REGISTERED NUMBER: SC821066 (Scotland)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

PARK'S OF HAMILTON (INVESTMENTS) LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

14

Report of the Independent Auditors

16

Consolidated Income Statement

19

Consolidated Other Comprehensive Income

20

Consolidated Statement of Financial Position

21

Company Statement of Financial Position

22

Consolidated Statement of Changes in Equity

23

Company Statement of Changes in Equity

24

Consolidated Statement of Cash Flows

25

Notes to the Consolidated Statement of Cash Flows

26

Notes to the Consolidated Financial Statements

28

DIRECTORS:

W Cumming

R B Hare

I B Mackay

A G Noble

R W Park

G T Park

SECRETARY:

A G Noble

REGISTERED OFFICE:

Park House

14 Bothwell Road

Hamilton

United Kingdom

ML3 0AY

REGISTERED NUMBER:

SC821066 (Scotland)

AUDITORS:

Thomas Barrie & Co LLP

Statutory Auditor

Chartered Accountants

Atlantic House

1a Cadogan Street

Glasgow

G2 6QE

BANKERS:

HSBC

1 Centenary Square

Birmingham

B1 1HQ

SOLICITORS:

Brodies LLP

110 Queen Street

Glasgow

G1 3BX

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

The Group operates as a multi franchised business from various locations throughout Scotland and northern England at the start of the year representing Bentley, BMW, Dacia, Ford, Ford Transit, Honda, Hyundai, Jaguar, Kia, Lamborghini, Land Rover, Lexus, Lotus, MG, Mazda, McLaren, MINI, Nissan, Renault, Skoda, Suzuki, Toyota, Volkswagen Used and Volvo vehicles. During the year a number of agreements with Hyundai, Jaguar and Nissan came to an end, and new agreements commenced with OMODA and JAECOO, XPeng and Lexus.

On 31 December 2024 the Group acquired sites in Motherwell and Aberdeen from the Peter Vardy Group adding further BMW, MINI, Land Rover and OMODA and JAECOO relationships. The Directors continue to explore opportunities to develop new manufacturer relationships and actively seek to grow the Group via the acquisition of new dealerships.

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover and operating profit.

The turnover of the group by sector was as follows:

2025

2024

£

£

Motor Division

1,044,892,364

982,791,018

Coach Hiring Operations

31,825,186

28,918,746

1,148,761,871

1,076,717,550

The turnover in the Motor division increased by 6.7%.

In total, 18,531 new vehicles (2024 - 18,671) and 19,183 used vehicles (2024 - 17,151) were sold in the year. A challenging economic environment has continued to impact on both new and used car markets. Growth in used car sales has come predominantly from the acquisition of new locations while the volume of new cars fell slightly on a like for like basis which is reflective of the stagnation of the wider UK new car market. Competitive practices and aggressive discounting continue to be prevalent. However, the management focus on profitability saw gross profit margins on both new and used vehicle sales increase on the previous year.

The Group's aftersales operations (which encompass service, body repair and parts sales) saw related turnover increase by 9.9% year on year, while direct profit in those operations only increased by 6.2% due to the higher cost of labour in the year, National Living Wage and Employers' National Insurance contribution increases.

The Coach Hiring division turnover rose by 6.2%. Demand for private hires remains strong with turnover increasing by 5.6% over the prior year. Turnover from subcontract services reduced by 2.7%, sales via third party booking platforms having decreased in the year.

Gross profit for the Group increased from £135,752,729 to £142,938,766, and operating profit decreased from £38,619,110 to £34,358,045. Finance commission income as a proportion of turnover fell due to increased competition for business, predominantly from manufacturer tied finance houses. A sharp focus on margin and gross profitability has therefore been necessary, with the underlying cost base having increased due to the acquisition of more locations and the impact of higher employment and interest costs.

Employment costs have shown an increase of over £6.6m, in part due to the higher employee numbers but also impacted by the combined increases in the National Living Wage and Employers' National Insurance rates.

The interest rates paid on borrowings have fallen in line with the Bank of England base rate over the financial year. However, the value of stock on which the Group's interest cost payable to group companies is based has increased substantially due to the acquisition of new locations.

