7,4714,5497,4714,549——————————————————Intangible assets amortisation was recorded as cost of sales in the income statement.The intangible asset on development costs arose in respect of the rights to receive third party revenue forming part of a 25-year contract and was being amortised over the remaining term before being fully impaired in full at 31 December, 2024.————1,9881,576————————————————————The contract loss and claims provision represent settlement agreements and estimated future losses arising from disputes and contract obligations.  Future loss provisions of £45,773,000 are held at 31 December, 2024.  Further information in relation to individual contracts has not been disclosed due to the commercial sensitivity of these matters.  The total provision also included provision made in prior years relating to the discounted settlement payments on the agreed exit from the Birmingham City Council Highways PFI Contract with £25,000,000 million remaining at 31 December, 2023, which was fully settled in January 2023.  The contract loss provision will be utilised over a period of up to fifteen years.  Contract loss provisions have been discounted at a rate of 3% per annum (2023: 3%).The hand back provision arises in respect of obligations arising on contracts where there is a contractual requirement to deliver assets to customers before the end of a contract with £6.4 million expected to be utilised within one year and the balance utilised over a period of up to eight years.————On 30 May 2018, Amey Limited, the Company’s immediate parent company, granted a subordinated loan facility to the Company for an amount of £152.0 million. It is a perpetual loan with an applicable interest rate of 12-month LIBOR plus 200 basis points.On 30 July 2019, a number of fellow Amey group companies granted loan facilities to the Company for a total amount of £189.0 million.  These are perpetual loans with an applicable interest rate of 12-month LIBOR plus 200 basis points.These loans have no specified maturity date but can be redeemed by the Company at any time. The Company also has the power to delay timing of the interest payment at its sole discretion which cannot be claimed by the lender.As it is at the Company’s discretion to decide both the repayment of the principal and the possibility of deferring the payment of interest, the loan does not satisfy the condition to be accounted for as a financial liability since it does not include a contractual obligation to pay cash or other financial assets to discharge the liability. Accordingly, it will be classified as an equity instrument and will be recognised as “Other equity instrument”. The accrued interest will be recognised in reserves and treated in the same way as dividends.On 10 July 2020, a fellow Amey group company, Enterprise Limited, granted a further equity loan facility to the Company for a total amount of £220.0 million. This is also a perpetual loan with an applicable interest rate of 12-month LIBOR plus 200 basis points.The total amount of dividend interest accrued and not paid at 31 December, 2024 was £— (2024 - £57,801,000).The Company operates a number of defined contribution pension schemes for the benefit of employees and the Directors. Trustees or product providers administer the assets of the funded schemes in funds independent from those of the Company. Pension costs in respect of schemes offering defined benefits are assessed in accordance with the advice of independent, qualified actuaries. External professional pension administrators normally conduct the administration of these schemes. The Company sponsors a number of defined benefit pension schemes, offering benefits based on an employee’s final salary.  The assets for these schemes are held in separate, trustee administered funds.  The principal defined benefit schemes are as follows:•West Yorkshire Pension Fund, the Company has a liability to this scheme for former eligible Wakefield Council employees who transferred into the Company under TUPE transfer arrangements•West Midlands Pension Fund, the Company has a liability to this scheme for former eligible Walsall Council employees who transferred into the Company under TUPE transfer arrangementsGiven the similar characteristics of the principal defined benefit schemes, the schemes have been combined in these disclosures for presentational purposes.The current service costs as a percentage of pay are expected to rise significantly as members approach retirement.The Company’s various defined benefit pension schemes are regulated by The Pensions Regulator under the UK regulatory framework.  The corporate Trustees of the schemes are responsible for carrying out triennial funding valuations, with the advice of an independent, qualified actuary, in order to set the contributions due to the schemes.  The Trustees are also responsible for ensuring that the schemes are appropriately managed and that members’ benefit entitlements are secure.  The Trustees’ other duties include administration of scheme benefits and investment of scheme assets (subject to appropriate consultation with the Group).  The Group works closely with the Trustees to manage the pension schemes but has no representation on the Trustee Boards. No past service costs/credits have been recognised in respect of plan amendments during 2024 or 2023. Both of the schemes are now essentially closed to new members. The Company has determined that it has a right to the refund of surplus on wind-up from each of the principal defined benefit pension schemes and has therefore recognised any balance sheet surpluses that have emerged at the balance sheet date. Where surpluses have been recognised, the Company has also recognised the corresponding withholding tax applicable to that surplus at the anticipated rate of 25%. The Company is also a participating employer in the Local Government Pension Scheme (LGPS).  The Company accounts for its share of the separately identified assets and liabilities of the LGPS and the Company cannot be held liable for the obligations of other entities that participate in this scheme and as such only makes contributions in respect of its sections.  The Company’s share of the liabilities in these LGPS Funds is immaterial compared to the overall liabilities of the principal defined benefit pension schemes and therefore this has been aggregated with the principal schemes.The latest actuarial funding valuations of the Company’s principal defined benefit schemes have been updated by the actuaries to 31 December, 2024 on a basis consistent with the requirements of IAS 19. In particular, scheme liabilities have been discounted using the rate of return on high quality bonds rather than the expected rate of return on the assets used in the scheme funding valuations.West Yorkshire Pension Fund31 March, 2023West Midlands Pension Fund31 March, 2023————————————The duration of a scheme is an indicator of the weighted-average time until benefit payment will be made. For the schemes in aggregate, the weighted average duration is around 14.0 years reflecting the appropriate split and maturity of the defined benefit obligation between current employees, deferred members and pensioners.——————————————The best estimate of the contributions expected to be paid to the defined benefit schemes for the next financial year is £— (2024 -£—) for regular payments and £— (2024 -£—)for additional top-up payments.——85,036————————————————————————————————————————————————————————The assets held by the various schemes do not directly include any of the Company or Group’s own financial instruments, nor any property occupied by, nor any other assets used by the Company or Group.All of the schemes hold a proportion of their assets in liability-matching asset classes in order to either partially or fully hedge for movements in interest rates and inflation. The asset-liability matching strategies are not measured against the accounting position and as such the changes in assets to market movements may not match the movement in accounting liability.The key risks impacting the Company’s pension schemes are set out below:Investment risk: The Schemes’ accounting liabilities are calculated using a discount rate set with reference to the yield available on high-quality corporate bonds as required by the standard.  If the Schemes’ assets underperform this yield, this will cause a deficit to emerge in the Schemes over time.  The Schemes hold growth assets, such as equities, property and hedge funds.  These asset classes are expected to outperform corporate bonds over the long-term but are more volatile and generate risk for the Schemes in the short-term.  However, the Schemes hold a diversified portfolio of assets to minimise this risk.  The Company has ensured that a robust investment management framework is in place to mitigate as much as possible the risks associated with the investment strategy.Changes in bond yields: A decrease in corporate bond yields will increase the value placed on the Schemes’ liabilities.  This will be partially offset by an increase in the value of the Schemes’ holdings in gilts, corporate bonds and insurance policies, which the Schemes hold in order to match some of the movement in their liabilities.  However, some of the assets held to match movements in liabilities are held to match movements in gilt yields.  This will match movement in the accounting liabilities to the extent that the corporate bond yields move alongside gilt yields.  As such the Schemes are exposed to movement in the spread between gilt yield and corporate bond yields.Inflation risk: Many of the Schemes’ benefits are linked to inflation so higher expectations of future inflation leads to a higher value being placed on the liabilities.  However, there are caps on the level of inflationary increases which protect the Schemes in the extent of extreme inflation.  The Schemes each hold assets to match a specified proportion of movements in inflation.  The remainder of the assets are unaffected by (i.e. fixed interest bonds) or loosely correlated with (i.e. equities and property) inflation, meaning that an increase in inflation will also increase the deficit.  The extent to which the Schemes’ liabilities move due to inflation varies on a scheme-by-scheme basis, influenced by the benefits provided by the individual pension schemes.  Liabilities will also increase should actual inflation be higher than expected in the liability valuation.Following the Government’s announcement in November 2020 that RPI would be aligned with CPIH from 2030, the approach for deriving the inflation assumptions was changed.  There is a different approach to pre- and post- 2030 assumptions with a term-dependent approach for deriving the CPI assumption and the Inflation Risk Premium was decreased from 0.4% in 2022 to 0.3% for 2022 and onwards.Life expectancy: The Schemes’ obligations are to provide benefits for the life of the member after retirement and their spouse following the member’s death.  As a result, higher life expectancies will lead to a higher value being placed on the liabilities.  This is particularly relevant where the Schemes have significant inflationary increases, as this results in a higher sensitivity to changes in life expectancy.  The Company notes that this is a risk to which any defined benefit pension scheme is exposed.On 27 March 2024, the Company’s fellow group undertakings, Enterprise Limited and Amey LG Limited, repaid the £65,409,000 investment subordinated loans and the facilities were cancelled. No interest was received in respect of these loans. Following this repayment, management recorded a credit of £36,493,000 in respect of the provisions against impairments of investments in subordinated loans (2024 – a credit of £10,423,000).1 January 202531 December 202531 December 2025TrueFull accountsAuditedFRS 101FalseTradingTruePounds sterlingEnglish0.00TrueThe Workiva 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REGISTERED NUMBER: 00462578 (England and Wales)

