Company registration number 10864124 (England and Wales)
FLEET ASSIST INTERCO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
FLEET ASSIST INTERCO LIMITED
COMPANY INFORMATION
Directors
C R Blott
M H Greenspan
V St Claire
M L Workman
Company number
10864124
Registered office
1 Sovereign Court
Lancaster Way
Ermine Business Park
Huntingdon
Cambridgeshire
PE29 6XU
Auditor
BK Plus Audit Limited
Oakingham House
Frederick Place
High Wycombe
Buckinghamshire
HP11 1JU
FLEET ASSIST INTERCO LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
FLEET ASSIST INTERCO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Financial key performance indicators

Turnover in the year increased to £18.2m (2023: £14.9m) as a result of an increase in sales across all business sectors. Gross profits increased by £49 4 k (2023: £1.1m), representing an 8% increase year on year. Costs also increased in the year, as a result of increased payroll costs, and foreign exchange losses. Loss before taxation increased to £942k (2023 - as restated: £399k).

The outlook is encouraging, and the Board believes that growth will continue for the foreseeable future through both organic growth and the implementation of new products and services. The new customer pipeline is strong in both the Network and particularly in Rental segment of the business. The expectation for 2025 is increased returns on higher revenues.

The Board recognises that success depends to a large extent upon the abilities of our senior management team and all employees; the ability to attract and retain talented and skilled personnel is therefore key.

Principal risks and uncertainties

The management of the business and the execution of the group and company are subject to a number of risks, which are detailed in the financial statements. The principal risks and uncertainties which the directors consider influencing factors are:

Financial risk management objectives and policies

The group and company aim to minimise financial risk, and as such the directors manage this risk with the preparation of profit forecasts, regular monitoring of actual performance against these forecasts and ensuring that adequate financing facilities are in place to meet the requirements of the business. Trade debtors are closely monitored to keep the risk of bad debts to a minimum level.

The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls which are reviewed by management on a regular basis. Compliance with regulation and legal and ethical standards is a high priority for the group and company. The Senior Management Team and finance department take on an important oversight role in this regard. The Board is responsible for satisfying itself that a proper internal control framework exists to manage financial risks and that controls operate effectively.

General economic conditions and confidence

The Board views the UK economy positively, with confidence growing following a reduction in inflation in the first half of 2025 to the Bank of England target rate, and the prospect of lower interest rates, although the impact of a new government remains uncertain.

The introduction of the Zero Emission vehicle (ZEV) mandate in 2024, a pathway to zero emission vehicle transition by 2035, sets limits on the maximum percentage of non-ZEV cars that a manufacturer can sell and will impact drivers. The Board has already identified over the last 12 months the trend effect of the transition and have factored the expected financial impact on planning and forecasting.

Interest rates and inflation

Interest rates and inflation influence demand, impacting on affordability, thereby poses a risk. The group and company do, however, finance the majority of its operations through cash collected from retained profits. Finance leases are utilised for the purchase of certain fixed assets. The finance lease and asset funding facilities that the company has access to include both fixed and variable interest rates charged for the life of the agreement.

FLEET ASSIST INTERCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Residual risk

Overall movement in residual values reflects resilience in the used car market with a positive outlook for the remainder of 2025 in the marketplace, and an expectation that typical seasonal trends will return during the year. 2024 has seen considerable focus on electric vehicles which have experienced significant book-drops; are expected to remain fragmented and continue to with Battery Electric Vehicle (BEV) generally retaining lower values than Internal Combustion Engine (ICE) vehicles. The company’s vehicle book remains predominantly ‘ICE’ or ‘hybrid’ based and, as a result, has generated profits from the remarketing of vehicles at end of contract. Risk management of the company’s own vehicle book in terms of residual value setting and monitoring is robust. The company's approach to residual value setting remains prudent, with full book reviews performed quarterly which is reported to the Board. The company has provided and accrued reserves in excess of the future predicted values.

