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REGISTERED NUMBER: 02698969 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 JULY 2025 |

| FOR |

| FELTHAM COACHWORKS LIMITED |

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 3 |

Report of the Independent Auditors | 4 |

Income Statement | 8 |

Other Comprehensive Income | 9 |

Balance Sheet | 10 |

Statement of Changes in Equity | 11 |

Cash Flow Statement | 12 |

Notes to the Cash Flow Statement | 13 |

Notes to the Financial Statements | 14 |

FELTHAM COACHWORKS LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 JULY 2025

| DIRECTORS: | A J Dowsett

| I J Tims

| SECRETARY: | I J Tims

| REGISTERED OFFICE: | Rugby Road

| Twickenham

| Middlesex

| TW1 1AU

| REGISTERED NUMBER: | 02698969 (England and Wales)

| AUDITORS: | RJP LLP

| Chartered Certified Accountants &

| Statutory Auditors

| Ground Floor

| Egerton House

| 68 Baker Street

| Weybridge

| Surrey

| KT13 8AL

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2025

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

REVIEW OF BUSINESS

The key financial performance indicators of the business are as follows:

| 2025 |  | 2024 |  |

| £'000 |  | £'000 |  |

Turnover |  | 12,704 |  | 13,026 |  |

Gross profit |  | 4,773 |  | 5,005 |  |

Gross margin |  | 37.25% |  | 38.42% |  |

Profit before Tax |  | 1,750 |  | 1,786 |  |

The company continued to progress during the year even though both turnover and margins dipped slightly. The company is confident that continued progress will continue through the next year and beyond.

Future Developments

During the year the company have invested heavily in a new site Vitesse House and have continued to do so. They envisage that the site will be operational Spring 2026.

The company continues to progress, delivering a strong operating performance and continue to invest in both the services offered and in their staff.

Looking ahead, the Board of Directors believe that the coming year could be on par or exceed the current years turnover and profit.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board of Directors is responsible for assessing and monitoring business risk. These risks are being mitigated by regular review of the Company's performance, potential risks, areas of uncertainty and discussions with Management.

Other potential risks include:

Staff

Although the year on the whole has been good, we continue to face challenges in regards to finding and maintaining quality staff. We are finding that existing staff are becoming harder to keep in terms of remuneration and competition from our competitors. Our standing and reputation within the industry goes some way to alleviate this.

Health & Safety

Health & Safety is another area that we have had to devote a considerable amount of time to in respect of the increased regulations and audit that we are now subject to. To counter this we now have a dedicated permanent member of staff whose duties are solely to look after this area of our business.

ON BEHALF OF THE BOARD:

I J Tims - Director

30 March 2026

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

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 motor accident repair services.

DIVIDENDS

DIRECTORS

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

A J Dowsett

I J Tims

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

- | select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

I J Tims - Director

30 March 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

FELTHAM COACHWORKS LIMITED

Opinion

We have audited the financial statements of Feltham Coachworks Limited (the 'company') for the year ended 31 July 2025 which comprise the Income Statement, Other 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

FELTHAM COACHWORKS 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 three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

FELTHAM COACHWORKS 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.

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.

Based on our understanding and accumulated knowledge of the company and the sector in which it operates we considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud and whether such actions or non-compliance might have a material effect on the financial statements. These included but were not limited to those that relate to the form and content of the financial statements, such as the company accounting policies, UK accounting standards and UK Companies Act 2006. All team members were briefed to ensure they were aware of any relevant regulations in relation to their work.

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, management bias in accounting estimates and improper revenue recognition associated with period-end cut-off. Our audit procedures included, but were not limited to:

- |  | Agreement of the financial statements to underlying supporting documentation; |

- |  | Challenging assumptions and judgements made by management in their significant accounting estimates; |

- |  | Revenue period-end cut-off procedures; |

- |  | Identifying and testing journal entries; |

- |  | Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; and |

- |  | Obtaining an understanding of the control environment in monitoring compliance with laws and regulations. |

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion.