Annual Report and

Financial Statements  for the year ended 31 December 2025

for

Amey Fleet Services Limited

Amey Fleet Services Limited

ContentsAnnual Report and Financial Statements 2025

Contents of the Financial Statements for the year ended 31 December 2025

Company Information	1
Strategic Report	2 to 3
Report of the Directors	4 to 5
Statement of Directors' Responsibilities	6
Independent Auditor's report	7 to 9
Statement of Comprehensive Income	10
Balance Sheet	11
Statement of Changes in Equity	12
Notes to the Financial Statements	13 to 24

Page 1

Amey Fleet Services Limited

Company InformationAnnual Report and Financial Statements 2025

Company Information for the year ended 31 December 2025

Directors

T D Lawless

A L Nelson

R A Guy

Company Secretary

Sherard Secretariat Services Limited

Registered Office

Chancery Exchange

10 Furnival Street

London

EC4A 1AB

United Kingdom

Auditor

Forvis Mazars LLP

30 Old Bailey

London

EC4M 7AU

United Kingdom

Page 2

Amey Fleet Services Limited

Strategic ReportAnnual Report and Financial Statements 2025

Strategic Report for the year ended 31 December 2025

The Directors present their Strategic Report for the year ended 31 December 2025.

Ultimate parent undertaking

The Company is a member of the Amey UK Limited group of companies, wholly owned by a company (Project Ardent Bidco

Limited) controlled by One Equity Partners and Buckthorn Partners, private equity investors.

Principal activity

The Company is principally engaged in fleet management and the hiring of small tools and plant. There have been no

changes in the Company's activities during the year.

Review of business and future developments

The statement of comprehensive income for the year is set out on page 10 and shows revenue of £61,391,000 (2024 -

£61,250,000) and a profit after tax amounting to £7,471,000 (2024 – a profit of £4,549,000), all of which arose from

continuing activities.

Revenue remained stable year on year with no significant variation in vehicle leasing activity across the Amey Group. The

overall increase in profits was driven by increased finance income.

The Directors anticipate similar levels of underlying activity continuing in 2026.

On 27 March 2024, the Company’s fellow group undertakings, Enterprise Limited and Amey LG Limited, repaid the

£65,409,000 investment subordinated loans and the facilities were cancelled. No interest was received in respect of these

loans. The provision against impairment of investments in subordinated loans of £36,493,000 was released in full in 2023.

There have been no events since the balance sheet date which materially affect the position of the Company.

Key performance indicators

The Company's principal key performance indicators are revenue and profit after tax which are shown in the statement of

comprehensive income for the year set out on page 10.

Principal risks and uncertainties

The Company's risks and other key performance indicators are only reported and managed on a Divisional basis. To gain a

further understanding of this business, details of the principal risks and uncertainties and other key performance indicators

are contained in the Annual Report and Financial Statements of the intermediate parent undertaking, Amey UK Limited ('the

Group'), for the year ended 31 December 2025. The Company is a member of the Transport Infrastructure division.

Financial risk management

A discussion of the objectives and policies employed in managing risk and the Company’s use of financial instruments can

be found in the Amey UK Limited Annual Report and Financial Statements for the year ended 31 December 2025 as the

Company is subject to the application of Group-wide policies and practices when assessing financial risk.