Management monitors trading closely and continues to be keenly focused on profitability and cost control.

FUTURE DEVELOPMENTS

On 30 June 2025, The Motor division acquired three dealerships across Glasgow and Lanarkshire from the Lookers motor group, further increasing the Group's representation of the Land Rover brand and offering scope for further expansion with other manufacturers.

On 31 December 2025, the Coach division's contract for services operating from the Group depot in Plymouth will come to an end by mutual agreement. The Directors do not envisage significant costs associated with the closure of the Plymouth operations and therefore no provision has been made. The contracts contributed £8.16m of Turnover during the financial year. Vehicles dedicated to these services will be deployed on other operations, offering opportunities to grow private hire and express service business.

PRINCIPAL RISKS AND UNCERTAINTIES

The strategic direction of the Group is aligned to manage the principal risks identified by the Directors as follows:

Operational risk

The Group's Motor division is dependent on supply chains which are outside the influence of the Directors, the failure of which would risk the ability to meet customer demands and the Group's financial goals. Risk is managed through regular and proactive dialogue with suppliers to ensure customer demand is met through reliable delivery of vehicles and associated products.

The Coach Hiring division relies on the ability of the Group to maintain an operational fleet of vehicles to reliably meet the requirements of customers. Risks are managed by the development of a rigorous maintenance and repair program which includes the support of key suppliers.

Market and strategic risks

The Group's profitability and cash flow are affected by changes in market conditions and the ability of the Directors to accurately predict these in advance. The Group places increasing emphasis on the careful management of the purchasing and maintaining of used vehicle inventory and sales profitability to provide the Group with protection against shortfalls in new vehicle demand.

The emergence of Covid-19 restrictions has highlighted the importance of being able to adapt sales processes to meet changing customer demands and behaviours. The Directors recognise the emergence of online sales platforms from both manufacturers and internet consolidators which increase competition and threaten to reduce profitability of sales. The Group is focused on retaining customers by providing a high standard of service across all sales channels.

Competitive risk

The marketplace continues to be competitive but the Group benefits from a wide geographical presence, well diversified operations and brand portfolio, and a focus on maintaining a strong reputation for service and quality.

Regulatory and legislative risk

The Company operates in a highly regulated marketplace and is regulated by the FCA for general insurance broking and consumer credit purposes. The Company operates under the Senior Managers and Certification Regime (SMCR), with responsibilities appropriately allocated to Directors and senior Group managers. The Directors have taken appropriate steps to ensure the Company is compliant with the recent introduction of the Consumer Duty.

The Directors are committed to ensuring the Company complies with all legislation and directives applicable to the Company's activity.

The impact of Brexit and risks associated with changing legislation and regulation continue to be monitored by the Directors.

Covid-19 emerged as significant risks to business continuity, and the Directors have ensured decisions and actions can be taken swiftly to minimise cost and disruption while maximising trading opportunities should similar disruption arise in the future.

Financial Risk Management

The main risks associated with the company's financial assets and liabilities are set out below.

Liquidity Risk

The objective of the company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The company expects to meet its financial obligations through operating cash flows. In the event that the operating cash flows would not cover all the financial obligations the company has credit facilities available.

Interest Rate Risk

The company borrows from its bankers using either overdrafts or term loans whose tenure depends on the nature of the asset and management's view of the future direction of interest rate.

Credit Risk

The company has external debtors, however, the company undertakes assessments of its customers in order to ensure that credit is not extended where there is a likelihood of default

SECTION 172(1) STATEMENT

The Directors are aware of their duty under s.172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be the most likely to promote the success of the Group for the benefit of its members as a whole and, in doing so, to have regard amongst other matters) to:

The likely consequences of any decision in the long term;

The interests of the Group's employees;

The need to foster the Group's relationships with suppliers, customers and others;

The impact of the Group's operations on the community and the environment; and

The desirability of the Group maintaining a reputation for high standards of business conduct.

The need to act fairly as between members of the company.