There are inherent limitations in the audit procedures performed 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 are to become aware of it.

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

FELTHAM COACHWORKS 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.

Simon Paterson (Senior Statutory Auditor)

for and on behalf of RJP LLP

Chartered Certified Accountants &

Statutory Auditors

Ground Floor

Egerton House

68 Baker Street

Weybridge

Surrey

KT13 8AL

30 March 2026

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

INCOME STATEMENT

FOR THE YEAR ENDED 31 JULY 2025

| 31.7.25 |  | 31.7.24

| Notes | £ | £ |

TURNOVER | 12,704,002 |  | 13,026,255 |  |

Cost of sales | 7,930,880 |  | 8,021,181 |  |

GROSS PROFIT | 4,773,122 |  | 5,005,074 |  |

Administrative expenses | 3,111,654 |  | 3,225,910 |  |

OPERATING PROFIT | 4 | 1,661,468 |  | 1,779,164 |  |

Interest receivable and similar income | 88,710 |  | 50,999 |  |

1,750,178 |  | 1,830,163 |  |

Interest payable and similar expenses | 5 | - |  | 44,176 |  |

PROFIT BEFORE TAXATION | 1,750,178 |  | 1,785,987 |  |

Tax on profit | 6 | 513,856 |  | 467,494 |  |

PROFIT FOR THE FINANCIAL YEAR | 1,236,322 |  | 1,318,493 |  |

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 JULY 2025

| 31.7.25 |  | 31.7.24

| Notes | £ | £ |

PROFIT FOR THE YEAR | 1,236,322 |  | 1,318,493 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,236,322 |  | 1,318,493 |  |

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

BALANCE SHEET

31 JULY 2025

| 31.7.25 | 31.7.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 7 | 8,125,861 |  | 3,488,447 |  |

CURRENT ASSETS

Stocks | 8 | 369,859 |  | 256,441 |  |

Debtors | 9 | 2,378,563 |  | 2,572,755 |  |

Cash at bank and in hand | 411,990 |  | 2,824,264 |  |

3,160,412 |  | 5,653,460 |  |

CREDITORS

Amounts falling due within one year | 10 | 2,724,927 |  | 1,821,422 |  |

NET CURRENT ASSETS | 435,485 |  | 3,832,038 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 8,561,346 |  | 7,320,485 |  |

PROVISIONS FOR LIABILITIES | 12 | 21,120 |  | 16,581 |  |

NET ASSETS | 8,540,226 |  | 7,303,904 |  |

CAPITAL AND RESERVES

Called up share capital | 13 | 100 |  | 100 |  |

Share premium | 14 | 669,891 |  | 669,891 |  |

Retained earnings | 14 | 7,870,235 |  | 6,633,913 |  |

SHAREHOLDERS' FUNDS | 8,540,226 |  | 7,303,904 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 30 March 2026 and were signed on its behalf by:

I J Tims - Director

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2025

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 August 2023 | 100 |  | 5,315,420 |  | 669,891 |  | 5,985,411 |  |

Changes in equity

Total comprehensive income | - |  | 1,318,493 |  | - |  | 1,318,493 |  |

Balance at 31 July 2024 | 100 |  | 6,633,913 |  | 669,891 |  | 7,303,904 |  |

Changes in equity

Total comprehensive income | - |  | 1,236,322 |  | - |  | 1,236,322 |  |

Balance at 31 July 2025 | 100 |  | 7,870,235 |  | 669,891 |  | 8,540,226 |  |

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 JULY 2025

| 31.7.25 |  | 31.7.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,800,319 |  | 1,784,555 |  |

Interest paid | - |  | (43,444 | ) |

Interest element of hire purchase or finance lease rental payments paid | - |  | (732 | ) |

Tax paid | (468,751 | ) | (547,702 | ) |

Net cash from operating activities | 1,331,568 |  | 1,192,677 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (5,133,389 | ) | (95,133 | ) |