The Company does not hold any cash flow hedge derivative financial instruments. There is no material financial risk arising

on the assets and liabilities held by the Company.

Page 3

Amey Fleet Services Limited

Strategic ReportAnnual Report and Financial Statements 2025

Statement by the Directors in performance of their statutory duties in accordance with

s172(1) of the Companies Act 2006

The Directors consider, both individually and collectively, that they have acted in the way they consider, in good faith,

would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to

the stakeholders and matters set out in s172(1)(a-f) of the Act) in the decisions taken during the year ended 31 December

2025(see also the Corporate Governance statement and a detailed s172(1) statement on the Amey Group’s website:

www.amey.co.uk and the Amey UK Limited 2025 Annual Report and Financial Statements for more information).

In discharging their duties in relation to s172(1) of the Companies Act 2006, the Directors have paid regard to the following

matters:

(a) the likely consequences of any decision in the long term, such as strategic planning, Brexit impact and business

development opportunities;

(b) interests of the Group’s employees including health and safety, employee involvement and initiatives, diversity, inclusion

and gender pay gap issues;

(c) the need to foster relationships with suppliers, customers and others including supplier evaluation, social values and

payment practices;

(d) to act fairly between members of the Company;

(e) impact of operations on community and the environment, including carbon management, climate crisis initiatives; and

(f) reputation for high standards of business conduct including adoption of corporate governance standards, training of

directors and whistleblowing reporting.

As the Company is a wholly owned subsidiary of the Amey group of companies, the Company’s Directors discharge their

duties within policies, procedures and authorisation limits set out on a group-wide basis.  Further information on how

officers within the Amey Group of companies discharge their duties is included in the Amey UK Limited 2025 Annual Report

and Financial Statements.  The Directors of this Company also achieve this through attendance at relevant executive

meetings, involvement in executive briefings and training, and through having responsibility for implementation of group-

wide initiatives to promote best practice.

Approved by the Board on 23 June 2026 and signed on its behalf by:

.........................................

A L Nelson

Director

23 June 2026

Page 4

Amey Fleet Services Limited

Report of the DirectorsAnnual Report and Financial Statements 2025

Report of the Directors for the year ended 31 December 2025

The Directors present their Annual Report with the audited financial statements of the Company for the year ended

31 December 2025.

Strategic Report

Details of future developments, post balance sheet events (if any) and financial risk management can be found in the

Strategic Report on pages 2 to 3 and forms part of this report by cross reference.

Dividends

No dividend was declared or paid during the year (2024 - £41,000,000). The Directors do not propose to recommend the

payment of a final dividend.

Energy and Carbon Performance

The Company has taken exemption from reporting on Energy and Carbon Performance as this information is included in the

consolidated Annual Report and Financial Statements of Amey UK Limited, of which this Company is a member. Full

disclosure can be found in the Amey UK Limited Annual Report and Financial Statements for 2025.

Business Relationships

The Directors have had regard to the need to foster the company’s business relationships with stakeholders. This is

explained further within the s172 statement in the strategic report on page 3.

Directors of the Company

The Directors who held office during the year and up to the date of this Report were as follows:

T D Lawless

A L Nelson

R A Guy

Directors’ indemnity

Directors and Officers of the Company benefitted during 2025 from group-wide Directors’ and officers’ liability insurance

cover in respect of legal actions brought against them. Accordingly, the Company does not maintain its own equivalent

Directors’ indemnity insurance cover arrangements. In addition, Directors of the Company are indemnified under the

Company’s articles of association to the extent permitted by law, such indemnities being qualified third party indemnities.

Going concern

After making enquiries and based on the assumptions outlined in note 2 to the financial statements, the Directors have

concluded that the Company has adequate resources to meet its obligations as they fall due for a period of at least twelve

months from the date of approving these financial statements. For this reason, they continue to adopt the going concern

basis in preparing the financial statements.

Policy on slavery and human trafficking

In accordance with the Modern Slavery Act 2015, the Amey Group of which this Company is a member, is committed to

ensuring that there is no modern slavery or human trafficking in our supply chains, or in any part of our business, with a zero

tolerance for non-compliance. A full statement reflecting that commitment can be found on the Amey website

www.amey.co.uk and an abridged statement is included in the financial statements of the Company's intermediate parent

company, Amey UK Limited.

Statement as to disclosure of information to the auditor

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 auditor is unaware, and each Director has taken all the steps that he or she ought to have

taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the

Company's auditor is aware of that information.

Page 5

Amey Fleet Services Limited

Report of the DirectorsAnnual Report and Financial Statements 2025

Auditors

Forvis Mazars LLP has been appointed as Auditor and has expressed their willingness to continue in office as Auditor. In

accordance with s487 of the Companies Act 2006, Forvis Mazars LLP will be re-appointed as Auditor to the Company.

Approved by the Board on 23 June 2026 and signed on its behalf by:

.........................................

A L Nelson

Director

23 June 2026

Page 6

Amey Fleet Services Limited

Statement of Directors ResponsibilitiesAnnual Report and Financial Statements 2025

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), including FRS 101 'Reduced Disclosure Framework'.

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 apply them consistently;

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

• state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures

disclosed and explained in the financial statements; 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.

Page 7

Amey Fleet Services Limited

Independent auditor's reportAnnual Report and Financial Statements 2025

Independent Auditor’s report to the members of Amey Fleet Services Limited

Opinion

We have audited the financial statements of Amey Fleet Services Limited (the ‘company’) for the year ended 31 December

2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and

notes to the financial statements, including a summary of material accounting policy information.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom

Accounting Standards, including FRS 101 “Reduced Disclosure Framework” (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 December 2025  and of its profit for the year then

ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our

responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit of the financial

statements” section of our report. We are independent of the company in accordance with the ethical requirements that are

relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our

other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is

sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in

the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions

that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a

period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant

sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our

auditor’s report thereon. The directors are responsible for the other information contained within the annual report.  Our

opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly

stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially

inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be

materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to

determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work

we have performed, we conclude that there is a material misstatement of this other information, we are required to report

that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the strategic report and the directors’ report 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.

Page 8

Amey Fleet Services Limited

Independent auditor's reportAnnual Report and Financial Statements 2025

Independent Auditor’s report to the members of Amey Fleet Services Limited

(continued)

Matters on which we are required to report by exception

In 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 directors’ report.

