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08272510 1 2024-01-01 2024-12-31

REGISTERED NUMBER: 08272510 (England and Wales)

| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2024 |

| FOR |

| DRIVALIA UK LTD |

| DRIVALIA UK LTD (REGISTERED NUMBER: 08272510) |

CONTENTS OF THE FINANCIAL STATEMENTS

for the Year Ended 31 December 2024

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 5 |

| Directors' Responsibilities Statement | 7 |

| Report of the Independent Auditors | 8 |

| Statement of Comprehensive Income | 12 |

| Statement of Financial Position | 13 |

| Statement of Changes in Equity | 14 |

| Notes to the Financial Statements | 15 |

| DRIVALIA UK LTD |

COMPANY INFORMATION

for the Year Ended 31 December 2024

| DIRECTORS: | A Hughes

| P Manfreddi

| P Ronco

| SECRETARY: | J Savage

| REGISTERED OFFICE: | 250 Bath Road

| Slough

| Berkshire

| SL1 4DX

| REGISTERED NUMBER: | 08272510 (England and Wales)

| AUDITORS: | Forvis Mazars LLP

| 30 Old Bailey

| London

| EC4M7AU

| BANKERS: | Barclays Bank Plc

| 1 Churchill Place

| London

| EC15 5HP

| SOLICITORS: | Payne Hicks Beach Solicitors

| 10 New Square

| Lincoln’s Inn

| London

| WC2A 3QG

| DRIVALIA UK LTD (REGISTERED NUMBER: 08272510) |

STRATEGIC REPORT

for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

The Company's principal activity is short-term rental of passenger cars and commercial vehicles through various rental locations across the UK.

The Company's shareholder is Drivalia SpA, which is a subsidiary of CA Auto Bank SpA. CA Auto Bank is a 100% subsidiary of Crédit Agricole Personal Finance & Mobility (formerly Crédit Agricole Consumer Finance).

REVIEW OF BUSINESS

The Company faced a challenging market environment in 2024, characterised by strong competition and weak leisure sector demand. The external environment, coupled with the need to optimise our resource and cost base resulted in a loss of (£1.83M) (£4.03M profit in 2023 as restated).

The management's priority is strategic optimisation of resources and to streamline its operations. The responses to the market dynamics initiated during the year are aimed at setting a strong foundation for sustainable future growth.

The above strategy led to a reduction in the total fleet to 3,250 vehicles (4,012 in 2023). Notably, the proportion of owned vehicles increased to 1,251 (727 in 2023).

The Company also refined its physical footprint, closing unprofitable locations while simultaneously opening new franchise locations. The Company ended the period with 37 locations.

The Company continued to invest in the customer journey and brand reputation through improvements to processes, branding, the website, and the mobile app. Additionally, greater emphasis was placed on developing the corporate and subscription channels to complement and diversify beyond the seasonal leisure sector demand.

The key financial and other performance indicators during the year were as follows:

| 2024 |  | 2023 |  | Change |

| as restated |  |

| £ |  | £ |  | % |

Turnover |  | 33,327,178 |  | 36,457,026 |  | (9%) |

Operating Profit |  | (621,431) |  | 6,048,228 |  | (110%) |

Profit after tax |  | (1,831,708) |  | 4,028,661 |  | (145%) |

Equity Shareholders' funds |  | 4,382,577 |  | 6,214,285 |  | (29%) |

| No. |  | No. |  |

Motor Vehicles |  | 3,250 |  | 4,012 |  | (19%) |

Average number of employees |  | 120 |  | 126 |  | (5%) |

| DRIVALIA UK LTD (REGISTERED NUMBER: 08272510) |

STRATEGIC REPORT

for the Year Ended 31 December 2024

PRINCIPAL RISKS AND UNCERTAINTIES

The Company's main risk arises from economic factors which impact consumer confidence and spending in the leisure / holiday sector as well as increase in pricing for goods and services. The Company has proved itself to be agile in adapting to fluctuations in demand by adapting its fleet and practices to respond to these external changes.

The Company also operates in a highly competitive market. It has procedures in place to enable it to act tactically when required and remain flexible in its pricing position to ensure the most efficient utilisation of its available fleet.

