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Global Autocare Holding Limited
Registered number: 12081600
Annual report and
consolidated financial statements
For the year ended 28 February 2025
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GLOBAL AUTOCARE HOLDING LIMITED
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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GLOBAL AUTOCARE HOLDING LIMITED
CONTENTS
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Independent Auditor's Report
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Consolidated Statement of Comprehensive Income
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Consolidated Statement of Financial Position
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Company Statement of Financial Position
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Consolidated Statement of Changes in Equity
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Company Statement of Changes in Equity
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Consolidated Statement of Cash Flows
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Notes to the Financial Statements
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GLOBAL AUTOCARE HOLDING LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
The Directors present their strategic report for the year ended 28 February 2025.
Business review
The profit before tax and exceptional costs for the year amounted to £7,051,775 (2024 - £9,927,322). The Statement of Financial Position on page 15 of the financial statements shows that the Group’s financial position, in terms of net assets, remains strong.
The Group incurred exceptional administration costs during the period of £Nil (2024: £7,249,421). The prior year costs related to the impairment of battery electric vehicles (BEVs) where the expected recoverable amount was lower than the carrying value at the balance sheet date.
The vehicles in question were purchased during a period of restricted supply in the market, with limited discounts available due to factors such as the global pandemic and geopolitical instability. This, combined with a sharp decline in EV residual values, led to the prior year impairment.
Management assesses annually whether there are any indicators of impairment across the fleet. No such indicators were identified in the current period, and as a result, no exceptional impairment charges were recognised.
The Group and Company’s Directors believe that further key performance indicators for the Group are not necessary or appropriate for an understanding of the development, performance or position of the business, and that the ones identified are the key indicators that are used by the board to monitor the Group and Company’s performance.
Both the level of business for the year and the year-end position are considered to be very satisfactory.
Principal risks and uncertainties
Competitive pressure and the motor vehicle financing policies of its major clients are the principal risks to the business. The Group and Company attempts to manage such risks by ensuring service levels remain high, commercial terms remain competitive and that quality stock is available to hire/lease. Key to this is maintaining strong supplier relationships with a view to securing competitive commercial terms and to ensure sufficient asset line facility and working capital is available to meet amounts as they fall due.
Trade debtors are managed in respect of credit and cash flow risks by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the Statement of Financial Position are net of allowances for doubtful debtors.
Asset finance loans from financial institutions. The interest rates and monthly repayments are variable based on a fixed percentage above bank base rates. The business manages the liquidity risk by ensuring that there are sufficient funds to meet payments.
The Group is exposed to risks relating to the supply of new vehicles, which can significantly impact both vehicle discount rates at acquisition and residual values at disposal. Disruptions in supply can lead to volatility in used vehicle markets, affecting the profitability of the fleet, both positively or negatively. While the business has demonstrated resilience in managing previous challenges (such as the COVID-19 pandemic and the conflict in Ukraine), future fluctuations in supply or demand may affect vehicle pricing and could impact the Group's financial performance.
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GLOBAL AUTOCARE HOLDING LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
Future developments
The total number of new car registrations is forecast to increase slightly in 2025 to 1.988 million, before declining in the following years as both fleet and retail demand remain low, and as the industry prepares for the transition away from ICE vehicles under the ZEV mandate. As a result, residual values are forecast to remain relatively stable with movements for the remainder of 2025 in line with typical seasonality, which is forecast to continue into the start of 2026.
In addition to normal RPI increases major changes come into effect from April 2025 to first year VED (Vehicle Excise Duty) rates. First year rates for most petrol and diesel vehicles will double and new rates for electric vehicles of £10 for the first year and £195 from the second year come into effect. In addition, an expensive vehicle supplement of £425 per annum, for electric vehicles with a list price over £40k, will also come into effect increasing both the first year and second year costs.
The Group has conducted a thorough review of how these tax changes may affect its pricing model, vehicle procurement plans and customer demand patterns. It will continue to adjust its strategy to ensure the fleet remains competitive while protecting profitability in a changing fiscal environment.