Regulatory Compliance

The business is subject to a range of regulatory directives and is a member of the industry body, the British Vehicle Rental and Leasing Association (BVRLA) code of conduct and data protection.

Funding and Liquidity

The group and company has maintained sufficient funds to carry out its operations and the only borrowing made relates to HP agreements directly attributed to revenue generated by customers for own book leasing. Credit lines for the own book leasing continue to have sufficient excess capacity for operations to continue readily.

Credit risk

The principal credit risk arises from its trade debtors. Customers are individually assessed on a regular basis using third party credit agencies. Credit limits and debtor ageing is reviewed regularly.

On behalf of the board

M H Greenspan
Director
9 December 2025
FLEET ASSIST INTERCO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the group continued to be that of supply chain management for the f leet industry.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

C R Blott
M H Greenspan
V St Claire
M L Workman
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
M H Greenspan
Director
9 December 2025
FLEET ASSIST INTERCO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors are responsible for preparing the Annual Report 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 group and company, 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 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;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FLEET ASSIST INTERCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FLEET ASSIST INTERCO LIMITED
- 5 -
Opinion

We have audited the financial statements of Fleet Assist Interco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's 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 group and parent 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.

Emphasis of Matter

In forming our opinion on the financial statements, we have considered the adequacy of the disclosure in note 23 to the financial statements concerning an ongoing legal case. Given the uncertainty around the ongoing legal case, no provision has been made in these financial statements. Our opinion is not modified in respect of this matter.

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 group's and parent 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.

FLEET ASSIST INTERCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FLEET ASSIST INTERCO LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport 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 the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company 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' r esponsibilities s tatement, 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 parent 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 parent 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.

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

FLEET ASSIST INTERCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FLEET ASSIST INTERCO LIMITED
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

From the preliminary stage of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Reviewing minutes of meetings of those charged with governance, if available;

- Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions. There is always the unavoidable risks that material misstatements in the financial statements may not be detected despite the audit being properly performed in accordance with UK Auditing standards.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

David Hynes (Senior Statutory Auditor)
For and on behalf of BK Plus Audit Limited
Statutory Auditor
9 December 2025
Oakingham House
Frederick Place
Buckinghamshire
HP11 1JU
FLEET ASSIST INTERCO LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023 (As Restated)
Notes
£
£
Turnover
3
18,218,732
14,948,903
Cost of sales
(11,783,332)
(9,007,468)
Gross profit
6,435,400
5,941,435
Administrative expenses
(6,606,522)
(5,509,546)
Operating (loss)/profit
4
(171,122)
431,889
Interest receivable and similar income
8
351,074
329,914
Interest payable and similar expenses
9
(1,121,984)
(1,161,533)
Loss before taxation
(942,032)
(399,730)
Tax on loss
10
(126,913)
(28,363)
Loss for the financial year
(1,068,945)
(428,093)
Loss for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

FLEET ASSIST INTERCO LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023 (As Restated)
£
£
Loss for the year
(1,068,945)
(428,093)
Total comprehensive income for the year
(1,068,945)
(428,093)
Total comprehensive income for the year is all attributable to the owners of the parent company.
FLEET ASSIST INTERCO LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023 (As Restated)
Notes
£
£
£
£
Fixed assets
Goodwill
11
4,801,119
6,601,540
Tangible assets
12
3,770,956
3,912,015
8,572,075
10,513,555
Current assets
Debtors
15
3,824,836
3,281,676
Cash at bank and in hand
2,244,900
2,648,164
6,069,736
5,929,840
Creditors: amounts falling due within one year
16
(6,403,394)
(5,409,784)
Net current (liabilities)/assets
(333,658)
520,056
Total assets less current liabilities
8,238,417
11,033,611
Creditors: amounts falling due after more than one year
17
(13,779,725)
(15,409,614)
Provisions for liabilities
Deferred tax liability
20
-
0
96,360
-
(96,360)
Net liabilities
(5,541,308)
(4,472,363)
Capital and reserves
Called up share capital
21
100
100
Profit and loss reserves
(5,541,408)
(4,472,463)
Total equity
(5,541,308)
(4,472,363)
The financial statements were approved by the board of directors and authorised for issue on 9 December 2025 and are signed on its behalf by:
09 December 2025
M H Greenspan
Director
Company registration number 10864124 (England and Wales)
FLEET ASSIST INTERCO LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
6,391,887
6,391,887
6,391,887
6,391,887
Current assets
Debtors
15
8,945
8,944
Creditors: amounts falling due within one year
16
(4,871,492)
(4,390,722)
Net current liabilities
(4,862,547)
(4,381,778)
Total assets less current liabilities
1,529,340
2,010,109
Creditors: amounts falling due after more than one year
17
(3,991,181)
(3,991,181)
Net liabilities
(2,461,841)
(1,981,072)
Capital and reserves
Called up share capital
21
100
100
Profit and loss reserves
(2,461,941)
(1,981,172)
Total equity
(2,461,841)
(1,981,072)

