REGISTERED NUMBER: 02776514 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

FLEETDRIVE MANAGEMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N J Fox

D Fitzgerald

G R Jones

REGISTERED OFFICE:

Harleyford Marina

Henley Road

Marlow

Buckinghamshire

SL7 2DX

REGISTERED NUMBER:

02776514 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

154,043

Tangible assets

5

7,938,609

11,616,553

7,938,609

11,770,596

CURRENT ASSETS

Debtors

6

380,689

592,130

Cash at bank

520,622

709,530

901,311

1,301,660

CREDITORS

Amounts falling due within one year

7

4,007,815

4,883,961

NET CURRENT LIABILITIES

(3,106,504

)

(3,582,301

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,832,105

8,188,295

CREDITORS

Amounts falling due after more than one year

8

(6,022,184

)

(6,358,559

)

PROVISIONS FOR LIABILITIES

10

-

(484,735

)

NET (LIABILITIES)/ASSETS

(1,190,079

)

1,345,001

CAPITAL AND RESERVES

Called up share capital

11

14,606

14,006

Share premium

2,297,506

1,998,106

Capital redemption reserve

1,737

1,737

Retained earnings

(3,503,928

)

(668,848

)

SHAREHOLDERS' FUNDS

(1,190,079

)

1,345,001

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 December 2025 and were signed on its behalf by:

G R Jones - Director

1.	STATUTORY INFORMATION

Fleetdrive Management 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.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

The company has continued to make a loss for the last three financial years. The performance of the company is driven by its ability to attract new and existing customers to lease their electric vehicles through Fleetdrive Management. Due to the vast competition in the electric vehicle industry and the volatility of the residual values of the electric vehicles, the company incurred a loss of £3,319,815 for the year ended 31 March 2025 and, as of that date, showing the company's current liabilities exceeded its current assets by £3,106,504. The loss includes an impairment on both the software development and motor vehicle assets of £1,585,261.

As detailed in the Post Balance Sheet Events the company's previous owners issued further capital into the company of £3,219,950 in September 2025 and the entire share capital of the company was purchased by Jurni Limited on 30 September 2025. With the impairments undertaken on the motor vehicles and further strategic changes undertaken by the company, the directors believe that the future outlook for the company is positive. At the time of approving the financial statements the directors have reasonable expectation that the company has adequate resources to continue in operation existence for the foreseeable future. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting 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.

Turnover

Turnover represents amounts receivable from principal activities, net of value added tax and trade discounts.

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

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

An impairment loss has been recognised in the Income Statement, following an assessment at the Balance Sheet date indicating the recoverable amount was less than its carrying value.

Development costs are being amortised evenly over their estimated useful life of five years.

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 etc

-

50% on cost and 25% on cost

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 instruments.

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.

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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

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.

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.

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.

Fixed asset investments

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

Impairment of fixed assets

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

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

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

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

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. When 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 year. 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 reserve.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2024 - 41 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

Cost

At 1 April 2024

211,523

Impairments

(122,315

)

At 31 March 2025

89,208

Amortisation

At 1 April 2024

57,480

Charge for year

31,728

At 31 March 2025

89,208

Net book value

At 31 March 2025

-

At 31 March 2024

154,043

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

Cost

At 1 April 2024

16,187,488

Additions

1,333,527

Disposals

(3,916,969

)

Impairments

(1,462,946

)

At 31 March 2025

12,141,100

Depreciation

At 1 April 2024

4,570,935

Charge for year

2,028,079

Eliminated on disposal

(2,396,523

)

At 31 March 2025

4,202,491

Net book value

At 31 March 2025

7,938,609

At 31 March 2024

11,616,553

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2025

2024

£

£

Motor vehicles

3,299,726

5,347,522

3,299,726

5,347,522

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

331,060

192,976

Other debtors

49,629

399,154

380,689

592,130

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 9)

1,474,805

2,029,786

Trade creditors

46,279

230,427

Taxation and social security

233,762

52,270

Other creditors

2,252,969

2,571,478

4,007,815

4,883,961

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 9)

2,022,184

3,358,559

Other creditors

4,000,000

3,000,000

6,022,184

6,358,559

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

1,474,805

2,029,786

Between one and five years

2,022,184

3,358,559

3,496,989

5,388,345

Non-cancellable

operating leases

2025

2024

£

£

Within one year

93,989

101,738

Between one and five years

47,513

107,053

141,502

208,791

10.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

-

484,735

Deferred

tax

£

Balance at 1 April 2024

484,735

Credit to Income Statement during year

(484,735

)

Balance at 31 March 2025

-

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

14,006

Ordinary

£1

14,006

14,006

600

Preference

£1

600

-

14,606

14,006

600 Preference shares of £1 each were allotted as fully paid at a premium of £499 per share during the year.

12.	POST BALANCE SHEET EVENTS

Due to the cumulative P&L losses and the losses incurred up to the date of issue, the company issued further shares on 22 September 2025 for the value of £3,219,950.

On 30th September 2025, the entire share capital of the company was purchased by Jurni Limited.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is Jurni Capital Limited, by virtue of their 100% shareholding in the company. Their registered office is Tamarisk House, North Leigh Business Park, North Leigh, Oxfordshire, OX29 6SW.