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’ responsibilities statement set out on page 6 , 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 the financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

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. 

Based on our understanding of the company and its industry, we considered that non-compliance with the following laws

and regulations might have a material effect on the financial statements: health and safety regulation, anti-money

laundering regulation, the Bribery Act, the Finance Act, climate change regulations on financial reporting, Modern Slavery

Act and environmental laws.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks

of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

• Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in

compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and

regulations;

• Inspecting correspondence, if any, with relevant licensing or regulatory authorities;

• Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-

compliance throughout our audit; and

• Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such

as tax legislation, pension legislation, the Companies Act 2006 and the Climate Change Act 2008.

Page 9

Amey Fleet Services Limited

Independent auditor's reportAnnual Report and Financial Statements 2025

Independent Auditor’s report to the members of Amey Fleet Services Limited

(continued)

In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the

financial statements, including the risk of management override of controls, and determined that the principal risks related

to: posting manual journal entries to manipulate financial performance, overstatement of assets, understatement of

expenses/liabilities, management bias through judgements and assumptions in significant accounting estimates in particular

in relation to significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:

• Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged

fraud;

• Gaining an understanding of the internal controls established to mitigate risks related to fraud;

• Discussing amongst the engagement team the risks of fraud; and

• Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and

detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection

of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal

controls.

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 auditor’s report.

Use of the audit 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.

.............................................

Uzair Khan (Senior Statutory Auditor)

For and on behalf of Forvis Mazars LLP

Chartered Accountants and Statutory Auditor

30 Old Bailey

London, EC4M 7AU

23 June 2026

Page 10

Amey Fleet Services Limited

Statement of Comprehensive IncomeAnnual Report and Financial Statements 2025

Statement of Comprehensive Income for the year ended 31 December 2025

		2025	2024
	Note	£'000	£'000
Revenue	4	61,391	61,250
Cost of sales		(51,333)	(52,032)
Gross profit		10,058	9,218
Administrative expenses		(17)	(11)
Operating profit		10,041	9,207
Income from fixed asset investments		—	248
Profit before interest and taxation		10,041	9,455
Finance income	6	5,057	2,177
Finance expense	7	(5,138)	(5,660)
Profit before taxation	8	9,960	5,972
Tax charge on profit	9	(2,489)	(1,423)
Profit for the year		7,471	4,549
Total comprehensive income for the year		7,471	4,549

The notes on pages 13 to  24 form part of these financial statements.

Page 11

Amey Fleet Services Limited

Balance SheetAnnual Report and Financial Statements 2025

Amey Fleet Services Limited (Registered number: 00462578)

Balance Sheet as at 31 December 2025

		2025	2024
	Note	£'000	£'000
Tangible assets	10	58,227	59,286
		58,227	59,286
Current assets
Debtors: amounts falling due within one year	12	72,547	63,416
Debtors: amounts falling due after more than one year	12	297	363
Cash at bank and in hand		1,988	1,576
Total Current assets		74,832	65,355
Creditors: Amounts falling due within one year	13	(36,264)	(32,068)
Net current assets		38,568	33,287
Total assets less current liabilities		96,795	92,573
Creditors: Amounts falling due after more than one year	13	(40,717)	(43,966)
Net assets		56,078	48,607
Capital and reserves
Share capital	15	23	23
Retained earnings		56,055	48,584
Shareholders’ funds		56,078	48,607

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

.........................................

A L Nelson

Director

23 June 2026

The notes on pages 13 to 24 form part of these financial statements.

Page 12

Amey Fleet Services Limited

Statement of changes in equityAnnual Report and Financial Statements 2025

Statement of Changes in Equity for the year ended 31 December 2025

	Share Capital	Retained earnings	Total
	£'000	£'000	£'000
At 1 January 2024	23	85,035	85,058
Profit for the year	—	4,549	4,549
Total comprehensive income	—	4,549	4,549
Dividend paid during the year	—	(41,000)	(41,000)
At 31 December 2024	23	48,584	48,607

	Share Capital	Retained earnings	Total
	£'000	£'000	£'000
At 1 January 2025	23	48,584	48,607
Profit for the year	—	7,471	7,471
Total comprehensive income	—	7,471	7,471
At 31 December 2025	23	56,055	56,078

The notes on pages 13 to 24 form part of these financial statements.

Page 13

Amey Fleet Services Limited

Notes to the Financial StatementsAnnual Report and Financial Statements 2025

Notes to the Financial Statements

1. General Information

The principal activity of Amey Fleet Services Limited (the Company) is fleet management and the hiring of small tools and

plant and it operates principally within the UK. The Company is a private company limited by share capital, incorporated and

domiciled in the UK and registered in England and Wales.

The Company Secretary and address of the registered office is as follows:

Sherard Secretariat Services Limited

Chancery Exchange

10 Furnival Street

London

EC4A 1AB

United Kingdom

2. Accounting Policies

Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 101 ‘Reduced Disclosure

Framework’ and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention.

The following amendments to existing standards were effective for the Company from 1 January 2025. These amendments

have not had a material impact. 

StandardEffective date

Amendments to IAS21 - Lack of Exchangeability               01 January 2025

The new standards, amendments and interpretations approved by the IASB and for use in the United Kingdom at 31

December 2025 but which are not applicable at this date are as follows:

StandardEffective date

IFRS 18 - Presentation and Disclosure in Financial Statements01 January 2027

IFRS 19 - Subsidiaries without Public Accountability: Disclosures 01 January 2027

IFRS 11 - Joint Arrangements                                                                                              01 January 2026

IFRS 9 - Financial Instruments                                                                                          01 January 2026

IFRS 7 - Financial Instruments: Disclosures                                                                      01 January 2026

Annual Improvements to IFRS Accounting Standards - Volume 1101 January 2026

The Company has not adopted these new standards, amendments and interpretations early for the year ended 31

December 2025 but will adopt them in line with the commencement date stated above. With the exception of IFRS 18, they

are not expected to have a significant impact on the company.

To understand the impact of IFRS 18, the Amey Group has carried out an assessment during the year. This assessment

highlighted a number of key areas for management to consider ahead of the January 2027 commencement date. No areas

of significant change were identified, with the findings being deemed to require moderate or mild level work input.