The Group will benefit from any further reductions in the UK bank base rate as this will result in direct savings in fleet hire purchase interest costs.
Section 172 Statement
Section 172 of the Companies Act 2006 requires the Directors of the Company to act in the way that would be most likely to promote the success of the Company for the benefit of its members as a whole.
In doing so, the Directors must have regard to the likely consequences of any decision in the long term; the interests of its employees; relationships with it customers, suppliers & finance providers; and the impact of the Company’s operations on the local community and wider environment.
Customers:
Our customers are at the heart of our business. We are dedicated to delivering exceptional service and recognise the importance of engaging with customers to understand their needs and preferences. We welcome feedback from our customers and we are constantly acting upon this feedback to maintain and improve the quality of our offerings.
We recognise that our customers value flexibility and we aim to offer our customer a range of flexible leasing options, both short and long-term as well as a large range of vehicle models and brands to choose from.
Our customers are becoming increasingly conscious of the environment and their carbon footprints. We believe that our responsibility to the environment goes beyond our own operations, and that we can have a positive impact on society by promoting sustainable transport options. To this end, we are constantly increasing our provision of hybrid and electric vehicles to assist our carbon conscious customers in achieving their carbon reduction targets.
We continue to invest in app based products such as our “myGlobal” mobile app, providing all the information our customers need within our “Driver Guide” to their mobile devices whilst simultaneously minimising the use of paper and plastic.
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GLOBAL AUTOCARE HOLDING LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
Employees:
Our employees are our greatest asset. The Directors seek to create an environment where communication is honest and open, learning and development is encouraged and individual performance is recognised and praised.
Our remuneration packages are designed to be competitive and motivating with the aim of attracting and retaining highly skilled and dedicated employees.
Our Group intranet site is used to provide a wide range of useful information such as policies and Group announcements as well as providing an avenue for submitting feedback that is reviewed and considered by the board.
Suppliers:
Managing our relationships with suppliers is vital for the smooth operation of our business. As a provider of extraordinary fleet solutions, we rely on our suppliers for the procurement of vehicles, short-term rentals and maintenance services.
To manage our relationships with suppliers, we have implemented a robust supplier management program that focuses on building long-term relationships based on trust, respect, and collaboration. As a result, our suppliers understand our business objectives and are committed to helping us achieve them. They provide us with high-quality products and services, on-time delivery and competitive prices. Moreover, our supplier management program has helped us to reduce costs, minimise risks, and enhance the sustainability of our operations.
Finance providers:
We work closely with banks and asset finance providers to ensure we receive appropriate banking services and to secure funding for our vehicle purchasing activities. We maintain open and transparent relationships with our banks/funders, ensuring that we comply with all relevant regulations and contractual obligations.
We provide accurate and timely financial information, including our financial statements, forecasts, and key performance indicators, to help them understand our financial position, risks and opportunities.
We assess the risks associated with our funding sources and take appropriate measures to mitigate them. We monitor our debt covenants, liquidity, and credit rating to ensure that we meet our financial obligations and maintain our financial health.
Community/Environment:
As a provider of fleet solutions, we recognise that our operations have a large impact on the environment and society.
To minimise our impact on the environment, we focus heavily on sustainable development, the electrification of our fleet as well as minimising waste and reducing the use of paper and plastics in our operations.
Electric and Hybrid vehicles now make up approximately just under half of our overall fleet, demonstrating our commitment to the decarbonisation of mobility solutions and the achievement of net zero by 2050 in line with the Paris agreement. We have also invested in our vehicle charging infrastructure to ensure we have access to the latest technology to help continue this transition in the future.
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GLOBAL AUTOCARE HOLDING LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
This report was approved by the board on 2 September 2025 and signed on its behalf.
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GLOBAL AUTOCARE HOLDING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
The Directors present their report and the financial statements for the year ended 28 February 2025.
Directors' responsibilities statement
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The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £5,184,100 (2024 - £3,293,285).
The Directors who served during the year were:
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GLOBAL AUTOCARE HOLDING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors' Report. The Strategic Report outlines the Group's objectives, policies and procedures for managing capital; its financial risk management objectives and its exposure to credit risk and liquidity.
