Company registration number 11836655 (England and Wales)
ENDURANCE VEHICLE SOLUTIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
ENDURANCE VEHICLE SOLUTIONS LIMITED
COMPANY INFORMATION
Directors
Mr J Mulligan
Ms R A Thomas
(Appointed 15 October 2024)
Company number
11836655
Registered office
Unit 6 Newhouse Farm Industrial Estate
Chepstow
Monmouthshire
NP16 6UP
Auditor
UHY Hacker Young
Bradbury House
Mission Court
Newport
Gwent
United Kingdom
NP20 2DW
ENDURANCE VEHICLE SOLUTIONS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 25
ENDURANCE VEHICLE SOLUTIONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The directors present the strategic report for the year ended 30 June 2025.

Principal activities

The principal activity of the company in the year under review was that of specialist commercial vehicle hire.

Review of the business

The company continued to trade strongly despite the ongoing impacts of macroeconomic uncertainty in the UK.

Turnover increased by 59.1% to £2 6.1 m following the continued investment in the company's fleet. This is a key measure of performance for the company. The company invested a further £1 4.5 m in vehicle assets increasing the hire fleet to £74.4m.

The operating profit of the company has increased from £6.7m to £8.8m in absolute terms. However Operating profit as a percentage of sales has reduced from 40.6% to 33.6%, mainly due to a change in policy in July 2024 recognising the full sales and cost of Fleet vehicle disposals (i.e. assets are transferred to stock before sale) as opposed to profit on disposal in the prior years (on a like for like basis the percentage would have been 44.2% in 2025). The directors monitor this as another key performance indicator.

Principal risks and uncertainties

The company has invested to secure the highest quality fleet; application of the best technology to drive efficiency and safety; excellent customer care; and a genuine commitment to contribute to net zero goals by making it easier to integrate cleaner vehicles into municipal fleets, with responsible disposal to drive a circular economy.

The company's activities expose it to a number of financial risks including price risk, credit risk, cash flow risk and liquidity risk.

Price risk

In difficult economic circumstances price is always a critical factor. The company combats this risk by providing the highest quality fleet and providing excellent customer care.

Credit Risk

The company's principal financial assets are cash, and trade receivables.

The company's credit risk is primarily attributed to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables.

The company has no significant concentration of credit risk, with exposure spread over a large number of counterparties, customers and geographies.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company uses a mixture of long term equity (including retained earnings) and short-medium term debt finance.

Cash flow risk

Company management analyses historic and anticipated trading patterns to develop robust cash flow forecasts in order to understand current and future results and manage cash flow risk.

ENDURANCE VEHICLE SOLUTIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -

On behalf of the board

Ms R A Thomas
Director
30 March 2026
ENDURANCE VEHICLE SOLUTIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 June 2025.

Results and dividends

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

Ordinary dividends were declared amounting to £382,562. The directors do not recommend payment of a further dividend.

Directors

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

Mr A J Ockenden (Deceased)
Mr J Mulligan
Ms R A Thomas (Appointed 15 October 2024)

It is with great sadness that we report that Mr Alan Ockenden passed away in October 202 5. Alan's strategic vision made a huge contribution to the company's growth. He is greatly missed.

Auditor

UHY Hacker Young were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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

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

- select suitable accounting policies and then apply them consistently;

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

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

ENDURANCE VEHICLE SOLUTIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 4 -
Going Concern

The company made a profit before tax during the year of £6.5m (202 4: £5.0m) and has generated cash from operating activities of £1 4.5 m (2024: £1 0.9 m). Repayment of lease obligations amount to £13.7m (2024: £11.3). The net increase in cash was £0.2m whilst net debt increased from £43.2m at 30 June 2024 to £4 4.6 m at 30 June 2025. This is due to the financing arrangement for the fleet.

