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Registration number: 02416375

Caetano UK Limited
Annual Report and Financial Statements
for the Year Ended 31 December 2025

Caetano UK Limited

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4
Statement of Directors' Responsibilities | 5
Independent Auditor's Report | 6 to 8
Profit and Loss Account | 9
Statement of Comprehensive Income | 10
Balance Sheet | 11
Statement of Changes in Equity | 12
Notes to the Financial Statements | 13 to 22

Caetano UK Limited

Company Information

Directors | P Vasconcelos N Carvalho

Registered office | Mill Lane Heather Coalville Leicestershire LE67 2QE

Bankers | Lloyds Bank Coalville 20 Belvoir Rd Coalville LE67 3QH

Auditors | Lambert Chapman LLP Chartered Accountants and Registered Statutory Auditors3 Warners Mill Silks Way Braintree Essex CM7 3GB

Caetano UK Limited

Strategic Report for the Year Ended 31 December 2025

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

Principal activity

The principal activity of the company is Distribution of new luxury coaches

Fair review of the business and business environment
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end.
Overall, profit for the year has decreased to £57,736 (+0.5%) from a previous profit of £1,367,375 (+2.9%) in 2024 and the Profit Before Tax has decreased to £125,198 from a previous profit of £1,777,778. As for many businesses of our size, the business environment in which we operate continues to be challenging. The bus and coach market is highly competitive, and margins continue to be tight. 2025 was a year of restructuring for Caetano UK, with the company continued to deliver Levante coaches for the tourist segment under the contract with National Express, although it is currently undergoing a restructuring process and aligning its operations with its market strategy for the
coming years, and, as such, proceeded in October 2025 to cancel 60% of the orders initially planned.
After this business activity reduction in 2025, Caetano UK intends to explore new commercial solutions within the UK market through the new model, the CAETANO e.Levante, developed and based on Scania RHD chassis, in the zero-emission long-distance transport segment. This model, presented at the Brussels Motor Show in 2025, was very well received by UK operators, with a time to market no earlier than 2028 due to industrialization, testing, and the homologation process.
At the same time, the development of the new generation of the H2.City Gold (FCEV) and E.City Gold (BEV) continues in collaboration with Toyota and the selected CRRC partner, respectively, with the aim of supporting technical and commercial initiatives related to hydrogen (FCEV) and battery electric (BEV) models with UK operators, tailored to the requirements of this market. However, market is very competitive and the short term strategy is to start the introduction of the new generation of CAETANO RHD city buses by the Battery Electric Double Decker product focusing on a niche segment that offers significant volume opportunities and market scalability across the UK.
Key performance indicators ("KPIs")
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company, these being turnover and gross profit margin. Compared to 2024, coach sales turnover has reduced by 77.2% in 2025 due to National Express fleet useful life extension and orders postponed. Gross profit
margin has increased by 5.1% to 10.7% in 2025 from 5.6% achieved in the prior year. This is reflective of the increase in costs of the new Levante 3A model.
Principle risks and uncertainties
Competition in the market remains fierce, and there is a constant need to ensure that vehicles meet regulatory requirements, technical needs, are reliable, and are competitively priced. Despite current challenges being faced by National Express with impact in vehicles’ needs, we remain attentive to technological developments and to meeting the needs of a constantly changing market. We are focused on the next generation of passenger transport, whether powered by hydrogen or batteries, for long distances or intensive urban use, as desired by customers in the UK market. The risk of new competitors in this market is always considered and further motivates Caetano UK / Caetanobus to maintain its high levels of delivery and innovation towards very efficient performance to deliver to customer the best TCO possible.
Strategy and future developments
The coming years will also be marked by the development of Caetano UK's technical and commercial team, as well as investment in facilities and the workshop to guarantee the conditions for assistance to the new CAETANO’ vehicles generation and market high service standards. There will also be developments in the training of employees and operators.

Caetano UK Limited

Strategic Report for the Year Ended 31 December 2025

Approved by the Board on 5 May 2026 and signed on its behalf by:

N Carvalho
Director

Caetano UK Limited

Directors' Report for the Year Ended 31 December 2025

The directors present their report and the financial statements for the year ended 31 December 2025.

Directors of the company

The directors who held office during the year were as follows:

P Vasconcelos

N Carvalho

Objectives and policies

The company's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose being to finance the company's operations.