Sale of tangible fixed assets | 41,000 |  | 142,613 |  |

Interest received | 88,710 |  | 50,999 |  |

Net cash from investing activities | (5,003,679 | ) | 98,479 |  |

Cash flows from financing activities

Loan repayments in year | - |  | (1,416,120 | ) |

Capital repayments in year | - |  | (6,508 | ) |

Amount introduced by directors | 1,259,837 |  | - |  |

Amount withdrawn by directors | - |  | (490,659 | ) |

Net cash from financing activities | 1,259,837 |  | (1,913,287 | ) |

Decrease in cash and cash equivalents | (2,412,274 | ) | (622,131 | ) |

Cash and cash equivalents at beginning of year | 2 | 2,824,264 |  | 3,446,395 |  |

Cash and cash equivalents at end of year | 2 | 411,990 |  | 2,824,264 |  |

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 JULY 2025

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

| 31.7.25 |  | 31.7.24

£ | £ |

| Profit before taxation | 1,750,178 |  | 1,785,987 |  |

| Depreciation charges | 481,380 |  | 169,768 |  |

| Profit on disposal of fixed assets | (26,405 | ) | (10,190 | ) |

| Finance costs | - |  | 44,176 |  |

| Finance income | (88,710 | ) | (50,999 | ) |

2,116,443 |  | 1,938,742 |  |

| (Increase)/decrease in stocks | (113,418 | ) | 16,322 |  |

| Increase in trade and other debtors | (296,467 | ) | (288,675 | ) |

| Increase in trade and other creditors | 93,761 |  | 118,166 |  |

| Cash generated from operations | 1,800,319 |  | 1,784,555 |  |

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 | 411,990 |  | 2,824,264 |  |

| Year ended 31 July 2024

| 31.7.24 |  | 1.8.23

£ | £ |

| Cash and cash equivalents | 2,824,264 |  | 3,446,395 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.8.24 | Cash flow | At 31.7.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 2,824,264 |  | (2,412,274 | ) | 411,990 |  |

2,824,264 |  | (2,412,274 | ) | 411,990 |  |

| Total | 2,824,264 |  | (2,412,274 | ) | 411,990 |  |

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

1. | STATUTORY INFORMATION

| Feltham Coachworks 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

| The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Report Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.

| The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

| Critical accounting judgements and key sources of estimation uncertainty

| The preparation of these financial statements requires estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities. Estimates and judgements are continually evaluated and are based on historical experience and expectations of future events believed to be reasonable.

| The directors consider that the following estimates and judgements are likely to have the most significant effect on the amounts recognised in the financial statements:

| Estimation of useful life

| The charge in respect of periodic amortisation and depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives of all assets are determined at the time the assets are acquired and reviewed at least annually for appropriateness. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology.

| Turnover

| Turnover represents the fair value of the considerations received or receivable for motor vehicle repairs and maintenance services provided, in the normal course of business, excluding Value Added Tax.

| The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

| Revenue is recognised in the period in which services are provided when all of the following conditions are met:

| - the amount of revenue can be measured reliably;

| - it is probable that the economic benefits will flow to the seller;

| - it is probable that the company will receive the consideration due under the transaction; and

| - the costs incurred or to be incurred in respect of the transaction can be measured reliably.

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

| Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following methods:

| Freehold Property |  | - | 5% straight line |

| Plant and machinery |  | - | 15% on reducing balance |

| Fixtures and fittings |  | - | 15% on reducing balance |

| Motor Vehicles |  | - | 25% on reducing balance |

| The land element of freehold property is not depreciated as the carrying value of the property is not materially different from the market value of the property. This is a departure from the Companies Act 2006 which requires buildings to be depreciated over their useful economic lives. The directors consider that depreciation is not appropriate and the accounting policy adopted is necessary for the accounts to show a true and fair view.

| Stocks and work in progress

| Stocks are stated at the lower of costs and estimated selling prices less costs to complete and sell. Cost comprises direct material and, where applicable, those overheads that have been incurred in bringing the stocks to their present location and conditions.

| 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.

| Work in progress and labour relates to costs allocated to jobs which at the reporting date are incomplete. Costs comprises direct materials and labour used for the necessary job.

| At each reporting date, an assessment is made for any unrecoverable work in progress. Where necessary an impairment loss is recognised where work in progress is not recoverable.

| Taxation

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

| Current or deferred taxation assets and liabilities are not discounted.