Employees

The Group's employees are key to delivering the overall strategy. Ensuring that the business has the right values and culture is of paramount importance to the continued success of the Group's business.

The business engages on a regular basis with all of its employees, including regular team meetings, appraisals, apprenticeship programmes and various training and development courses.

Customers

The Group is committed to delivering a professional, industry leading customer experience across all activities. Customer feedback is collected from a number of sources. The Group regularly carries out mystery shopping exercises to assess the quality of the sales process and we aim to treat all customers fairly.

Suppliers

The Motor division works closely with a wide variety of motor manufacturers under a franchise business model. Successful operation is dependent on the continued maintenance of strong relationships with those manufacturers and their financing partners through regular engagement and participation in conferences and dealer councils.

The Group is committed to developing strong relationships with suppliers across all activities to drive value, ensure continuity of service and improve customer outcomes.

Community and Environment

The Group values the importance of making a positive impact and maintaining its physical presence in each of its operating locations by engaging in the local community in which it operates.

The Directors are committed to delivering a corporate social responsibility strategy that sets the aim to be environmentally responsible, a good neighbour and an excellent workplace.

TASKFORCE FOR CLIMATE-RELATED FINANCIAL DISCLOSURES (TCFD)

Governance

In compliance with the UK Government's Mandatory Climate-related Financial Disclosures ('CFD'), the Group has identified, assessed and managed climate-related risks and opportunities in line with CFD recommendations and has committed to promoting sustainability by reducing the greenhouse gas (GHG) emissions and energy usage across its operations.

The Directors have ultimate responsibility for overseeing the Group's climate-related risks and opportunities. As a family-owned business, the directors of the Group are actively involved with, and participate in regular meetings with operational managers. This ensures climate-related issues, and risks and opportunities are discussed at all levels of leadership. The objective of these daily discussions is to understand and respond to changes in the business and its external environment. On occasion, this has included climate-related risks and opportunities. In the financial year, the directors have discussed measures to reduce energy and water consumption, requests from Original Equipment Manufacturers (OEMs) to provide carbon data from showrooms, sales projections of battery electric vehicles (BEV) and the strategy for decarbonising the coach hire fleet.

The Group's operations management meet periodically to discuss climate risk and mitigating actions that have been and could be implemented. The team is responsible for managing and mitigating the respective climate-related risk, as well as collating information and reporting on changes to the risk and maintaining the climate risk register.

Risk management

Climate-related risks were analysed and placed in two categories: transition risks, arising from the shift to a low-carbon economy and all the changes that it implies, and physical risks, along with their potential repercussions on business activity and on supply chains.

The identification, assessment, and management of climate-related risks and opportunities will occur at least annually. The Group regularly engages with specialist climate risk advisers, its energy brokers and fuel suppliers to assess our business activities, energy usage and sustainability projects to determine our carbon footprint but also to recommend further actions to reduce carbon emissions further.

A climate change risk register has been developed to assess and manage climate-related risks and opportunities.

All climate-related risks and opportunities will be documented in the climate risk register. Identified climate-related risks and opportunities will be assigned risk ratings. Risk ratings include high, medium, or low impact as an expression of the percentage increase or decrease in profit from the risk or opportunity. Risk ratings for climate-related risks and opportunities are driven by the knowledge of the business and informed by quantitative and qualitative scenario analysis.

This is the second year of climate related disclosure reporting. As the Climate risk register develops, so will the Group's approach to integrating climate- related risks and opportunities into the overall risk management framework.The identification, assessment, and management of climate-related risks and opportunities currently undergo separate processes and procedures because climate-related risks and opportunities crystallise over a longer time horizon when compared with the principal risks and uncertainties identified in the Strategic Report.Climate-related risks will receive equal treatment alongside other principal risks, provided they meet the same internal criteria for being deemed a principal risk.

Climate-related risks and opportunities are considered at the Group level but take into consideration nuances in the operating environments of individual subsidiaries, for example from an OEM brand basis or in relation to the operation of the coach hire fleet.