Management will work through these findings during 2026 in readiness.

Page 14

Amey Fleet Services Limited

Notes to the Financial StatementsAnnual Report and Financial Statements 2025

2. Accounting Policies (continued)

Summary of disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as

permitted by FRS 101 “Reduced Disclosure Framework”:

• the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment;

• the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p),

B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations;

• the requirements of paragraph 33(c) of IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations;

• the requirements of IFRS 7 Financial Instruments: Disclosures;

• the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;

• the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in

respect of:

paragraph 79(a)(iv) of IAS 1;

paragraph 73(e) of IAS 16 Property, Plant and Equipment;

paragraph 118(e) of IAS 38 Intangible Assets;

paragraphs 76 and 79(d) of IAS 40 Investment Property;

• the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D and 111 of IAS 1 Presentation of

Financial Statements;

• the requirements of paragraphs 134 to 136 of IAS 1 Presentation of Financial Statements;

• the requirements of IAS 7 Statement of Cash Flows;

• the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;

• the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;

• the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or

more members of a group;

• IAS 36, ‘Impairment of assets’ paragraphs 134 and 135;

• IFRS 15, ‘Revenue from contracts with customers’: second sentence of paragraph 110, and paragraphs 113(a), 114, 115,

118, 119 (a) to (c), 120 to 127 and 129; and

• IFRS 16, ‘Leases’: paragraph 52, the second sentence of paragraph 89 and paragraphs 90, 91 and 93.  Paragraph 58,

provided that the disclosure of details of indebtedness required by paragraph 61(c) of Schedule 1 of the Regulations is

presented separately for lease liabilities and other liabilities in total.

Going concern

The Company is a subsidiary of Amey UK Limited (the Group) and its financial resources are managed on a group basis.

The going concern assessment of the Company is intrinsically linked to the assessment for the Group as a whole. The

Company has also received written confirmation from its parent undertaking, Amey UK Limited, that it will continue to

provide financial support to the Company for a period of at least twelve months from the date of signing these financial

statements in order to fund day-to-day operations and to meet liabilities to the extent that the Company is unable to do so.

The Group is financed through a mixture of shareholder equity, bank loans, overdrafts and leases. Details of all bank loans,

leases and their maturity are set out in the Amey UK Limited financial statements for 2025, as are details of financial risks.

The Group has access to a committed, syndicated Revolving Credit Facility with a tenor of 6.5 years. On 1 May 2025, the

RCF’s limit was increased with the addition of ING Bank N.V., London Branch, to the lending group. This amendment

increased the RCF overall limit by £25 million to £150 million and the borrowing limit from £75 million to £100 million. The

RCF is provided by JPMorgan Chase Bank, N.A., London Branch, National Westminster Bank PLC, HSBC UK Bank plc and

ING Bank N.V., London Branch acting as lenders and with HSBC UK Bank plc acting as agent.

A Term Loan facility of £280 million extended to the Group’s immediate parent, Project Ardent Bidco Limited, under the

same facility remained unchanged throughout 2025. The facility has a tenor of seven years and is provided by a syndicate

of lenders arranged by Apollo and with HSBC UK Bank plc acting as agent. Security is limited to each of Project Ardent

Bidco Limited, Amey UK Limited and Amey Holdings Limited providing security over their shares in their respective direct

subsidiary and, in the case of Amey Limited, providing security over its shares in certain other Group companies that are

Guarantors under the facilities (being: Amey Community Limited, Amey Defence Services Limited, Amey Defence Services

(Housing) Limited, Amey Fleet Services Limited, Amey OWR Limited and Amey Rail Limited).

On 18 May 2026, an additional Term Loan Facility of £120 million was extended to Project Ardent Bidco Limited. The new

facility has the same tenor as the original term loan facility and is also provided by a syndicate of lenders arranged by Apollo

and with HSBC UK Bank plc acting as agent.

As of 31 December 2025, no borrowings were drawn against the RCF and the Group also held £62.4 million of unrestricted

cash on the Group balance sheet.

Page 15

Amey Fleet Services Limited

Notes to the Financial StatementsAnnual Report and Financial Statements 2025

2. Accounting Policies (continued)

Going concern (continued)

Notwithstanding this continuity of available financing, the directors of the Group have reviewed several factors including:

• the future business plans of the Group including the current year results and cash flows up to the date of these accounts,

the current forecast for 2026 and the strategic plan for 2027 to 2030;

• the availability of core and ancillary financing facilities;

• compliance with banking covenants regarding net leverage;

• projected drawn positions and headroom available on the core committed financing facilities

• the projected future cash flows of the Group comprising:

– a Base Case forecast built up from the budget and strategic plan for 2026-30;

– a Reasonable Worst Case (‘RWC’) forecast which applies sensitivities against the Base Case;

– Reverse stress testing group liquidity resilience against extreme events;

– Additional facility draw down by the Group's immediate parent company in May 2026.

The sensitivities applied to the RWC include specific, unbudgeted cash flows in 2026 and cash flow stress cases in 2027

ranging from 60% to 70%. The Group’s cash flow forecasts show that there is sufficient liquidity to enable it to continue

trading should these scenarios materialise. In addition, management has considered significant additional reductions in

headroom due to unforeseen events such as supply shocks, in particular oil shortages, and widespread client defaults,

along with potential mitigations. Inflation is not considered a significant risk to the Group’s liquidity as the majority of its

revenues are index-linked and so are naturally hedged against inflationary pressures.

Reverse stress testing showed that the Group would have sufficient liquidity in all but the most extreme case, where 100%

of local government clients and 15% of central government and agency clients default. The impact of this scenario could be

offset by increased liquidity from mitigating actions and is, in any case, considered an extremely remote possibility.

Furthermore, the Group’s operations and suppliers are primarily in the United Kingdom and the majority of its clients are

government or government-backed and so the Group is not considered to be exposed to vulnerable markets or sectors or

from global geopolitical impacts such as armed conflicts. The Group's financial position is not expected to be significantly

impacted by fluctuating US tariffs on imported goods since it primarily provides services within the UK and any US activities

will remain service focused for the foreseeable future.