The Group has sufficient financial resources together with clearly defined performance objectives. As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully despite the current economic outlook.
The Directors of the Group have conducted a robust forecasting exercise, considering the potential and likely impacts on the business due to various supply chain challenges, recent elevated levels of cost inflation, increased overheads, and higher interest rates on vehicle financing. This assessment covers a period of at least 12 months from the date of the audit report.
The Group is in a strong position giving the Directors a confident expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and that it is able to face future challenges. As such the Directors are satisfied that the Group remains a going concern and the financial statements have been prepared on the going concern basis.
Engagement with suppliers, customers and others
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Please refer to page 3 of the Strategic Report where the Group's and Company’s engagement with suppliers, customers and other stakeholders has been discussed.
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GLOBAL AUTOCARE HOLDING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
Streamlined Energy and Carbon Reporting (SECR)
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As a responsible and forward-thinking business, we are committed to supporting the future of mobility and its transition to net zero. The following reporting includes our energy consumption and Greenhouse Gas Emissions (“GHG”) for the years in question, covering our office sites, vehicle movements, employee commuting and waste generation.
To learn more about the Group’s initiatives, targets and strategies, please visit our website at www.globalautocare.co.uk to find our publicly available Carbon Reduction Plan.
Methodology
The Group is required to report GHG emissions based on the energy and carbon reporting framework. Emissions have been calculated and reported in line with the Greenhouse Gas (GHG) Protocol Corporate Accounting and Reporting Standard under the operational control approach.
The reporting period is the same as the financial year that is covered in the Annual Report and Financial Statements (year ended 28 February 2025).
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Natural gas/electricity/fuel for transport
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Scope 1 Emissions (natural gas, transport)
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Scope 2 Emissions (electricity)
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Scope 3 Emissions (employee commuting/waste generated)
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tCO2e per £ of revenue (excluding used car sales)
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The Group’s overall energy consumption and GHG emissions have decreased year-on-year, influenced by several key factors detailed below. While most changes contributed to a reduction, one external factor led to an increase in reported emissions:
1.Natural gas consumption decreased by 26% primarily due to a change in heating strategy at one of our sites with reduced reliance on gas boilers and increased use of electric air conditioning units. As the electricity contract at this site is from 100% renewable sources, the shifted load generates zero CO2 emissions, supporting our efforts to decarbonise building energy use.
2.Consumption of fossil fuels and their associated CO2 emissions have reduced by 17%, driven by a shift in fleet composition. The proportion of plug-in hybrid and electric vehicles in the fleet has increased from 33% to 44%, reducing the average CO2 emissions per kilometre by around 11% and decreasing reliance on internal combustion engine (ICE)–only models. This change has contributed to a lower overall environmental impact from vehicle use.
3.An increase in emissions was recorded at one site where the electricity contract, previously 100% renewable and managed externally by the landlord, was renewed in the prior year to include a mix of renewable and non-renewable sources. As the contract changed part-way through the previous year, the resulting increase in emissions is fully reflected in the current year’s figures.
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GLOBAL AUTOCARE HOLDING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
The above factors contributed to a 5% reduction in absolute CO2 emissions during the year. This reflects tangible progress in lowering the environmental impact of the Group’s operations, particularly in areas such as energy use in buildings and fuel consumption from vehicle activity.
When normalised against financial performance, emissions intensity improved more significantly, with tCO2e per £ of rental revenue decreasing by 11%. This indicates that the Group is not only emitting less in total but is also operating more efficiently from a carbon perspective, delivering more value per unit of emissions. This improvement in emissions intensity shows that the Group is becoming more carbon-efficient, with emissions falling even as the business continues to grow.
Efficiency measures taken in the year:
∙As part of our ongoing sustainability efforts, we introduced separate food waste recycling across our operations. This ensures that food waste is diverted from general waste streams and processed more sustainably, such as through conversion into renewable energy or compost. The rollout has been well adopted by our teams and has already contributed to cleaner and more efficient recycling across our sites.