The Company, in addition to its annual forecast, updates its holding company's central treasury department with cash flow requirements on a weekly basis. Liquidity for the business is ensured through the use of the CA Auto Bank/Credit Agricole group cash management facilities.

OTHER PERFORMANCE INDICATORS

The Company managed average fleet of 3,499 vehicles during the year (3,588 in 2023). The average fleet utilisation during the year was 66% (62% in 2023).

FUTURE BUSINESS DEVELOPMENTS

In May 2024, Crédit Agricole Consumer Finance announced a new stage in its history with a new name: Crédit Agricole Personal Finance & Mobility (CA PFM). This new name reflects the evolution of its activities which places purchasing power management, energy transitions and mobility at the heart of its model and embodies its ambitions to become a leader in personal financing and the European leader in sustainable mobility.

Drivalia UK Ltd is part of the above strategy and has been in the process of opening new partnerships and sales channels, providing a range of short term, long term and subscription products to its partners and the wider public. Drivalia's goal, as part of CA PFM's vision is to become a leading player in the rental and mobility sector in the UK.

SECTION 172 (1) STATEMENT - DIRECTORS DUTY TO PROMOTE SUCCESS OF THE COMPANY

During 2024 market trends and conditions, in particular those impacting consumer behaviours, have been relevant in shaping the decisions of the Board. As such, attention has been paid to the various stakeholders in the business, more specifically: customers, intermediaries, suppliers, shareholders and employees.

Despite more fierce competition and lower demand during the year, coupled with Company's higher cost base due to increased fleet size and larger workforce, the company made important strategic decisions and commenced optimising its operations, closing down unprofitable locations and opening new franchise locations all in the effort to set a strong foundation for future growth. Directors are confident that the Company has the necessary resources, knowhow, and group support to take advantage of the expansion of the Drivalia brand in terms of product offering as well as increased presence in various locations across the UK and Europe.

The directors have not recommended the payment of a dividend during the year. The directors have confidence that the parent company / group will continue to support its growth in the coming years.

The directors monitor the KPIs of the business in line with the group standards. The Company is continuously reviewing the key processes and risks, always striving for further improvements in its brand presence as well as process automation and internal controls.

The directors are aware of the strategic nature of the Company's support to the Crédit Agricole Group's ambitions in the rental and mobility market. All decisions are taken keeping in mind the long-term, sustainable and strategic interests of the shareholder. The Company's focus is on capturing new opportunities in the era of mobility with a strong commitment to meet customers' needs in terms of electrification, connectivity, autonomous driving and shared ownership by offering a range of innovative solutions.

| DRIVALIA UK LTD (REGISTERED NUMBER: 08272510) |

STRATEGIC REPORT

for the Year Ended 31 December 2024

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The Company's customer service team plays a central role in monitoring customer satisfaction. Feedback from external platforms, such as Google and Trustpilot reviews, is manually monitored by the team on an ongoing basis. This feedback, along with direct customer inquiries and complaints, is systematically reviewed in monthly internal meetings. This process allows the Company to proactively identify trends, address specific issues, and implement continuous improvements to its key processes, ensuring fair outcomes for all stakeholders .

EMPLOYEE INVOLVEMENT

Over the next few quarters, the Company is intending on further aligning its policies and procedures with CA Auto Bank's Group Code of Conduct. The Company continued the engagement with its employees during 2024.

DISABLED EMPLOYEES

The group gives full consideration to applications for employment from disabled persons where the candidates' particular aptitudes and abilities are consistent with adequately meeting the requirements of the role. Opportunities are available to disabled employees for training, career development and promotion.

Where existing employees become disabled, it is the group's policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim.

ON BEHALF OF THE BOARD:

P Ronco - Director

8 October 2025

| DRIVALIA UK LTD (REGISTERED NUMBER: 08272510) |

REPORT OF THE DIRECTORS

for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the period from 1 January 2024 - 31 December 2024 to the date of this report.

Name |  | Date appointed |  | Date resigned |  | Nationality |

A Hughes |  | 23 July 2021 |  |  | British |

P Manfreddi |  | 15 December 2021 |  |  | Italian |

W Vickers |  | 23 July 2021 |  | 19 December 2024 |  | British |

P Ronco |  | 19 December 2024 |  |  | Italian |

GOING CONCERN

In accordance with the best principles of corporate governance it is incumbent on the Board to review the status of Drivalia UK Limited (the Company) as a "going concern" and to make a statement to that effect in the Director's Report that is published in the Company's financial statements.