The directors of the Group have considered pension risks and sensitivities and reviewed Value at Risk analysis. They

consider the exposure to be adequately mitigated by strong governance, de-risked scheme assets (including insurance

policies), various contingent assets and committed payments for the benefit of the schemes.

The directors of the Group are satisfied the Group has adequate resources to meet its obligations as they fall due for a

period of at least twelve months from the date of approving these financial statements and, for this reason, they continue to

adopt the going concern basis in preparing the Group financial statements.

On the same basis, the Directors of this Company have adopted the going concern basis in preparing these financial

statements.

Other principal accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies

have been consistently applied to all the years presented, unless otherwise stated.

Revenue recognition

Revenue is the total amount receivable by the Company for goods supplied and services provided, excluding VAT.

Where revenue relates to hire activities, revenue is recognised on a straight-line basis over the period of hire. Revenue in

respect of other items is recognised at the point of sale when a right to consideration arises.

Tangible assets

Tangible fixed assets are stated at historical cost less depreciation and impairment. Depreciation is calculated to write down

the cost less estimated residual value of all tangible fixed assets by equal annual instalments over their expected useful

lives. Freehold land and buildings are not depreciated. The rates generally applicable are:

Plant and machinery - 20% to 33% per annum

Page 16

Amey Fleet Services Limited

Notes to the Financial StatementsAnnual Report and Financial Statements 2025

2. Accounting Policies (continued)

Leases

The Company as lessee

The Company assesses whether a contract is or contains a lease at inception of the contract.  The Company recognises a

right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except

for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (less than

£5,000). For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis

over the term of the lease unless another systematic basis is more representative of the time pattern in which economic

benefits from the leased assets are consumed.

The lease liability is initially measured at the net present value of the future lease payments at the commencement date,

discounted using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental

borrowing rate.  The Company has taken advantage of the practical expedients available in IFRS 16 to apply a single

discount rate to a portfolio of leases.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using

the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The lease asset is initially measured at the net present value of the future lease payments at the commencement date,

discounted using the rate implicit in the lease. The asset is subsequently depreciated over the lease term.

Investments in fellow group companies

Investments by the Company in equity loans to fellow group companies are stated initially at cost and less impairment

charge which due to the nature of the loans is deemed to be fair value at each year end.

Financial instruments

Recognition and de-recognition

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

the financial instrument. Financial assets are de-recognised when the contractual rights to the cash flows from the financial

asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is de-

recognised when it is extinguished, discharged, cancelled or expires.

Classification and initial measurement of financial assets

Except for those trade receivables that do not contain a significant financing component, and which are measured at the

transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for applicable

transaction costs. Financial assets, other than those designated and effective as hedging instruments, are classified into the

following categories: amortised cost; fair value through profit or loss (FVTPL); or fair value through other comprehensive

income (FVOCI). The classification is determined by both the Company's business model for managing the financial asset

and the contractual cash flow characteristics of the financial asset.

Subsequent measurement of financial assets

(a) Financial assets at amortised cost - financial assets are measured at amortised cost if the assets meet the following

conditions (and are not designated as FVTPL): they are held within a business model whose objective is to hold the financial

assets and collect its contractual cash flows and the contractual terms of the financial assets give rise to cash flows that

are solely payments of principal and interest.

(b) Financial assets at FVTPL - financial assets that are held within a different business model other than 'hold to collect' or

'hold to collect and sell' are categorised at FVTPL. Further, irrespective of business model, financial assets whose

contractual cash flows are not solely payments of principal and interest are accounted for at FVTPL. All derivative financial

instruments fall into this category, except for those designated and effective as hedging instruments, for which the hedge

accounting requirements apply (see below).

Page 17

Amey Fleet Services Limited

Notes to the Financial StatementsAnnual Report and Financial Statements 2025

2. Accounting Policies (continued)

Financial instruments (continued)

Impairment of financial assets

IFRS 9's impairment requirements use forward-looking information to recognise expected credit losses the 'expected credit

loss (ECL) model'. Instruments within the scope of the requirements include loans and other debt-type financial assets

measured at amortised cost and FVOCI, trade receivables, contract assets recognised and measured under IFRS 15 and

loan commitments and some financial guarantee contracts (for the issuer) that are not measured at FVTPL. Recognition of

credit losses is no longer dependent on the Company first identifying a credit loss event. Instead, the Company considers a

broader range of information when assessing credit risk and measuring expected credit losses, including past events,

current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows

of the instrument.

In applying this forward-looking approach, a distinction is made between: Stage 1 - financial instruments that have not

deteriorated significantly in credit quality since initial recognition or that have low credit risk; Stage 2 - financial instruments

that have deteriorated significantly in credit quality since initial recognition and whose credit risk is not low; and Stage 3 -

financial assets that have objective evidence of impairment at the reporting date. Twelve-month expected credit losses are

recognised for the first category while lifetime expected credit losses are recognised for the second category.

Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over the

expected life of the financial instrument.

(a) Trade and other receivables - trade receivables are initially recognised and carried at the lower of their original invoiced

value and recoverable amount. Balances are written off when the probability of recovery is remote. The Company makes

use of a simplified approach in accounting for trade and other receivables and records the loss allowance as lifetime

expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at

any point during the life of the financial instrument. The Company uses historical experience, external indicators and

forward-looking information to calculate the expected credit losses. The Company assesses impairment of trade

receivables on a collective basis. Where they possess shared credit risk characteristics, they have been grouped based on

industry sector global default rates.

(b) Intercompany loans receivable - intercompany advances to other Group companies are all held to maturity, neither party

has an option to call or prepay the loan before the contracted maturity date. Such assets are held under a business model

to hold and collect contractual cash flows and therefore meet the ‘solely payments of principal and interest’ test. No

embedded derivatives are currently recognised in these advances, and the amortised cost classification is not impacted. All

intercompany advances are assessed for impairment under the ECL model using the general approach.

Classification and measurement of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements

entered. An equity instrument is any contract that provides a residual interest in the assets of a business after deducting all

other liabilities.

The Company's financial liabilities consist of trade and other payables - trade and other payables are non-interest bearing

and are stated at their fair value and subsequently measured at amortised cost using the EIR method.

Current and deferred income tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change

attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other

comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively

enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their

carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is

determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Page 18

Amey Fleet Services Limited

Notes to the Financial StatementsAnnual Report and Financial Statements 2025

2. Accounting Policies (continued)

Trade and other receivables

Trade and other receivables are amounts due from customers for services performed in the ordinary course of business.

