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REGISTERED NUMBER: 13151192 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025

FOR

WORKHORSE HOLDINGS LIMITED

WORKHORSE HOLDINGS LIMITED (REGISTERED NUMBER: 13151192)

CONTENTS OF THE FINANCIAL STATEMENTS

for the year ended 30 November 2025

Page |

Company Information | 1 |

Statement of Financial Position | 2 |

Notes to the Financial Statements | 3 |

WORKHORSE HOLDINGS LIMITED

COMPANY INFORMATION

for the year ended 30 November 2025

| DIRECTORS: | Mrs L A Bainbridge

| A G Bainbridge

| REGISTERED OFFICE: | Unit 4 Farfield

| Main Road

| Wykeham

| Scarborough

| North Yorkshire

| YO13 9QB

| REGISTERED NUMBER: | 13151192 (England and Wales)

WORKHORSE HOLDINGS LIMITED (REGISTERED NUMBER: 13151192)

STATEMENT OF FINANCIAL POSITION

30 November 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Investments | 4 | 1,100 |  | 1,100 |  |

Investment property | 5 | 191,937 |  | 191,937 |  |

193,037 |  | 193,037 |  |

CURRENT ASSETS

Debtors | 6 | 415,631 |  | 408,711 |  |

Cash at bank | 17,419 |  | 18,397 |  |

433,050 |  | 427,108 |  |

CREDITORS

Amounts falling due within one year | 7 | 2,973 |  | 3,113 |  |

NET CURRENT ASSETS | 430,077 |  | 423,995 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 623,114 |  | 617,032 |  |

CAPITAL AND RESERVES

Called up share capital | 1,100 |  | 1,100 |  |

Retained earnings | 622,014 |  | 615,932 |  |

623,114 |  | 617,032 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

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

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

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2026 and were signed on its behalf by:

A G Bainbridge - Director

Mrs L A Bainbridge - Director

WORKHORSE HOLDINGS LIMITED (REGISTERED NUMBER: 13151192)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 30 November 2025

1. | STATUTORY INFORMATION

| Workhorse Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Going concern

| The company has a net asset position and a healthy bank position and the directors are satisfied that there are sufficient resources in place to continue operating for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

| Preparation of consolidated financial statements

| The financial statements contain information about Workhorse Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

| Significant judgements and estimates

| In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

| Critical judgements in applying the company's policies

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

| Critical accounting estimates and assumptions

| The directors do not consider that any other estimates and assumptions used in the preparation of these financial statements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

| Investments in subsidiaries

| Investments in subsidiary undertakings are initially measured at cost. After initial recognition investments in subsidiary undertakings are measured at cost less any accumulated impairment losses.

| Investment property

| Investment properties are initially measured at cost, including transaction costs. After initial recognition investment properties whose fair value can be measured reliably are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

| Financial instruments

| The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade, other accounts receivable and payable and loans to related parties.

| 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.

| Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised costs using the effective interest method.

WORKHORSE HOLDINGS LIMITED (REGISTERED NUMBER: 13151192)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 30 November 2025

2. | ACCOUNTING POLICIES - continued

| 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 statement of financial position date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 2 (2024 - 2 ) .

4. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 December 2024

| and 30 November 2025 | 1,100 |  |

| NET BOOK VALUE

| At 30 November 2025 | 1,100 |  |

| At 30 November 2024 | 1,100 |  |

5. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 December 2024

| and 30 November 2025 | 191,937 |  |

| NET BOOK VALUE

| At 30 November 2025 | 191,937 |  |

| At 30 November 2024 | 191,937 |  |

| The fair value of the property at each year end has been arrived at on the basis of valuations carried out by the directors of the company who are not professionally qualified valuers.

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

2025 | 2024 |

£ | £ |

| Amounts owed by group undertakings | 415,631 |  | 408,711 |  |

WORKHORSE HOLDINGS LIMITED (REGISTERED NUMBER: 13151192)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 30 November 2025

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

2025 | 2024 |

£ | £ |

| Taxation and social security | 1,357 |  | 1,519 |  |

| Other creditors | 1,616 |  | 1,594 |  |

2,973 |  | 3,113 |  |