The Board recommends the adoption of the financial statements of the Company for the year ended 31st December 2024 on a going concern basis in light of the following factors:

SHAREHOLDING STRUCTURE

The Company's parent company is Drivalia SpA, which in turn is the wholly owned subsidiary of CA Auto Bank SpA, a company registered in Italy. CA Auto Bank SpA is wholly owned by Crédit Agricole Personal Finance & Mobility (formerly Crédit Agricole Consumer Finance), the wholly owned consumer credit subsidiary of Crédit Agricole SA.

CA Auto Bank's goal is to become a leading independent, multi-brand player in vehicle financing and leasing and in the mobility sector. The Bank, with its headquarters in Turin, has a strong international presence and positions itself as the new "mobility bank for a better planet," intends to lead the industry's energy transition, making access to zero and low-emission vehicles increasingly available and affordable for all.

The diversity of funding resources available to the Company's parent as a result of its Bank status enable it to offer innovative products and services to its customers.

The directors believe that the parent company is committed to the continued future success of the business.

On the basis of their assessment of the Company's financial position and of reasonable expectation of continuous support from the group, the Company's directors are confident that the Company will be able to continue to trade for the foreseeable future, being no less than twelve months from the date that the financial statements were approved.

BUSINESS PROSPECTS

Beyond 2024, the Company will remain part of Crédit Agricole Group's ambition to create a pan-European car financing, rental and mobility company. This ambition gives the Company the possibility to target a wide market opportunity. The in-house expertise and resources combined with the funding diversity offered to the Company's parent, will enable it to offer innovative and competitive mobility solutions to this enlarged market.

| DRIVALIA UK LTD (REGISTERED NUMBER: 08272510) |

REPORT OF THE DIRECTORS

for the Year Ended 31 December 2024

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company's liquidity needs are met with funding facility from group companies. Over the course of the year, the Company formalised its strategy and decided on purchasing the future fleet outright with the aim of minimising its holding costs. Most of its debtors are from its broker network and, apart from some technical overdue, are current in nature.

STRATEGIC NATURE OF BUSINESS

The UK is an important strategic market for the CA Auto Bank Group. The Company's operations in turn are important to offer mobility solutions to the customers and a part of the CA Auto Bank and Crédit Agricole strategy of being a leading independent player in the consumer finance and mobility sector.

RESOURCES

The Company anticipates receiving continued support from the parent company and its group companies in relation to the funding needs and other support / services.

FINANCIAL RESULTS

The Company had a challenging year which resulted in a negative performance; however, following a stabilisation plan, the directors expect that the Company will revert to achieving reasonable levels of profitability, Return on Assets (ROA) and Return on Equity (ROE) going forward.

In light of the above factors, the Company continues to adopt the going concern basis in preparing the annual report and accounts.

CARBON REPORTING

This section summaries the energy utilisation, related carbon discharges, and energy efficiency and performance for the Company under the Government policy, 'Streamlined Energy and Carbon Reporting (SECR)', implemented by the Companies (Directors' report) and Limited Liability Partnerships (Energy and Carbon Report) regulation 2018. The emission details below have been calculated using the monthly utility bills' details for electricity and gas.

| 2024 |  |

Buildings Electricity & Gas (kWh p.a.) |  | 362,217 |  |

Conversion factor (KgCo2e/kWh) |  | 0.20493 |  |

CO2 (tonnes) p.a. |  | 74.23 |  |

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Forvis Mazars LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P Ronco - Director

8 October 2025

| DRIVALIA UK LTD (REGISTERED NUMBER: 08272510) |

DIRECTORS' RESPONSIBILITIES STATEMENT

for the Year Ended 31 December 2024

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

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

- |  | select suitable accounting policies in accordance with Section 10 of FRS 102 and then apply themconsistently; |

- |  | present information, including accounting policies in a manner that provides relevant, reliable, comparable, and understandable information; |

- |  | provide additional disclosures when compliance with the specific requirements in FRS 102 is insufficient to enable users to understand the impact of transactions, other events and conditions on the company financial position and financial performance; |

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

- |  | state whether UK Accounting Standards including FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; |

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Under applicable law and regulations, the directors are also responsible for preparing a strategic report and directors' report that comply with that law and those regulations. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

DRIVALIA UK LTD

Opinion

We have audited the financial statements of Drivalia UK Ltd (the 'company') for the year ended 31 December 2024 which comprise of the Income Statement, Statement of Comprehensive Income, Statement of Changes in Equity, Statement of Financial Position 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 company's affairs as at 31 December 2024 and of its loss 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.