∙We increased the provision of EV and PHEV vehicles for our customers, with these now accounting for approximately half of the overall fleet. As a result, the average CO2 emissions per kilometre of the fleet decreased by approximately 11% during the year.
∙Route planning for vehicle movements has been further optimised, enabling more efficient journeys and helping to minimise unnecessary mileage.
∙We further developed our Group ESG strategy, Driving For The Future, which provides a framework to guide our people and processes on the journey to Net Zero. Key milestones and measures have been established, and we have launched a dedicated area on our customer-facing website – Our Impact – which outlines Global’s commitment to:
°Minimising environmental impact
°Leading the low carbon transition in transport
°Being a responsible corporate partner for all stakeholders
∙A key initiative during the year was the development of a carbon calculation model for indirect Scope 3 emissions associated with our overall vehicle fleet. This included calculating a benchmark year and establishing a mechanism to track future performance and trends. This work enables us to consider the broader value chain impacts – such as supply chain, transportation, product usage and disposal – and support reductions through measures such as customer advice and increased adoption of low-emission vehicles.
∙We expanded our partnership with Lightfoot, an award-winning telematics technology that supports safer driving, reduced emissions, and lower fleet operating costs. Global has become a certified installer and continues to recommend the system to customers as a proactive fleet risk management solution. Adoption has increased over the year. Unlike traditional telematics, Lightfoot encourages smoother driving styles, which can reduce accident rates by up to 40%, fuel consumption and emissions by up to 15%, and vehicle downtime by up to 45%.
∙A significant number of Global employees have transitioned to electric company cars this year, helping to reduce emissions associated with commuting.
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GLOBAL AUTOCARE HOLDING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
∙The GlobalShop Global Autocare Online Store offers a wide range of automotive accessories, breakdown, and travel essentials for cars and vans. Sustainability remains a key focus throughout the value chain, from product sourcing to fulfilment. We continue to collaborate with vGroup International to enhance the environmental performance of our product range. Their carbon neutral status supports our wider sustainability objectives.
Matters covered in the Group Strategic Report
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Certain information not shown in the Directors' Report is shown in the Strategic Report on pages 1 - 4 instead in accordance with Section 414C(11) of the Companies Act 2006. This includes a business review, future developments, principal risks and uncertainties and engagement with Customers, Employees, Suppliers, Finance providers and the Community/Environment.
Disclosure of information to auditor
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Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and
∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 2 September 2025 and signed on its behalf.
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GLOBAL AUTOCARE HOLDING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLOBAL AUTOCARE HOLDING LIMITED
Opinion
We have audited the financial statements of Global Autocare Holding Limited (the ‘Company’) for the year ended 28 February 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows 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 FRS 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 Group's and the Parent Company’s affairs as at 28 February 2025 and of the Group's profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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GLOBAL AUTOCARE HOLDING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLOBAL AUTOCARE HOLDING LIMITED
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the Group and Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which 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.
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GLOBAL AUTOCARE HOLDING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLOBAL AUTOCARE HOLDING LIMITED
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the 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 intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
Based on our understanding of the Group and Parent Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation and the Bribery Act 2010.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, and the Companies Act 2006.
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GLOBAL AUTOCARE HOLDING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLOBAL AUTOCARE HOLDING LIMITED
In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to, revenue recognition (which we pinpointed to the occurrence assertion), and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of the audit report
This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body for our audit work, for this report, or for the opinions we have formed.
Shaun Mullins (Senior Statutory Auditor)
for and on behalf of
Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
5th Floor
3 Wellington Place
Leeds
LS1 4AP
3 September 2025
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GLOBAL AUTOCARE HOLDING LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2025
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Operating profit before exceptional administrative expenses
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Exceptional impairment costs
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Operating profit after exceptional administrative expenses
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial year
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There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.
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There was no other comprehensive income for 2025 (2024: £NIL).
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The notes on pages 21 to 44 form part of these financial statements.
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GLOBAL AUTOCARE HOLDING LIMITED
REGISTERED NUMBER: 12081600
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 September 2025.