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

| Deferred tax 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.

| Leasing commitments

| Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Debtors

| Debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

| Cash

| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

| Creditors

| Creditors are measured at the transaction price. Other financial liabilities including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

| 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 (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

| Financial assets that are measured at cost and amortised costs 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 the profit and loss account.

| For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

| Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is a intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Financial assets measured at fair value, are valued at an open quoted market price in an active market.

| Risks in relation to financial assets which are measured at fair value though the profit and loss account are managed by the company's directors and an external third party investment company.

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

3. | EMPLOYEES AND DIRECTORS

| 31.7.25 |  | 31.7.24

£ | £ |

| Wages and salaries | 2,297,200 |  | 2,730,842 |  |

| Social security costs | 259,888 |  | 231,554 |  |

| Other pension costs | 51,950 |  | 50,745 |  |

2,609,038 |  | 3,013,141 |  |

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

| 31.7.25 |  | 31.7.24

| Directors | 2 |  | 2 |  |

| Productives | 34 |  | 36 |  |

| Admin and non-productives | 21 |  | 21 |  |

57 |  | 59 |  |

| 31.7.25 |  | 31.7.24

£ | £ |

| Directors' remuneration | 108,145 |  | 98,256 |  |

4. | OPERATING PROFIT

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

| 31.7.25 |  | 31.7.24

£ | £ |

| Hire of plant and machinery | 9,114 |  | 9,010 |  |

| Depreciation - owned assets | 481,380 |  | 166,991 |  |

| Depreciation - assets on hire purchase contracts or finance leases | - |  | 2,777 |  |

| Profit on disposal of fixed assets | (26,405 | ) | (10,190 | ) |

| Auditors' remuneration | 5,550 |  | 5,550 |  |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.7.25 |  | 31.7.24

£ | £ |

| Bank loan interest | - |  | 43,444 |  |

| Hire purchase | - |  | 732 |  |

- |  | 44,176 |  |

6. | TAXATION

| Analysis of the tax charge

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

| 31.7.25 |  | 31.7.24

£ | £ |

| Current tax:

| UK corporation tax | 509,317 |  | 483,132 |  |

| Deferred tax | 4,539 |  | (15,638 | ) |

| Tax on profit | 513,856 |  | 467,494 |  |

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

6. | TAXATION - continued

| 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:

| 31.7.25 |  | 31.7.24

£ | £ |

| Profit before tax | 1,750,178 |  | 1,785,987 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 437,545 |  | 446,497 |  |

| Effects of:

| Expenses not deductible for tax purposes | 77,290 |  | 20,997 |  |

| Capital allowances and other timing differences | (979 | ) | - |  |

| year |

| Total tax charge | 513,856 |  | 467,494 |  |

7. | TANGIBLE FIXED ASSETS

| Fixtures |

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

| property |  | machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 August 2024 | 3,070,938 |  | 1,677,142 |  | 135,533 |  | 322,899 |  | 5,206,512 |  |

| Additions | 4,715,000 |  | - |  | - |  | 418,389 |  | 5,133,389 |  |

| Disposals | - |  | - |  | - |  | (82,000 | ) | (82,000 | ) |

| At 31 July 2025 | 7,785,938 |  | 1,677,142 |  | 135,533 |  | 659,288 |  | 10,257,901 |  |

| DEPRECIATION

| At 1 August 2024 | 213,882 |  | 1,225,500 |  | 103,042 |  | 175,641 |  | 1,718,065 |  |

| Charge for year | 270,997 |  | 67,746 |  | 4,874 |  | 137,763 |  | 481,380 |  |

| Eliminated on disposal | - |  | - |  | - |  | (67,405 | ) | (67,405 | ) |

| At 31 July 2025 | 484,879 |  | 1,293,246 |  | 107,916 |  | 245,999 |  | 2,132,040 |  |

| NET BOOK VALUE

| At 31 July 2025 | 7,301,059 |  | 383,896 |  | 27,617 |  | 413,289 |  | 8,125,861 |  |

| At 31 July 2024 | 2,857,056 |  | 451,642 |  | 32,491 |  | 147,258 |  | 3,488,447 |  |