Financial risk management objectives and policies
Price risk
Due to the nature of the financial instruments used by the company there is no price risk.
Credit and cash flow risk
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.
Liquidity risk
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Foreign currency risk
Foreign currency risk is managed by constant monitoring of the appropriate currencies and forward buying if applicable.
Market risk
The directors review the market risk applicable to the company on an ongoing basis by considering the likelihood of market developments and consequent effect on profitability, net assets and liquidity.
With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Lambert Chapman LLP as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved by the Board on 5 May 2026 and signed on its behalf by:

N Carvalho
Director

Caetano UK Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 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.

Caetano UK Limited

Independent Auditor's Report to the Members of Caetano UK Limited

Opinion

We have audited the financial statements of Caetano UK Limited (the 'company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• | give a true and fair view of the state of the company's affairs as at 31 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 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 director's 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 original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

Caetano UK Limited

Independent Auditor's Report to the Members of Caetano UK Limited

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• | the financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of directors' remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained fully in the Statement of Directors' Responsibilities set out on page 5, 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 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 design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 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 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 and data protection, employment 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.

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

Caetano UK Limited

Independent Auditor's Report to the Members of Caetano UK Limited

• | making enquiries 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;
• | assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
• | investigated the rationale behind significant or unusual transactions.

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; and
• | enquiring of management as to actual and potential litigation and claims.

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: 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.

Nicholas Forsyth FCA (Senior Statutory Auditor)
For and on behalf of Lambert Chapman LLP, Statutory Auditor
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

5 May 2026

Caetano UK Limited

Profit and Loss Account for the Year Ended 31 December 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 12,059,961 | 45,998,039
Cost of sales |  | (10,768,787) | (43,435,774)
Gross profit |  | 1,291,174 | 2,562,265
Administrative expenses |  | (1,319,532) | (887,371)
Operating (loss)/profit | 4 | (28,358) | 1,674,894
Other interest receivable and similar income | 5 | 153,556 | 102,884
Profit before tax |  | 125,198 | 1,777,778
Tax on profit | 8 | (67,462) | (410,403)
Profit for the financial year |  | 57,736 | 1,367,375

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Caetano UK Limited

Statement of Comprehensive Income for the Year Ended 31 December 2025

| 2025 £ | 2024 £
Profit for the year | 57,736 | 1,367,375
Total comprehensive income for the year | 57,736 | 1,367,375

Caetano UK Limited

(Registration number: 02416375)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 9 | 1,724,737 | 1,568,625
Tangible assets | 10 | 1,162,429 | 1,251,015
|  | 2,887,166 | 2,819,640
Current assets |  |  |
Stocks | 11 | 7,844,703 | 3,419,595
Debtors | 12 | 4,673,057 | 7,872,827
Cash at bank and in hand |  | 3,349,897 | 4,009,636
|  | 15,867,657 | 15,302,058
Creditors: Amounts falling due within one year | 14 | (12,499,498) | (11,144,109)
Net current assets |  | 3,368,159 | 4,157,949
Total assets less current liabilities |  | 6,255,325 | 6,977,589
Creditors: Amounts falling due after more than one year | 14 | - | (780,000)
Provisions for liabilities | 15 | (170,373) | (170,373)
Net assets |  | 6,084,952 | 6,027,216
Capital and reserves |  |  |
Called up share capital | 17 | 3,100,000 | 3,100,000
Retained earnings |  | 2,984,952 | 2,927,216
Shareholders' funds |  | 6,084,952 | 6,027,216

Approved and authorised by the Board on 5 May 2026 and signed on its behalf by:

N Carvalho Director |  |

Caetano UK Limited

Statement of Changes in Equity for the Year Ended 31 December 2025

| Share capital £ | Retained earnings £ | Total £
At 1 January 2025 | 3,100,000 | 2,927,216 | 6,027,216
Profit for the year | - | 57,736 | 57,736
At 31 December 2025 | 3,100,000 | 2,984,952 | 6,084,952

| Share capital £ | Retained earnings £ | Total £
At 1 January 2024 | 3,100,000 | 3,679,841 | 6,779,841
Profit for the year | - | 1,367,375 | 1,367,375
Dividends | - | (2,120,000) | (2,120,000)
At 31 December 2024 | 3,100,000 | 2,927,216 | 6,027,216

Caetano UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

1 | General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office and trading address is: Mill Lane Heather, Coalville, Leicestershire, LE67 2QE.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies, certain items are shown at fair value.
These financial statements are presented in Sterling (£), which is the company's functional currency.

