REGISTERED NUMBER: 06323483 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

MILES & MILES SELF DRIVE LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

7

Statement of Financial Position

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10

DIRECTORS:

P A Grime

H M Sylvester

S D Grime

P N Wildey

SECRETARY:

P N Wildey

REGISTERED OFFICE:

18 Petersham Mews

London

SW7 5NR

REGISTERED NUMBER:

06323483 (England and Wales)

AUDITORS:

Magma Audit LLP

16 Davy Court

Castle Mound Way

Rugby, CV23 0UZ

Magma Audit LLP is part

Of the Dains Group

The principal activity of the company during the year was the buying, selling and rental of luxury vehicles throughout the UK, under the branding of both Miles and Miles and Avis Prestige.

Review of the business

The directors report that the company continues to operate at reduced volumes in comparison to previous years.

Despite a budgeted consolidation of business activity, revenue fell 13% from £9.69m in 2024 to £8.42m in 2025. This was experienced across the rental branch network as demand reduced and rental rates fell due to an oversupply of vehicles in the UK rental market. Compounding this, vehicle holding costs remained high and there was a softening in luxury second hand car values throughout the period, reducing profits on the sale of vehicles.

The company has reduced its staff costs and vehicle costs in response to the reduction in revenue. Despite these headwinds, the company maintains a positive position after a decade of prudent reinvestment with Shareholders Funds of £0.4k whilst current asset motor vehicles have reduced to £9.1m.

Key Performance Indicators

The company continues to monitor key performance indicators to measure the performance of the business, which include the cost and utilisation rates of its vehicles, the cost of capital and profit margins. We closely monitor used car markets, assessing motor vehicle residual values and rates of depreciation to maximise the return on vehicles when sold.

Principal risks and uncertainties

The directors have reviewed the principal risks and uncertainties affecting the company, which include ongoing pressure on its profit margins with demand volatility, interest rate and exchange rate fluctuations and wage inflation.

At the time of writing the automotive industry is still recovering post pandemic and struggling with the transition to electric vehicles. However, the directors continue to monitor and address all the risks stated above especially those concerning the supply and cost of motor vehicles, and their residual values and believe that the company has sufficient strength and is well placed to continue successfully in the future.

Future developments

The Directors believe that the group is well placed to return to profit having put in place a strategic growth plan for the medium term and having reduced its cost base going into 2026.

ON BEHALF OF THE BOARD:

S D Grime - Director

21 May 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of mobility service providers.

DIVIDENDS

Dividends of £Nil (2024: £Nil) have been declared for the year ended 31 December 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

P A Grime

H M Sylvester

S D Grime

P N Wildey

FINANCIAL INSTRUMENTS

The principal financial instruments of the company comprise bank balances and borrowings, trade creditors, trade debtors and hire purchase contracts. The main purpose of these instruments is to raise funds for the company's operations and to finance its continuing operations. Liquidity risk is managed by the use of bank balances and overdraft facilities along with efficient monitoring and forecasting of cash flow to ensure there are sufficient funds to meet liabilities. Trade debtors are managed in respect of credit and cash flow risk by policies monitoring the credit offered to customers and regular monitoring of amounts outstanding for both time and credit limits.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's Strategic Report information required by the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 Schedule 7 to be contained in the directors' report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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 auditors are 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 auditors are aware of that information.

AUDITORS

Magma Audit LLP has expressed its willingness to remain in office as auditor.

ON BEHALF OF THE BOARD:

S D Grime - Director

21 May 2026

Opinion

We have audited the financial statements of Miles & Miles Self Drive Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity 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 loss 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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 more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

Auditors' 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 a Report of the Auditors 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.

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

Based on our understanding of the company and industry, we identified the principal risks of non-compliance with laws and regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed included:

-

discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

-

challenging assumptions made by management in their significant accounting estimates, in particular in relation to the vehicle refurbishment accrual, going concern, provisions, deferred tax, useful economic lives of current assets motor vehicles and estimated residual value and judgements formed; and

-

identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, journal entries crediting cash and journal entries with specific defined descriptions.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Ryan Parkin (Senior Statutory Auditor)

for and on behalf of Magma Audit LLP

16 Davy Court

Castle Mound Way

Rugby, CV23 0UZ

Magma Audit LLP is part

Of the Dains Group

21 May 2026

TURNOVER

3

8,419,859

9,686,835

Other operating income

10,707

-

8,430,566

9,686,835

Other external expenses

(2,945,082

)

(3,679,890

)

5,485,484

6,006,945

Staff costs

4

(1,902,996

)

(1,823,536

)

