Company registration number 03513123 (England and Wales)
FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
Affinia
Ground Floor
Swift House
18 Hoffmanns Way
Chelmsford
Essex
CM1 1GU
FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
COMPANY INFORMATION
Directors
Mr A S Martin
Mr M Jefferys
Company number
03513123
Registered office
10 - 12 Mulberry Green
Old Harlow
Essex
CM17 0ET
Auditor
Affinia (Chelmsford)
Ground Floor
Swift House
18 Hoffmanns Way
Chelmsford
Essex
CM1 1GU
FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of total comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 25
FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 1 -

The directors present the strategic report for the year ended 28 February 2026.

Review of the business

The company's turnover increased from £11.2 m to £12.9 m during the financial year. Net profit before tax increased from £2.5m to £3.5m.

The financial KPI's used to monitor the company by the board are as follows:

| 2 8 th February 202 6 | 2 8 th February 202 5
EBITDA* | £7.6 m | £6.4 m
Administrative expenses as percentage of turnover | 19.39% | 23.86%
Trade debtor days | 56 | 87
Trade creditor days | 34 | 36
Cash at bank | £8.9 m | £5.7 m

* EBITDA (earnings before interest, tax, depreciation and amortisation ) represents earnings before HP and finance lease interest on the funding of rental fleet and after depreciation cost of rental fleet assets. This measure recognises that the finance and deprecation costs on these operational assets are a direct cost of the service being provided which needs to be deducted from the reported profit measure.

EBITDA increased by 18.9% from £6.4 m to £7.6 m, reflecting the underlying strength of the business and cost control measures.

Average debtor days decreased from 87 to 56 while average creditor days decreased from 36 to 34. Cash and liquid reserves improved from £5.7 m to £8.9 m.

The company continues to invest in its truck fleet purchasing £157k (£5.8m 2025) of new trucks during the financial year. The Board continues to ensure its fleet stays compliant with Government policy and statutory regulations in relation to emissions. The expected increase in the demand for electric vehicles and potentially hydrogen vehicles in the future will benefit the company. While the purchase cost is considerably higher, the charges for the hire of these vehicles should significantly increase revenues.

The company's liquid reserves and cash flow forecasts show that the company is able to to meet all its foreseeable commitments and continue to grow.

Principal risks and uncertainties

The company benefits from a proportion of its revenue being generated under multi-year contracts, giving a high degree of predictability to financial forecasts. Despite having considerable liquidity, the business undertakes active management of working capital and robust cash forecasting models to avoid large working capital swings.

The company has strong supplier relationships ensuring it has sufficient build slots with key manufacturers and obtaining discounts where available. However the markets in which the company operates are competitive, and the risk remains that market share could be lost unless both price and service remain in line with, or better than, that offered by competitors.

The risk of revenue being delayed due to supply chain delays on new vehicles is mitigated by the fact customers typically retain their existing vehicles until their new ones arrive. The company manages any supplier cost increases by passing this onto customers wherever possible, including any significant change in interest rates between order and delivery. The company try's to mitigate potential energy price rises by securing fixed rate electricity and gas supply.

The company protects itself from interest rate fluctuations by securing all of its fleet funding on fixed interest rates.

The company's customer base has a low bad debt risk, consisting largely of municipal customers and large established commercial waste management businesses.

The company does not have any foreign exchange rate currency risk as all sales and nearly all purchases are priced and paid for in GBP.

FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 2 -
Development and performance

The company offers contract hire on electric versions of the majority of specialist fleet within its core markets. The interest in, and uptake of, electric vehicles is rapidly increasing, and municipal customers in particular are keen to lower their environmental impact. As the cost of electric vehicles, and in the future potentially hydrogen vehicles, is considerably higher than their diesel equivalents, this bodes well for the company, as profit margin percentage should be largely the same, but on a higher contract value.

The company recognises that the in-house provision of much of its vehicle maintenance, via the company's workshops and mobile technicians, is a key factor in customers choosing to work with the business. As such, the company will continue to invest in its workshops and mobile technicians where this makes clear financial and geographical sense.

The company is committed to being an environmentally responsible business and aims to manage and reduce its impact on the environment.

Other information and explanations

The company's employees are important to the success of the business, and creating a safe environment in which employees are engaged is of key importance. The company continually seeks to improve on its offering to employees in terms of the work environment, training & career development, employee communication and recognition & reward.

