REGISTERED NUMBER: 07417758 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

MILES & MILES GROUP LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Statement of Comprehensive Income

8

Consolidated Statement of Financial Position

9

Company Statement of Financial Position

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Statement of Cash Flows

13

Notes to the Consolidated Statement of Cash Flows

14

Notes to the Consolidated Financial Statements

15

DIRECTORS:

P A Grime

S D Grime

P N Wildey

SECRETARY:

P N Wildey

REGISTERED OFFICE:

18 Petersham Mews

London

SW7 5NR

REGISTERED NUMBER:

07417758 (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 company has two subsidiaries, Miles & Miles Ltd and Miles & Miles Self Drive Ltd.

Miles & Miles Limited

The principal activity of the company during the year was the renting of its trading properties to other group companies and the letting of investment properties for residential use.

The company maintains a position of strength after a decade of prudent reinvestment of profits with Net Assets and Shareholders Funds of £10.1m. This strength is underpinned by the valuation of the investment property at the year end of £11.5m.

The directors continue to measure the performance of the business using key performance indicators, which include occupancy rates and profit levels.

The principal risk of the company going forward relates to the property market. The level of rent achievable on the externally rented commercial premises remains static, whilst the demand for residential property has improved throughout the period. At the time of writing, the advice from agents in the local area is that all future rents remain rather difficult to predict, but residential occupancy rates and rents are consistent with the previous year.

The company continues to monitor its costs and the directors believe that the company has sufficient strength and is well placed to continue successfully in the future.

Miles & Miles Self Drive Limited

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.

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, 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.

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.

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.

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.

Miles & Miles Group Limited

Given the performance of the subsidiaries, the group's Net Assets and Shareholder Funds are at £10.1m.

The Directors believe that the group is well placed to consolidate the strength of the business 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 and the group for the year ended 31 December 2025.

PRINCIPAL ACTIVITIES

The principal activity of the group in the year under review were those of mobility service providers and the holding of properties for use by the group and third parties.

DIVIDENDS

No interim dividend was paid in the current or preceding year.

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

S D Grime

P N Wildey

Other changes in directors holding office are as follows:

A D F Nettleton- resigned 1 August 2025

FINANCIAL INSTRUMENTS

The principal financial instruments of the group 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 group'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, taking out credit insurance policies 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 Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS

The auditors, Magma Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S D Grime - Director

21 May 2026

Opinion

We have audited the financial statements of Miles & Miles Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 31 December 2025 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 group's and the parent 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 group or the parent 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 group 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 refurbishment accrual, useful economic lives of current assets motor vehicles and estimated residual value, valuation of investment in subsidiary, valuation of investment and freehold property, deferred tax 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

8,601,348

9,858,743

Other operating income

10,707

-

8,612,055

9,858,743

Other external expenses

(2,963,689

)

(3,697,782

)

5,648,366

6,160,961

Staff costs

4

(2,173,684

)

(2,000,411

)

Depreciation

(2,054,586

)

(3,250,921

)

Other operating expenses

(1,088,984

)

(1,409,398

)

OPERATING PROFIT/(LOSS)

5

331,112

(499,769

)

Interest receivable and similar income

3,431

3,206

334,543

(496,563

)

Interest payable and similar expenses

7

(565,433

)

(813,880

)

LOSS BEFORE TAXATION

(230,890

)

(1,310,443

)

Tax on loss

8

30,954

35,303

LOSS FOR THE FINANCIAL YEAR

(199,936

)

(1,275,140

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

(199,936

)

(1,275,140

)

Loss attributable to:

Owners of the parent

(199,936

)

(1,275,140

)

Total comprehensive loss attributable to:

Owners of the parent

(199,936

)

(1,275,140

)

FIXED ASSETS

Intangible assets

10

65,018

139,318

Tangible assets

11

6,430,061

6,434,845

Investments

12

-

-

Investment property

13

5,065,000

5,065,000

11,560,079

11,639,163

CURRENT ASSETS

Current asset motor vehicles

14

9,054,197

10,232,542

Debtors

15

2,304,065

2,053,222

Cash in hand

570

698

11,358,832

12,286,462

CREDITORS

Amounts falling due within one year

16

(10,797,176

)

(11,490,162

)

NET CURRENT ASSETS

561,656

796,300

TOTAL ASSETS LESS CURRENT LIABILITIES

12,121,735

12,435,463

PROVISIONS FOR LIABILITIES

20

(2,003,502

)

(2,117,294

)

NET ASSETS

10,118,233

10,318,169

CAPITAL AND RESERVES

Called up share capital

21

493,792

493,792

Share premium

22

7,387

7,387

Revaluation reserve

22

4,726,295

4,726,295

Capital redemption reserve

22

64,882

64,882

Other reserves

22

1,106,673

1,106,673

Investment property fair value

reserve

22

3,499,463

3,499,463

Retained earnings

22

219,741

419,677

SHAREHOLDERS' FUNDS

10,118,233

10,318,169

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

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

558,674

558,674

Investment property

13

-

-

558,674

558,674

CURRENT ASSETS

Debtors

15

15,490

15,490

CREDITORS

Amounts falling due within one year

16

(8,103

)

