REGISTERED NUMBER: 10885220 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 March 2025

for

Care Park UK Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Income and Retained Earnings

8

Balance Sheet

9

Notes to the Financial Statements

10

DIRECTORS:

P Feltrin

C G Williams

REGISTERED OFFICE:

6th Floor

9 Appold Street

London

EC2A 2AP

REGISTERED NUMBER:

10885220 (England and Wales)

SENIOR STATUTORY AUDITOR:

Samuel Bacall BSc(Hons) BFP FCA

AUDITORS:

Freedman Frankl & Taylor

Statutory Auditors

Chartered Accountants

Reedham House

31 King Street West

Manchester

M3 2PJ

The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS

The directors present their strategic report for the year ended 31 March 2025.

Care Park UK Limited operates in the car parking management sector, providing both permanent and casual parking solutions, as well as management services for externally owned car parks. The company's principal activities during the year remained unchanged.

During the financial year, the company generated a turnover of £10,489,985 (2024: £11,840,892). The decrease in turnover reflects ongoing market challenges and the impact of site rationalisation, as the company continues to focus on operational efficiency and profitability.

Despite a reduction in turnover, the company reported a significant improvement in profitability, with a profit for the financial year of £4,017,789 (2024: loss of £605,691). This turnaround was primarily driven by an exceptional item relating to a debt forgiven by a related party, amounting to £4,596,985. Excluding this exceptional item, the company's underlying operating performance also improved, reflecting cost control measures and the termination of loss-making sites.

Administrative expenses were reduced to £205,515 (2024: £284,494), and the company continued to manage its cost base effectively. The average number of employees decreased to 67 (2024: 91), consistent with the company's focus on efficiency.

PRINCIPAL RISKS AND UNCERTAINTIES

The company operates in a competitive market and is subject to risks including changes in demand for parking services, regulatory changes, and economic conditions affecting customers' parking habits. The directors regularly review these risks and have implemented measures to mitigate their impact, including flexible site management and ongoing cost control.

A material uncertainty exists regarding the company's ability to continue as a going concern, as noted in the financial statements. The company is reliant on the financial support of its parent undertaking, which has indicated its ongoing support for the foreseeable future. The directors have considered the group's net asset position, the ability to obtain funding, and the flexibility to terminate loss-making sites or reduce operating costs as necessary.

FUTURE DEVELOPMENTS

The directors remain focused on returning the company to sustainable profitability. Key priorities for the coming year include:

- Continuing to review and optimise the site portfolio, exiting underperforming locations where appropriate.

- Leveraging technology and operational improvements to enhance customer experience and efficiency.

- Exploring new business opportunities and partnerships to diversify revenue streams.

The directors are confident that these actions will position the company for long-term success, despite the challenging market environment.

ON BEHALF OF THE BOARD:

P Feltrin - Director

24 December 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

P Feltrin

C G Williams

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

P Feltrin - Director

24 December 2025

Opinion

We have audited the financial statements of Care Park UK Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 March 2025 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page three, 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 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.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

Audit response to risks identified

- the nature of the industry and sector, control environment and business performance;

- results of enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team and involving other internal specialists including tax regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risks of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

Audit response to risks identified

As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risks of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

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

Samuel Bacall BSc(Hons) BFP FCA (Senior Statutory Auditor)

for and on behalf of Freedman Frankl & Taylor

Statutory Auditors

Chartered Accountants

Reedham House

31 King Street West

Manchester

M3 2PJ

24 December 2025

TURNOVER

10,489,985

11,840,892

Cost of sales

(10,836,934

)

(12,136,321

)

GROSS LOSS

(346,949

)

(295,429

)

Administrative expenses

(205,515

)

(284,494

)

(552,464

)

(579,923

)

Other operating income

8,099

1,200

OPERATING LOSS

4

(544,365

)

(578,723

)

Exceptional item

5

4,596,985

-

4,052,620

(578,723

)

Interest payable and similar expenses

6

(32,831

)

(26,968

)

PROFIT/(LOSS) BEFORE TAXATION

4,019,789

(605,691

)

Tax on profit/(loss)

7

(948,986

)

247,195

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

3,070,803

(358,496

)

Retained earnings at beginning of year as previously reported

(4,948,433

)

(4,241,631

)

Prior year adjustment - corrections of material errors

8

348,305

-

RETAINED EARNINGS AT END OF YEAR

(1,529,325

)

(4,600,127

)

FIXED ASSETS

Tangible assets

9

141,187

230,347

CURRENT ASSETS

Debtors

10

3,416,804

3,342,912

Cash at bank and in hand

411,079

631,059

3,827,883

3,973,971

CREDITORS

Amounts falling due within one year

11

(5,498,394

)

(8,804,444

)

NET CURRENT LIABILITIES

(1,670,511

)

(4,830,473

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,529,324

)

(4,600,126

)

CAPITAL AND RESERVES

Called up share capital

13

1

1

Retained earnings

14

(1,529,325

)

(4,600,127

)

SHAREHOLDERS' FUNDS

(1,529,324

)

(4,600,126

)

The financial statements were approved by the Board of Directors and authorised for issue on 24 December 2025 and were signed on its behalf by:

P Feltrin - Director

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Significant judgements and estimates

In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.