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £480,769 (2023 - £386,047 loss).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 9 December 2025 and are signed on its behalf by:
09 December 2025
M H Greenspan
Director
Company registration number 10864124 (England and Wales)
FLEET ASSIST INTERCO LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
100
(4,044,370)
(4,044,270)
Year ended 31 December 2023:
Loss and total comprehensive income (As Restated)
-
(428,093)
(428,093)
Balance at 31 December 2023 (As Restated)
100
(4,472,463)
(4,472,363)
Year ended 31 December 2024:
Loss and total comprehensive income
-
(1,068,945)
(1,068,945)
Balance at 31 December 2024
100
(5,541,408)
(5,541,308)
FLEET ASSIST INTERCO LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
100
(1,595,125)
(1,595,025)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(386,047)
(386,047)
Balance at 31 December 2023
100
(1,981,172)
(1,981,072)
Year ended 31 December 2024:
Profit and total comprehensive income
-
(480,769)
(480,769)
Balance at 31 December 2024
100
(2,461,941)
(2,461,841)
FLEET ASSIST INTERCO LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023 (As Restated)
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
2,600,317
2,340,493
Interest paid
(1,121,984)
(1,161,533)
Income taxes refunded/(paid)
100,000
(308,098)
Net cash inflow from operating activities
1,578,333
870,862
Investing activities
Purchase of tangible fixed assets
(3,164,526)
(40,692)
Proceeds from disposal of tangible fixed assets
2,386,613
2,925,918
Interest received
351,074
329,914
Net cash (used in)/generated from investing activities
(426,839)
3,215,140
Financing activities
Repayment of borrowings
(506,429)
(107,520)
Payment of finance leases obligations
(1,048,329)
(3,986,119)
Net cash used in financing activities
(1,554,758)
(4,093,639)
Net decrease in cash and cash equivalents
(403,264)
(7,637)
Cash and cash equivalents at beginning of year
2,648,164
2,655,801
Cash and cash equivalents at end of year
2,244,900
2,648,164
FLEET ASSIST INTERCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Company information

Fleet Assist Interco Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1 Sovereign Court, Lancaster Way, Ermine Business Park, Huntingdon, Cambridgeshire, PE29 6XU.

The group consists of Fleet Assist Interco Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Fleet Assist Interco Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

FLEET ASSIST INTERCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

The performance of the group has shown it to be loss-making. This has been contributed by the interest on the loans in Fleet Assist Interco Limited and its subsidiary, Automotive Fleet Investments Limited resulting in losses for the year. The group acknowledges that this may cast doubt on the group and parent company's ability to continue as a going concern. However, the directors are aware additional funding is available within the wider group of connected companies.