They are initially recognised at fair value and subsequently measured at amortised cost, less provision for impairment.

Cash at bank and in hand

Cash at bank and in hand includes cash and deposits with banks. Bank overdrafts are shown within borrowings in current

liabilities.

Creditors

Obligations to pay for goods and services are recognised initially at fair value and subsequently measured at amortised

cost.

3. Critical accounting estimates and judgements

Accounting estimates

In the financial statements for 2025, estimates have been made to measure certain assets, liabilities, income, expenses and

obligations reported herein.  These estimates relate to the following:

1. The assessment of the discount rate implicit in the lease for the purposes of accounting for right of use assets and

liabilities under IFRS 16

2. The assessment of possible legal contingencies

3. The assessment of possible impairment losses on certain assets

4. Business performance projections that affect the estimates of the recoverability of tax assets and the expected period

over which it is probable such assets can be recovered

Although these estimates were made on the basis of the best information available at 31 December 2025 on the events

analysed, events that take place in the future might make it necessary to change these estimates.  Changes in accounting

estimates would be applied prospectively in accordance with the requirements of IAS 8 (Accounting Policies, Changes in

Accounting Estimates and Errors).

The key accounting estimates and judgements are further considered below:

Key sources of estimation uncertainty

The key assumption concerning the future, and other key sources of estimation uncertainty at the reporting period that may

have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next

financial year, are discussed below.

Assessment of discount rate

Management have assessed the discount rate implicit in the lease for the purposes of accounting for right of use assets and

liabilities under IFRS 16. A range of benchmarks was sought from third party providers and applicable rates selected based

on the asset classes and lease terms typically held by the Company. The carrying value of right of use assets is disclosed in

note 10 along with the corresponding lease liability.

Key judgements

No key judgements have been identified during the preparation of these financial statements.

Page 19

Amey Fleet Services Limited

Notes to the Financial StatementsAnnual Report and Financial Statements 2025

4. Revenue

Revenue is wholly attributable to the principal activity of fleet management and the hiring of small tools, plant and

accommodation.  All revenue arises solely in the UK.

5. Employees and Directors

The Company had no direct employees in either 2025 or 2024. The costs of employees of Amey Services Limited are

recharged to this Company in direct support of its trade.

No Directors were remunerated through the Company in either 2025 or 2024.

Remuneration of Directors paid by Amey Services Limited in respect of their services to the Company was as follows:

		2025	2024
Directors Remuneration:		£'000	£'000
Emoluments		388	268
Contributions to money purchase pension schemes		35	7
		423	275

The amounts set out above include remuneration in respect of the highest paid Director, as follows:

		2025	2024
		£'000	£'000
Emoluments		225	250
Contributions to money purchase pension schemes		4	4
		229	254

In respect of the Directors included above, two Directors (2024 - two) participated in a money purchase pension scheme.

Details of the remuneration of the other Director, whose service is of a non-executive nature and who is also a director of

the Company's intermediate parent undertaking, Amey UK Limited, are disclosed in that company's financial statements.

The remuneration is deemed to be wholly attributable to their service to that company.

6. Finance income

	2025	2024
	£'000	£'000
Interest receivable from fellow group undertakings	5,057	2,177
	5,057	2,177

7. Finance expense

	2025	2024
	£'000	£'000
Other interest payable	1	—
Lease interest	5,137	5,660
	5,138	5,660

Page 20

Amey Fleet Services Limited

Notes to the Financial StatementsAnnual Report and Financial Statements 2025

8. Profit before taxation

The profit before taxation is stated after charging/(crediting):

	2025	2024
	£'000	£'000
Depreciation - leased/right of use assets	18,804	17,585
Short term and low value lease rentals:
Plant and machinery	27,903	29,776
IT licences and rentals	56	22
Loss on disposal of property, plant and equipment	(351)	(1,574)
Income from investment in fixed asset	—	(248)

The auditor’s remuneration is borne by Amey Group Services Limited, a fellow subsidiary undertaking of the Company, and

is not recharged. The allocation to the Company of the auditor’s fees, which are attributable solely to the audit of these

financial statements, is £51,000 (2024: £51,000).

Short term and low value lease rentals include recharge of costs incurred by fellow group undertakings on behalf of the

Company.

9. Taxation

Analysis of tax expense	2025	2024
	£'000	£'000
Current tax
Tax - UK corporation tax	—	—
Tax - Group relief	2,423	1,365
UK corporation tax adjustment to prior periods	—	(19)
Total current tax charge	2,423	1,346
Deferred tax charge/(credit)	66	77
Total tax expense in income statement	2,489	1,423

Factors affecting the tax expense

The tax assessed for the year differs from the standard rate of corporation tax in the UK of 25% (2024: 25%).

		2025	2024
		£'000	£'000
Profit before income tax		9,960	5,972
Tax on Profit calculated at standard rate		2,490	1,493
Effects of:
Decrease in tax from adjustment for prior periods		(1)	(20)
(Income) not taxable/expenses not deductible		—	(50)
Tax expense		2,489	1,423

Page 21

Amey Fleet Services Limited

Notes to the Financial StatementsAnnual Report and Financial Statements 2025

9. Taxation (continued)

Pillar Two legislation, reflecting the OECDs Base Erosion Profit Shifting (“BEPS”) framework, seeks to enforce a minimum tax

rate on large and multinational groups in each jurisdiction in which it operates.  This legislation has been enacted or

substantively enacted in the UK, and many other countries, and applies to entities which are part of groups with revenue

exceeding €750 million through the tested period. The Group is within the remit of the rules.

The legislation is effective for the financial year beginning 1 January 2024.  The Group has performed an assessment of the

Group’s potential exposure to Pillar Two income taxes.  This assessment is based on most recent information available

regarding the financial performance of the constituent entities of the Group.  Based on the assessment performed, the

Group is expected to fall within the available exceptions and therefore does not expect a potential exposure to Pillar Two

top-up taxes.