Assessing indicators of impairment

In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability.

Tangible fixed assets

Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Specific revenue streams

The revenue recognition policies for the principal revenue streams of the company are:

Permanent Parking

This revenue stream relates to reserved parking and unreserved parking and rent received. Revenue from permanent parking is recognised over time in the month in which the invoice relates.

Casual Parking

Casual parking includes early bird daily parking, Saturday parking and casual charge parking. This revenue

stream is recognised at a point in time, being when the satisfaction of the performance obligation.

Payment Notices

Payment notice revenue related to infringement and violation of car park rules. Payment notice revenue is

recognised at a point in time being the date of infringements.

Other income

Management fee related to the management of externally owned car parks. Management fee revenue is

recognised over time, as the contract with the customer is the car parker.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

18% reducing balance

Fixtures and fittings

-

18% reducing balance

Computer equipment

-

18% reducing balance

Tangible fixed assets are recorded at cost less accumulated depreciation and accumulated impairment losses.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

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

Going concern

The company's financial statements for the year ended 31st March 2025 have been prepared on a going concern basis as, after making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

The company is reliant on the financial support of its parent undertaking who have indicated their support of the company for the foreseeable future.

Interest receivable

Bank and other interest is recognised in the period in which it is receivable.

3.	EMPLOYEES AND DIRECTORS

2025

2024

as restated

£

£

Wages and salaries

2,156,218

2,580,413

Other pension costs

2,415

5,712

2,158,633

2,586,125

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

2025

2024

as restated

Management

2

2

Site staff & administration

65

89

67

91

2025

2024

as restated

£

£

Directors' remuneration

-

-

4.	OPERATING LOSS

The operating loss is stated after charging/(crediting):

2025

2024

as restated

£

£

Other operating leases

26,341

(31,327

)

Depreciation - owned assets

48,543

50,734

Loss on disposal of fixed assets

48,864

-

Auditors' remuneration

20,790

20,900

Auditors' remuneration for non audit work

2,300

2,325

Foreign exchange differences

(210,049

)

(348,305

)

5.	EXCEPTIONAL ITEMS

The exceptional item relates to a debt forgiven by a related party.

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

as restated

£

£

Bank loan interest

-

690

Other interest

32,831

26,278

32,831

26,968

7.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

2025

2024

as restated

£

£

Deferred tax

948,986

(247,195

)

Tax on profit/(loss)

948,986

(247,195

)

Reconciliation of total tax charge/(credit) included in profit and loss

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

2025

2024

as restated

£

£

Profit/(loss) before tax

4,019,789

(605,691

)

Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

1,004,947

(151,423

)

Effects of:

Expenses not deductible for tax purposes

96,107

46

Depreciation in excess of capital allowances

23,837

12,683

Utilisation of tax losses

(175,905

)

(108,501

)

Total tax charge/(credit)

948,986

(247,195

)

8.	PRIOR YEAR ADJUSTMENT

The prior year adjustment relates to a foreign exchange adjustment on amounts due/from other group undertakings.

9.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2024

430,290

58,712

20,968

509,970

Additions

29,723

-

715

30,438

Disposals

(174,744

)

(1,590

)

(6,489

)

(182,823

)

At 31 March 2025

285,269

57,122

15,194

357,585

DEPRECIATION

At 1 April 2024

232,001

37,071

10,551

279,623

Charge for year

42,560

3,866

2,117

48,543

Eliminated on disposal

(106,559

)

(1,111

)

(4,098

)

(111,768

)

At 31 March 2025

168,002

39,826

8,570

216,398

NET BOOK VALUE

At 31 March 2025

117,267

17,296

6,624

141,187

At 31 March 2024

198,289

21,641

10,417

230,347

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

£

Trade debtors

625,331

617,749

Amounts owed by group undertakings

2,152,862

783,532

Other debtors

2,576

247,163

Tax

13,808

13,808

Deferred tax asset

528,414

1,477,400

Prepayments

93,813

203,260

3,416,804

3,342,912

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

£

Trade creditors

859,846

1,157,336

Amounts owed to group undertakings

3,787,434

6,653,105

Social security and other taxes

345,959

305,115

Other creditors

393,368

375,003

Accrued expenses

111,787

313,885

5,498,394

8,804,444

12.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

as restated

£

£

Within one year

105,156

96,789

Between one and five years

420,624

420,624

In more than five years

9,683

114,837

535,463

632,250

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

as restated

£

£

1

Ordinary

£1

1

1

14.

RESERVES

Retained

earnings

£

At 1 April 2024

(4,948,433

)

Prior year adjustment

348,305

(4,600,128

)

Profit for the year

3,070,803

At 31 March 2025

(1,529,325

)

15.	RELATED PARTY DISCLOSURES

16.	ULTIMATE CONTROLLING PARTY