The notes on pages 21 to 44 form part of these financial statements.
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GLOBAL AUTOCARE HOLDING LIMITED
REGISTERED NUMBER: 12081600
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the Company for the year was £12,817,328 (2024: £6,457,428).
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 September 2025.
The notes on pages 21 to 44 form part of these financial statements.
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GLOBAL AUTOCARE HOLDING LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2025
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Comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 21 to 44 form part of these financial statements.
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GLOBAL AUTOCARE HOLDING LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2025
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Comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 21 to 44 form part of these financial statements.
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GLOBAL AUTOCARE HOLDING LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2025
Cash flows from operating activities
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Profit for the financial year
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Amortisation of intangible assets
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Depreciation of tangible assets
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Impairments of fixed assets
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Profit on disposal of tangible assets
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(Increase)/decrease in stocks
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of tangible fixed assets
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Sale of tangible fixed assets
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Net cash from investing activities
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GLOBAL AUTOCARE HOLDING LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
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Cash flows from financing activities
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Repayment of finance leases
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Net cash used in financing activities
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Net increase/(decrease) in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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GLOBAL AUTOCARE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
The Company is a private company limited by share capital and incorporated in England & Wales, registered number 12081600.
The address of its registered office is:
The Hub
Gelderd Lane
Leeds
LS12 6AL
The principal activity of Global Autocare Holding Limited is a holding company whose subsidiary, Global Autocare Limited's principal activity can be summarised into the purchasing of motor vehicles, hire/leasing of motor vehicles via Daily Rental or longer term Contract Hire agreements and the sale of motor vehicles. In addition the Company provides additional services such as the maintenance, repair and movement of motor vehicles along with other fleet management services.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
These financial statements have been presented in pound sterling which is the functional currency of the Company, and rounded to the nearest £.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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GLOBAL AUTOCARE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
2.Accounting policies (continued)
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Financial reporting standard 102 - reduced disclosure exemptions
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The Parent Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors' Report. The Strategic Report outlines the Group's objectives, policies and procedures for managing capital; its financial risk management objectives and its exposure to credit risk and liquidity.
The Group has sufficient financial resources together with clearly defined performance objectives. As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully despite the current economic outlook.
The Directors of the Group have conducted a robust forecasting exercise, considering the potential and likely impacts on the business due to various supply chain challenges, recent elevated levels of cost inflation, increased overheads, and higher interest rates on vehicle financing. This assessment covers a period of at least 12 months from the date of the audit report.
The Group is in a strong position giving the Directors a confident expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and that it is able to face future challenges. As such the Directors are satisfied that the Group remains a going concern and the financial statements have been prepared on the going concern basis.
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GLOBAL AUTOCARE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Group has transferred the significant risks and rewards of ownership to the buyer;
∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Group will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Group will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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Operating leases: the Group as lessor
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Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
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Operating leases: the Group as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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GLOBAL AUTOCARE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
2.Accounting policies (continued)
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate pension fund. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.
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GLOBAL AUTOCARE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the consolidated statement of comprehensive income over its useful economic life of 10 years.
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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GLOBAL AUTOCARE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method or the reducing balance basis.
Depreciation is provided on the following basis:
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L/Term Leasehold Property
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Plant & Equipment and Fixtures & Fittings
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Impairment of fixed assets and goodwill
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Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on an individual item basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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GLOBAL AUTOCARE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
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GLOBAL AUTOCARE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
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GLOBAL AUTOCARE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The key assumptions concerning the future, and other key sources of estimation uncertainty surrounding the carrying amounts of assets and liabilities within the next financial year are discussed below.
(i) Estimated remaining useful life of tangible fixed assets
The annual depreciation charge for tangible assets and their carrying amount is determined by the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually and amended where necessary to reflect current estimates based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
The carrying value of the assets at the year end is £195,070,608 (2024 - £185,787,295). The depreciation charge for the year is £33,026,368 (2024 - £30,301,160).
