Company registration number 04685458 (England and Wales)
FLEET ASSIST LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
FLEET ASSIST LIMITED
COMPANY INFORMATION
Directors
V St Claire
M H Greenspan
C R Blott
M L Workman
Company number
04685458
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 LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 24
FLEET ASSIST 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: £969k), representing an 8% increase year on year. Costs also increased in the year, predominantly as a result of increased payroll costs. Profits before taxation increased by 14% to £1.8m (2023: £1.6m). Dividends of £1.2m (2023: £990k) were declared and paid. Total shareholder equity increased to £7.2 m (2023: £6.7m).

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 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 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 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 company does, 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 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 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

V St Claire
Director
9 December 2025
FLEET ASSIST 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 company continued to be that of supply chain management for the Fleet industry.

Results and dividends

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

Ordinary dividends were paid amounting to £1,184,982. (2023: £990,000). The directors do not recommend payment of a final dividend.

Directors

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

V St Claire
M H Greenspan
C R Blott
M L Workman
Auditor

In accordance with the company’s articles, a resolution proposing that BK Plus Audit Limited, successor firm to Haines Watts High Wycombe Limited, be reappointed as auditor of the company will be put at a General Meeting.

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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
V St Claire
Director
9 December 2025
FLEET ASSIST 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 company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- 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.

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

We have audited the financial statements of Fleet Assist Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 company's affairs as at 31 December 2024 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

Emphasis of Matter

In forming our opinion on the financial statements, we have considered the adequacy of the disclosure in note 20 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 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 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FLEET ASSIST LIMITED (CONTINUED)
- 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:

- the 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 company and its 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, 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' 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the 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 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FLEET ASSIST LIMITED (CONTINUED)
- 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.

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
Oakingham House
High Wycombe
Frederick Place
HP11 1JU
High Wycombe
Buckinghamshire
HP11 1JU
FLEET ASSIST LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
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
(4,702,470)
(4,221,753)
Operating profit
4
1,732,930
1,719,682
Interest receivable and similar income
7
282,597
233,147
Interest payable and similar expenses
8
(171,432)
(334,316)
Profit before taxation
1,844,095
1,618,513
Tax on profit
9
(126,913)
(28,363)
Profit for the financial year
1,717,182
1,590,150

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

FLEET ASSIST LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
£
£
Profit for the year
1,717,182
1,590,150
Other comprehensive income
-
-
Total comprehensive income for the year
1,717,182
1,590,150
FLEET ASSIST LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
3,770,956
3,912,015
Current assets
Debtors
12
6,336,169
5,824,347
Cash at bank and in hand
2,244,900
2,648,164
8,581,069
8,472,511
Creditors: amounts falling due within one year
13
(4,650,094)
(3,994,975)
Net current assets
3,930,975
4,477,536
Total assets less current liabilities
7,701,931
8,389,551
Creditors: amounts falling due after more than one year
14
(455,538)
(1,578,998)
Provisions for liabilities
Deferred tax liability
16
-
0
96,360
-
(96,360)
Net assets
7,246,393
6,714,193
Capital and reserves
Called up share capital
17
12,256
12,256
Share premium account
163,856
163,856
Profit and loss reserves
7,070,281
6,538,081
Total equity
7,246,393
6,714,193

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

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:
V St Claire
Director
Company registration number 04685458 (England and Wales)
FLEET ASSIST LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Note
£
£
£
£
Balance at 1 January 2023
12,256
163,856
5,937,931
6,114,043
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,590,150
1,590,150
Dividends
10
-
-
(990,000)
(990,000)
Balance at 31 December 2023
12,256
163,856
6,538,081
6,714,193
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
1,717,182
1,717,182
Dividends
10
-
-
(1,184,982)
(1,184,982)
Balance at 31 December 2024
12,256
163,856
7,070,281
7,246,393
FLEET ASSIST LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
2,396,795
2,492,523
Interest paid
(171,432)
(334,316)
Income taxes refunded/(paid)
100,000
(308,098)
Net cash inflow from operating activities
2,325,363
1,850,109
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
282,597
233,147
Net cash (used in)/generated from investing activities
(495,316)
3,118,373
Financing activities
(Payment) of finance leases obligations
(1,048,329)
(3,986,119)
Dividends paid
10
(1,184,982)
(990,000)
Net cash used in financing activities
(2,233,311)
(4,976,119)
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 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information

Fleet Assist Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Sovereign Court, Lancaster Way, Ermine Business Park, Huntingdon, Cambridgeshire, PE29 6XU.