Customers

The company's success relies on its strong customer relationships and on retaining existing customers as well as winning new ones. Employees at all levels are responsible for ensuring the business provides exceptional levels of customer service, and both the directors and customer account managers within the business seek customer feedback on an ongoing basis throughout the lifecycle of the company's services.

Suppliers

As an asset-heavy business where the provision of specialist vehicles, parts and maintenance is fundamental to the success of the business and its customers, the company recognises the critical role played by its suppliers. The company seeks to work closely with its suppliers and engage with them on key issues affecting trade with the company, The company seeks to communicate actively with its suppliers, to treat them fairly and to continually seek improvements in the way the company trades and interacts with them.

The company recognises, and takes very seriously, its legal, regulatory and ethical responsibilities. The specialist vehicles provided and maintained by the company, have specific legal and regulatory requirements in terms of maintenance, testing and record keeping. The company has a strong understanding of these, and customers recognise the expertise of the company in this area as being a key reason they choose to do business with the company.

As well as the industry-specific legal and regulatory requirements, the company also has responsibilities in terms of financial governance and reporting requirements, tax legislation, health and safety legislation, environmental regulation and employment law.

The company seeks to fulfil all legal and regulatory requirements, and where possible to be a best in class company, setting its benchmarks above and beyond the base legal and regulatory requirements wherever possible.

On behalf of the board

Mr A S Martin
Director
24 June 2026
FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 3 -

The directors present their annual report and financial statements for the year ended 28 February 2026.

Principal activities

The principal activity of the company continued to be that of the hire and repair of vehicles used in the collection of refuse.

Results and dividends

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

Ordinary dividends were paid amounting to £802,056. The directors do not recommend payment of a final 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 S Martin
Mr M Jefferys
Auditor

The auditors, Affinia (Chelmsford), will be proposed for re-appointment at the forthcoming Annual 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.

FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 4 -
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.

On behalf of the board
Mr A S Martin
Director
24 June 2026
FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
- 5 -
Opinion

We have audited the financial statements of Fiveways Municipal Vehicle Hire Limited (the 'company') for the year ended 28 February 2026 which comprise the statement of comprehensive income, the statement of financial position, 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 28 February 2026 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.

FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FIVEWAYS MUNICIPAL VEHICLE HIRE 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 designed 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 misstatement 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 municipal vehicle hire 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, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

- We assessed the extent of compliance with the 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.

FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED (CONTINUED)
- 7 -

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

- Making enquires 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.

To address the 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;

- Reviewed the internal controls in place, specifically around payroll and bank transactions; and

- Assessed whether judgements and assumptions made in determining the accounting estimated around stock provisions were indicative of potential bias.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- Agreeing financial statement disclosures to underlying supporting documentation;

- Enquiring of management as to actual and potential litigation and claims; and

- Reviewing correspondence with HMRC and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, 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.

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.

Shaun Roberts (Senior Statutory Auditor)
For and on behalf of Affinia (Chelmsford), Statutory Auditor
Chartered Accountants
Ground Floor
Swift House
18 Hoffmanns Way
Chelmsford
Essex
CM1 1GU
24 June 2026
FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 8 -
2026
2025
Notes
£
£
Turnover
4
12,920,086
11,230,853
Cost of sales
(6,365,283)
(5,561,403)
Gross profit
6,554,803
5,669,450
Administrative expenses
(2,505,571)
(2,680,021)
Operating profit
5
4,049,232
2,989,429
Interest receivable and similar income
8
1,092
1,401
Interest payable and similar expenses
9
(566,832)
(533,260)
Profit before taxation
3,483,492
2,457,570
Tax on profit
10
(849,670)
(765,474)
Profit for the financial year
2,633,822
1,692,096
Other comprehensive income
Revaluation of tangible fixed assets
-
0
217,333
Tax relating to other comprehensive income
-
0
(37,500)
Total comprehensive income for the year
2,633,822
1,871,929

The income statement has been prepared on the basis that all operations are continuing operations.

FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2026
28 February 2026
- 9 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
14
14,220,115
17,590,675
Current assets
Stocks
15
107,313
111,493
Debtors
16
2,406,606
3,288,702
Cash at bank and in hand
8,868,218
5,712,488
11,382,137
9,112,683
Creditors: amounts falling due within one year
17
(5,417,913)
(4,725,242)
Net current assets
5,964,224
4,387,441
Total assets less current liabilities
20,184,339
21,978,116
Creditors: amounts falling due after more than one year
18
(5,213,627)
(8,436,817)
Provisions for liabilities
Deferred tax liability
20
518,160
920,513
(518,160)
(920,513)
Net assets
14,452,552
12,620,786
Capital and reserves
Called up share capital
22
500,000
500,000
Revaluation reserve
1,843,493
1,843,493
Profit and loss reserves
12,109,059
10,277,293
Total equity
14,452,552
12,620,786

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 24 June 2026 and are signed on its behalf by:
Mr A S Martin
Director
Company registration number 03513123 (England and Wales)
FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 10 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2024
500,000
1,663,660
9,069,560
11,233,220
Year ended 28 February 2025:
Profit
-
-
1,692,096
1,692,096
Other comprehensive income:
Revaluation of tangible fixed assets
-
217,333
-
217,333
Tax relating to other comprehensive income
-
(37,500)
-
0
(37,500)
Total comprehensive income
-
179,833
1,692,096
1,871,929
Dividends
11
-
-
(484,363)
(484,363)
Balance at 28 February 2025
500,000
1,843,493
10,277,293
12,620,786
Year ended 28 February 2026:
Profit and total comprehensive income
-
-
2,633,822
2,633,822
Dividends
11
-
-
(802,056)
(802,056)
Balance at 28 February 2026
500,000
1,843,493
12,109,059
14,452,552
FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 11 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
9,283,358
5,923,705
Interest paid
(566,832)
(533,260)
Income taxes paid
(775,717)
(657,468)
Net cash inflow from operating activities
7,940,809
4,732,977
Investing activities
Purchase of tangible fixed assets
(443,382)
(5,901,441)
Proceeds from disposal of tangible fixed assets
30,500
204,622
Repayment of loans
(373)
(23,203)
Interest received
1,092
1,401
Net cash used in investing activities
(412,163)
(5,718,621)
Financing activities
Repayment of bank loans
-
0
(907,849)
Payment of finance leases obligations
(3,570,860)
2,541,020
Dividends paid
(802,056)
(484,363)
Net cash (used in)/generated from financing activities
(4,372,916)
1,148,808
Net increase in cash and cash equivalents
3,155,730
163,164
Cash and cash equivalents at beginning of year
5,712,488
5,549,324
Cash and cash equivalents at end of year
8,868,218
5,712,488
FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 12 -
1
Accounting policies
Company information

Fiveways Municipal Vehicle Hire Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 - 12 Mulberry Green, Old Harlow, Essex, CM17 0ET.

1.1
Basis of preparation

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 except for the freehold property which is included at it's fair valuation. The principal accounting policies adopted are set out below.

The Company has taken advantage of the exemption, under the terms of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.

1.2
Revenue

Turnover represents the amounts receivable from the supply services during the year, net of Value Added Tax.

The entity recognises revenue (the rendering of services) by reference to the stage of completion of the transaction at the end of the reporting period. The outcome of a transaction can be estimated reliably when all of the following conditions are met:

- The amount of revenue can be measured reliably;

- It is probable that the economic benefits associated with the transaction will flow to the entity;

- The stage of completion of the transaction at the end of the reporting period can be measured reliably; and

- The costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

Hire of vehicles

Turnover is usually recognised at the point of invoice, which are raised at the end of that month for the services provided in that preceding month. At the end of the month the spot hire and contract hire period's are considered to be completed, at which point the revenue recognition criteria is satisfied.

Recharged repair of vehicles

Turnover is usually recognised at the point of invoice, which are raised at the end of that month for the services provided in that preceding month. The services provided are usually started and completed on the same day, at which point the revenue recognition criteria is satisfied.

Washing of vehicles

Turnover is usually recognised at the point of invoice, which are raised at the end of that month for the services provided in that preceding month. The services provided are usually started and completed on the same day, at which point the revenue recognition criteria is satisfied.

1.3
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty years.

1.4
Tangible fixed assets

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

FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 13 -

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:

Land and buildings
2% on cost
Improvements to property
10% on cost
Plant and machinery
50% on cost and 25% on reducing balance
Fixtures and fittings
25% on reducing balance
Screens
50% on cost
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The land element of £500,000 (2024: £500,000) included within land and buildings is not depreciated.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets 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.