The Group does not have an established process for applying risk thresholds to climate-related risks and opportunities. Instead, risk and opportunity ratings are based on a qualitative understanding of the Group's business model and operating environment as well as quantitative risk exposures derived from scenario analysis.

Strategy

The Group has chosen the following time periods for the assessment of climate-related risks and opportunities:

Short Term

2025 to 2027 - (1 to 3 years)

The short-term time horizon aligns with the time horizons used in the business strategy and reflects known changes in legislation and OEM targets.

Medium Term

2030 - (5 years)

The medium-term time horizons aligns with policy changes expected to be implemented and actioned from 2030, for instance the Zero Emission Vehicle Mandate as well as changes to carbon pricing.

Long Term

2050 - (25 years)

The long-term time horizon aligns with the UK Government's net zero target and considers that physical climate-related risks are likely to crystallise over this period.

The Group recognises the difference between physical and transitional climate-related risks.

Physical risks arise from the direct impact of climate change events and can be understood as either being 'chronic' (risks stemming from prolonged environmental change, e.g., rising temperatures) or 'acute' (risks stemming from sudden climate­ related events that cause immediate damage, e.g., flooding). Transition risks relate to policy, legal, market, and technological changes that occur as part of the transition to a low carbon economy.

Transitional related risks are items that may impact the business and its operations and include the Emissions Vehicle tax, the introduction of the Zero Emission Vehicle (ZEV) mandate and the impact on the aftersales activity of the Group.

Physical Risk Exposure

The table below introduces physical risks that may impact the Group and its operations. The Group has considered two physical risks to be a higher risk to the business. Risk owners for immaterial physical risks will continue to monitor their respective risk and changes to the risk rating.

The mitigation and adaption actions were identified by divisional managing directors. Since this is the first year of CFO reporting, mitigating actions are currently being established and are to be started in the next financial year.

Risk

Detail & Impact

Mitigation & Adaption

Risk Rating

Temperature rise below 2•C

Temperature rise above 4•C

Extreme

Extreme weather

Mitigations and adaptions

Short term: Low

Short term: Low

Weather

events include the

to extreme weather events

Medium term: Low

Medium Term: Low

impact physical risks

are identified for each

Mong term: Low

Long term: Medium

have on the supply chain and our operations.

individual risk.

Impact:

The group uses general

* Damage to assets

mitigations such as Met

* Supply chain

Office and Environment

disruption

Agency alerts for potential

* Impact on employee

extreme weather events.

safety

These alerts are used to prepare locations for potential damages and impacts.

Flood

Flood risk refers to

Consider elevating

Short term: Low

Short term: Low

Risk

changes in land

vehicles stored above

Medium term: Low

Medium term: Medium

fraction annually

ground level.

Long term: Medium

Long term: Medium

exposed to river

flooding.

Over the long-term, relocate

higher risk operations.

Impact:

* Damage to property

Consider a longer-term

* Damage to

investment in sump pumps

customer vehicles

and drainage systems for

* Damage to stock

assets in high-risk zones

* Increased insurance

to reduce impact of

premiums

flooding.

* Supply chain impact

Transitional Risk Exposure:

The table below introduces transitional risks that may impact the business and its operations.

Risk

Detail & Impact

Mitigation & Adaptation

Risk Rating

Time Frame

Carbon

To meet the Group's carbon

Implement the carbon neutrality

Short term: Low

Reduction

reduction goal, investment will

plan in phases, prioritising

Medium term: Medium

Risk

be needed in energy efficiency

projects with the highest potential

Long term: Medium

activities and electrification of

for emissions reductions and

the fleet.

cost savings to spread the

financial burden and optimise

resource allocation.

Impact:

* Risk of missing carbon

Conduct a lifecycle cost analysis

reduction goals

to evaluate and understand the

* Significant investments

long-term financial implications

required

of investments in renewable energy and fleet upgrades.

Transition to

There may be misalignment

Invest in market intelligence and

Short term: Low

passenger

with OEM transition and BEV

forecasting capabilities to

Medium term: Medium

battery

adoption leads to reduce

monitor EV market trends,

Long term: Medium

electric

market share.

anticipate price movements,

vehicles

and make informed procurement

(BEV)

Additionally, used BEV

decisions.

valuations have proved to be

more volatile than ICE vehicles

Investing in training for

and significantly greater drops

technicians to service BEV's.

in value have been

commonplace.

