Total comprehensive income for 6-month period - - 8,316 8,316
Dividends - - (3,629) (3,629)
At 31 January 2025 1,719 2,301 234,059 238,079
Profit for period - - 11,602 11,602
Other comprehensive income for period - - - -
Total comprehensive income for period - - 11,602 11,602
Dividends - - (8,512) (8,512)
At 5 August 2025 1,719 2,301 237,149 241,169
INTERIM CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Period ended 5 August 2025
Note Unaudited Unaudited Audited
Period Period Financial
ended ended year ended
5.8.25 31.7.24 31.1.25
£'000 £'000 £'000
Net cash from operating activities 9 28,016 4,932 64,991
Cash flows used in investing activities
39 15 41
Proceeds on disposal of property, plant and equipment
Purchases of property, plant and equipment (512) (98) (726)
Net cash used in investing activities (473) (83) (685)
Cash flows used in financing activities
Dividends paid (8,512) (10,334) (13,963)
Finance cost paid (6,675) (9,592) (18,118)
Receipt of new borrowings 27,500 52,500 70,000
Repayment of borrowings (41,500) (37,500) (96,000)
Decrease in lease liabilities (62) (88) (129)
Net increase/(decrease) in overdraft - 166 (881)
Net cash from financing activities (29,249) (4,848) (59,091)
Net (decrease)/increase in cash and cash equivalents (1,706) 1 5,215
Cash and cash equivalents at the beginning of period 5,216 1 1
Cash and cash equivalents at the end of period 3,510 2 5,216
Cash and cash equivalents comprise
Cash and cash in bank 3,510 2 5,216
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Period ended 5 August 2025
1. PREPARATION AND KEY ACCOUNTING POLICIES
1.1 General Information
S&U plc is a public limited company incorporated in the United Kingdom
under the Companies Act 2006. The address of the registered office is given in
note 13 which is also the Group's principal business address. All operations
are situated in the United Kingdom.
1.2 Basis of preparation and accounting policies
The condensed set of interim financial statements has been prepared in
accordance with UK-adopted IAS 34 interim financial reporting. The condensed
set of interim financial statements should be read in conjunction with the
Annual Report and Accounts for the year ended 31 January 2025 which have been
prepared in accordance with UK-adopted international accounting standards.
The same accounting policies, presentation and methods of computation are
followed in the financial statements as applied in the Group's latest annual
audited financial statements, except for a change in reporting date and the
movement in borrowings in the cashflow statement.
Historically the Group's subsidiary Advantage Finance has prepared accounts up
to the 5(th) to consider the successful recovery of missed payments from
customers at month-end, afforded to it under Section 390(3) of the Companies
Act. Previously the Company and its subsidiary Aspen Bridging reported to the
31(st) and no adjustments were made to align these dates across the Group. For
the current period the reporting date has been changed to the 5(th) August to
capture all transactions up until this date across the Group. The prior period
comparatives for the six-month period ended 31 July 2024 have not been
adjusted because the amounts presented remain comparable.
In regards to the cashflow statement, following a reassessment of IAS 7 the
movements are now shown on a gross rather than net basis, where the receipts
and repayments are shown on two separate line items rather than combined.
Comparative figures for the prior periods have been represented to reflect
this change and it has no impact on the net cash from financing activities,
cash and cash equivalents or the Group's financial position.
The consolidated financial statements incorporate the financial statements of
the Company and all its subsidiaries for the period ended 5 August 2025.
There is no valuation of S&U's defined benefit pension scheme fund at half
year and so no movements are reported in the statement of comprehensive income
- such movements are not material due to the small size of the fund which was
in surplus at the latest valuation date.
After making enquiries, the directors have a reasonable expectation that the
Group has adequate resources to continue in operational existence for the
foreseeable future. In arriving at this reasonable expectation, the directors
have considered the current economic climate and the impact of the Supreme
Court judgement regarding motor finance commissions and the FCA's consultation
on a compensation scheme, as well as operational challenges. The directors
have concluded that the Group has reasonable resources to continue in
operational existence for the foreseeable future including at least the next
12 months, in line with the Group's financial projections as approved in April
2025, and the latest 18 months forecast in October 25. Accordingly, they
continue to adopt the going concern basis in preparing these financial
statements.