The company has net assets of £12.5 m at 30 June 2025 (2024: £8.0m). N et current liabilities at 30 June 2025 were £10.7m compared to £9.9m at 30 June 2024; this is driven by the fleet financing arrangements. The director s ha ve prepared cashflow forecasts and have considered the company's short term and medium term funding needs. Based on the forecasts prepared the director s are confident that the company will be able to meet its debts as they fall due for at least the next twelve months from the date of approval of these financial statements and therefore the directors are satisfied that it is appropriate to prepare the financial statements on a going concern basis.

On behalf of the board
Ms R A Thomas
Director
30 March 2026
ENDURANCE VEHICLE SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENDURANCE VEHICLE SOLUTIONS LIMITED
- 5 -
Opinion

We have audited the financial statements of Endurance Vehicle Solutions Limited (the 'company') for the year ended 30 June 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 June 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

ENDURANCE VEHICLE SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENDURANCE VEHICLE SOLUTIONS LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006;

- we assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatements, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

ENDURANCE VEHICLE SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENDURANCE VEHICLE SOLUTIONS LIMITED (CONTINUED)
- 7 -

To address risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from the financial statements, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

The comparative financial statements are unaudited as the company met the criteria for audit exemption in the prior year. As part of our audit of the financial statements for the year ended 3 0 June 2025 we have obtained sufficient evidence that the opening balances do not contain misstatements that materially affect the current period's financial statements.

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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr John Griffiths (Senior Statutory Auditor)
For and on behalf of UHY Hacker Young, Statutory Auditor
Chartered Accountants
Newport
Gwent
30 March 2026
ENDURANCE VEHICLE SOLUTIONS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
2025
2024
Notes
£
£
Turnover
2
26,143,784
16,435,666
Cost of sales
(7,193,809)
(2,433,377)
Gross profit
18,949,975
14,002,289
Administrative expenses
(10,178,543)
(7,325,697)
Operating profit
3
8,771,432
6,676,592
Interest receivable and similar income
6
-
0
7,162
Interest payable and similar expenses
7
(2,320,197)
(1,662,103)
Profit before taxation
6,451,235
5,021,651
Tax on profit
8
(1,625,421)
(1,265,929)
Profit for the financial year
4,825,814
3,755,722
ENDURANCE VEHICLE SOLUTIONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 9 -
2025
2024
£
£
Profit for the year
4,825,814
3,755,722
Other comprehensive income
-
-
Total comprehensive income for the year
4,825,814
3,755,722
ENDURANCE VEHICLE SOLUTIONS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
58,717,253
52,835,260
Current assets
Stocks
12
103,830
291,483
Debtors
11
5,583,076
3,046,759
Cash at bank and in hand
343,138
176,405
6,030,044
3,514,647
Creditors: amounts falling due within one year
13
(16,706,146)
(13,186,900)
Net current liabilities
(10,676,102)
(9,672,253)
Total assets less current liabilities
48,041,151
43,163,007
Creditors: amounts falling due after more than one year
15
(31,510,102)
(32,700,631)
Provisions for liabilities
Provisions
17
220,000
220,000
Deferred tax liability
16
3,850,261
2,224,840
(4,070,261)
(2,444,840)
Net assets
12,460,788
8,017,536
Capital and reserves
Called up share capital
20
2,172,548
2,172,548
Share premium account
92,399
92,399
Profit and loss reserves
10,195,841
5,752,589
Total equity
12,460,788
8,017,536

