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REGISTERED NUMBER: 01437311 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 JULY 2025 |

| FOR |

| FORMULA ONE AUTO CENTRES LIMITED |

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 8 |

Report of the Independent Auditors | 11 |

Statement of Comprehensive Income | 15 |

Balance Sheet | 16 |

Statement of Changes in Equity | 17 |

Cash Flow Statement | 18 |

Notes to the Cash Flow Statement | 19 |

Notes to the Financial Statements | 20 |

FORMULA ONE AUTO CENTRES LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 JULY 2025

| DIRECTORS: | P S Glencross

| J Glencross

| L Glencross

| J Butcher

| S L Hughes

| K W Lee

| S A Jennings

| I Keeley

| REGISTERED OFFICE: | Aston House

| Boulton Road

| Stevenage

| Hertfordshire

| SG1 4QX

| REGISTERED NUMBER: | 01437311 (England and Wales)

| AUDITORS: | Watson Associates (Audit Services) Ltd

| Statutory Auditor

| 30 - 34 North Street

| Hailsham

| East Sussex

| BN27 1DW

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2025

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

BUSINESS REVIEW

The statement of comprehensive income is set out on page 14 and shows a profit before tax of £3,316,515 for the period. Turnover for the period amounted to £94,083,356.

The company continues to increase its sales, with 2.6% growth on the previous year. Despite continued pressure from increased expenses, the company were pleased to see growth in underlying profit. The company continued to replace dividend payments to shareholders with bonuses until April. Adjusting for this, underlying profit before tax grew £0.8m, +22.6%.

The company's core strategy delivers growth through increased sales and performance, plus expansion of outlets. The group operates a mix of freehold and leasehold properties, providing a strong framework for expansion.

During the period, the company opened 2 sites in Burnley and Swansea, increasing the total number of sites to 134. In addition, the company has opened its 135th site, in Birkenhead, since the period closed. The company also sold one investment property during the year. The company re-commenced its expansion strategy in the last year and has a strong pipeline of sites expected to open in the next 12 to 18 months. The company also continues to look for acquisition opportunities.

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and execution of the company's strategy are subject to a number of risks. The principal risks and uncertainties affecting the company are considered to relate to competition from both national and independent retailers, employee recruitment and retention, product availability and cost inflation.

The company prides itself ourselves on always being able to beat any price to give customers the best value possible. This can impact margins with a high level of competition in every location, but this approach is fundamental to the company's objective of increasing market share through customer retention and acquisition.

Recruiting and retaining the best staff continues to be a key focus of the company. This has been another challenging year for staff retention, but the company are pleased to have further reduced staff turnover during the past 12 months. The company continues to invest in its people through wage increases and enhanced employee benefits.

The company views open discussion with employees as vital to understanding how it can continually improve, with such communication taking place via site visits, face to face meetings and written notices. Recognition of skills continues, with assistance towards further education and qualifications being offered. Since having obtained industry standard training recognition, the company has continued to sponsor many applicants to the government-controlled MOT authorised examiner status. This qualification brings with it career growth, employee financial reward and greater skills knowledge. The company continues to pro-actively increase the number of people gaining the MOT qualification.

The company has continued to increase the number of apprentices and views this as a future growth opportunity to recruit, train and promote high quality personnel.

To mitigate the risk of product availability, the company continues to have available a large number of authorised suppliers to enable a wider range of products to be made available to the company's customers. This has resulted in multiple suppliers for similar products, to ensure that the mix of products meet the company's customer demands. Each supplier is important to the company for providing effective, timely and accurate product supply to the local centre.

The company works hard to ensure timely delivery to our sites to meet customer demand and offers customers same day options for both walk-in and online customers.

Cost inflation has continued to have an impact on profit during the year, including wages, business rates and rent. The increase in National Insurance Contributions has been widely covered in the media. Were it not for the ongoing efforts made by the company to improve margins and reduce costs, the company would have had to reduce its expansion plans or materially increase prices to customer, neither of which it wants to do.

In the previous period, the company started a refurbishment programme across the estate aimed at ensuring every depot was refurbished, or redecorated, at a minimum every 5 years. This is focusing on those depots in most need of attention, with the aim of improving customer retention. This has continued during the period and is seen as an important ongoing operation.

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2025

SECTION 172(1) STATEMENT

Section 172 of the Companies Act 2006 requires a director of a Company to act in the way he or she considers, in good faith, would most likely promote the success of the company for the benefit of its members as a whole. In this respect the Directors have had regard, amongst other matters, to the:

- Likely consequences of any decisions in the long-term;

- Interests of the Company's employees;

- Need to foster the Company's business relationships with suppliers, customers and others;

- Impact of the Company's operations on the community and environment;

- Desirability of the Company maintaining a reputation for high standards of business conduct;

and

- Need to act fairly as between members of the Company.

The Directors seek to ensure that their decision making process not only takes into account the Company's purpose, vision and values, together with its strategic priorities, but also reflects, as far as practical and possible, the interests of all stakeholders.