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
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, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

FLEET ASSIST INTERCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
10% and 33% on a straight line basis
Computers
33% straight line
Rental vehicles
Straight line over the term of the lease to residual value

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication 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.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

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 profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

FLEET ASSIST INTERCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -

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 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.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

FLEET ASSIST INTERCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

FLEET ASSIST INTERCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

FLEET ASSIST INTERCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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 underlying 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 affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Depreciation

The group applies judgements and makes estimates when determining the depreciation of its tangible assets. The estimated useful lives and residual values of tangible assets particularly vehicles, which form a significant part of its asset base are reviewed annually. Factors such as expected usage, repairs and maintenance and overall market conditions affecting residual values are assessed. Depreciation methods and rates applied reflect managements best estimates of how the assets economic benefits will be consumed. Changes to these assumptions could result in material differences in depreciation expense recognised in future periods.

Customer rebates

The recognition and measurement of customer rebates in the vehicle hire business require significant judgement and estimation by management. Rebates are offered to customers based on contractual agreements, typically linked to factors such as hire volume, duration of contracts, or other performance-based criteria.

At each reporting date, management estimates the rebate liability based on historical rental patterns, contractual rebate terms, and expected future vehicle hire volumes. Management regularly reviews rebate arrangements and accruals to ensure they reflect the most accurate and up-to-date estimate of amounts payable to customers.

Goodwill

Goodwill is tested for impairment annually, or when there are signs that it may be impaired. The impairment test compares the value of the goodwill to the recoverable amount of the business it relates to (calculated using either fair value or value in use).

Investment impairment

Investments in subsidiaries, associates, and joint ventures are tested for impairment if there are signs that their value may have fallen. The recoverable amount of each investment is estimated based on either the net assets or the future cash flows of the investee.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Network fees
6,762,146
5,841,244
Rental asset fees
4,404,933
3,722,102
Recharges
7,051,653
5,385,557
18,218,732
14,948,903
FLEET ASSIST INTERCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 22 -
2024
2023
£
£
Turnover analysed by geographical market
UK
18,218,732
14,948,903
2024
2023
£
£
Other revenue
Interest income
351,074
329,914
4
Operating (loss)/profit
2024
2023 (As Restated)
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
2,194
(532,214)
Depreciation of owned tangible fixed assets
1,069,845
1,326,036
Profit on disposal of tangible fixed assets
(150,873)
(301,815)
Amortisation of intangible assets
1,800,421
1,800,421
Operating lease charges
38,000
38,000
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,500
6,216
Audit of the financial statements of the company's subsidiaries
17,630
16,816
24,130
23,032
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Admin
68
65
0
0
FLEET ASSIST INTERCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 23 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,020,514
2,671,450
-
0
-
0
Social security costs
299,679
212,493
-
-
Pension costs
60,164
53,244
-
0
-
0
3,380,357
2,937,187
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
786,591
698,666
Company pension contributions to defined contribution schemes
3,237
3,116
789,828
701,782
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
549,719
549,154
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
351,074
329,914
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
171,432
334,316
Interest payable to group undertakings
864,533
827,217
1,035,965
1,161,533
Other finance costs:
Other interest
86,019
-
Total finance costs
1,121,984
1,161,533
FLEET ASSIST INTERCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
455,029
167,567
Adjustments in respect of prior periods
(231,756)
91,905
Total current tax
223,273
259,472
Deferred tax
Origination and reversal of timing differences
(96,360)
(231,109)
Total tax charge
126,913
28,363