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. |

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

DRIVALIA UK LTD

Matters on which we are required to report by exception

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the 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. |

Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page 7, 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 either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

DRIVALIA UK LTD

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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 the 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 company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: Financial Conduct Authority appointed representative requirements of its principal firm and Financial Crime Regulations.

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, the Companies Act 2006.

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, 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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

DRIVALIA UK LTD

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

David Allen (Senior Statutory Auditor)

for and on behalf of Forvis Mazars LLP

30 Old Bailey

London

EC4M7AU

8 October 2025

| DRIVALIA UK LTD (REGISTERED NUMBER: 08272510) |

STATEMENT OF COMPREHENSIVE

INCOME

for the Year Ended 31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

TURNOVER | 4 | 33,327,178 |  | 36,457,026 |  |

Cost of sales | 23,025,775 |  | 20,712,230 |  |

GROSS PROFIT | 10,301,403 |  | 15,744,796 |  |

Administrative expenses | 10,922,834 |  | 10,447,339 |  |

(621,431 | ) | 5,297,457 |  |

Impairment of fixed assets | 5 | - |  | 750,771 |  |

OPERATING (LOSS)/PROFIT | 7 | (621,431 | ) | 6,048,228 |  |

Interest receivable and similar income | 99,683 |  | 9,255 |  |

(521,748 | ) | 6,057,483 |  |

Interest payable and similar expenses | 8 | 1,279,548 |  | 688,342 |  |

(LOSS)/PROFIT BEFORE TAXATION | (1,801,296 | ) | 5,369,141 |  |

Tax on (loss)/profit | 9 | 30,412 |  | 1,340,480 |  |

(LOSS)/PROFIT FOR THE FINANCIAL YEAR | (1,831,708 | ) | 4,028,661 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (1,831,708 | ) | 4,028,661 |  |

| DRIVALIA UK LTD (REGISTERED NUMBER: 08272510) |

STATEMENT OF FINANCIAL POSITION

31 December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 12 | 1,552,541 |  | 1,665,491 |  |

Tangible assets | 13 | 21,377,734 |  | 14,112,779 |  |

22,930,275 |  | 15,778,270 |  |

CURRENT ASSETS

Stocks | 14 | 271,390 |  | 79,772 |  |

Debtors | 15 | 8,416,400 |  | 6,860,092 |  |

Cash at bank | 656,358 |  | 2,042,474 |  |

9,344,148 |  | 8,982,338 |  |

CREDITORS

Amounts falling due within one year | 16 | 27,807,260 |  | 18,392,122 |  |

NET CURRENT LIABILITIES | (18,463,112 | ) | (9,409,784 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,467,163 |  | 6,368,486 |  |

CREDITORS

Amounts falling due after more than one year | 17 | - |  | (87,081 | ) |

PROVISIONS FOR LIABILITIES | 21 | (84,586 | ) | (67,120 | ) |

NET ASSETS | 4,382,577 |  | 6,214,285 |  |

CAPITAL AND RESERVES

Allotted and issued

share capital | 22 | 100 |  | 100 |  |

Retained earnings | 23 | 4,382,477 |  | 6,214,185 |  |

SHAREHOLDERS' FUNDS | 4,382,577 |  | 6,214,285 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 8 October 2025 and were signed on its behalf by:

P Ronco - Director

| DRIVALIA UK LTD (REGISTERED NUMBER: 08272510) |

STATEMENT OF CHANGES IN EQUITY

for the Year Ended 31 December 2024

| Allotted |

| and |

| issued |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2023 | 100 |  | 2,185,524 |  | 2,185,624 |  |