8. | STOCKS

| 31.7.25 |  | 31.7.24

£ | £ |

| Stocks | 98,582 |  | 88,905 |  |

| Work-in-progress | 271,277 |  | 167,536 |  |

369,859 |  | 256,441 |  |

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

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

| 31.7.25 |  | 31.7.24

£ | £ |

| Trade debtors | 1,900,801 |  | 1,843,734 |  |

| Other debtors | 178,999 |  | 8,486 |  |

| Directors' current accounts | - |  | 490,659 |  |

| Prepayments | 298,763 |  | 229,876 |  |

2,378,563 |  | 2,572,755 |  |

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

| 31.7.25 |  | 31.7.24

£ | £ |

| Trade creditors | 892,715 |  | 769,572 |  |

| Tax | 336,198 |  | 295,632 |  |

| Social security and other taxes | 66,138 |  | 59,318 |  |

| VAT | 260,283 |  | 358,994 |  |

| Other creditors | 110,150 |  | 98,736 |  |

| Directors' current accounts | 769,178 |  | - |  |

| Accrued expenses | 290,265 |  | 239,170 |  |

2,724,927 |  | 1,821,422 |  |

11. | LEASING AGREEMENTS

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

| 31.7.25 |  | 31.7.24

£ | £ |

| Within one year | 382,753 |  | 368,392 |  |

| Between one and five years | 1,112,288 |  | 1,127,696 |  |

| In more than five years | 455,000 |  | 715,000 |  |

1,950,041 |  | 2,211,088 |  |

12. | PROVISIONS FOR LIABILITIES

| 31.7.25 |  | 31.7.24

£ | £ |

| Deferred tax | 21,120 |  | 16,581 |  |

| Deferred |

| tax |

£ |

| Balance at 1 August 2024 | 16,581 |  |

| Movement in deferred tax | 4,539 |  |

| Balance at 31 July 2025 | 21,120 |  |

13. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.7.25 |  | 31.7.24

| value: | £ | £ |

| 50 | Ordinary Shares | £1.00 | 50 |  | 50 |  |

| 50 | Ordinary-A Shares | £1.00 | 50 |  | 50 |  |

100 |  | 100 |  |

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

13. | CALLED UP SHARE CAPITAL - continued

| All shares rank pari passu in all respects.

14. | RESERVES

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 August 2024 | 6,633,913 |  | 669,891 |  | 7,303,804 |  |

| Profit for the year | 1,236,322 |  | 1,236,322 |  |

| At 31 July 2025 | 7,870,235 |  | 669,891 |  | 8,540,126 |  |

15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 31 July 2025 and 31 July 2024:

| 31.7.25 |  | 31.7.24

£ | £ |

| Director

| Balance outstanding at start of year | 490,659 |  | - |  |

| Amounts advanced | 1,414,217 |  | 490,659 |  |

| Amounts repaid | (2,674,053 | ) | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | (769,177 | ) | 490,659 |  |

| During the year the company paid rent of £117,000 to a director (2024 - £117,000).

| Interest was charged on the loan account at the rate of 2.25% until 6th April 2025, and 3.75% from 6th April 2025 to the year end

16. | RELATED PARTY DISCLOSURES

| During the year the company purchased a property from the director for £4,500,000. The transaction was conducted at market value.

| Other related parties

| 31.7.25 |  | 31.7.24

£ | £ |

| Purchases | 357,352 |  | 331,527 |  |

17. | ULTIMATE CONTROLLING PARTY

| A J Dowsett is the ultimate controlling party.