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

The financial statements were approved by the board of directors and authorised for issue on 30 March 2026 and are signed on its behalf by:
Ms R A Thomas
Director
Company registration number 11836655 (England and Wales)
ENDURANCE VEHICLE SOLUTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2023
2,172,548
92,399
2,204,017
4,468,964
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
3,755,722
3,755,722
Dividends
9
-
-
(207,150)
(207,150)
Balance at 30 June 2024
2,172,548
92,399
5,752,589
8,017,536
Year ended 30 June 2025:
Profit and total comprehensive income
-
-
4,825,814
4,825,814
Dividends
9
-
-
(382,562)
(382,562)
Balance at 30 June 2025
2,172,548
92,399
10,195,841
12,460,788
ENDURANCE VEHICLE SOLUTIONS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
16,825,254
12,524,404
Interest paid
(2,320,197)
(1,662,103)
Net cash inflow from operating activities
14,505,057
10,862,301
Investing activities
Purchase of tangible fixed assets
(273,067)
(247,355)
Proceeds from disposal of tangible fixed assets
25,000
530,319
Interest received
-
0
7,162
Net cash (used in)/generated from investing activities
(248,067)
290,126
Financing activities
Proceeds from borrowings
40,000
777,761
Repayment of borrowings
(317,992)
(663,917)
Payment of finance leases obligations
(13,729,405)
(11,283,229)
Dividends paid
(82,860)
(82,860)
Net cash used in financing activities
(14,090,257)
(11,252,245)
Net increase/(decrease) in cash and cash equivalents
166,733
(99,818)
Cash and cash equivalents at beginning of year
176,405
276,223
Cash and cash equivalents at end of year
343,138
176,405
ENDURANCE VEHICLE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 13 -
1
Accounting policies
Company information

Endurance Vehicle Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6 Newhouse Farm Industrial Estate, Chepstow, Monmouthshire, NP16 6UP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention, t he principal accounting policies adopted are set out below.

1.2
Going concern

The company made a true profit before tax during the year of £6.5m (202 4: £5.0m) and has generated cash from operating activities of £1 4.5 m (2024: £1 0.9 m). Repayment of lease obligations amount to £13.7m (2024: £11.3). The net increase in cash was £0.2m whilst net debt increased from £43.2m at 30 June 2024 to £4 4.6 m at 30 June 2025. This is due to the financing arrangement for the fleet.

The company has net assets of £12.5 m at 30 June 2025 (2024: £8.0m). N et current liabilities at 30 June 2025 were £10.7m compared to £9.9m at 30 June 2024; this is driven by the fleet financing arrangements. The director s ha ve prepared cashflow forecasts and have considered the company's short term and medium term funding needs. Based on the forecasts prepared the director s are confident that the company will be able to meet its debts as they fall due for at least the next twelve months from the date of approval of these financial statements and therefore the directors are satisfied that it is appropriate to prepare the financial statements on a going concern basis.

1.3
Turnover

Revenue comprises the sale and hire of specialist vehicles net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch 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 the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

ENDURANCE VEHICLE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 14 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
10% on cost
Plant and Machinery
20% on cost
Motor vehicles
20% to 50% on cost
Revenue earning vehicles
12.5% to 50% on cost

Depreciation on the Hire Fleet (Revenue Earning Vehicles) is charged straight line over 2 years to 8 years to a prudent Residual Value. Residual values are very strong on Specialist commercial vehicles, and are reviewed annually.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

ENDURANCE VEHICLE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.7
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ENDURANCE VEHICLE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 16 -
Deferred tax

Deferred tax liabilities are recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Provisions

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

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

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.10
Retirement benefits

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

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

The finance leases are entirely held under hire purchase agreements.

ENDURANCE VEHICLE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 17 -
2
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Rental & sale of specialist commercial vehicles
26,143,784
16,435,666
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
26,143,784
16,435,666
2025
2024
£
£
Other revenue
Interest income
-
7,162
3
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
20,500
-
0
Depreciation of tangible fixed assets
6,875,865
5,125,214
Loss/(profit) on disposal of tangible fixed assets
9,436
(34,436)
Operating lease charges
113,797
61,626
4
Employees