Changes in equity

Total comprehensive income | - |  | 4,050,835 |  | 4,050,835 |  |

Balance at 31 December 2023 | 100 |  | 6,236,359 |  | 6,236,459 |  |

Prior year adjustment | - |  | (22,174 | ) | (22,174 | ) |

As restated | 100 |  | 6,214,185 |  | 6,214,285 |  |

Changes in equity

Total comprehensive income | - |  | (1,831,708 | ) | (1,831,708 | ) |

Balance at 31 December 2024 | 100 |  | 4,382,477 |  | 4,382,577 |  |

| DRIVALIA UK LTD (REGISTERED NUMBER: 08272510) |

NOTES TO THE FINANCIAL STATEMENTS

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

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

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| As the company meets the requirements for a qualifying entity under FRS 102, it has taken advantage of the following exemptions as allowed under the reduced disclosures for subsidiaries:

| - The requirement of Section 7 Statement of Cash Flows 3.17(d);

| - The requirement of Section 33 Related Party Disclosures paragraph 33.7:

| - The Reduced Disclosures for Subsidiaries under FRS 102.

| Turnover

| Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts and settlement discounts, where applicable.

| Where a non-refundable deposit has been received in advance the revenue is recognised. Any refundable amounts received in advance of bookings are held as deferred income and recognised when the rental occurs.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

| Computer software

| Computer software is being amortised evenly over its estimated useful life of three or five years.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

| Fixtures and fittings | - | 20% on cost

| Motor vehicles | - | 10% on cost

| Computer equipment | - | 20% on cost

| In accordance with the provisions of FRS102 Section 17, the company adopts the revaluation model to measure property, plant and equipment whereby revaluations will be made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.

| DRIVALIA UK LTD (REGISTERED NUMBER: 08272510) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Financial assets

| The Company considers that its financial assets comprise of receivables only. These assets are non-derivative financial assets with fixed or determinable payments. They arise principally through the provision of goods and services to customers (trade receivables). They are carried at cost less provision for impairment.

| Impairment provisions are recognised when there is objective evidence (such as significant financial difficulties on the part of the counterparty or default or significant delay in payment) that the Company will be unable to collect all the amounts due. For trade receivables, which are recorded net, such provisions are recognised within administrative expenses in the income statement.

| Financial liabilities

| The Company's financial liabilities include bank overdrafts and loans, other loans, trade and other payables and finance leasing liabilities.

| Financial liabilities are recognised when the Company becomes a party to the contractual agreements of the instrument. All interest related charges are recognised as an expense in 'finance costs' in the statement of profit or loss.

| Loans, which are raised for the support of the Company's operations are recognised at fair value. Finance charges are charged to the statement of profit or loss using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise.

| Trade payables are recognised initially at their fair value and, if appropriate, remeasured at amortised cost less settlement payments.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| DRIVALIA UK LTD (REGISTERED NUMBER: 08272510) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Foreign currencies transactions and balances

| Functional and presentation currency

| The functional currency of the company is measured using the currency of the primary economic environment in which that entity operates. The financial statements are presented in Pound Sterling which is the company's functional and presentation currency.

| Transaction and balances

| Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the year-end exchange rate.

| Exchange differences arising on the translation of monetary items are recognised in the statement of comprehensive income.

| Leased assets

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Impairment of fixed assets

| At each reporting period end date, the company reviews the carrying value of assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such impairment exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

| If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the profit or loss, unless the relevant asset (or cash-generating unit) is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

| Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

| The company performed an impairment review of its motor vehicle fleet at the year end. The company's strategy of managing the disposal of motor vehicles through its group remarketing department, which offers options to either lease the vehicles through a sister company or sell them through group platforms/auction houses, provides assurance that recoverable amounts are typically maintained.

| As a result of this review and the available disposal channels, no impairment was recognised during the year.

| DRIVALIA UK LTD (REGISTERED NUMBER: 08272510) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2024

3. | JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affect only that period, or in the period of the revision and future periods where the revision affect both current and future periods.

| Key sources of estimation uncertainty

| Motor vehicles owned by the company and available for short term hire are held as fixed assets and depreciated accordingly in line with the appropriate accounting policies. However, the market value of motor vehicles varies constantly and therefore the company attempts to mitigate any risk by frequently reviewing the carrying values of its fleet vehicles using historical experience and independent industry valuation tools.

| The annual impairment review requires significant judgements, including the forecast of consumer demand and the evaluation of the current economic environment, to determine the carrying values and recoverable amounts of the fleet. While the review may indicate a potential fall in market value, the management's assessment of the group's robust disposal and remarketing channels, which ensure best value is achieved (through leasing or sale), is key to concluding whether a material impairment loss is ultimately required to be recognised.