Summary of disclosure exemptions

Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures;
Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 'Related Party Disclosures': Compensation for key management personnel.

Name of parent of group

These financial statements are consolidated in the financial statements of Grupo Salvador Caetano, SGPS, S.A.

The financial statements of Grupo Salvador Caetano, SGPS, S.A may be obtained from:
Avenida Vasco da Gama 1410
Vila Noca de Gaia, 4430-247
Portugal.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Vehicle income is recognised when the vehicle is invoiced, meaning that it has been delivered to the UK, approved by the customer and payment expected within ten working days. For parts, sales are recognised on delivery of the goods.

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Caetano UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Tax

Current Tax is recognised in the profit and loss account, 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 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 tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Freehold land and buildings | Land is not depreciated. Buildings are depreciated at 25 years straight line
Coaches | 7 years straight line
Plant and machinery | 5 years straight line
Fixtures, fittings & equipment | 10 years straight line
Computer equipment | 3 years straight line
Motor vehicles | 4 years straight line

Intangible assets

Intangible assets including intellectual property and development costs have a finite useful life and are carried at cost less accumulated amortisation which is based on their expected useful life and are assessed further for any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Intellectual property | Across the delivery of an agreed number of vehicles to which the intellectual property relates
Development costs | 7 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for vehicles and parts sold or services performed in the ordinary course of business.

Caetano UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

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. Specifically for parts, cost is computed on a weighted average basis.
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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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

Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company only has financial instruments defined as basic and accounts for them at either amortised cost or cost less impairment.

Caetano UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

3 | Turnover

The analysis of the company's Turnover for the year by class of business is as follows:

| 2025 £ | 2024 £
Sale of coaches | 10,007,296 | 43,960,883
Sale of parts | 1,860,007 | 2,017,896
Service | 6,675 | 19,260
Warranty services | 185,983 | -
| 12,059,961 | 45,998,039

All sales are made to the UK and are in relation to the sale of coaches, parts and vehicle services.

4 | Operating (loss)/profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Amortisation of development costs | 96,392 | 60,006
Amortisation of patents | 53,138 | -
Depreciation expense | 88,586 | 109,664
Profit on disposal of property, plant and equipment | - | (597,915)

5 | Other interest receivable and similar income

| 2025 £ | 2024 £
Bank interest received | 153,556 | 102,884

6 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 536,243 | 547,307
Social security costs | 67,685 | 57,647
Pension costs, defined contribution scheme | 17,188 | 15,036
Other employee expense | - | 649
| 621,116 | 620,639

Caetano UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Production | 9 | 10
Administration and support | 3 | 3
| 12 | 13

7 | Auditors' remuneration

| 2025 £ | 2024 £
Audit of the financial statements of the company | 23,665 | 23,700
All other non-audit services | 625 | 2,845
| 24,290 | 26,545

8 | Taxation

Tax charged/(credited) in the profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 52,534 | 410,403
UK corporation tax adjustment to prior periods | 14,928 | -
| 67,462 | 410,403

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 125,198 | 1,777,778
Corporation tax at standard rate | 31,299 | 444,445
UK corporation tax adjustment to prior periods | 14,928 | -
Effect of expense not deductible in determining taxable profit (tax loss) | 54 | 4,389
Tax increase from effect of capital allowances and depreciation | 21,181 | 1,400
Tax decrease from effect of indexation allowance on capital gains | - | (24,904)
Other tax effects for reconciliation between accounting profit and tax expense (income) | - | (14,927)
Total tax charge | 67,462 | 410,403

Caetano UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

9 | Intangible assets

| Intellectual property £ | Development costs £ | Total £
Cost or valuation
At 1 January 2025 | 1,300,000 | 418,942 | 1,718,942
Additions acquired separately | - | 305,643 | 305,643
At 31 December 2025 | 1,300,000 | 724,585 | 2,024,585
Amortisation
At 1 January 2025 | - | 150,317 | 150,317
Amortisation charge | 53,139 | 96,392 | 149,531
At 31 December 2025 | 53,139 | 246,709 | 299,848
Carrying amount
At 31 December 2025 | 1,246,861 | 477,876 | 1,724,737
At 31 December 2024 | 1,300,000 | 268,625 | 1,568,625