10. Tangible fixed assets

	Plant and Machinery	Right of use	Total
	£'000	£'000	£'000
Cost
At 1 January 2025	210	95,958	96,168
Additions	—	18,093	18,093
Disposals	—	(12,693)	(12,693)
Intercompany Transfers	—	704	704
At 31 December 2025	210	102,062	102,272
Depreciation
At 1 January 2025	(198)	(36,684)	(36,882)
Charge for the year	—	(18,804)	(18,804)
Disposals	—	11,637	11,637
Intercompany Transfers	—	4	4
At 31 December 2025	(198)	(43,847)	(44,045)
Net book value
At 31 December 2025	12	58,215	58,227
At 31 December 2024	12	59,274	59,286

Right-of-use assets

The Company leases vehicles and plant. The average lease term is 5 years. The Company’s leasing arrangements do not

have any variable payment mechanisms and no residual values have been ascribed to the leases.  The Company has not

entered into any sale or leaseback type of transaction. 

	2025	2024
	£'000	£'000
Amounts recognised in profit and loss
Assets under Finance Lease - Depreciation	(18,804)	(17,585)
Interest expense on lease liabilities	5,137	5,660

Page 22

Amey Fleet Services Limited

Notes to the Financial StatementsAnnual Report and Financial Statements 2025

10. Tangible fixed assets (continued)

Lease liabilities

At the reporting date, the Company had outstanding commitments for future minimum lease payments under non-

cancellable operating leases, which fall due as follows:

		2025	2024
	Note	£'000	£'000
Lease Liabilities
Within one year		21,879	18,915
In the second to fifth years inclusive		44,237	46,352
After five years		3,683	6,314
Total undiscounted lease liabilities at 31 December		69,799	71,581
Impact of future finance costs		(7,806)	(9,293)
		61,993	62,288
Current	13	21,276	18,322
Non-current	13	40,717	43,966
Lease liabilities included in the Statement of Financial Position at 31 December		61,993	62,288

11. Investments

At 31 December 2025 and as at 31 December 2024, the Company holds 50 B Ordinary shares of £1 each in Amey Ventures

Investments Limited (AVIL), a joint venture undertaking of the Amey UK Limited Group. The B Ordinary shares are entitled

only to receive dividends, other distributions or distribution of capital on a winding up of AVIL out of the profits of AVIL

allocated to the B Share Fund. The B Share Fund comprises the distributions received by AVIL from its own joint venture

investment, ALC (Superholdco) Limited, that derive from that company's subsidiary undertaking, ALC (FMC) Limited, less

any distributions made to holders of the B Ordinary shares. Accordingly, the 50 B Ordinary shares confer a 50% economic

interest in ALC (FMC) Limited only. ALC (Superholdco) Limited and ALC (FMC) Limited are incorporated in England and

Wales and the registered office of the ALC Companies is 18-22 Lloyd Street, Manchester, M2 5WA, United Kingdom. Both

companies are in the process of being liquidated. The registered office of AVIL is 3rd Floor, 3-5 Charlotte Street,

Manchester, M1 4HB, United Kingdom.

12. Trade and other receivables

		2025	2024
	Note	£'000	£'000
Amount falling due within one year:
Trade debtors		4	7
Amounts owed by group undertakings		510	5,289
Amounts owed by joint ventures		14	42
Amounts owed by parent undertaking of the Company		69,270	55,397
Amounts recoverable on contracts		4	2
VAT		2,722	2,644
Other debtors		23	22
Prepayments and accrued income		—	13
		72,547	63,416
Amounts falling due after more than one year:
Deferred tax asset	14	297	363
		297	363

Page 23

Amey Fleet Services Limited

Notes to the Financial StatementsAnnual Report and Financial Statements 2025

13. Creditors

		2025	2024
	Note	£'000	£'000
Creditors: amounts falling due within one year
Trade creditors		8,283	7,367
Amounts owed to other fellow subsidiaries/group undertakings of the Amey UK Limited group		1,345	11
Other creditors		1	1
Social security and other taxes		25	51
Accruals		5,334	6,316
Lease liability	10	21,276	18,322
		36,264	32,068
Creditors: amounts falling due after more than one year
Lease liabilities	10	40,717	43,966
		40,717	43,966

14. Deferred tax asset

	Fixed asset timing differences	Total
	£'000	£'000
At 1 January 2025	363	363
Charged to income statement during the year	(66)	(66)
At 31 December 2025	297	297

The Company has recognised a deferred tax asset only in respect of deferred capital allowances as the reversal of that item

is foreseeable in future periods. All deferred tax assets have been recognised in full.

On 10 June 2021, Finance Act 2021 gained Royal Assent and included provision for the main rate of UK corporation tax to

increase to 25% on 1 April 2023. All deferred tax assets have been measured at a rate of 25% (2024- 25%).

15. Share capital

	2025	2024
	£'000	£'000
Balance at 31 December
Authorised:
22,500 Ordinary shares of £1 each	23	23
Called up, allotted and fully paid:
Ordinary shares of £1 each	23	23

Page 24

Amey Fleet Services Limited

Notes to the Financial StatementsAnnual Report and Financial Statements 2025

16. Contingent liabilities

As a member of the Amey UK Limited Group of Companies, the Company is a participating guarantor in respect of certain

Group borrowings, bank account pooling arrangements, Group VAT registrations and HMRC UK Corporation Tax Group

Payment arrangement and is jointly and severally liable with other group companies for the total Group balances

outstanding. At 31 December 2025, the only net liability was £47,229,360 ( 2024 - £41,084,194) in respect of VAT.

Losses, for which no provision has been made in these financial statements, which might arise from litigation in the normal

course of business are not expected to be material in the context of these financial statements.

There were no other contingent liabilities at 31 December 2025 or at 31 December 2024.

17. Capital commitments

The Company had no capital commitments at 31 December 2025 or at 31 December 2024.

18. Controlling parties

The immediate parent undertaking is Amey Limited (formerly Amey plc).

The ultimate parent undertaking, the ultimate controlling party and the largest group to consolidate these financial

statements is Project Ardent Bidco Limited.

The Company is wholly owned by both the immediate and ultimate parent undertaking.

The parent of the smallest group in which these financial statements are consolidated is Amey UK Limited, incorporated in

England and Wales.

Copies of the Project Ardent Bidco Limited or Amey UK Limited consolidated financial statements can be obtained from the

registered office as follows:

The Company Secretary

Chancery Exchange

10 Furnival Street

London EC4A 1AB

United Kingdom