4. | TURNOVER

| Turnover is made up of cash sales £24,557,443 (2023: £26,597,886), credit sales £5,203,893 (2023: £6,636,229) and other income of £3,565,842 (2023: £3,222,911) and is all generated from the UK. Cash sales are booked directly with the entity whilst credit sales are booked through tour operators and corporate accounts. Other income includes damages, fuel recharges and other ancillary sales.

5. | IMPAIRMENT OF FIXED ASSETS

| 2024 |  | 2023

£ | £ |

| Reversal of impairment losses/

| (impairment losses) for

| tangible fixed assets | - |  | 750,771 |  |

| At the year end the directors have undertaken an impairment review of the tangible fixed assets resulting in an impairment of £NIL (2023 - £750,771 reversal of previously recognised impairment losses).

6. | EMPLOYEES AND DIRECTORS

|  | 2024 |  |  | 2023 |  |

|  | £ |  |  | £ |  |

| Wages and salaries |  | 5,225,929 |  |  | 5,165,043 |  |

| Social security costs |  | 546,450 |  |  | 553,664 |  |

| Other pension costs |  | 89,482 |  |  | 95,480 |  |

|  | 5,861,861 |  |  | 5,814,187 |  |

| The average number of employees during the year was as follows:

|  | 2024 |  |  | 2023 |  |

| Administration |  | 120 |  |  | 126 |  |

| DRIVALIA UK LTD (REGISTERED NUMBER: 08272510) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2024

7. | OPERATING (LOSS)/PROFIT

| The operating loss (2023 - operating profit) is stated after charging:

| 2024 |  | 2023

£ | £ |

| Other operating leases | - |  | 10,985 |  |

| Depreciation - owned assets | 3,062,455 |  | 1,632,647 |  |

| Loss on disposal of fixed assets | 211,635 |  | 109,392 |  |

| Goodwill amortisation | 211,591 |  | 211,591 |  |

| Computer software amortisation | 127,609 |  | 49,946 |  |

| Auditors' remuneration | 55,000 |  | 24,000 |  |

| Foreign exchange differences | 1,026 |  | 102 |  |

| VAT partial exemption | 449,821 |  | 492,356 |  |

| Advertising | 489,678 |  | 19,013 |  |

| Rent | 1,555,776 |  | 1,540,694 |  |

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2024 |  | 2023

£ | £ |

| Loan interest | 1,266,517 |  | 628,880 |  |

| Interest on overdue taxation | - |  | 6,577 |  |

| Bank interest paid | - |  | 69 |  |

| Interest Expense - Shadow | 13,031 |  | 52,816 |  |

1,279,548 |  | 688,342 |  |

9. | TAXATION

| Analysis of the tax charge

| The tax charge on the loss for the year was as follows:

| 2024 |  | 2023

£ | £ |

| Current tax:

| UK corporation tax | 77,346 |  | 1,506,051 |  |

| (Over)/under provision in

| prior years | (64,400 | ) | 197,675 |  |

| Total current tax | 12,946 |  | 1,703,726 |  |

| Deferred tax | 17,466 |  | (363,246 | ) |

| Tax on (loss)/profit | 30,412 |  | 1,340,480 |  |

| UK corporation tax has been charged at 25% (2023 - 23.52%).

| DRIVALIA UK LTD (REGISTERED NUMBER: 08272510) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2024

9. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

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

| 2024 |  | 2023

£ | £ |

| (Loss)/profit before tax | (1,801,296 | ) | 5,369,141 |  |

| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%) | (450,324 | ) | 1,342,285 |  |

| Effects of:

| Expenses not deductible for tax purposes | 237,674 |  | 333,169 |  |

| Adjustments to tax charge in respect of previous periods | (64,400 | ) | 197,675 |  |