1.6
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.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 14 -
1.7
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. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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 statement of financial position 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.

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.

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.

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.

FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 15 -
Classification of financial liabilities

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.

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 paymen ts 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. A m ounts 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.

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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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 income statement 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.

FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 16 -
Deferred tax

Deferred tax liabilities are generally 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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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 income statement, 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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

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

1.13
Leases
As lessee

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

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Valuation of Freehold Property

The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arms-length transaction after proper marketing wherein the parties has each acted knowledgeably, prudently and without compulsion.

The valuations have been prepared by the Directors as at the year end.

FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
2
Judgements and key sources of estimation uncertainty
(Continued)
- 17 -
3
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The directors have considered a period of twelve months following the date of approval of the financial statements, when considering the appropriateness of the adoption of the going concern basis of preparation.

4
Turnover and other revenue
2026
2025
£
£
Turnover analysed by class of business
Vehicle hire
8,873,073
8,288,080
Vehicle repairs recharges
3,540,010
2,417,771
Miscellaneous income
507,003
525,002
12,920,086
11,230,853
2026
2025
£
£
Other revenue
Interest income
1,092
1,401

All of the company's turnover originated and was delivered within the UK.

5
Operating profit
2026
2025
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
39,140
46,500
Depreciation of tangible fixed assets
3,557,786
3,407,390
Impairment of tangible fixed assets
230,012
189,630
(Profit)/loss on disposal of tangible fixed assets
(4,356)
213,428
Amortisation of intangible assets
-
3,125
FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 18 -
6
Employees

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

2026
2025
Number
Number
Management
2
2
Administration
12
10
Fitters
3
4
Drivers
4
3
Washing
3
4
Workshop
6
5
Total
30
28

Their aggregate remuneration comprised:

2026
2025
£
£
Wages and salaries
1,549,190
1,494,300
Social security costs
197,061
164,064
Pension costs
24,065
22,571
1,770,316
1,680,935
7
Directors' remuneration
2026
2025
£
£
Remuneration for qualifying services
137,109
183,100
Company pension contributions to defined contribution schemes
2,202
2,637
139,311
185,737
8
Interest receivable and similar income
2026
2025
£
£
Interest income
Interest on bank deposits
2
3
Other interest income
1,090
1,398
Total income
1,092
1,401
FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
8
Interest receivable and similar income
(Continued)
- 19 -
2026
2025
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
2
3
9
Interest payable and similar expenses
2026
2025
£
£
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
-
14,147
Other finance costs
Interest on finance leases and hire purchase contracts
566,711
519,113
Other interest
121
-
0
566,832
533,260
10
Taxation
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
1,252,023
645,003
Deferred tax
Origination and reversal of timing differences
(402,353)
120,471
Total tax charge
849,670
765,474

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:

2026
2025
£
£
Profit before taxation
3,483,492
2,457,570
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2025: 25.00%)
870,873
614,393
Tax effect of expenses that are not deductible in determining taxable profit
26,074
151,081
Deferred tax adjustments in respect of prior years
(47,277)
-
0
Taxation charge for the year
849,670
765,474
FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
10
Taxation
(Continued)
- 20 -

In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:

2026
2025
£
£
Deferred tax arising on:
Revaluation of property
-
37,500
11
Dividends
2026
2025
£
£
Interim paid
802,056
484,363
12
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2026
2025
Notes
£
£
In respect of:
Property, plant and equipment
14
230,012
189,630
Recognised in:
Cost of sales
230,012
189,630
13
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2025 and 28 February 2026
250,000
Amortisation and impairment
At 1 March 2025 and 28 February 2026
250,000
Carrying amount
At 28 February 2026
-
0
At 28 February 2025
-
0

Goodwill was fully amortised in the year ended 28 February 2025.

FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 21 -
14
Tangible fixed assets
Land and buildings
Improvements to property
Plant and machinery
Fixtures and fittings
Screens
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 March 2025
3,850,000
193,730
27,321,875
187,585
5,455
232,009
31,790,654
Additions
-
0
11,600
157,754
-
0
-
0
274,028
443,382
Disposals
-
0
-
0
(1,670,534)
-
0
-
0
-
0
(1,670,534)
At 28 February 2026
3,850,000
205,330
25,809,095
187,585
5,455
506,037
30,563,502
Depreciation and impairment
At 1 March 2025
27,917
144,404
13,745,551
135,060
5,455
141,592
14,199,979
Depreciation charged in the year
67,000
19,856
3,406,286
13,131
-
0
51,513
3,557,786
Impairment losses
-
0
-
0
230,012
-
0
-
0
-
0
230,012
Eliminated in respect of disposals
-
0
-
0
(1,644,390)
-
0
-
0
-
0
(1,644,390)
At 28 February 2026
94,917
164,260
15,737,459
148,191
5,455
193,105
16,343,387
Carrying amount
At 28 February 2026
3,755,083
41,070
10,071,636
39,394
-
0
312,932
14,220,115
At 28 February 2025
3,822,083
49,326
13,576,324
52,525
-
0
90,417
17,590,675
FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 22 -

The carrying value of land and buildings comprises:

2026
2025
£
£
Freehold
3,716,000
3,783,000

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

2026
2025
£
£
Motor vehicles
9,213,748
11,832,276

Land and buildings with a carrying amount of £3,822,083 were revalued at 17.10.2024 by Kemsley LLP, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

15
Stocks
2026
2025
£
£
Finished goods and goods for resale
107,313
111,493
16
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
1,990,409
2,686,585
Corporation tax recoverable
7,958
-
0
Other debtors
82,726
197,440
Prepayments and accrued income
325,513
404,677
2,406,606
3,288,702
FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 23 -
17
Creditors: amounts falling due within one year
2026
2025
Notes
£
£
Obligations under finance leases
19
3,371,427
3,719,097
Trade creditors
608,441
551,610
Corporation tax
790,568
306,304
Other taxation and social security
549,117
42,481
Other creditors
27,153
15,033
Accruals and deferred income
71,207
90,717
5,417,913
4,725,242
18
Creditors: amounts falling due after more than one year
2026
2025
Notes
£
£
Obligations under finance leases
19
5,213,627
8,436,817
19
Finance lease obligations
2026
2025
Amounts due:
£
£
Within one year
3,371,427
3,719,097
After more than one year
5,213,627
8,436,817
8,585,054
12,155,914
2026
2025
Future minimum lease payments due under finance leases:
£
£
Within one year
3,371,427
3,719,097
In two to five years
5,213,627
8,436,817
8,585,054
12,155,914
FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 24 -
20
Deferred taxation

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

Liabilities
Liabilities
2026
2025
Balances:
£
£
Accelerated capital allowances
(11,893)
390,460
Revaluations
530,053
530,053
518,160
920,513
2026
Movements in the year:
£
Liability at 1 March 2025
920,513
Credit to profit or loss
(402,353)
Liability at 28 February 2026
518,160
21
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
24,065
22,571

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.

22
Share capital
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
500,000
500,000
500,000
500,000
23
Events after the reporting date

After the year-end, a payment of £4,244,762 was made in relation to dividends paid to Fiveways Holdings Limited, to complete the purchase of residential property.

25
Directors' transactions

Dividends totalling £802,055 (2025 - £484,363) were paid in the year in respect of shares held by the holding company.

FIVEWAYS MUNICIPAL VEHICLE HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 25 -
26
Ultimate controlling party

The ultimate parent company is Fiveways Holdings Limited, a company registered in England.

The entity is not included within any consolidated group financial statements due to the group remaining a "small group" under the gross and net limits.

The ultimate controlling party is Anthony Scott Martin.

27
Cash generated from operations
2026
2025
£
£
Profit after taxation
2,633,822
1,692,096
Adjustments for:
Taxation charged
849,670
765,474
Finance costs
566,832
533,260
Investment income
(1,092)
(1,401)
(Gain)/loss on disposal of tangible fixed assets
(4,356)
213,428
Amortisation and impairment of intangible assets
-
0
3,125
Depreciation and impairment of tangible fixed assets
3,787,798
3,597,020
Movements in working capital:
Decrease/(increase) in stocks
4,180
(7,654)
Decrease/(increase) in debtors
890,427
(724,534)
Increase/(decrease) in creditors
556,077
(147,109)
Cash generated from operations
9,283,358
5,923,705
28
Analysis of changes in net funds/(debt)
1 March 2025
Cash flows
28 February 2026
£
£
£
Cash at bank and in hand
5,712,488
3,155,730
8,868,218
Lease liabilities
(12,155,914)
3,570,860
(8,585,054)
(6,443,426)
6,726,590
283,164
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