(ii) Impairment charge relating to tangible fixed assets
The Group reviews the carrying amounts of its tangible fixed assets annually, or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. When such indicators are present, an impairment test is performed to determine whether the carrying value of the asset exceeds its recoverable amount. An impairment loss is recognised immediately through the statement of comprehensive income if the carrying amount of the asset exceeds its recoverable amount, with recoverable amount being the higher of fair value less costs to sell and value in use.
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GLOBAL AUTOCARE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
3.Judgments in applying accounting policies (continued)
The assessment involves significant judgment and estimates made by management. The key sources of management uncertainty in relation to the impairment of tangible fixed assets include:
Assessment of indicators of impairment
Evaluating whether any indicators of impairment exist at the reporting date. Indicators may include significant declines in market value, adverse changes in the technological, market, economic, or legal environment, or evidence of obsolescence or physical damage.
Estimation of future cash flows
Estimating future cash flows expected to arise from the continuing use of the asset and from its disposal. These estimates involve assumptions about future events, including market conditions, competition, and anticipated revenue growth, and cost structures.
Determination of discount rates
Estimating the appropriate discount rate for calculating the value in use of the asset, which reflects the time value of money and the risks specific to the asset. The selection of discount rates requires judgment and involves assumptions about economic conditions and risks.
Fair value estimations
Estimating the fair value of the asset less costs to sell, which may involve the use of valuation techniques, such as market comparables or discounted cash flow models. This process involves judgment in selecting valuation methodologies and in estimating key inputs and assumptions.
Changes in any of these key assumptions and estimates could significantly impact the determination of recoverable amounts and the amount of impairment losses recognised. Management continually reviews these assumptions and estimates and adjusts them as necessary to reflect actual experience and market conditions.
The impairment charge recognised in relation to tangible fixed assets during the year was £Nil (2024 - £7,249,421).
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An analysis of turnover by class of business is as follows:
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Contract hire and daily rental income
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All turnover arose within the United Kingdom.
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GLOBAL AUTOCARE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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The operating profit is stated after charging/(crediting):
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Depreciation of tangible fixed assets (charged to cost of sales)
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Depreciation of tangible fixed assets (charged to administrative expenses)
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Profit on disposal of tangible assets
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Defined contribution pension cost
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Impairment of tangible fixed assets
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Impairment of tangible assets
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The exceptional costs in the prior period related to the impairment of electric vehicles where expected recoverable amount is lower than the carrying value.
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GLOBAL AUTOCARE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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During the year, the Group obtained the following services from the Company's auditor:
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Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
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Fees payable to the Company's auditor in respect of:
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Taxation compliance services
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Staff costs, including Directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the Directors, during the year was as follows:
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The Company has no employees other than the Directors.
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GLOBAL AUTOCARE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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Group contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 3 Directors (2024 - 3) in respect of defined contribution pension schemes.
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The highest paid Director received remuneration of £492,000 (2024 - £440,000).
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The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £NIL (2024 - £NIL).
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Other interest receivable
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Interest payable and similar expenses
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Other loan interest payable
|
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Finance leases and hire purchase contracts
|
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|
|
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|
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|
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|
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GLOBAL AUTOCARE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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Factors affecting tax charge for the year
|
|
|
The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 24.49%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 24.49%)
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Fixed asset ineligible depreciation
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Expenses not deductible for tax purposes
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Goodwill amortisation on consolidation not taxable in company
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Adjustment to brought forward values
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Other tax effects for reconciliation between accounting profits
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Adjustments to tax charge in respect of prior periods
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Adjustment to deferred tax rates
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Movement in deferred tax not recognised
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Transfer pricing adjustments
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Total tax charge for the year
|
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|
GLOBAL AUTOCARE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
13.Taxation (continued)
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|
Factors that may affect future tax charges
|
There were no factors that may affect future tax charges.
|
|
GLOBAL AUTOCARE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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L/Term leasehold property
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Plant & Equipment and Fixtures & Fittings
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Transfers between classes
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Transfers between classes
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|
GLOBAL AUTOCARE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
15.Tangible fixed assets (continued)
|
|
The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Investments in subsidiary companies
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The following was a subsidiary undertaking of the Company:
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The registered office of the subsidiary is the same as the parent undertaking.