Impact:

* Impact used vehicles sales

model

* Loss of market share if rate of

introduction is too slow, or too

fast for BEVs

Aftersales

BEVs have fewer components,

Diversification of Services:

Short term: Low

Spend

reducing the likelihood of

Expand the range of services

Medium term: Low

mechanical failures.

offered beyond traditional

Long term: Medium

servicing and repair for ICE

Impact:

vehicles.

* Reduced aftersales revenue

Risk

Detail & Impact

Mitigation & Adaptation

Risk Rating

Time Frame

Changing

Environmentally conscious

Continued investment in the

Short term: Low

coach-hire

customers could reduce

coach fleet including, where

Medium term: Low

customer

demand for coach hires and

viable, the addition of zero

Long term: Medium

habits

express service journeys.

emission vehicles as existing

vehicles are replaced.

Impact:

Driver education programs to

* Reduced coach revenue

promote efficient driving

behaviour.

Investigate options to improve

workshop management systems

to ensure the highest standard

of vehicle maintenance and

condition.

Technology

Introduction of zero emission

Continued engagement with

Short term: Low

drivetrains, either electric or

vehicle suppliers, strategic

Medium term: Medium

hydrogen powered, require

partners and government

Long term: Medium

increased levels of investment

agencies to ensure opportunities

in vehicles and infrastructure.

with regard to cost, revenue and

incentives associated with

Impact:

vehicle replacement are

* Transition to net zero results

maximised and aligned with

in significant cost increases.

public policy and legislative

changes.

Opportunities:

The table below details opportunities that are material to the business. A further two opportunities were identified, but are excluded from the table as the Group has deemed them to be low rated - Reputational and Aftersales revenue.

Opportunity

Description

Time Period

Opportunity Grading

Demand for BEVs

The increased demand for BEVs indicates an opportunity in the context of climate action. There are regulatory incentives and wider industry commitments to reduce carbon emissions leading to potential increased sales of BEV.

Medium to long-term

Medium

This presents an opportunity to increase the Group's

market share in the BEV market.

Renewable Energy & Resource Efficiency

Capitalising on renewable energy sources offers a dual opportunity: environmental stewardship and cost efficiency. The shift toward renewable energy would not only align with the Group's climate goals, but would also promise a reduction in operational expenditures, fostering enduring financial viability.

Long-term

Medium

This presents an opportunity to minimise energy expenses

and reallocate funds for long-term strategic investments.

Opportunity

Description

Time Period

Opportunity Grading

Resilience

Reviewing the Group approach to climate change resilience can improve management of climate related risks. For example, implementing policies and procedures for flooding risks may improve overall resilience.

Long-term

Medium

The Group has assessed the business implications of climate-related risks and opportunities over the identified time periods with support from specialist advisers. The Group has not performed detailed scenario analysis for the short-term since the impact of both physical and transitional risks remains consistent with information available today.

The Group understands that transition risks will maintain the greatest impact under the below 2•C scenario. This is because several assumptions have been applied, including but not limited to:

1. Carbon reduction: the UK government implements stringent carbon reduction targets, including increased incentives for low-emission vehicles, driving consumer demand towards BEVs. Consumers increasingly scrutinise companies that do not boast positive sustainability credentials.

2. Aftersales Spend: the shift to BEVs, which typically require less maintenance than ICE vehicles, may result in a decrease in aftersales spend, particularly affecting car maintenance and servicing, accident services, and general wear and tear.

3. Used BEV Prices: as new BEV models become more prevalent and battery, screen, efficiency technology advances, the prices of used EVs are expected to decrease more rapidly than those of ICE vehicles. This will impact resale values and inventory strategies of dealerships.

These assumptions are based on a focus on sustainability and a rapid transition to a low carbon economy and have been integrated into the Group's resilience assessment.