KEY PERFORMANCE INDICATORS

The company manages the business by reference to key performance indicators. Each trading outlet is

recognised as a profit centre and is measured accordingly. Due to the varied nature of the business, the

performance indicators will differ greatly from outlet to outlet, therefore individual monitoring is paramount and is measured daily.

Competent management reporting tools are in place to provide essential current, timely reporting in a clear

and precise manner. The principal indicators used by the group include, but are not limited to;

1. Turnover - total turnover and like-for-like turnover

2. Gross Margin - cash and percentage of sales

3. Underlying EBITDA

4. Wages and Employees - wages as a percentage of sales and number of employees

| 2024/25 |  | vs Prior Year |

Turnover |  | £94,083,356 |  | 2.6% |

Gross Margin |  | £62,869,329 |  | 6.0% |

EBITDA* |  | £7,145,414 |  | 39.5% |

Wages |  | £35,266,074 |  | 2.8%% |

Employee Numbers |  | 890 |  | 3.1% |

Underlying EBITDA |  | £8,374,618 |  | 8.7% |

* Underlying EBITDA, adjusting for the change in remuneration strategy for shareholders.

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2025

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The company's operations expose it to a variety of financial risks that include the effects of price risk, credit risk,liquidity risk and interest rate cash flow risk. The company has in place policies and procedures that seek to limit

the potentially adverse effects on the financial performance of the company of such risks. These policies are set by the directors.

The company does not currently use derivative financial instruments to manage interest rate risks, although it is open to doing so and regular reviews the options available.

Price risk

Due to the market the company operates in, the company is exposed to price risk from its suppliers and competitors.However, given the size of the company's operations and in addition to the actions identified above, the company is able to manage the potential exposure through supplier agreements and rebate mechanisms.

Credit risk

The majority of the company's sales are not made on credit. However, for those sales made on credit, appropriate credit checks on customers who apply for credit accounts are made prior to the sale. The amount of any individual customer is subject to a limit and the exposure of the company as a whole is mitigated by multiple credit control procedures and the diverse nature of the customer base.

Liquidity risk

Liquidity risk is the risk that the company will encounter difficulty in meeting obligations associated with its financial liabilities. The risk is mitigated as the company has sufficient cash resources available to it through either its own funds or access to further bank facilities.

Interest rate cash flow risk

The company has interest-bearing liabilities in the form of a Revolving Credit Facility which accrues interest at floating rates.

During the period, the company took up the option to extend its revolving credit facility by a further year, meaning it has facilities in place until the summer of 2028.

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2025

Engagement with Employees

Our employees are a key part of our operations. We share with them our strategy and actively engage with

employees on significant decisions that may impact them. This is achieved through activities such as regular site visits, management and staff meetings, and company notices.

Information of matters of concern to employees is given through information bulletins and reports which seek

to achieve a common awareness on the part of all employees of the financial and economic factors affecting

the company's performance.

Engagement with Suppliers, Customers and Others

Our customers and suppliers are central to our business. We engage and build relationships via face to face

interactions, events, promotional activity and visits to our sites. We constantly strive to improve working

relationships with both suppliers and customers to ensure our continued strength and growth. We feel it is very important to have a good relationship with all our partners, including our customers, suppliers, landlords, tenants, neighbours and authorities.

Disabled persons

The company's policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary

assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure

suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining

employees who have become disabled, to enable them to perform work identified as appropriate to their

aptitudes and abilities.

Environmental Matters

The company takes its environmental responsibilities seriously and works with its employees and external partners to ensure these responsibilities are delivered. Every site has recycling facilities and the company has third party specialists that collect and recycle/correctly dispose of its waste, including hazardous, non-hazardous and recyclable waste.

The company endeavours to reduce its impact on the environment and is working hard to reduce its energy consumption.

Social Matters

The company prides itself on its relationships with all stakeholders and other relevant parties, such as its customers, suppliers, landlords, tenants, neighbours and authorities.

The company recognises the importance of the local communities in which it operates and encourages staff to engage with their local community.

Human Rights

The company has a zero-tolerance approach to Anti-Slavery and Human Trafficking with every employee reading and understanding the company's policy on the matter as part of their induction. Further training is provided where it is felt to be required.

Our zero-tolerance approach to modern slavery in our business and supply chains is communicated to all suppliers, contractors and business partners at the outset of our business relationship with them and reinforced as appropriate thereafter.

Anti-Corruption and Anti-Bribery Matters

It is the Company's policy to conduct all of its business in an honest and ethical manner. The Company takes a zero-tolerance approach to bribery and corruption and is committed to acting professionally, fairly and with integrity in all its business dealings and relationships wherever it operates, and to implementing and enforcing effective systems to counter bribery.

The Company upholds all laws relevant to countering bribery and corruption and is bound by the laws of the UK, including the Bribery Act 2010, in respect of its conduct. The Company therefore takes its legal responsibilities very seriously.