| Fixed asset differences | 340,006 |  | (525,536 | ) |

| Other tax adjustments, reliefs and transfers | (974 | ) | (20,233 | ) |

| Chargeable gains | 958 |  | 4,780 |  |

| Movement in deferred tax not recognised | (32,528 | ) | - |  |

| Adjustment due to change in tax rate | - |  | (88,632 | ) |

| Underprovision in prior years | - |  | 96,972 |  |

| Total tax charge | 30,412 |  | 1,340,480 |  |

10. | PRIOR YEAR ADJUSTMENT

| During the current year, the Directors/management identified a prior period error relating to the omission of vehicles delivered to the Company in 2023. These vehicles, with a total value of £1,286,868, were not recorded in the company's books in the year of delivery. The error has been corrected by retrospectively restating the comparative amounts in the current year's financial statements. The comparative figures for the prior year have been restated to reflect the recognition of the vehicles as fixed assets and the corresponding creditors. The impact of the correction on the opening balances is as follows:

|  | 2023 |  |  | 2023 |  |

|  | original |  |  | as restated |  |

|  | £ |  |  | £ |  |

| Profit & Loss: |  |

| Cost of sales, depreciation of motor vehicles |  | 1,422,896 |  |  | 1,445,070 |  |

| Tangible fixed assets: |  |

| Motor vehicles |  | 11,968,147 |  |  | 13,232,841 |  |

| Creditors: amounts falling due within one year |  |

| Trade creditors |  | 196,123 |  |  | 1,482,991 |  |

| Net assets |  | 6,236,459 |  |  | 6,214,285 |  |

| The comparative figures have been restated accordingly.

11. | COST OF SALES

| Cost of sales mainly comprise of day to day running vehicle costs, including contract hire rentals £7,230,907 (2023: £9,022,399), vehicle repairs £2,607,102 (2023: £1,756,381) and vehicle insurance £3,088,406 (2023: £2,001,516).

| DRIVALIA UK LTD (REGISTERED NUMBER: 08272510) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2024

12. | INTANGIBLE FIXED ASSETS

| Computer |

| Goodwill |  | software |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024 | 2,115,910 |  | 364,120 |  | 2,480,030 |  |

| Additions | - |  | 235,759 |  | 235,759 |  |

| Reclassification/transfer | - |  | (9,509 | ) | (9,509 | ) |

| At 31 December 2024 | 2,115,910 |  | 590,370 |  | 2,706,280 |  |

| AMORTISATION

| At 1 January 2024 | 763,150 |  | 51,389 |  | 814,539 |  |

| Amortisation for year | 211,591 |  | 127,609 |  | 339,200 |  |

| At 31 December 2024 | 974,741 |  | 178,998 |  | 1,153,739 |  |

| NET BOOK VALUE

| At 31 December 2024 | 1,141,169 |  | 411,372 |  | 1,552,541 |  |

| At 31 December 2023 | 1,352,760 |  | 312,731 |  | 1,665,491 |  |

13. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024 | 848,534 |  | 15,313,261 |  | 306,643 |  | 16,468,438 |  |

| Additions | 36,779 |  | 10,809,842 |  | 63,420 |  | 10,910,041 |  |

| Disposals | - |  | (792,951 | ) | - |  | (792,951 | ) |

| Reclassification/transfer | - |  | - |  | 9,509 |  | 9,509 |  |

| At 31 December 2024 | 885,313 |  | 25,330,152 |  | 379,572 |  | 26,595,037 |  |

| DEPRECIATION

| At 1 January 2024 | 183,082 |  | 2,080,420 |  | 92,157 |  | 2,355,659 |  |

| Charge for year | 151,664 |  | 2,839,400 |  | 71,391 |  | 3,062,455 |  |

| Eliminated on disposal | - |  | (200,811 | ) | - |  | (200,811 | ) |

| At 31 December 2024 | 334,746 |  | 4,719,009 |  | 163,548 |  | 5,217,303 |  |

| NET BOOK VALUE

| At 31 December 2024 | 550,567 |  | 20,611,143 |  | 216,024 |  | 21,377,734 |  |

| At 31 December 2023 | 665,452 |  | 13,232,841 |  | 214,486 |  | 14,112,779 |  |

| The comparative amounts have been restated, further details can be found in note 10.

| The directors undertook an annual impairment review of the tangible fixed assets in accordance with FRS 102. Due to the company's ability to manage motor vehicle disposals through its group remarketing department (offering sale or internal leasing options), the recoverable amount of the fleet was assessed as exceeding its carrying value. As a result, no impairment loss was required to be recognised for the year ended 31 December 2024 (2023: £750,771 reversal of previously recognised impairment losses).