There are no significant new and amended standards and interpretations which
have been adopted in these financial statements.
There have been no changes in accounting policies during the period.
At the date of authorisation of this interim report the directors anticipate
that the adoption in future periods of any other accounting standards and
interpretations which are in issue but not yet effective will have no material
impact on the financial statements of the Group, with the possible exception
to this being the new presentation and disclosure accounting standard IFRS18.
This standard was issued in April 2024 and will affect certain presentations
and disclosures in the accounts with the likely introduction date applying
first to our accounts for year ended 5 February 2028, and the impact is still
being assessed ahead of the effective date.
1.3 Revenue Recognition
For motor finance, interest income is recognised in the income statement for
all loans and receivables measured at amortised cost using the constant
periodic rate of return on the net investment in the loans, which is akin to
an effective interest rate (EIR) method. The EIR is the rate that exactly
discounts estimated future cash flows of the loan back to the present value of
the advance and hire purchase interest income is then recognised using the
EIR. Acceptance fees charged to customers and any direct transaction cost are
included in the calculation of the EIR. For hire purchase agreements in
Advantage Finance which are classified as credit impaired (i.e. stage 3 assets
under IFRS 9), the Group recognises revenue 'net' of the impairment provision
to align the accounting treatment under IFRS 16 with the requirements of IFRS
9 and also with the treatment for similar assets in Aspen. Revenue starts to
be recognised from the date of completion of their loan - after completion
hire purchase customers have a 14-day cooling off period during which they can
cancel their loan.
For property bridging finance, interest income is recognised in the income
statement for all loans and receivables measured at amortised cost using the
effective interest rate method (EIR) as per the requirements in IFRS 9. The
EIR is the rate that exactly discounts estimated future cash flows of the loan
back to the present value of the advance. Acceptance fees charged to customers
and any direct transaction costs are included in the calculation of the EIR.
Commission received from third party insurers for brokering the sale of title
insurance products, for which the Company does not bear any underlying
insurance risk, are recognised and credited to the income statement when the
brokerage service has been provided. For loans which are classified as credit
impaired (i.e. stage 3 assets under IFRS 9), Aspen recognises revenue 'net' of
the impairment provision as required by IFRS 9.
1.4 Impairment and measurement of amounts receivable from customers
All customer receivables are initially recognised as the amount loaned to the
customer plus direct transaction costs. After initial recognition the amounts
receivable from customers are subsequently measured at amortised cost.
Amortised cost includes a deduction for loan loss impairment provisions for
expected credit losses ("ECL") assessed by the directors in accordance with
the requirements of IFRS 9.
There are 3 classification stages under IFRS 9 for the impairment of amounts
receivable from customers:
Stage 1: Not credit impaired and no significant increase in credit risk since
initial recognition
Stage 2: Not credit impaired and a significant increase in credit risk since
initial recognition
Stage 3: Credit impaired
For all loans in stages 2 and 3 a provision equal to the lifetime expected
credit loss is taken. In addition, in accordance with the provisions of IFRS 9
a collective provision for 12 months expected credit losses ("ECL") is
recognised for the remainder of the loan book which is Stage 1. In our Motor
Finance business, all loans 1 month or more in arrears are deemed credit
impaired and are therefore included in IFRS 9 stage 3. The Bridging product
has a single repayment scheduled for the end of the loan term and if a
bridging loan is not granted an extension and is still outstanding beyond the
end of the loan term then this is deemed credit impaired and included in IFRS9
Stage 3. The expected credit loss ("ECL") is the probability weighted estimate
of credit losses.