Corporate Governance

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2025

The company is a family-owned business and, therefore, no formal corporate governance code was applied during the year. However, the company's board includes members of the family who actively participate in the board meetings and are part of the key decision-making process.

The company's board is made up of representatives from every part of the business. The board meets regularly throughout the year and reviews timely and relevant information.

There is constant communication between all board members outside of board meetings and decisions are able to be made at short notice through such open and flexible communication, where required.

ON BEHALF OF THE BOARD:

S L Hughes - Director

9 December 2025

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 JULY 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of an autocentre.

DIVIDENDS

Dividends distributed for the year ended 31 July 2025 amounted to £1,562,500 (2024: £1,250,000). The directors do not recommend the payment of a final dividend.

DIRECTORS

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

P S Glencross

J Glencross

L Glencross

J Butcher

S L Hughes

K W Lee

S A Jennings

I Keeley

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 JULY 2025

STREAMLINED ENERGY AND CARBON REPORTING

| 2025 |  |  | 2024 |

UK energy use kWh |  |  | KWh's |  |  | KWh's |

Gas |  |  | 429,933 |  |  | 380,564 |

Electricity |  |  | 4,261,734 |  |  | 4,255,812 |

Transport Fuel |  |  | 1,111,545 |  |  | 920,587 |

Expensed Mileage Fuel |  |  | 387,521 |  |  | 426,400 |

| 6,190,732 |  |  | 5,983,363 |

Associated Greenhouse gas emissions tC02e |  |  | tCO2e |  |  | tC02e |

Emissions from combustion of gas |  |  | 78.66 |  |  | 69.61 |

Emissions from purchased electricity |  |  | 754.33 |  |  | 881.17 |

Emissions from combustion of transport fuel |  |  | 273.69 |  |  | 222.47 |

Emissions from combustion of expensed mileage fuel |  |  | 94.24 |  |  | 102.89 |

| 1,200.92 |  |  | 1,276.13 |

Intensity ratio |  |

Sales revenue £1k |  |  | 94,538.01 |  |  | 92,041.53 |

Tonnes CO2 Equivalent |  |  | 1,200.92 |  |  | 1,276.13 |

Tonnes of CO2 per total £1k sales revenue |  |  | 1.27% |  |  | 1.39% |

Methodology

All operations are UK Based, none are offshore or global.

Consumption has been calculated using the following assumptions and data:

Gas |  | - Meter readings at start and end of period to generate kWh usage. |

Electricity |  | - Summation of smart meter and meter readings at start and end of reporting period to generate kWh usage |

Fuel used for transport |  | - Company car mileage data was categorised by car size and fuel type. DEFRA transport conversion factors were then applied to calculate both energy use and emissions on a per mile basis. |

CO2 equivalents continued to decrease. Overall emissions have reduced from the prior year. Electricity consumption is inline with the prior year with minimal movement. Emissions from transport fuel continues to decrease.

Energy Efficiency Action

The company continues to assess the impact of the previous rollout of new heating and lighting solutions, although the results are inconclusive which has slowed down further rollouts. Further work continues to understand the true impact of this investment and funds continue to be available to support this rollout once it is proven to work.

The company is entering into a new 24 month energy contract, which will reduce costs further in this area, taking it through to October 2027.

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 JULY 2025

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), 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 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;

- | 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 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S L Hughes - Director

9 December 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

FORMULA ONE AUTO CENTRES LIMITED

Opinion

We have audited the financial statements of Formula One Auto Centres Limited (the 'company') for the year ended 31 July 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 July 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

FORMULA ONE AUTO CENTRES LIMITED

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 ten, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

FORMULA ONE AUTO CENTRES LIMITED

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:

Based on our understanding of the Company and industry, we identified that the principal risks of

non-compliance with laws and regulations related to employment laws and we considered the extent to which

non-compliance might have a material effect on the financial statements.

We also considered those laws and regulations that have a direct impact on the preparation of the financial

statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for

fraudulent manipulation of the financial statements (including the risk of override of controls), and determined

that the principal risks were related to posting inappropriate journal entries to achieve desired financial results

and the manipulation of exceptional items and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

- enquiries with management, including consideration of known or suspected instances of fraud and

non-compliance with laws and regulations and examining supporting calculations where a provision has been

made in respect of these;

- reading key correspondence with regulatory authorities in relation to compliance with certain employment

laws;

- understanding and evaluating the design and implementation of management's controls designed to prevent

and detect irregularities;

- challenging assumptions and judgements made by management in their significant accounting estimates, in

particular in relation to valuation of investment property and the measurement and classification of exceptional items;

- identifying and testing journal entries, in particular any journal entries posted with unusual account

combinations and postings by unusual users.

There are inherent limitations in the audit procedures described above and the further removed

non-compliance with laws and regulations is from the events and transactions reflected in the financial

statements, the less likely we would become aware of it. Also, the risk of not detecting a material

misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may

involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through

collusion.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

FORMULA ONE AUTO CENTRES LIMITED

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.