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

2025
2024
Number
Number
Operational
24
19
Administrative
17
11
Total
41
30
ENDURANCE VEHICLE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
4
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,990,011
1,323,874
Social security costs
214,010
138,910
Pension costs
35,098
22,804
2,239,119
1,485,588
5
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
162,750
93,750
Company pension contributions to defined contribution schemes
2,310
1,321
165,060
95,071
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
-
0
7,162
7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
-
32,115
Other finance costs
Interest on finance leases and hire purchase contracts
2,319,037
1,629,988
Other interest
1,160
-
0
2,320,197
1,662,103
8
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
1,625,421
1,265,929
ENDURANCE VEHICLE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
8
Taxation
(Continued)
- 19 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
6,451,235
5,021,651
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
1,612,809
1,255,413
Tax effect of expenses that are not deductible in determining taxable profit
12,136
10,453
Depreciation on assets not qualifying for tax allowances
476
-
0
Charitable donations
-
0
63
Taxation charge for the year
1,625,421
1,265,929
9
Dividends
2025
2024
£
£
Final paid
382,562
207,150
10
Tangible fixed assets
Leasehold land and buildings
Plant and Machinery
Motor vehicles
Revenue earning vehicles
Total
£
£
£
£
£
Cost
At 1 July 2024
101,000
249,147
425,504
62,179,243
62,954,894
Additions
35,077
21,300
8,750
14,487,620
14,552,747
Disposals
-
0
-
0
(46,450)
(25,011)
(71,461)
Transfer to stocks
-
0
-
0
-
0
(2,213,569)
(2,213,569)
At 30 June 2025
136,077
270,447
387,804
74,428,283
75,222,611
Depreciation and impairment
At 1 July 2024
26,275
91,207
178,436
9,823,716
10,119,634
Depreciation charged in the year
11,733
36,743
45,916
6,781,473
6,875,865
Eliminated in respect of disposals
-
0
-
0
(16,014)
(21,011)
(37,025)
Transfer to stocks
-
0
-
0
-
0
(453,116)
(453,116)
At 30 June 2025
38,008
127,950
208,338
16,131,062
16,505,358
ENDURANCE VEHICLE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
10
Tangible fixed assets
Leasehold land and buildings
Plant and Machinery
Motor vehicles
Revenue earning vehicles
Total
£
£
£
£
£
(Continued)
- 20 -
Carrying amount
At 30 June 2025
98,069
142,497
179,466
58,297,221
58,717,253
At 30 June 2024
74,725
157,940
247,068
52,355,527
52,835,260

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Motor vehicles
31,178
37,061
Revenue earning vehicles
53,596,504
46,019,388
53,627,682
46,056,449
11
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
5,304,090
2,629,649
Other debtors
40,946
214,101
Prepayments and accrued income
238,040
203,009
5,583,076
3,046,759
12
Stocks
2025
2024
£
£
Goods for resale
103,830
291,483
ENDURANCE VEHICLE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 21 -
13
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Hire purchase agreements (Hire fleet vehicles)
14
13,181,907
11,486,850
Other loans
240,000
240,000
Trade creditors
1,889,294
467,552
Taxation and social security
158,714
42,279
Deferred income
18
974,679
735,979
Dividends payable
67,457
-
0
Other creditors
82,860
89,839
Accruals
111,235
124,401
16,706,146
13,186,900

Included in h ire p urchase a greements (h ire f leet v ehicles) above, are amounts totalling £13,181,907 (2024 - £11,486,850) which are secured by a fixed charge over the assets to which they relate.

14
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
13,181,907
11,486,850
After more than one year
23,738,997
24,883,779
36,920,904
36,370,629
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
13,181,907
11,486,850
In two to five years
23,738,997
24,883,779
36,920,904
36,370,629

Finance lease payments represent rentals payable by the company for specialist commercial vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

15
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Hire purchase agreements (Hire fleet vehicles)
14
23,738,997
24,883,779
Other loans
7,771,105
7,816,852
31,510,102
32,700,631
ENDURANCE VEHICLE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
15
Creditors: amounts falling due after more than one year
(Continued)
- 22 -

Included in h ire p urchase a greements (h ire f leet v ehicles) above, are amounts totalling £23,738,997 (2024 - £24,883,779) which are secured by a fixed charge over the assets to which they relate.