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023 (As Restated)
£
£
Loss before taxation
(942,032)
(399,730)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(235,508)
(99,933)
Tax effect of expenses that are not deductible in determining taxable profit
43,999
15,596
Tax effect of income not taxable in determining taxable profit
-
0
(208,365)
Adjustments in respect of prior years
(231,756)
91,905
Effect of change in corporation tax rate
-
(10,540)
Permanent timing differences
40,435
141,351
Amortisation on assets not qualifying for tax allowances
450,105
450,105
Pension adjustment
97,356
7
Profit on sale of fixed assets
(37,718)
-
0
Effect of prior year adjustment
-
0
(351,763)
Taxation charge
126,913
28,363
FLEET ASSIST INTERCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
18,004,205
Amortisation and impairment
At 1 January 2024
11,402,665
Amortisation charged for the year
1,800,421
At 31 December 2024
13,203,086
Carrying amount
At 31 December 2024
4,801,119
At 31 December 2023
6,601,540
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
12
Tangible fixed assets
Group
Leasehold land and buildings
Computers
Rental vehicles
Total
£
£
£
£
Cost
At 1 January 2024
180,969
313,061
5,127,849
5,621,879
Additions
-
0
48,390
3,116,136
3,164,526
Disposals
-
0
-
0
(3,856,097)
(3,856,097)
At 31 December 2024
180,969
361,451
4,387,888
4,930,308
Depreciation and impairment
At 1 January 2024
80,926
241,529
1,387,409
1,709,864
Depreciation charged in the year
22,762
53,255
993,828
1,069,845
Eliminated in respect of disposals
-
0
-
0
(1,620,357)
(1,620,357)
At 31 December 2024
103,688
294,784
760,880
1,159,352
Carrying amount
At 31 December 2024
77,281
66,667
3,627,008
3,770,956
At 31 December 2023
100,043
71,532
3,740,440
3,912,015
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
FLEET ASSIST INTERCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
6,391,887
6,391,887
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
6,391,887
Carrying amount
At 31 December 2024
6,391,887
At 31 December 2023
6,391,887
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Country
Class of
% Held
shares held
Direct
Indirect
Automotive Fleet Investments Limited
England
Ordinary
100.00
-
Fleet Assist Limited
England
Ordinary
0
100.00
15
Debtors
Group
Company
2024
2023 (As Restated)
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,267,325
1,008,931
-
0
-
0
Corporation tax recoverable
-
0
48,626
-
0
-
0
Amounts owed by group undertakings
-
-
5,174
5,174
Other debtors
2,557,511
2,224,119
3,771
3,770
3,824,836
3,281,676
8,945
8,944
FLEET ASSIST INTERCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
1,733,185
1,658,054
-
0
-
0
Trade creditors
1,316,431
692,138
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
3,348,672
3,199,892
Corporation tax payable
274,647
-
0
-
0
-
0
Other taxation and social security
408,405
382,850
-
-
Other creditors
2,474,639
2,579,675
1,345,450
1,105,979
Accruals and deferred income
196,087
97,067
177,370
84,851
6,403,394
5,409,784
4,871,492
4,390,722
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023 (As Restated)
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
455,538
1,578,998
-
0
-
0
Other borrowings
18
13,324,187
13,830,616
3,991,181
3,991,181
13,779,725
15,409,614
3,991,181
3,991,181
18
Loans and overdrafts
Group
Company
2024
2023 (As Restated)
2024
2023
£
£
£
£
Preference shares
3,991,181
3,991,181
3,991,181
3,991,181
Loans from related parties
9,333,006
9,839,435
-
0
-
0
13,324,187
13,830,616
3,991,181
3,991,181
Payable after one year
13,324,187
13,830,616
3,991,181
3,991,181

The long-term loans are secured by way of a charge over the assets of the subsidiary concerned.

FLEET ASSIST INTERCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
1,733,185
1,658,054
-
0
-
0
In two to five years
455,538
1,578,998
-
0
-
0
2,188,723
3,237,052
-
-

The above lease obligations are secured against the assets they relate to.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
-
96,360
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
96,360
-
Credit to profit or loss
(96,360)
-
Asset at 31 December 2024
-
-

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
FLEET ASSIST INTERCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
60,164
53,244

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Contingent Liabilities

The company and each of its subsidiaries has been named as one of over nine hundred defendants in a Chapter 15 bankruptcy adversary proceeding, filed on September 27, 2023, in the Southern District of New York, United States of America, against the previous ultimate owners of the company.

The company and each of its subsidiaries has joined a group of defendants in filing a motion to dismiss. The motion to dismiss has not yet been heard.

Since the outcome of the filed motion remains unclear at the date of signing these accounts, the directors are not able to judge whether any liability is probable and determinable, hence no provision has been made in these accounts with regard to the claim.