Stephen James Moore (Senior Statutory Auditor)

for and on behalf of Watson Associates (Audit Services) Ltd

Statutory Auditor

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

9 December 2025

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 JULY 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 94,083,356 |  | 91,696,158 |  |

Cost of sales | (31,214,027 | ) | (32,386,350 | ) |

GROSS PROFIT | 62,869,329 |  | 59,309,808 |  |

Administrative expenses | (59,147,504 | ) | (57,724,098 | ) |

3,721,825 |  | 1,585,710 |  |

Other operating income | 675,300 |  | 656,897 |  |

OPERATING PROFIT | 5 | 4,397,125 |  | 2,242,607 |  |

Interest receivable and similar income | 1,458 |  | 4,688 |  |

4,398,583 |  | 2,247,295 |  |

Interest payable and similar expenses | 7 | (1,082,068 | ) | (1,122,994 | ) |

PROFIT BEFORE TAXATION | 3,316,515 |  | 1,124,301 |  |

Tax on profit | 8 | (966,424 | ) | (400,215 | ) |

PROFIT FOR THE FINANCIAL YEAR | 2,350,091 |  | 724,086 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 2,350,091 |  | 724,086 |  |

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

BALANCE SHEET

31 JULY 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 1,486,261 |  | 1,945,417 |  |

Tangible assets | 11 | 21,692,564 |  | 20,710,536 |  |

Investments | 12 | 1,002 |  | 1,002 |  |

Investment property | 13 | 462,044 |  | 871,945 |  |

23,641,871 |  | 23,528,900 |  |

CURRENT ASSETS

Stocks | 14 | 2,774,123 |  | 2,353,285 |  |

Debtors | 15 | 13,643,882 |  | 14,747,568 |  |

Cash at bank and in hand | 3,512,972 |  | 2,746,667 |  |

19,930,977 |  | 19,847,520 |  |

CREDITORS

Amounts falling due within one year | 16 | (25,620,541 | ) | (24,672,474 | ) |

NET CURRENT LIABILITIES | (5,689,564 | ) | (4,824,954 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 17,952,307 |  | 18,703,946 |  |

CREDITORS

Amounts falling due after more than one year | 17 | (11,685,118 | ) | (13,258,759 | ) |

PROVISIONS FOR LIABILITIES | 21 | (679,095 | ) | (644,684 | ) |

NET ASSETS | 5,588,094 |  | 4,800,503 |  |

CAPITAL AND RESERVES

Called up share capital | 22 | 10,002 |  | 10,002 |  |

Revaluation reserve | 23 | 1,088,143 |  | 1,088,143 |  |

Retained earnings | 23 | 4,489,949 |  | 3,702,358 |  |

SHAREHOLDERS' FUNDS | 5,588,094 |  | 4,800,503 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 9 December 2025 and were signed on its behalf by:

S L Hughes - Director

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2025

| Called up |

| share |  | Retained |  | Revaluation |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 August 2023 | 10,002 |  | 4,228,272 |  | 1,088,143 |  | 5,326,417 |  |

Changes in equity

Dividends | - |  | (1,250,000 | ) | - |  | (1,250,000 | ) |

Total comprehensive income | - |  | 724,086 |  | - |  | 724,086 |  |

Balance at 31 July 2024 | 10,002 |  | 3,702,358 |  | 1,088,143 |  | 4,800,503 |  |

Changes in equity

Dividends | - |  | (1,562,500 | ) | - |  | (1,562,500 | ) |

Total comprehensive income | - |  | 2,350,091 |  | - |  | 2,350,091 |  |

Balance at 31 July 2025 | 10,002 |  | 4,489,949 |  | 1,088,143 |  | 5,588,094 |  |

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 JULY 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 7,446,769 |  | 7,420,446 |  |

Interest paid | (993,631 | ) | (1,034,493 | ) |

Interest element of hire purchase payments paid | (88,437 | ) | (85,900 | ) |

Tax paid | (525,001 | ) | (693,995 | ) |

Interest received on overpaid tax | - |  | 3,049 |  |

Interest paid on underpaid tax | (20,801 | ) | (5,650 | ) |

Net cash from operating activities | 5,818,899 |  | 5,603,457 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (3,586,943 | ) | (3,503,321 | ) |

Sale of tangible fixed assets | 253,148 |  | 120,948 |  |

Sale of investment property | 472,534 |  | - |  |

Interest received | 1,458 |  | 4,688 |  |

Net cash from investing activities | (2,859,803 | ) | (3,377,685 | ) |

Cash flows from financing activities

Movement on bank loan facility | (1,500,000 | ) | 1,250,000 |  |

New Hire Purchases loans in year | 992,991 |  | 622,188 |  |

Capital repayments in year | (927,765 | ) | (831,807 | ) |

Paid from/(to) intercompany | 804,483 |  | (2,116,035 | ) |

Equity dividends paid | (1,562,500 | ) | (1,250,000 | ) |

Net cash from financing activities | (2,192,791 | ) | (2,325,654 | ) |

Increase/(decrease) in cash and cash equivalents | 766,305 |  | (99,882 | ) |

Cash and cash equivalents at beginning of year | 2 | 2,746,667 |  | 2,846,549 |  |