Resilience of Business Strategy (Below 2•C Scenario)

In the short-term, the Group is not exposed to any high-risk climate-related risks. The Group is committed to the ongoing monitoring of climate-related risks as identified in the climate risk register. Leveraging insights from industry reports, data-driven scenario analysis, knowledge of the business, and new information, the Group will ensure the climate risk register is continuously updated.

In the medium-term, the Group is exposed to a risk over the transition to BEVs impacting used car sales. This was assessed as a medium rated risk. The Group has assumed there will be a volatile used BEV market. This is expected as technology and battery capacity improve in new models. Under the Zero Emission Vehicle (ZEV) mandate, all new cars sold in the UK must be 100% emission free by 2035. Over the medium term, the proportion of used BEV in the market is expected to increase.

There is a risk that customers may encounter difficulties for securing finance for older BEVs due to the warranty of batteries. This could impact the ability for the Group to offer part exchange agreements or other financing options. The Group has invested in technician training across OEM brands. Investment in market intelligence will also reduce the risk from volatile prices of used BEVs.

The Group is looking to implement a carbon reduction plan in phases, prioritising projects with the greatest potential for emissions reductions and cost savings to spread the financial burden and optimise resource allocation. This will reduce the risk of the Group not meeting carbon reduction targets. The Group does not expect the carbon reduction risk to have a material impact on the Group.

In the long-term, the Group is exposed to a medium-rated risk of decreasing aftersales revenue. The Group has assumed that BEV adoption rates will increase significantly and, in line with the Zero Emission Vehicle mandate, will make 100% of new car sales by 2035. BEVs have fewer moving parts and require less frequent maintenance compared to ICE vehicles as well as simpler drivetrains and fewer complex mechanical systems. However, the Group is looking to expand the range of services offered to customers beyond traditional servicing and repair for ICE vehicles to reduce the impact on the Group's cash flow.

Resilience of Business Strategy (Above 4•C Scenario)

In the short-term, the Group is not exposed to any high risk climate-related risks. The Group is committed to the ongoing monitoring of climate-related risks as identified in the climate risk register. Leveraging insights from industry reports, data-driven scenario analysis, knowledge of the business, and new information, the Group will ensure the climate risk register is continuously updated. Risks that are evaluated and classified as medium-rated materiality will be assigned a data owner.

In the medium and long term, the Group is exposed to a medium-rated risk offloading. This has the potential to impact vehicles stored outdoors, showrooms, and foot traffic to locations if surrounding areas are affected. From the scenario analysis, four locations within the Group's property register are at risk of annual flooding. Alongside this, precipitation rates are projected to increase by 8% at the Group's various locations, which will amplify the volume of surface water, particularly during winter seasons. Considerations to reduce the risk of flooding include investment in drainage systems, elevation of storage areas or relocation from at-risk locations.

Metrics and Targets

The Group discloses GHG emissions in accordance with the requirements outlined in Streamlined Energy and Carbon Reporting (SECR). This includes Scope 1 and Scope 2 emissions.

Details of the SECR disclosure can be found on page 13 of the annual report. The Group aims to reduce the intensity ratio of Tonnes CO2e per 1000 miles for Coach Hire operations and Tonnes CO2e 1000 per m2 for Motor Trade operations.

Tonnes CO2e per 1000 miles has decreased from 1.27 in 2024 to 1.25 in 2025. The composition of the fleet is largely unchanged in the year. Longer distance hires with more motorway and less urban mileage operate with greater fuel efficiency, and the reduction is in line with the increased mileage on express service routes in the year. We are committed to replacing vehicles with zero emissions powertrains when such options are commercially viable.

Tonnes CO2e per 1000 m2 has increased marginally from 57.37 in 2024 to 63.31 in 2025 on a gross basis, and from 38.64 in 2024 to 43.12 in 2025 on a net basis as the Group has worked to replace non-renewable sourced electricity contracts.

As part of the Group's process, the climate risk register will undergo updates at least annually. Any modifications to the climate risk register will lead to the creation of new KPls. This ensures that the Group is aligned with the changing landscape of climate-related risks and opportunities.