Depreciation

(2,054,586

)

(3,250,921

)

Other operating expenses

(1,035,321

)

(1,532,153

)

OPERATING PROFIT/(LOSS)

5

492,581

(599,665

)

Interest payable and similar expenses

6

(565,433

)

(813,880

)

LOSS BEFORE TAXATION

(72,852

)

(1,413,545

)

Tax on loss

7

-

35,303

LOSS FOR THE FINANCIAL YEAR

(72,852

)

(1,378,242

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(72,852

)

(1,378,242

)

FIXED ASSETS

Intangible assets

8

65,018

139,318

Tangible assets

9

40,061

44,845

105,079

184,163

CURRENT ASSETS

Current asset motor vehicles

10

9,054,197

10,232,542

Debtors

11

1,659,052

1,548,226

Cash in hand

570

698

10,713,819

11,781,466

CREDITORS

Amounts falling due within one year

12

(10,783,121

)

(11,774,162

)

NET CURRENT (LIABILITIES)/ASSETS

(69,302

)

7,304

TOTAL ASSETS LESS CURRENT LIABILITIES

35,777

191,467

PROVISIONS FOR LIABILITIES

16

(35,332

)

(118,170

)

NET ASSETS

445

73,297

CAPITAL AND RESERVES

Called up share capital

17

100

100

Retained earnings

18

345

73,197

SHAREHOLDERS' FUNDS

445

73,297

The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2026 and were signed on its behalf by:

P N Wildey - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

100

1,451,439

1,451,539

Changes in equity

Total comprehensive income

-

(1,378,242

)

(1,378,242

)

Balance at 31 December 2024

100

73,197

73,297

Changes in equity

Total comprehensive income

-

(72,852

)

(72,852

)

Balance at 31 December 2025

100

345

445

1.	STATUTORY INFORMATION

The company is a private company limited by shares and is incorporated in England. The address of the registered office is 18 Petersham Mews, London, SW7 5NR.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the notes below.

The financial statements are presented in Sterling (£). The financial statements have been rounded to the nearest £1.

Going concern

At the year end the company had net current liabilities of £69,302 (2024: net current assets of £7,304) and net assets of £445 (2024: £73,297). The financial statements have been prepared on a going concern basis.

The directors have prepared detailed forecasts which indicate that the company will continue to operate within its available facilities and meet its obligations as they fall due. In preparing these forecasts, the directors have considered the company's existing banking arrangements and secured lending facilities, including security provided over property assets held by Miles & Miles Limited and Miles & Miles Property Limited, being connected companies under common ownership. The directors therefore believe that the company remains well positioned and that the accounts should be prepared on the going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirement of paragraph 33.7.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of returns, discounts and rebates allowed by the company and value added taxes.

Revenue comprises charges for the rental of vehicles and is recognised over the car hire period. Other revenue including charges arising from the provision of services incidental to vehicle rental are recognised in line with the underlying rental revenue.

Intangible fixed assets

Computer software is stated at cost less accumulated amortisation and accumulated impairment losses. Software is amortised over its estimated useful life of 4-8 years.

Where factors, such as technological advancement or changes in market price, indicate that residual value or useful life has changed, the residual value, useful life or amortisation rate are amended prospectively to reflect the new circumstances.

The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. Costs includes the original purchase price and costs directly attributable to bringing the assets to their working condition for their intended use.

(i) Fixtures & fittings

Fixtures & fittings are stated at cost less accumulated depreciation.

(ii) Depreciation and residual values

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Fixtures & fittings

-

20% to 25% straight line per annum

The assets' residual values and useful economic lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

Current asset motor vehicles

Current asset motor vehicles are carried at cost, including incidental costs and less straight-line depreciation to their residual values. The residual values are based on the buy-back value per vehicle type contractually agreed with the suppliers. If no buy-back values have been agreed, the residual value is based on the expected fair value. Write-downs for impairment are recognised to the extent that indications for impairment are given. Current asset motor vehicles are recognised as current assets as the expected holding period for the fleet is less than one year.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in the statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Hire purchase

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets or current assets at their fair value. The capital element of future payments is treated as a liability and the interest is charged to the statement of comprehensive income on a straight line basis.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in other creditors in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Share capital

Ordinary shares are classified as equity.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances and loans to fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

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

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

Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Refurbishment accrual

The company makes an estimate of the refurbishment costs associated with the disposed vehicles. When making their estimate, management consider the average historic costs of refurbishment, the age of the vehicles and the likely disposal dates.