Cash and cash equivalents at end of year | 2 | 3,512,972 |  | 2,746,667 |  |

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 JULY 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 3,316,515 |  | 1,124,301 |  |

| Depreciation charges | 2,935,700 |  | 2,923,205 |  |

| Profit on disposal of fixed assets | (187,410 | ) | (44,586 | ) |

| Finance costs | 1,082,068 |  | 1,122,994 |  |

| Finance income | (1,458 | ) | (4,688 | ) |

7,145,415 |  | 5,121,226 |  |

| Increase in stocks | (420,838 | ) | (223,151 | ) |

| Decrease/(increase) in trade and other debtors | 299,203 |  | (818,025 | ) |

| Increase in trade and other creditors | 422,989 |  | 3,340,396 |  |

| Cash generated from operations | 7,446,769 |  | 7,420,446 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 July 2025

| 31.7.25 |  | 1.8.24

£ | £ |

| Cash and cash equivalents | 3,512,972 |  | 2,746,667 |  |

| Year ended 31 July 2024

| 31.7.24 |  | 1.8.23

£ | £ |

| Cash and cash equivalents | 2,746,667 |  | 2,846,549 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.8.24 | Cash flow | At 31.7.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 2,746,667 |  | 766,305 |  | 3,512,972 |  |

2,746,667 |  | 766,305 |  | 3,512,972 |  |

| Debt

| Finance leases | (1,534,341 | ) | (65,226 | ) | (1,599,567 | ) |

| Debts falling due after 1 year | (12,500,000 | ) | 1,500,000 |  | (11,000,000 | ) |

(14,034,341 | ) | 1,434,774 |  | (12,599,567 | ) |

| Total | (11,287,674 | ) | 2,201,079 |  | (9,086,595 | ) |

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

1. | STATUTORY INFORMATION

| Formula One Auto Centres 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 as modified by the revaluation of certain assets.

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

| Critical accounting judgements and key sources of estimation uncertainty

| No significant judgements have had to be made by management in preparing these financial statements.

| There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

| Revenue recognition

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

| The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably; and when it is probable that future economic benefits will flow to the entity.

| Interest income

| Interest income is recognised using the effective interest method.

| Rental income

| Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease unless the lease payments are structured to increase in line with expected general inflation in which case the income is recognised as revenue in accordance with the expected payments.

| 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.

| Goodwill, being the amounts paid in connection with the acquisition of a couple of businesses, is being

| amortised evenly over their individual estimated useful life of 10 years.

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its

| estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Freehold Property - Held at cost from 01/08/19 (Previously 2% on cost)

| Long Leasehold - in accordance with the property

| Plant and Machinery - straight line over 6 years

| Motor Vehicles - 25% on cost

| Revaluation of tangible fixed assets

| Individual freehold and leasehold properties were carried at fair value on transition to FRS 102 less any subsequent accumulated depreciation and subsequent accumulated losses. Revaluations were undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.

| Fair values were determined from market-based evidence normally undertaken by professionally qualified valuers.

| Revaluation gains and losses are recognised in the Statement of comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

| Investments in subsidiaries

| Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements.

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Investment properties are properties held to earn rentals and/or capital appreciation. Investment properties are initially measured at cost including transaction costs. Subsequently, investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

| Investment properties whose fair value cannot be measured reliably without undue cost or effort on an on-going basis are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, being the estimated selling price less costs to disposal, after making due allowance for obsolete and slow moving items. Last cost is used to approximate cost.

| At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to disposal. The impairment loss is recognised immediately in profit or loss, in the Statement of comprehensive income.

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

| Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

| Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an 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.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

2. | ACCOUNTING POLICIES - continued

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| 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.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by class of business is given below:

| 2025 |  | 2024

£ | £ |

| Sale of Goods and Services | 94,083,356 |  | 91,696,158 |  |

94,083,356 |  | 91,696,158 |  |

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 31,735,798 |  | 31,033,568 |  |

| Social security costs | 3,118,508 |  | 2,830,330 |  |

| Other pension costs | 411,768 |  | 429,721 |  |

35,266,074 |  | 34,293,619 |  |

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

| 2025 |  | 2024

| Directors | 8 |  | 8 |  |

| Administrative | 70 |  | 68 |  |

| Selling and distribution | 812 |  | 787 |  |

890 |  | 863 |  |

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

4. | EMPLOYEES AND DIRECTORS - continued

|  | 2025 |  |  | 2024 |

|  | £ |  |  | £ |

| Directors' remuneration |  | 3,565,394 |  |  | 4,838,983 |

| The number of directors to whom retirement benefits were accruing was as follows:

| Defined benefit schemes |  | 5 |  |  | 5 |

| Information regarding the highest paid director is as follows:

|  | 2025 |  |  | 2024 |

|  | £ |  |  | £ |

| Emoluments etc |  | 1,029,771 |  |  | 1,610,770 |

| During the prior year, the company revised its Director Shareholder remuneration strategy. As a result, a bonus of £2.269 million was awarded to the director shareholders in place of a dividend distribution. In 2025 they reverted to a bonus paid via a dividend.The bonus paid during the year was £1.080 million.