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
Going concern

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

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

Revenue from rental income of finance arrangements is recognised as it is earned.

1.4
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
Computer equipment
33% on a straight line basis
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 credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

FLEET ASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -

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.

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.

1.6
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.

1.7
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include 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 method 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.

FLEET ASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
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.

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 company 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 company 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. A m ounts 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 s ubsequently 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.

FLEET ASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company 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 company.

1.9
Taxation

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

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 company’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 when the company has 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.

1.10
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

FLEET ASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.11
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.

1.12
Retirement benefits

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

1.13
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 s asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

FLEET ASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
2
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 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 of tangible assets

The company 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.

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
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
18,218,732
14,948,903
2024
2023
£
£
Other revenue
Interest income
282,597
233,147
FLEET ASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
11,130
10,600
Depreciation of owned tangible fixed assets
1,069,845
1,326,036
Profit on disposal of tangible fixed assets
(150,873)
(301,815)
Operating lease charges
38,000
38,000
5
Employees

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

2024
2023
Number
Number
Administration
68
65

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,020,514
2,671,450
Social security costs
299,679
212,493
Pension costs
60,164
53,244
3,380,357
2,937,187
6
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 include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
549,719
549,154
FLEET ASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
282,597
233,147
8
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
9
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 charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,844,095
1,618,513
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
461,024
404,628
Tax effect of expenses that are not deductible in determining taxable profit
43,998
15,596
Adjustments in respect of prior years
(231,756)
91,905
Change in tax rate
-
0
(10,540)
Group relief
(148,384)
(614,584)
Permanent timing differences
40,435
141,351
Pension adjustments
(686)
7
Profit on sale of fixed assets
(37,718)
-
0
Taxation charge for the year
126,913
28,363
FLEET ASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
1,184,982
990,000
11
Tangible fixed assets
Leasehold land and buildings
Computer equipment
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

Included within Rental vehicles above are assets with carrying value of £3,569,613 (202 3 - £3,633,851) relating to hire purchase contracts payable totalling £2,188,723 (202 3 - £3,237,052), shown in note 15 below.

12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,267,325
1,008,932
Corporation tax recoverable
-
0
48,626
Amounts owed by group undertakings
3,268,348
3,231,206
Other debtors
1,800,496
1,535,583
6,336,169
5,824,347
FLEET ASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
13
Creditors: amounts falling due within one year
2024
2023
Note
£
£
Obligations under finance leases
15
1,733,185
1,658,054
Trade creditors
1,316,431
692,138
Corporation tax
274,647
-
0
Other taxation and social security
408,405
382,850
Other creditors
917,426
1,261,933
4,650,094
3,994,975
14
Creditors: amounts falling due after more than one year
2024
2023
Note
£
£
Obligations under finance leases
15
455,538
1,578,998
15
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
1,733,185
1,658,054
In two to five years
455,538
1,578,998
2,188,723
3,237,052

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

16
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
-
96,360
2024
Movements in the year:
£
Liability at 1 January 2024
96,360
Credit to profit or loss
(96,360)
Liability at 31 December 2024
-
FLEET ASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
12,156
12,156
12,156
12,156
Ordinary A shares of £1 each
100
100
100
100
12,256
12,256
12,256
12,256
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
60,164
53,244

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within 1 year
1,499,908
1,264,992
Years 2-5
225,018
533,652
1,724,926
1,798,644

As Lessor

At the reporting end date the company had contracted leases for the following minimum lease payments:

2024
2023
Future amounts receivable under operating leases:
£
£
Within 1 year
1,499,908
1,264,992
Years 2-5
225,018
533,652
1,724,926
1,798,644
FLEET ASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
20
Contingent Liabilities

The company 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 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.

21
Ultimate controlling party

The immediate controlling party is Automotive Fleet Investments Ltd, a company incorporated in England and Wales. The registered office is 1 Sovereign Court, Lancaster Way, Ermine Business Park,

Huntingdon, PE29 6XU.

The ultimate controlling party is Steve Wilson.

22
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
1,717,182
1,590,150
Adjustments for:
Taxation charged
126,913
28,363
Bank interest on loans and overdrafts
171,432
334,316
Bank interest received
(282,597)
(233,147)
Gain on disposal of tangible fixed assets
(150,873)
(301,815)
Depreciation and impairment of tangible fixed assets
1,069,845
1,326,036
Movements in working capital:
Increase in debtors
(560,448)
(690,994)
Increase in creditors
305,341
439,614
Cash generated from operations
2,396,795
2,492,523
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