(ii) Useful economic lives of current assets motor vehicles and estimated residual value

The annual depreciation charge for current assets motor vehicles is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates or updated agreements in place from suppliers.

3.

TURNOVER

The company's turnover is derived from the company's principal activity of mobility services wholly undertaken in the United Kingdom.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,639,604

1,587,330

Social security costs

188,758

157,312

Other pension costs

74,634

78,894

1,902,996

1,823,536

The average number of employees during the year was as follows:

2025

2024

Drivers

16

17

Administrative staff

25

28

Accounts staff

4

4

Directors

4

4

49

53

2025

2024

£

£

Directors' remuneration

351,619

160,520

Directors' pension contributions to money purchase schemes

29,023

29,023

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

Information regarding the highest paid director for the year ended 31 December 2025 is as follows:

2025

£

Emoluments etc

126,923

Pension contributions to money purchase schemes

17,490

5.	OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging/(crediting):

2025

2024

£

£

Other operating leases

203,056

394,335

Depreciation - owned assets

14,926

13,405

Profit on disposal of fixed assets

(103,307

)

(47,536

)

Computer software amortisation

74,300

68,393

Auditors' remuneration

10,650

10,150

Other services relating to taxation

4,000

3,200

Depreciation of current asset motor vehicles held under hire purchase agreements

1,917,603

2,936,934

Depreciation of owned current asset motor vehicles

151,064

279,725

Motor vehicle lease rentals

100,443

593,837

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

47,803

30,320

Hire purchase interest

517,630

783,560

565,433

813,880

7.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

2025

2024

£

£

Current tax:

Adjustment to prior years

-

(35,303

)

Tax on loss

-

(35,303

)

Reconciliation of total tax credit included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Loss before tax

(72,852

)

(1,413,545

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

(18,213

)

(353,386

)

Effects of:

Expenses not deductible for tax purposes

4,686

22,842

Adjustments to tax charge in respect of previous periods

-

(35,303

)

Transfer pricing

11,345

5,740

Movement in deferred tax not recognised

1,988

285,121

Group relief

194

39,683

Total tax credit

-

(35,303

)

8.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 January 2025

and 31 December 2025

540,612

AMORTISATION

At 1 January 2025

401,294

Amortisation for year

74,300

At 31 December 2025

475,594

NET BOOK VALUE

At 31 December 2025

65,018

At 31 December 2024

139,318

9.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2025

219,285

Additions

10,142

At 31 December 2025

229,427

DEPRECIATION

At 1 January 2025

174,440

Charge for year

14,926

At 31 December 2025

189,366

NET BOOK VALUE

At 31 December 2025

40,061

At 31 December 2024

44,845

10.	CURRENT ASSET MOTOR VEHICLES

2025

£

COST

At 1 January 2025

12,568,293

Additions

8,821,236

Disposals

(10,961,401

)

At 31 December 2025

10,428,128

DEPRECIATION

At 1 January 2025

2,335,751

Charge for year

2,068,667

Disposals

(3,030,487

)

At 31 December 2025

1,373,931

NET BOOK VALUE

At 31 December 2025

9,054,197

At 31 December 2024

10,232,542

Hire purchase agreements

Included within the net book value of £9,054,197 (2024: £10,232,542) above are assets held under hire purchase agreements with a total net book value of £7,601,184 (2024: £9,199,400).

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

293,227

18,384

Amounts owed by group undertakings

10,519

-

Other debtors

897,957

723,296

Corporation tax

-

307,395

Prepayments and accrued income

457,349

499,151

1,659,052

1,548,226

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 13)

1,069,256

958,643

Hire purchase contracts (see note 14)

5,331,763

7,687,670

Trade creditors

3,054,664

1,022,373

Amounts owed to group undertakings

-

255,269

Social security and other taxes

59,688

56,187

VAT

410,789

573,857

Other creditors

29,558

40,275

Accruals and deferred income

827,403

1,179,888

10,783,121

11,774,162

Other creditors include £14,794 (2024: £1,922) of unpaid pension contributions.

13.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

1,069,256

958,643

14.	LEASING AGREEMENTS

The future minimum operating lease payments are as follows:

2025

2024

£

£

Not later than one year

177,407

167,100

Later than one year and not later than five years

709,630

668,400

Later than 5 years

303,071

431,675

1,190,108

1,267,175

The future minimum hire purchase lease payments are as follows:

2025

2024

£

£

Not later than one year

5,589,391

7,998,355

Later than one year and not later than five years

-

-

Total gross payments

5,589,391

7,998,355

Less: finance charges

(257,628

)

(310,685

)

Carrying amount of liability

5,331,763

7,687,670