STREAMLINED ENERGY AND CARBON REPORTING

The gross carbon emissions for Park's of Hamilton (Investments) Limited were 19,557 (2024 - 18,272) tonnes of carbon dioxide and equivalent gases (TCO2e). Net carbon emissions were 17,734 (2024 - 16,692) tonnes of carbon dioxide and equivalent gases (TCO2e).

TCO2e by Scope

Year Ended

Year Ended

31 March 2025

31 March 2024

(TCO2e)

(TCO2e)

Gross Emissions

Scope 1 (Direct emissions)

17,575

16,554

Scope 2 (Indirect emissions)

1,982

1,580

Scope 3 (Other indirect emissions)

0

138

Total - Gross

19,557

18,272

Net Emissions

Scope 1 (Direct emissions)

17,575

16,544

Scope 2 (Indirect emissions)

159

0

Scope 3 (Other indirect emissions)

0

138

Total - Net

17,734

16,692

Intensity ratios

Gross Emissions

TCO2e per 1000 operated miles (coach fleet)

1.25

1.27

TCO2e per m2 (motor trade property)

6.31

57.37

Net Emissions

TCO2e per 1000 operated miles (coach fleet)

1.24

1.27

TCO2e per m2 (motor trade property)

43.12

38.64

An increase in emissions in the year is to be expected as a result of a 5.3% increase in travelled miles. The emissions per mile fell by 1.6%. Energy usage in the group's properties was broadly comparable, with all properties are covered by the Group's main REGO certificate backed contract for the supply of electricity from 100% renewable sources. However, an increase in captured fuel and is responsible for the increases in emissions per m2, largely due to rationalisation of suppliers and the resulting improvements in monitoring and reporting, which provide better visibility of the vehicle use within the motor trade operations. Greater focus will be placed on the correct recording of vehicle usage and ensuring that it is appropriate and justifiable.

The diesel used to fuel the coach fleet is responsible for 71% of the Group's overall greenhouse gas emissions, down from 74% in 2024 on a gross basis, with the motor trade operations having expanded extent and emissions with them. There continue to be few options presently available to decarbonise the coach operations and we are committed to replacing vehicles with zero emissions powertrains when such options are commercially viable. The vehicles operated by the group are usually less than five years old and purchased new from the manufacturer, complying with emissions regulations at the time of registration. Systems are in place to monitor fuel efficiency and vehicles are maintained to a high standard.

The remaining emissions are derived from the heating and powering of the Group's properties and the running of vehicles including demonstrator and courtesy cars, and parts delivery vans.

The Directors are committed to procuring our energy supplies from renewable sources wherever possible and to the ongoing improvement of the efficiency of heating systems and electrical fittings. Monitoring of the Group's electricity is well established and similar monitoring of gas consumptions has been in operation throughout the financial year. The procedures and processes to improve the monitoring of fuel usage for non-coach operations are capturing data on the usage of vehicles on a more comprehensive basis

The energy efficiency policy is reviewed on a regular basis and communicated to Group management. The Group continues to invest in energy saving measures including the installation of solar panels for electricity generation with battery storage, timers and photocells for controlling more efficient outdoor lighting, and the replacement of older HVAC systems. Installation of electric vehicle chargers at all sites in accordance with manufacturer standards is ongoing.

The Group is committed to working closely with our strategic partners to work towards the achievement of Net Zero in the longer term.

Methodology

The methodology used to calculate our emissions is based on financial control in accordance with the principles of ISO14064 and the WRI/WBCSD GHG Reporting Protocols (revised edition), utilising conversion factors for the period reported as issued by the UK Government.

For clarity 'Gross tCO2e' has been developed using then national grid standard carbon emission factor whereas 'Net tCO2e' has been developed using market-based emission factor where a REGO/RGGO certificate is present.

ON BEHALF OF THE BOARD:

A G Noble - Director

18 December 2025

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

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review were those of the operation of a fleet of luxury coaches; the sale and service of private and commercial vehicles; the sale of motor fuels, oils and accessories; the operation of vehicle body repair centres and the rental of properties.