Caetano UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

10 | Tangible assets

| Freehold land and buildings £ | Computer equipment £ | Motor vehicles £ | Coaches £ | Fixtures, fittings & equipment £ | Plant and machinery £ | Total £
Cost or valuation
At 1 January 2025 | 1,243,263 | 133,482 | 63,886 | 383,562 | 46,730 | 22,204 | 1,893,127
At 31 December 2025 | 1,243,263 | 133,482 | 63,886 | 383,562 | 46,730 | 22,204 | 1,893,127
Depreciation
At 1 January 2025 | 194,886 | 119,270 | 57,017 | 219,178 | 31,241 | 20,520 | 642,112
Charge for the year | 10,679 | 13,281 | 5,888 | 54,795 | 2,259 | 1,684 | 88,586
At 31 December 2025 | 205,565 | 132,551 | 62,905 | 273,973 | 33,500 | 22,204 | 730,698
Carrying amount
At 31 December 2025 | 1,037,698 | 931 | 981 | 109,589 | 13,230 | - | 1,162,429
At 31 December 2024 | 1,048,377 | 14,212 | 6,869 | 164,384 | 15,489 | 1,684 | 1,251,015

Included within the net book value of land and buildings above is £1,037,698 (2024 - £1,048,377) in respect of freehold land and buildings.

Caetano UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

11 | Stocks

| 2025 £ | 2024 £
Raw materials and consumables | 506,847 | 570,014
Finished goods and goods for resale | 7,337,856 | 2,849,581
| 7,844,703 | 3,419,595

12 | Debtors

Current | Note | 2025 £ | 2024 £
Trade debtors |  | 4,017,608 | 7,614,117
Amounts owed by related parties | 18 | 2,198 | -
Other debtors |  | 529,975 | 55,031
Prepayments |  | 123,276 | 203,679
|  | 4,673,057 | 7,872,827

13 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash at bank | 3,349,897 | 4,009,636

14 | Creditors

| 2025 £ | 2024 £
Due within one year |  |
Trade creditors | 1,726,559 | 795,841
Amounts owed to group companies | 6,383,143 | 86,801
Other payables | 113,076 | 185,983
Social security and other taxes | 184,377 | 2,783,319
Outstanding defined contribution pension costs | 2,553 | 2,609
Corporation tax | - | 410,403
Accruals | 4,089,790 | 6,879,153
| 12,499,498 | 11,144,109
Due after one year |  |
Other financial liabilities | - | 780,000

Caetano UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

15 | Provisions for liabilities

| Warranties £ | Deferred tax £ | Total £
At 1 January 2025 | 170,000 | 373 | 170,373
At 31 December 2025 | 170,000 | 373 | 170,373

16 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £17,188 (2024 - £15,036).
Contributions totalling £2,553 (2024 - £2,609) were payable to the scheme at the end of the year and are included in creditors.

17 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 3,100,000 | 3,100,000 | 3,100,000 | 3,100,000

Rights, preferences and restrictions

Ordinary £1 shares have the following rights, preferences and restrictions: The shares shall be non-redeemable. They shall hold full rights in respect of voting, and shall entitle the holder to full participation in respect of equity and in the event of a winding up of the company. The shares may be considered by the directors when considering dividends from time to time.

18 | Related party transactions

During the year Caetano UK Limited purchased goods from Cobus Industries GmbH amounting to £7,632 (2024 - £3,648,717) and sold goods amounting to £1,296 (2024 - £Nil). Cobus Industries GmbH is a joint venture company in which Caetanobus, S.A., the immediate parent company, holds a significant interest.
During the year Caetano UK Limited sold goods to Toyota Caetano Portugal S.A. amounting to £Nil (2024 - £4,926). Toyota Caetano Portugal S.A. is a company with a controlling shareholding in CaetanoBus, S.A., the immediate parent of Caetano UK Limited. There was a debtor balance at year-end totalling £2,198 (2024 - £2,198).

Caetano UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

19 | Parent and ultimate parent undertaking

The company's immediate parent is Caetanobus - Fabricação de Carroçarias S.A, incorporated in Portugal.
The most senior parent entity producing publicly available financial statements is Grupo Salvador Caetano, SGPS, S.A. These financial statements are available upon request from Avenida Vasco da Gama 1410, Vila Nova de Gaia, 4430-247, Portugal
The ultimate controlling party is Mrs Angelina Martins Caetano Ramos and Mr Salvador Acacio Martins Caetano who together own the majority of the shares in Grupo Salvador Caetano, SGPS, S.A.