2. SEGMENTAL ANALYSIS OF REVENUE AND PROFIT BEFORE TAXATION
Period Period Financial
ended ended year ended
5.8.25 31.7.24 31.1.25
£'000 £'000 £'000
Interest revenue and other income calculated using the effective interest rate 50,203 58,818 112,673
method
Other fee income 1,547 1,542 2,938
Total revenue 51,750 60,360 115,611
All revenue is generated in the United Kingdom. Analysis by class of business
of revenue and profit before taxation are stated below:
Revenue
Period Period Financial
ended ended year ended
Class of business 5.8.25 31.7.24 31.1.25
£'000 £'000 £'000
Motor finance 39,268 49,118 91,823
Property Bridging finance 12,482 11,242 23,788
Central costs net of central finance income - - -
Revenue 51,750 60,360 115,611
Profit before taxation
Period Period Financial
ended ended year ended
Class of business 5.8.25 31.7.24 31.1.25
£'000 £'000 £'000
Motor finance 10,828 9,365 16,542
Property Bridging finance 5,004 3,412 7,207
Central costs net of central finance income (259) 69 227
Profit before taxation 15,573 12,846 23,976
3. COST OF SALES
Period Period Financial
ended ended year ended
5.8.25 31.7.24 31.1.25
£'000 £'000 £'000
Cost of sales - motor finance 8,555 8,790 14,063
Cost of sales - property bridging finance 1,293 1,178 2,321
Total cost of sales 9,849 9,968 16,384
The cost of sales represents the cost of making new advances - the main
component of this cost in both
businesses is commission paid to brokers and other introducers.
4. IMPAIRMENT CHARGE
Period Period Financial
ended ended year ended
5.8.25 31.7.24 31.1.25
£'000 £'000 £'000
Loan loss provisioning charge - motor finance 7,970 18,093 33,191
Loan loss provisioning charge - property bridging finance 156 783 2,380
Total impairment charge 8,126 18,876 35,571
5. TAXATION
The tax charge for the period has been calculated by
applying the estimated effective tax rate for the year of 25.5% (31 July 2024:
25.5% and 31 January 2025: 25.3%) to the profit before taxation for the
period.
6. EARNINGS PER ORDINARY SHARE
The calculation of earnings per ordinary share ('EPS') is based on profit for
the period from continuing operations of £11,602,000 (period ended 31 July
2024: £9,564,000 and year ended 31 January 2025: £17,913,000).
The number of shares used in the basic calculation is the average number of
ordinary shares in issue during the period of 12,150,760 (period ended 31 July
2024: 12,150,760 and year ended 31 January 2025: 12,150,760).
For diluted earnings per share the average number of ordinary shares in issue
has historically been adjusted to assume conversion of all dilutive potential
ordinary shares relating to our share option scheme awards. There are
currently no such dilutive awards as all share option scheme awards are now
cash settled and so the Diluted EPS is equal to the Basic EPS.
7. DIVIDENDS
A second interim dividend of 30.0p per ordinary share and a final dividend of
40.0p per ordinary share for the financial year ended 31 January 2025 were
paid during the period to 5 August 2025 (total of 70.0p per ordinary share).
This compares to a second interim dividend of 35.0p per ordinary share and a
final dividend of 50.0p per ordinary share for the financial year ended 31
January 2024 which were paid during the period to 31 July 2024 (total of 85.0p
per ordinary share). During the twelve months to 31 January 2025 total
dividends of 115.0p per ordinary share were paid. These distributions are
shown in the consolidated statement of changes in equity in this interim
financial information.
The directors have also declared a first interim dividend of 35.0p per share
(2024: 30.0p per share). The first interim dividend, which amounts to
approximately £4,253,000 (2024: £3,645,000), will be paid on the 21 November
2025 to shareholders on the register on the 31 of October 2025. The shares
will be quoted ex dividend on 30 October 2025. The interim financial
information does not include this proposed dividend as it was declared after
the balance sheet date and there was no legal liability to pay it at 5 August
2025.
8. ANALYSIS OF AMOUNTS RECEIVABLE FROM CUSTOMERS
All operations are situated in the United Kingdom.