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Other operating leases | 8,018,141 |  | 7,719,507 |  |

| Depreciation - owned assets | 1,990,396 |  | 2,033,511 |  |

| Depreciation - assets on hire purchase contracts | 486,148 |  | 430,537 |  |

| Profit on disposal of fixed assets | (187,410 | ) | (44,586 | ) |

| Goodwill amortisation | 459,156 |  | 459,156 |  |

6. | AUDITORS' REMUNERATION

|  | 2025 |  |  | 2024 |  |

|  | £ |  |  | £ |  |

| Fee payable to the company's auditor in respect of |  |

| Audit of the company |  | 29,768 |  |  | 28,350 |  |

| Audit of the financial statements of the group and subsidiary undertakings |  | 7,166 |  |  | 6,825 |  |

|  | 36,934 |  |  | 35,175 |  |

| Non audit Services |  |

| Taxation Compliance and Advisory Services |  | 10,474 |  |  | 9,975 |  |

| Other Services |  | 9,923 |  |  | 9,450 |  |

|  | 20,397 |  |  | 19,425 |  |

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank loan interest | 993,631 |  | 1,034,493 |  |

| Hire purchase | 88,437 |  | 85,900 |  |

| Interest on overdue tax | - |  | 2,601 |  |

1,082,068 |  | 1,122,994 |  |

8. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 932,013 |  | 429,893 |  |

| Prior year taxation under / (over) provision | - |  | 3,049 |  |

| Total current tax | 932,013 |  | 432,942 |  |

| Deferred tax | 34,411 |  | (32,727 | ) |

| Tax on profit | 966,424 |  | 400,215 |  |

| Reconciliation of total tax charge included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| Profit before tax | 3,316,515 |  | 1,124,301 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 829,129 |  | 281,075 |  |

| Effects of:

| Expenses not deductible for tax purposes | 54,669 |  | 26,907 |  |

| Depreciation in excess of capital allowances | 79,341 |  | 142,868 |  |

| deduction |

| Profit on disposal of assets | (46,853 | ) | (11,147 | ) |

| Deferred Tax Movement | 34,411 |  | (32,727 | ) |

| Chargeable gains | 15,727 |  | - |  |

| Prior year taxation Under / (Over) Provision | - |  | 3,050 |  |

| Group Relief | - |  | (9,811 | ) |

| Total tax charge | 966,424 |  | 400,215 |  |

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

9. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares shares of £1 each

| Interim | 1,562,500 |  | 1,250,000 |  |

| During the prior year, the company revised its Director Shareholder remuneration strategy. As a result, a bonus of £2.415 million was awarded to the director shareholders in place of a dividend distribution.

10. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 August 2024

| and 31 July 2025 | 4,591,479 |  |

| AMORTISATION

| At 1 August 2024 | 2,646,062 |  |

| Amortisation for year | 459,156 |  |

| At 31 July 2025 | 3,105,218 |  |

| NET BOOK VALUE

| At 31 July 2025 | 1,486,261 |  |

| At 31 July 2024 | 1,945,417 |  |

11. | TANGIBLE FIXED ASSETS

| Freehold |  | Long |  | Plant and |  | Motor |

| property |  | leasehold |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST OR VALUATION

| At 1 August 2024 | 10,826,676 |  | 16,600,393 |  | 19,463,841 |  | 2,046,814 |  | 48,937,724 |  |

| Additions | 117,536 |  | 1,245,828 |  | 1,072,681 |  | 1,150,898 |  | 3,586,943 |  |

| Disposals | - |  | - |  | (2,838 | ) | (730,111 | ) | (732,949 | ) |

| At 31 July 2025 | 10,944,212 |  | 17,846,221 |  | 20,533,684 |  | 2,467,601 |  | 51,791,718 |  |

| DEPRECIATION

| At 1 August 2024 | 626,618 |  | 10,040,341 |  | 16,293,465 |  | 1,266,764 |  | 28,227,188 |  |

| Charge for year | - |  | 960,253 |  | 1,028,089 |  | 488,202 |  | 2,476,544 |  |

| Eliminated on disposal | - |  | - |  | - |  | (604,578 | ) | (604,578 | ) |

| At 31 July 2025 | 626,618 |  | 11,000,594 |  | 17,321,554 |  | 1,150,388 |  | 30,099,154 |  |

| NET BOOK VALUE

| At 31 July 2025 | 10,317,594 |  | 6,845,627 |  | 3,212,130 |  | 1,317,213 |  | 21,692,564 |  |

| At 31 July 2024 | 10,200,058 |  | 6,560,052 |  | 3,170,376 |  | 780,050 |  | 20,710,536 |  |

