Company No: 02794899 (England and Wales)

Contents

• INDEPENDENT ACCOUNTANTS' ASSURANCE REVIEW REPORT TO THE DIRECTORS OF NATIONWIDE CAPITAL FINANCE LTD
• Balance Sheet
• Notes to the Financial Statements

We have reviewed the financial statements of Nationwide Capital Finance Ltd for the year ended 31 October 2025, which comprise the Profit and Loss Account, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102, "The Financial Reporting Standard applicable in the UK".

This report is made solely to the company’s directors, as a body, in accordance with the terms of our engagement letter. Our review has been undertaken so that we may state to the company’s directors those matters we have agreed with them in our engagement letter 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 directors as a body for our work, for this report, or for the conclusions we have formed.

DIRECTORS' RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

ACCOUNTANTS' RESPONSIBILITY

Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to review historical financial statements and ICAEW Technical Release TECH 09/13AAF Assurance review engagements on historical financial statements. ISRE 2400 also requires us to comply with ICAEW Code of Ethics.

SCOPE OF THE ASSURANCE REVIEW

A review of financial statements in accordance with the ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK). Accordingly, we do not express an audit opinion on these financial statements.

CONCLUSION

Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:

• so as to give a true and fair view of the state of the company’s affairs as at 31 October 2025, and of its profit for the year ended;
• in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and
• in accordance with the requirements of the Companies Act 2006.



AAB

Carlyle House
78 Chorley New Road
Bolton

30 March 2026

	Note	31.10.2025		31.10.2024
		£		£
Fixed assets
Tangible assets	4	11,777,216		11,626,753
		11,777,216		11,626,753
Current assets
Debtors	5	755,656		611,078
Cash at bank and in hand		38,122		50,072
		793,778		661,150
Creditors: amounts falling due within one year	6	( 4,570,756)		( 4,360,158)
Net current liabilities		(3,776,978)		(3,699,008)
Total assets less current liabilities		8,000,238		7,927,745
Creditors: amounts falling due after more than one year	7	( 4,727,487)		( 5,056,022)
Provision for liabilities	8, 9	( 375,016)		( 328,795)
Net assets		2,897,735		2,542,928
Capital and reserves
Called-up share capital		100		100
Profit and loss account		2,897,635		2,542,828
Total shareholders' funds		2,897,735		2,542,928

For the financial year ending 31 October 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Nationwide Capital Finance Ltd (registered number: 02794899) were approved and authorised for issue by the Board of Directors on 30 March 2026. They were signed on its behalf by:

Mr J P Gilbert Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Nationwide Capital Finance Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Nationwide House, Moss Bank Way, Bolton, BL1 8NP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover represents monies due under lease agreements, apportioned for the year under review. Revenue is recognised on a straight line basis over the life of a lease.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

The deferred tax has not been discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	5 years straight line
Vehicles	5 years straight line
Fixtures and fittings	5 years straight line

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

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

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

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

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating
unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

	Year ended 31.10.2025		Period from 01.05.2023 to 31.10.2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

4. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 November 2024	18,138,444		185,735		6,750		18,330,929
Additions	4,632,622		54,834		0		4,687,456
Disposals	( 3,177,202)		0		0		( 3,177,202)
At 31 October 2025	19,593,864		240,569		6,750		19,841,183
Accumulated depreciation
At 01 November 2024	6,652,893		49,933		1,350		6,704,176
Charge for the financial year	3,631,832		74,991		1,350		3,708,173
Disposals	( 2,348,382)		0		0		( 2,348,382)
At 31 October 2025	7,936,343		124,924		2,700		8,063,967
Net book value
At 31 October 2025	11,657,521		115,645		4,050		11,777,216
At 31 October 2024	11,485,551		135,802		5,400		11,626,753
Leased assets included above:
Net book value
At 31 October 2025	11,657,521		115,645		0		11,773,166
At 31 October 2024	11,485,551		135,802		0		11,621,353

5. Debtors

	31.10.2025		31.10.2024
	£		£
Trade debtors	642,753		602,326
Amounts owed by connected companies	5,121		0
Other debtors	107,782		8,752
	755,656		611,078

6. Creditors: amounts falling due within one year

	31.10.2025		31.10.2024
	£		£
Bank loans	3,592,294		3,154,508
Trade creditors	85,317		7,308
Amounts owed to connected companies	320,748		686,186
Taxation and social security	50,463		5,053
Other creditors	521,934		507,103
	4,570,756		4,360,158

7. Creditors: amounts falling due after more than one year

	31.10.2025		31.10.2024
	£		£
Bank loans	4,635,820		5,056,022
Other creditors	91,667		0
	4,727,487		5,056,022

There are no amounts included above in respect of which any security has been given by the small entity.

8. Provision for liabilities

	31.10.2025		31.10.2024
	£		£
Deferred tax	375,016		328,795

9. Deferred tax

	31.10.2025		31.10.2024
	£		£
At the beginning of financial year/period	( 328,795)		( 150,976)
Charged to the Profit and Loss Account	( 46,221)		( 177,819)
At the end of financial year/period	( 375,016)		( 328,795)