Period Period Financial
ended ended year ended
5.8.25 31.7.24 31.1.25
£'000 £'000 £'000
Motor Finance
Amounts receivable from customers (capital) 401,792
391,756 446,277
Less: Loan loss provision for motor finance (112,703) (120,115) (118,166)
Motor Finance net amounts receivable from customers 279,053 326,162 283,626
Property Bridging Finance
Amounts receivable from customers (capital) 155,083
150,991 150,976
Less: Loan loss provision for property bridging (3,235) (1,717) (2,863)
Property bridging net amounts receivable from customers 147,756 149,259 152,220
Total net amounts receivable from customers 426,809 475,421 435,846
Analysed as - due within one year 232,330
210,887 235,652
- due in more than one year 215,922 239,769 203,516
Amounts receivable from customers (net) 426,809 475,421 435,846
Not credit Not credit Credit
Impaired Impaired Impaired
Stage 1: Stage 2: Stage 3:
Subject to Subject to Subject to
12 months lifetime lifetime Total
As at 5 August 2025 ECL ECL ECL
£'000 £'000 £'000 £'000
Amounts receivable (capital)
Motor finance 226,262 12,383 153,111 391,756
Property bridging finance 136,835 - 14,156 150,991
Total 363,097 12,383 167,267 542,747
Loan loss provisions
Motor finance (16,078) (3,859) (92,766) (112,703)
Property bridging finance (838) - (2,397) (3,235)
Total (16,916) (3,859) (95,163) (115,938)
Amounts receivable (net)
Motor finance 210,184 8,523 60,346 279,053
Property bridging finance 135,997 - 11,759 147,756
Total 346,181 8,523 72,105 426,809
8. ANALYSIS OF AMOUNTS RECEIVABLE FROM CUSTOMERS (CONTINUED)
Stage 1: Stage 2: Stage 3:
Subject to Subject to Subject to
12 months lifetime lifetime Total
As at 31 July 2024 ECL ECL ECL
£'000 £'000 £'000 £'000
Amounts receivable (capital)
Motor finance 271,500 7,820 166,957 446,277
Property bridging finance 138,977 - 11,999 150,976
Total 410,477 7,820 178,956 597,253
Loan loss provisions
Motor finance (18,352) (2,204) (99,559) (120,115)
Property bridging finance (947) - (770) (1,717)
Total (19,299) (2,204) (100,329) (121,832)
Amounts receivable (net)
Motor finance 253,148 5,616 67,398 326,162
Property bridging finance 138,030 - 11,229 149,259
Total 391,178 5,616 78,627 475,421
Stage 1: Stage 2: Stage 3:
Subject to Subject to Subject to
12 months lifetime lifetime Total
As at 31 January 2025 ECL ECL ECL
£'000 £'000 £'000 £'000
Amounts receivable (capital)
Motor finance 221,442 9,811 170,539 401,792
Property bridging finance 141,476 - 13,607 155,083
Total 362,918 9,811 184,146 556,875
Loan loss provisions
Motor finance (13,258) (2,904) (102,004) (118,166)
Property bridging finance (1,001) - (1,862) (2,863)
Total (14,259) (2,904) (103,866) (121,029)
Amounts receivable (net)
Motor finance 208,184 6,907 68,535 283,626
Property bridging finance 140,475 - 11,745 152,220
Total 348,659 6,907 80,280 435,846
9. RECONCILIATION OF OPERATING PROFIT TO NET CASH FROM OPERATING
ACTIVITIES
Period Period Financial
ended ended year ended
5.8.25 31.7.24 31.1.25
£'000 £'000 £'000
Operating Profit 22,181 22,438 44,830
Tax paid (4,076) (2,996) (4,817)
Exceptional item - - (2,736)
Depreciation on plant, property and equipment 238 241 482
Loss/(Profit) on disposal of plant, property and equipment 2 (5) (14)
Decrease/(increase) in amounts receivable from customers 9,037 (12,483) 27,092
Decrease/(Increase) in trade and other receivables 47 (333) 15
Increase/(decrease) in trade and other payables 611 (1,309) (1,602)
Increase(decrease) in accruals and deferred income 40 (621) (498)
(Decrease)/Increase in provisions for other liabilities and charges (64) - 2,272
Movement in retirement benefit asset/obligations - - (33)
Net cash from operating activities 28,016 4,932 64,991
10. BORROWINGS
Movements in our loans and overdrafts for the respective periods are shown in
the interim condensed consolidated cash flow statement. The period end net
borrowings have decreased to £180.0m. Committed borrowing facilities were
£280m at 5 August 2025 (31 July 2024: £280m and 31 January 2025: £280m)
plus at 5 August 2025 we had £7m in overdraft facilities. Of the £280m
committed facilities at 5 August 2025, £230m is scheduled to mature in May
2027, £25m in March 2028 and £25m in March 2029. Of the £280m committed
facilities at 31 July 2024, £230m was scheduled to mature in May 2027, £25m
in March 2028 and £25m in March 2029. Of the £280m committed facilities at
31 January 2025, £230m was scheduled to mature in May 2027, £25m in March
2028 and £25m in March 2029.