DIVIDENDS

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

FUTURE DEVELOPMENTS

The directors will continue to look for opportunities to expand the company's core business.

DIRECTORS

The directors who have held office during the period from 1 April 2024 to the date of this report are as follows:

W Cumming - appointed 7 November 2024

R B Hare - appointed 29 October 2024

I B Mackay - appointed 7 November 2024

A G Noble - appointed 7 November 2024

D I Park - appointed 29 August 2024 - resigned 29 October 2024

R W Park - appointed 29 October 2024

G T Park - appointed 29 October 2024

Qualifying third party indemnity provisions

The company has put in place qualifying third party indemnity provisions for all of the directors.

GOING CONCERN

The directors are of the opinion that the financial statements should be prepared on a going concern basis. In forming this opinion, the directors have considered forecasts prepared taking into account the information currently available as well as several severe downside scenarios. The group's balance sheet has strong reserves and trading since the year end has been good, there is no reason to believe that the group's current funding and liquidity position is not sufficient.

EMPLOYEES

Every effort is made to keep staff informed of and involved in the operations and progress of the Group.

The company is committed to providing a safe and pleasant environment for its employees and training and career development opportunities are available. No discrimination is made on the grounds of age, colour, disability, marital status, race, religion or sex. Employees are given the opportunity to develop and progress according to their ability. Disabled people are given fair consideration for all job vacancies for which they offer themselves as suitable applicants, having regard to their particular aptitudes and abilities.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

-	state whether applicable 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS

The auditors, Thomas Barrie & Co LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A G Noble - Director

18 December 2025

Opinion

We have audited the financial statements of Park's of Hamilton (Investments) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 31 March 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the 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 directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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 Statement of Directors' Responsibilities set out on page fifteen, 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 group's and 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 group or the parent 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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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 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 misrepresentation, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with those charged with governance of the group and management.

We considered the nature of the industry of the group and its control environment, and reviewed the documentation of the group policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory frameworks that the group operates in, and identified the key laws and regulations that:

- had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, tax legislation, pensions legislation, financial conduct authority regulation and data protection regulations; and

- do not have a direct effect on the financial statements but compliance with which may be fundamental to the ability of the group to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISA's (UK), we are also required to perform specific procedures to respond to the risk of management override of controls and revenue recognition.

In addressing the risk of fraud through management override of controls and revenue recognition, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

- reviewing financial statement disclosures to underlying supporting documentation,

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

- enquiring of management and legal counsel concerning actual and potential litigation and claims, and instances of non-compliance of laws and regulations, and

- reviewing minutes of those charges with governance.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

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.

Martin Greig BA CA (Senior Statutory Auditor)

for and on behalf of Thomas Barrie & Co LLP

Statutory Auditor

Chartered Accountants

Atlantic House

1a Cadogan Street

Glasgow

G2 6QE

18 December 2025

TURNOVER

3

1,148,761,871

1,076,717,550

Other operating income

4

10,833,562

12,312,671

1,159,595,433

1,089,030,221

Raw materials and consumables

(1,005,823,105

)

(940,964,821

)

153,772,328

148,065,400

Staff costs

5

(82,549,638

)

(75,912,526

)

Depreciation

(6,131,142

)

(5,572,752

)

Other operating expenses

(30,733,503

)

(27,961,012

)

OPERATING PROFIT

6

34,358,045

38,619,110

Interest receivable and similar income

247,541

215,295

34,605,586

38,834,405

Interest payable and similar expenses

7

(6,523,062

)

(5,192,226

)

PROFIT BEFORE TAXATION

28,082,524

33,642,179

Tax on profit

8

(6,811,400

)

(8,721,751

)

PROFIT FOR THE FINANCIAL YEAR

21,271,124

24,920,428

Profit attributable to:

Owners of the parent

21,271,124

24,920,428

PROFIT FOR THE YEAR

21,271,124

24,920,428

OTHER COMPREHENSIVE INCOME

Actuarial gains

50,000

-

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

50,000

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

21,321,124

24,920,428

Total comprehensive income attributable to:

Owners of the parent

21,321,124

24,920,428