Other loans includes a directors loan due to A Ockenden. This loan has no anticipated timeline for repayment. This loan has no interest payable and is not secured.

16
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated Capital Allowances
4,172,104
3,341,329
Tax losses
(316,341)
(1,115,899)
Other
(5,502)
(590)
3,850,261
2,224,840
2025
Movements in the year:
£
Liability at 1 July 2024
2,224,840
Charge to profit or loss
1,625,421
Liability at 30 June 2025
3,850,261

The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances that are expected to mature within the same period.

17
Provisions for liabilities
2025
2024
£
£
Hire Repair and Maintenance Provision
220,000
220,000
18
Deferred income
2025
2024
£
£
Other deferred income
974,679
735,979
ENDURANCE VEHICLE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 23 -
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
35,098
22,804

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

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
Ordinary B of £1 each
12
12
12
12
112
112
112
112
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
2,172,436
2,172,436
2,172,436
2,172,436
Preference shares classified as equity
2,172,436
2,172,436
Total equity share capital
2,172,548
2,172,548

Preference shares pay no dividends and carry no voting rights.

21
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
714,000
-

This represents irrevocable orders for vehicles.

ENDURANCE VEHICLE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 24 -
22
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows:

2025
2024
£
£
Aggregate compensation
278,130
180,530
Other information

During the year the company made rent payments of £51,298 (2024: £54,468). The landlord of the property is the Trustees of the Ockenden Trust. Mr Alan John Ockenden is a trustee of the Ockenden Trust and is also a director of Endurance Vehicles Solutions Limited.

"Other Creditors" includes a shareholders loan due to Neil and Deborah Jeremiah. "Less than one year", £240,000 (2024: £240,000), "due after one year", £459,770 (2024: £777,762).

23
Directors' transactions

Dividends totalling £292,245 (2024 - £124,290) were declared in the year in respect of shares held by the company's directors.

The directors operate a loan account with the company, which is debited with payments made by the directors on behalf of the company and credited with funds introduced and undrawn directors' fees. At the year end, the non current amount outstanding to the directors was £7,311,335 (2024 - £7,039,090); this amount being included in creditors: amounts falling due over one year.

24
Ultimate controlling party

The company was controlled by Mr Alan J Ockenden at 30 June 2025.

25
Operating lease commitments

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

2025
2024
£
£
Within 1 year
86,333
75,000
More than one year
132,722
166,667
219,055
241,667
ENDURANCE VEHICLE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 25 -
26
Analysis of changes in net debt
1 July 2024
Cash flows
New leases
30 June 2025
£
£
£
£
Cash at bank and in hand
176,405
166,733
-
343,138
Borrowings excluding overdrafts
(8,056,852)
45,747
-
(8,011,105)
Lease liabilities
(36,370,629)
13,729,405
(14,279,680)
(36,920,904)
(44,251,076)
13,941,885
(14,279,680)
(44,588,871)
27
Cash generated from operations
2025
2024
£
£
Profit after taxation
4,825,814
3,755,722
Adjustments for:
Taxation charged
1,625,421
1,265,929
Finance costs
2,320,197
1,662,103
Investment income
-
0
(7,162)
Loss/(gain) on disposal of tangible fixed assets
9,436
(34,436)
Depreciation and impairment of tangible fixed assets
6,875,865
5,125,214
Increase in provisions
-
0
220,000
Movements in working capital:
Decrease/(increase) in stocks
1,948,106
(176,803)
(Increase)/decrease in debtors
(2,536,317)
106,503
Increase in creditors
1,518,032
222,339
Increase in deferred income
238,700
384,995
Cash generated from operations
16,825,254
12,524,404
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