11. CONTINGENT LIABILITIES
On 25 October 2024 the Court of Appeal passed a ruling in the cases of
Hopcraft, Wrench and Johnson which affected the payment of motor finance
commissions by two motor finance lenders in circumstances where informed and
explicit consent had not been obtained. The Court of Appeal ruled in favour of
the claimants although the two lenders appealed this ruling to the UK Supreme
Court, who heard their appeal in April 2025 and announced their own ruling on
1 August 2025.
The Supreme Court rejected the Court of Appeal's decision that motor dealers
owed a fiduciary duty to borrowers when selling cars and arranging their
finance, and that the payment of commission by motor finance lenders to them
or other brokers constituted a "bribe".
The Supreme Court, however, did uphold the lower court's view in the Johnson
case that commission paid by lenders which was inflated relative to the total
cost of credit (55%) or which misled unsophisticated customers either through
lack of disclosure or containing 'first right of refusal' arrangements, may
lead to an "unfair relationship" under section 140 of the Consumer Credit Act.
On 3 August 2025 the FCA announced its intention to consult on a redress
scheme, with the consultation paper published on 7 October 2025. The
consultation will run until 18 November 2025 with the final rules of any
redress scheme published early in 2026. We look forward to engaging with the
FCA during the consultation period.
As previously stated our own subsidiary company Advantage Finance which offers
motor finance, has never entered into any discretionary commission
arrangements and due to the different fact patterns between Advantage's
process and the FCA's consultation set out below, management consider that a
liability arising is possible but not probable and therefore a provision has
not been recognised:
· All historical commissions were aligned with regulatory
requirements with them being a flat fee or fixed percentage of the advance.
· Advantage has never operated 'first right of refusal'
arrangements with brokers.
· Advantage has provided direct disclosure of pre-contractual
information directly to customers, regardless of broker disclosure. This
disclosure includes a covering letter which emphasises in bold the importance
of reading the information carefully and the commission disclosure is
contained as part of a key-features document which brings out the main
features into an easy-to-read format, which also carries the Campaign for
Plain English 'Crystal Mark'.
· From the period 6 April 2007 to 25 October 2024 the average
commission paid of £541 as a percentage of the credit charge, at c.10% was
much lower than the 35% initially proposed in the FCA consultation and 55% in
the Johnson case.
For the period 6 April 2007 to 25 October 2024, the Group had an immaterial
number of cases where the commission paid as a percentage of the total credit
exceeded 35%. Taking all factors into consideration, any payout on these
contracts is still not considered probable.
12. RELATED PARTY TRANSACTIONS
Transactions between the Company and its subsidiaries, which are related
parties have been eliminated on consolidation and are not disclosed in this
report. During the period the Group made charitable donations amounting to
£20,000 (period to July 2024: £30,000; year to January 2025: £60,000) via
the Keith Coombs Trust which is a related party because Messrs GDC Coombs and
AMV Coombs are trustees. The amount owed to the Keith Coombs Trust at the
half year end was £nil (July 2024: £nil; January 2025 £nil). During the
period the Group obtained supplies amounting to £4,930 (period to July 2024:
£4,544; year to January 2025: £4,544) from Grevayne Properties Limited, a
company which is a related party because Messrs GDC and AMV Coombs are
directors and shareholders. The amount owed to Grevayne Properties Limited
at the half year end was £nil (July 2024: £nil; January 2025 £nil). All
related party transactions were settled in full. There are no changes to the
related party transactions described in our last annual report which could
have a material impact on the financial position or performances of the
enterprise in the first period of this financial year.
13. INTERIM REPORT
The information for the year ended 31 January 2025 does not constitute
statutory accounts as defined in section 434 of the Companies Act 2006. A
copy of the statutory accounts for that year has been delivered to the
Registrar of Companies. The auditor's report on those accounts was not
qualified, did not include a reference to any matters to which the auditors
drew attention by way of emphasis without qualifying the report and did not
contain statements under section 498(2) or (3) of the Companies Act 2006. A
copy of this Interim Report will be made available to all our shareholders and
to the public on our website at www.suplc.co.uk (http://www.suplc.co.uk) and
at the Company's registered office at 2 Stratford Court, Cranmore Boulevard,
Solihull B90 4QT.
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