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|
GLOBAL AUTOCARE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
|
|
Finished goods and goods for resale
|
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The cost of stocks recognised as an expense in the year amounted to £7,274,182 (2024 - £6,802,525).
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Amounts owed by group undertakings
|
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Prepayments and accrued income
|
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The amounts owed by group undertakings are unsecured and repayable on demand.
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Cash and cash equivalents
|
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|
|
GLOBAL AUTOCARE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
|
|
Creditors: Amounts falling due within one year
|
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Amounts owed to group undertakings
|
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Other taxation and social security
|
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|
Obligations under finance lease and hire purchase contracts
|
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Accruals and deferred income
|
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|
|
The following liabilities were secured:
|
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Obligations under finance lease and hire purchase contracts
|
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|
|
Details of security provided:
|
The bank loans are secured by a fixed and floating charge over all assets owned, not financed by a finance lease.
The finance lease liabilities are secured on the assets to which they relate.
The amounts owed to group undertakings are unsecured and repayable on demand.
|
|
GLOBAL AUTOCARE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
|
|
Creditors: Amounts falling due after more than one year
|
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Net obligations under finance leases and hire purchase contracts
|
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|
|
The following liabilities were secured:
|
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|
Net obligations under finance leases and hire purchase contracts
|
|
|
|
|
|
|
|
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|
|
|
|
|
Details of security provided:
|
The bank loans are secured by a fixed and floating charge over all assets owned.
The finance lease liabilities are secured on the assets to which they relate.
The other loans are secured by a fixed and floating charge over all assets owned.
|
|
Amounts falling due within one year
|
|
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Amounts falling due 1-2 years
|
|
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|
|
|
|
|
|
|
GLOBAL AUTOCARE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
|
|
Hire purchase and finance leases
|
|
|
Minimum lease payments under hire purchase fall due as follows:
|
|
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|
|
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|
|
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|
|
Charged to profit or loss
|
|
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|
Charged to profit or loss
|
|
|
|
|
|
|
|
|
Short term timing differences
|
|
|
|
|
|
|
Fixed asset timing differences
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GLOBAL AUTOCARE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
|
|
405,000 (2024 - 405,000) A Ordinary shares of £0.01 each
|
|
|
|
|
|
370,000 (2024 - 370,000) B Ordinary shares of £0.01 each
|
|
|
|
|
|
200,000 (2024 - 200,000) C Ordinary shares of £0.01 each
|
|
|
|
|
|
25,000 (2024 - 25,000) D Ordinary shares of £0.01 each
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The shares above rank pari passu and have equal voting rights.
|
Share premium account
Share premium is the value paid in excess of the face value of the shares.
Profit & loss account
Includes all current and prior periods retained profits and losses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayment of bank/ other loans
|
|
(New)
/Repayment of finance leases
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GLOBAL AUTOCARE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £247,220 (2024 - £129,707).
|
|
Commitments under operating leases
|
|
|
At 28 February 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating leases - lessee
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £1,867 (2024 - £2,727).
|
|
|
Operating leases - lessor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Later than 1 year and not later than 5 years
|
|
|
|
|
|
|
|
|
|
Total lease income recognised as turnover in the period is £16,930,167 (2024 - £9,367,042).
|
|
|
GLOBAL AUTOCARE HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
|
|
Related party transactions
|
|
|
Transactions with key management personnel
During the year, the key management personnel purchased goods to the value of £433,323 (2024: £272,472) inclusive of VAT and sold goods to the Group of £329,221 (2024: £290,522).
At the year end, the balances outstanding with key management personnel and the Group was £127,612 (2024: £23,509).
Transactions with other related parties
During the year, other related parties purchased goods and services to the value of £5,488,628 (2024: £2,501,589) inclusive of VAT and sold goods to the Group of £454,109 (2024: £240,036).
At the year end, the balances outstanding with other related parties was £147,086 (2024: £85,258).
|
There is no ultimate controlling party.
|