24
Prior year adjustment

The group identified a correction of the related party balances in the prior period.

As a result, the comparative figures have been restated as follows:

Impact on Balance Sheet: £96,766 increase in other debtors and a £1,407,050 decrease in related party balances in creditors - this was all within greater than 1 year.

Impact on Profit and Loss account: £154,325 decrease in sales, £96,766 increase in interest receivable and similar income, £301,815 decrease in cost of sales and a £1,259,560 decrease in admin expenses.

FLEET ASSIST INTERCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
25
Related party transactions
26
Controlling party

The ultimate controlling party is Steve Wilson.

FLEET ASSIST INTERCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
27
Cash generated from group operations
2024
2023 (As Restated)
£
£
Loss for the year after tax
(1,068,945)
(428,093)
Adjustments for:
Taxation charged
126,913
28,363
Bank interest on loans and overdrafts
1,121,984
1,161,533
Bank interest received
(351,074)
(329,914)
Gain on disposal of tangible fixed assets
(150,873)
(301,815)
Amortisation and impairment of intangible assets
1,800,421
1,800,421
Depreciation and impairment of tangible fixed assets
1,069,845
1,326,036
Movements in working capital:
Increase in debtors
(591,786)
(1,900,808)
Increase in creditors
643,832
984,770
Cash generated from operations
2,600,317
2,340,493
2024-12-31 2024-01-01 false false CCH Software CCH Accounts Production 2025.300 C R Blott M H Greenspan V St Claire M L Workman Mr M H Greenspan false 2025-12-09 10864124 bus:Consolidated 2024-01-01 2024-12-31 10864124 2024-01-01 2024-12-31 10864124 bus:Director1 2024-01-01 2024-12-31 10864124 bus:Director2 2024-01-01 2024-12-31 10864124 bus:Director3 2024-01-01 2024-12-31 10864124 bus:Director4 2024-01-01 2024-12-31 10864124 bus:CompanySecretary1 2024-01-01 2024-12-31 10864124 bus:RegisteredOffice 2024-01-01 2024-12-31 10864124 2024-12-31 10864124 bus:Consolidated 2023-01-01 2023-12-31 10864124 2023-01-01 2023-12-31 10864124 bus:Consolidated 2024-12-31 10864124 core:Goodwill bus:Consolidated 2024-12-31 10864124 core:Goodwill bus:Consolidated 2023-12-31 10864124 bus:Consolidated 2023-12-31 10864124 core:LandBuildings core:LeasedAssetsHeldAsLessee bus:Consolidated 2024-12-31 10864124 core:ComputerEquipment bus:Consolidated 2024-12-31 10864124 core:MotorVehicles bus:Consolidated 2024-12-31 10864124 core:LandBuildings core:LeasedAssetsHeldAsLessee bus:Consolidated 2023-12-31 10864124 core:ComputerEquipment bus:Consolidated 2023-12-31 10864124 core:MotorVehicles bus:Consolidated 2023-12-31 10864124 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2024-12-31 10864124 core:CurrentFinancialInstruments bus:Consolidated 2023-12-31 10864124 2023-12-31 10864124 core:ShareCapital bus:Consolidated 2024-12-31 10864124 core:ShareCapital bus:Consolidated 2023-12-31 10864124 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-12-31 10864124 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-12-31 10864124 core:ShareCapital 2024-12-31 10864124 core:ShareCapital 2023-12-31 10864124 core:RetainedEarningsAccumulatedLosses 2024-12-31 10864124 core:RetainedEarningsAccumulatedLosses 2023-12-31 10864124 core:ShareCapital bus:Consolidated 2022-12-31 10864124 2022-12-31 10864124 core:ShareCapital 2022-12-31 10864124 core:RetainedEarningsAccumulatedLosses 2022-12-31 10864124 