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

11. | TANGIBLE FIXED ASSETS - continued

| Cost or valuation at 31 July 2025 is represented by:

| Freehold |  | Long |  | Plant and |  | Motor |

| property |  | leasehold |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| Valuation in 2013 | 1,088,143 |  | - |  | - |  | - |  | 1,088,143 |  |

| Cost | 9,856,069 |  | 17,846,221 |  | 20,533,684 |  | 2,467,601 |  | 50,703,575 |  |

10,944,212 |  | 17,846,221 |  | 20,533,684 |  | 2,467,601 |  | 51,791,718 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Motor

| vehicles

£ |

| COST OR VALUATION

| At 1 August 2024 | 1,941,745 |  |

| Additions | 1,060,642 |  |

| Disposals | (730,111 | ) |

| Reclassification/transfer | 59,220 |  |

| At 31 July 2025 | 2,331,496 |  |

| DEPRECIATION

| At 1 August 2024 | 1,194,986 |  |

| Charge for year | 486,148 |  |

| Eliminated on disposal | (604,578 | ) |

| Reclassification/transfer | 26,103 |  |

| At 31 July 2025 | 1,102,659 |  |

| NET BOOK VALUE

| At 31 July 2025 | 1,228,837 |  |

| At 31 July 2024 | 746,759 |  |

12. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertaking

£ |

| COST

| At 1 August 2024

| and 31 July 2025 | 1,002 |  |

| NET BOOK VALUE

| At 31 July 2025 | 1,002 |  |

| At 31 July 2024 | 1,002 |  |

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

12. | FIXED ASSET INVESTMENTS - continued

| At 31 July 2025 the company held 100% of the allotted ordinary share capital of the following dormant entities:

| Formula Plus Autocentres Limited

| Formula Autocentres Limited

| Protium Holdings Limited

| PJS Automotive Limited

| Autowise Tyre and Autocentres Limited*

| *Investment held indirectly through the company's investment in PJS Automotive Limited.

| All subsidiaries were incorporated in England and Wales.

| The registered office for all of the subsidiaries is Aston House, Boulton Road, Stevenage, Hertfordshire SG1 4QX.

13. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 August 2024 | 871,945 |  |

| Disposals | (409,901 | ) |

| At 31 July 2025 | 462,044 |  |

| NET BOOK VALUE

| At 31 July 2025 | 462,044 |  |

| At 31 July 2024 | 871,945 |  |

| Freehold property relates to property held to receive rental income or capital appreciation.

| The value held within these accounts is the cost less accumulated depreciation. The valuation of this property was in line with this and therefore no revaluation has taken place as of the year end.

14. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 2,774,123 |  | 2,353,285 |  |

| Stock is measured at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items as well as sale or return stock.

| Cost is calculated on a last cost basis to approximate costs for each individual centre, this includes all costs of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition.

| Net realisable value is based on estimated selling price less costs to complete and sell.

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 382,008 |  | 555,854 |  |

| Amounts owed by group undertakings | 6,856,771 |  | 7,661,254 |  |

| Other debtors | 542,232 |  | 798,543 |  |

| Prepayments and accrued income | 5,862,871 |  | 5,731,917 |  |

13,643,882 |  | 14,747,568 |  |

16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 19) | 914,449 |  | 775,582 |  |

| Trade creditors | 14,625,466 |  | 14,046,203 |  |

| Amounts owed to group undertakings | 1,000 |  | 1,000 |  |

| Tax | 370,344 |  | (15,867 | ) |

| Social security and other taxes | 719,551 |  | 1,047,329 |  |

| VAT | 1,674,755 |  | 1,236,093 |  |

| Other creditors | 172,997 |  | 147,198 |  |

| Accruals and deferred income | 7,141,979 |  | 7,434,936 |  |

25,620,541 |  | 24,672,474 |  |

17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans (see note 18) | 11,000,000 |  | 12,500,000 |  |

| Hire purchase contracts (see note 19) | 685,118 |  | 758,759 |  |

11,685,118 |  | 13,258,759 |  |

18. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

£ | £ |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | 11,000,000 |  | 12,500,000 |  |

| The bank loans and Revolving Credit Facility are secured by legal mortgages over the group's freehold and leasehold properties and a fixed and floating charge over the assets of the group.

| During the year the company amended and restated their Revolving Credit Facility agreement extending their facilities and the term of the facility.