| DRIVALIA UK LTD (REGISTERED NUMBER: 08272510) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2024

14. | STOCKS

2024 | 2023 |

£ | £ |

| Stocks | 271,390 |  | 79,772 |  |

15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade debtors | 2,183,102 |  | 1,997,705 |  |

| Amounts owed by group undertakings | - |  | 350,187 |  |

| Other debtors | 906,994 |  | 793,426 |  |

| Tax | 374,773 |  | 171,831 |  |

| VAT | 674,576 |  | 568,314 |  |

| Prepayments and accrued income | 4,276,955 |  | 2,978,629 |  |

8,416,400 |  | 6,860,092 |  |

16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Loan from Ultimate Controlling Party (see note 18) | 26,000,000 |  | 13,500,000 |  |

| Hire purchase contracts (see note 19) | 90,020 |  | 183,541 |  |

| Trade creditors | 10,890 |  | 1,482,991 |  |

| Amounts owed to group undertakings | 88,804 |  | - |  |

| Social security and other taxes | 206,343 |  | 125,801 |  |

| Other creditors | 19,942 |  | 14,520 |  |

| Accrued expenses | 1,391,261 |  | 3,085,269 |  |

27,807,260 |  | 18,392,122 |  |

17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2024 | 2023 |

£ | £ |

| Hire purchase contracts (see note 19) | - |  | 87,081 |  |

18. | LOANS

| An analysis of the maturity of loans is given below:

2024 | 2023 |

£ | £ |

| Amounts falling due within one year or on demand:

| Loan from Ultimate Controlling Party | 26,000,000 |  | 13,500,000 |  |

| DRIVALIA UK LTD (REGISTERED NUMBER: 08272510) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2024

19. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2024 | 2023 |

£ | £ |

| Gross obligations repayable:

| Within one year | 99,301 |  | 199,552 |  |

| Between one and five years | - |  | 96,362 |  |

99,301 |  | 295,914 |  |

| Finance charges repayable:

| Within one year | 9,281 |  | 16,011 |  |

| Between one and five years | - |  | 9,281 |  |

9,281 |  | 25,292 |  |

| Net obligations repayable:

| Within one year | 90,020 |  | 183,541 |  |

| Between one and five years | - |  | 87,081 |  |

90,020 |  | 270,622 |  |

| Non-cancellable |

| operating leases |

2024 | 2023 |

£ | £ |

| Within one year | 5,119,664 |  | 8,100,077 |  |

| Between one and five years | 11,137,341 |  | 9,232,652 |  |

16,257,005 |  | 17,332,729 |  |

20. | SECURED DEBTS

| HP liabilities and vehicle finance are secured on the underlying assets.

21. | PROVISIONS FOR LIABILITIES

2024 | 2023 |

£ | £ |

| Deferred tax | 84,586 |  | 67,120 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 67,120 |  |

| Charge to Statement of Comprehensive Income during year | 17,466 |  |

| Balance at 31 December 2024 | 84,586 |  |

| DRIVALIA UK LTD (REGISTERED NUMBER: 08272510) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2024

22. | ALLOTTED AND ISSUED

| SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 100 | Ordinary | £1 | 100 |  | 100 |  |

23. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2024 | 6,236,359 |  |

| Prior year adjustment | (22,174 | ) |

6,214,185 |  |

| Deficit for the year | (1,831,708 | ) |

| At 31 December 2024 | 4,382,477 |  |

24. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

25. | POST BALANCE SHEET EVENTS

| There were no post balance sheet events after the balance sheet date that require disclosure.

26. | ULTIMATE CONTROLLING PARTY

| Drivalia SpA, a company registered in Italy, is the immediate holding company. Drivalia SpA is owned 100% by CA Auto Bank SpA. CA Auto Bank SpA is owned 100% by Crédit Agricole Consumer Finance SA (CACF), the 100% owned consumer credit subsidiary of Crédit Agricole S.A and the ultimate controlling party.

| Consolidated accounts of CA Auto Bank SpA Group may be obtained from the company secretary, CA Auto Bank SpA, Corso Orbassano 367, Turin, Italy.