bus:Consolidated 2022-12-31 10864124 core:Goodwill 2024-01-01 2024-12-31 10864124 core:LandBuildings core:LongLeaseholdAssets 2024-01-01 2024-12-31 10864124 core:ComputerEquipment 2024-01-01 2024-12-31 10864124 core:MotorVehicles 2024-01-01 2024-12-31 10864124 core:UKTax bus:Consolidated 2024-01-01 2024-12-31 10864124 core:UKTax bus:Consolidated 2023-01-01 2023-12-31 10864124 bus:Consolidated 1 2024-01-01 2024-12-31 10864124 bus:Consolidated 1 2023-01-01 2023-12-31 10864124 bus:Consolidated 2 2024-01-01 2024-12-31 10864124 bus:Consolidated 2 2023-01-01 2023-12-31 10864124 bus:Consolidated 3 2024-01-01 2024-12-31 10864124 bus:Consolidated 3 2023-01-01 2023-12-31 10864124 bus:Consolidated 4 2024-01-01 2024-12-31 10864124 bus:Consolidated 4 2023-01-01 2023-12-31 10864124 core:Goodwill bus:Consolidated 2023-12-31 10864124 core:Goodwill bus:Consolidated 2024-01-01 2024-12-31 10864124 core:LandBuildings core:LeasedAssetsHeldAsLessee bus:Consolidated 2023-12-31 10864124 core:ComputerEquipment bus:Consolidated 2023-12-31 10864124 core:MotorVehicles bus:Consolidated 2023-12-31 10864124 bus:Consolidated 2023-12-31 10864124 core:LandBuildings core:LeasedAssetsHeldAsLessee bus:Consolidated 2024-01-01 2024-12-31 10864124 core:ComputerEquipment bus:Consolidated 2024-01-01 2024-12-31 10864124 core:MotorVehicles bus:Consolidated 2024-01-01 2024-12-31 10864124 core:Subsidiary1 2024-01-01 2024-12-31 10864124 core:Subsidiary2 2024-01-01 2024-12-31 10864124 core:Subsidiary1 1 2024-01-01 2024-12-31 10864124 core:Subsidiary2 2 2024-01-01 2024-12-31 10864124 core:CurrentFinancialInstruments bus:Consolidated 2024-12-31 10864124 core:CurrentFinancialInstruments 2024-12-31 10864124 core:CurrentFinancialInstruments 2023-12-31 10864124 core:CurrentFinancialInstruments bus:Consolidated 1 2024-12-31 10864124 core:CurrentFinancialInstruments bus:Consolidated 1 2023-12-31 10864124 core:CurrentFinancialInstruments 2 2024-12-31 10864124 core:CurrentFinancialInstruments 3 2024-12-31 10864124 core:Non-currentFinancialInstruments bus:Consolidated 2024-12-31 10864124 core:Non-currentFinancialInstruments bus:Consolidated 2023-12-31 10864124 core:Non-currentFinancialInstruments 2024-12-31 10864124 core:Non-currentFinancialInstruments 2023-12-31 10864124 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2023-12-31 10864124 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 10864124 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 10864124 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2024-12-31 10864124 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2023-12-31 10864124 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 10864124 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 10864124 core:WithinOneYear bus:Consolidated 2024-12-31 10864124 core:WithinOneYear bus:Consolidated 2023-12-31 10864124 core:WithinOneYear 2024-12-31 10864124 core:WithinOneYear 2023-12-31 10864124 core:BetweenTwoFiveYears bus:Consolidated 2024-12-31 10864124 core:BetweenTwoFiveYears bus:Consolidated 2023-12-31 10864124 core:BetweenTwoFiveYears 2024-12-31 10864124 core:BetweenTwoFiveYears 2023-12-31 10864124 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 10864124 bus:FRS102 2024-01-01 2024-12-31 10864124 bus:Audited 2024-01-01 2024-12-31 10864124 bus:ConsolidatedGroupCompanyAccounts 2024-01-01 2024-12-31 10864124 bus:FullAccounts 2024-01-01 2024-12-31 xbrli:pure xbrli:shares iso4217:GBP