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

19. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 914,449 |  | 775,582 |  |

| Between one and five years | 685,118 |  | 758,759 |  |

1,599,567 |  | 1,534,341 |  |

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 6,862,150 |  | 6,801,061 |  |

| Between one and five years | 23,575,647 |  | 23,412,813 |  |

| In more than five years | 21,462,039 |  | 24,118,239 |  |

51,899,836 |  | 54,332,113 |  |

| Operating lease agreements as lessor

| The company holds investment property which are let to third parties.

| Future minimum lease rentals receivable under non-cancellable operating leases are as follows:

|  | 2024 |  |  | 2023 |

| £ |  |  | £ |  |

| Within one year |  | 492,780 |  |  | 529,158 |

| Between one and five years |  | 1,007,075 |  |  | 1,023,261 |

| In more than fiver years |  | 318,350 |  |  | 368,533 |

|  | 1,818,205 |  |  | 1,920,952 |

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

20. | SECURED DEBTS

| The following security is held by the company's bank;

| First Legal Charge dated 29 March 2019 over Freehold Property known as Aston House,

| Boulton Road, Stevenage, SG1 4QX

| First Legal Charge dated 29 March 2019 over Freehold Property known as 112A, Worcester Road, Kidderminster, Worcestershire, DY10 1JS

| First Legal Charge dated 29 March 2019 over Freehold Property known as 16 Gambrel Road,

| Northampton, Northamptonshire, NN5 5BB

| First Legal Charge dated 29 March 2019 over Freehold Property known as Abtec House, 18B

| Boulton Road, Stevenage, SG1 4QX

| First Legal Charge dated 29 March 2019 over Freehold Property known as 451A Tamworth

| Road, Long Eaton, Derbyshire, NG10 3GL

| First Legal Charge dated 29 March 2019 over Freehold Property known as 14 Grafton Street,

| Northampton, Northamptonshire, NN1 2NW

| First Legal Charge dated 29 March 2019 over Freehold Property known as Arlington Way,

| Shrewsbury, Shropshire, SY1 4YA

| First Legal Charge dated 29 March 2019 over Freehold Property known as 217/219 Liverpool

| Road, Newcastle Under Lyme, Staffordshire, ST5 9HW

| First Legal Charge dated 29 March 2019 over Freehold Property known as Rocky Hill,

| London Road, Maidstone, ME16 8PY

| First Legal Charge dated 29 March 2019 over Freehold Property known as 202 Chesterfield

| Road North, Mansfield, Nottinghamshire, NG19 7JG

| First Legal Charge dated 29 March 2019 over Freehold Property known as 102 Hillmorton

| Road, Rugby, Warwickshire, CV22 5DQ

| First Legal Charge dated 29 March 2019 over Freehold Property known as Unit 1, Challenger

| Court, Tritton Road, Lincoln, LN6 7QY

| Composite Company Unlimited Multilateral Guarantee dated 15 February 2019 given by

| Formula One Auto Centres Limited, Aston Group Holdings Limited,

| Protium Holdings Limited, Autowise Tyre and Autocentres Limited,

| PJS Automotive Limited

| Debenture including Fixed Charge over all present freehold and leasehold property; First

| Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present

| and future; and First Floating Charge over all assets and undertaking both present and future

| dated 15 February 2019

21. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 679,095 |  | 644,684 |  |

| Deferred |

| tax |

£ |

| Balance at 1 August 2024 | 644,684 |  |

| Provided during year | 34,411 |  |

| Balance at 31 July 2025 | 679,095 |  |

FORMULA ONE AUTO CENTRES LIMITED (REGISTERED NUMBER: 01437311)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

22. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 10,000 | Ordinary shares | £1 | 10,000 |  | 10,000 |  |

| 2 | Series A Preference shares | £1 | 2 |  | 2 |  |

10,002 |  | 10,002 |  |

23. | RESERVES

| Retained |  | Revaluation |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 August 2024 | 3,702,358 |  | 1,088,143 |  | 4,790,501 |  |

| Profit for the year | 2,350,091 |  | 2,350,091 |  |

| Dividends | (1,562,500 | ) | (1,562,500 | ) |

| At 31 July 2025 | 4,489,949 |  | 1,088,143 |  | 5,578,092 |  |

| Called up Share Capital

| The called-up share capital represents the nominal value of shares that have been issued.

| Revaluation Reserve

| Revaluation reserve included the revaluation surplus on freehold land and buildings.

| Profit and loss account

| The profit and loss account includes all current and prior year retained profits and losses less

| dividends paid.

24. | CAPITAL COMMITMENTS

| Amounts contracted for but not provided in the consolidated financial statements in respect of the company amounted to £nil (2024: £900,000) in relation to a new site opening in the new financial year. The previous year also related to a lease on a new site committed to opening at the start of the 2024 year.

25. | RELATED PARTY DISCLOSURES

| All of the directors have authority and responsibility for planning, directing and controlling the activities of the parent company and are considered to be key management personnel as defined in FRS 102. Total remuneration in respect of these individuals is £3,565,394 (2024: £4,838,984).

| During the year the parent company paid dividends amounting to £1,562,500 (2024: £1,250,000) in respect of shares held by the directors and the company paid dividends to the immediate parent amounting to £1,562,500 (2024: £1,250,000).

| At the year end the company was owed £299,711 (2024:£279,656) from GP Care Now Limited who have ultimate owners in common.