(8,103

)

NET CURRENT ASSETS

7,387

7,387

TOTAL ASSETS LESS CURRENT LIABILITIES

566,061

566,061

CAPITAL AND RESERVES

Called up share capital

21

493,792

493,792

Share premium

22

7,387

7,387

Capital redemption reserve

22

64,882

64,882

SHAREHOLDERS' FUNDS

566,061

566,061

Company's profit for the financial year

-

-

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

Share

Revaluation

capital

earnings

premium

reserve

£

£

£

£

Balance at 1 January 2024

493,792

1,694,817

7,387

4,726,295

Changes in equity

Total comprehensive loss

-

(1,275,140

)

-

-

Balance at 31 December 2024

493,792

419,677

7,387

4,726,295

Changes in equity

Total comprehensive loss

-

(199,936

)

-

-

Balance at 31 December 2025

493,792

219,741

7,387

4,726,295

Investment

property

Capital

fair

redemption

Other

value

Total

reserve

reserves

reserve

equity

£

£

£

£

Balance at 1 January 2024

64,882

1,106,673

3,499,463

11,593,309

Changes in equity

Total comprehensive loss

-

-

-

(1,275,140

)

Balance at 31 December 2024

64,882

1,106,673

3,499,463

10,318,169

Changes in equity

Total comprehensive loss

-

-

-

(199,936

)

Balance at 31 December 2025

64,882

1,106,673

3,499,463

10,118,233

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2024

493,792

-

7,387

64,882

566,061

Changes in equity

Balance at 31 December 2024

493,792

-

7,387

64,882

566,061

Changes in equity

Balance at 31 December 2025

493,792

-

7,387

64,882

566,061

Cash flows from operating activities

Cash generated from operations

1

2,697,199

2,965,800

Interest paid

(40,979

)

(24,465

)

Interest element of hire purchase payments paid

(511,170

)

(752,825

)

Tax paid

-

(39,534

)

Tax refund

307,395

19,386

Net cash from operating activities

2,452,445

2,168,362

Cash flows from investing activities

Purchase of intangible fixed assets

-

(47,320

)

Purchase of tangible fixed assets

(10,142

)

(22,215

)

Purchase of current asset motor vehicles

(8,821,236

)

(10,092,700

)

Sale of current asset motor vehicles

8,034,221

9,618,435

Interest received

3,431

3,206

Net cash from investing activities

(793,726

)

(540,594

)

Cash flows from financing activities

New hire purchase agreements

6,950,187

10,799,829

Capital repayments in year

(8,788,464

)

(12,800,747

)

Net cash from financing activities

(1,838,277

)

(2,000,918

)

Decrease in cash and cash equivalents

(179,558

)

(373,150

)

Cash and cash equivalents at beginning of year

2

(852,914

)

(479,764

)

Cash and cash equivalents at end of year

2

(1,032,472

)

(852,914

)

1.	RECONCILIATION OF LOSS FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Loss for the financial year

(199,936

)

(1,275,140

)

Depreciation charges

2,083,593

3,230,064

Profit on disposal of fixed assets

(103,307

)

(47,536

)

Amortisation charges

74,300

68,393

Decrease in provisions

(82,838

)

-

Finance costs

565,433

813,880

Finance income

(3,431

)

(3,206

)

Taxation

(30,954

)

(35,303

)

2,302,860

2,751,152

(Increase)/decrease in trade and other debtors

(558,238

)

307,125

Increase/(decrease) in trade and other creditors

952,577

(92,477

)

Cash generated from operations

2,697,199

2,965,800

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2025

31/12/25

1/1/25

£

£

Cash and cash equivalents

570

698

Bank overdrafts

(1,033,042

)

(853,612

)

(1,032,472

)

(852,914

)

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

698

689

Bank overdrafts

(853,612

)

(480,453

)

(852,914

)

(479,764

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/1/25

Cash flow

At 31/12/25

£

£

£

Net cash

Cash at bank and in hand

698

(128

)

570

Bank overdrafts

(853,612

)

(179,430

)

(1,033,042

)

(852,914

)

(179,558

)

(1,032,472

)

Debt

Finance leases

(7,687,670

)

2,355,907

(5,331,763

)

(7,687,670

)

2,355,907

(5,331,763

)

Total

(8,540,584

)

2,176,349

(6,364,235

)

1.	STATUTORY INFORMATION

Miles & Miles Group Limited is a company registered in England and Wales. Its registered office address is 18 Petersham Mews, London, SW7 5NR and the registered number is 07417758

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The 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 as modified by the revaluation of certain assets.

Summary of significant 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 years presented, unless otherwise stated.

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 group's accounting policies.

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

Basis of consolidation

The consolidated financial statements incorporate those of Miles & Miles Limited and all of its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the acquisition method of accounting. The results are incorporated from the date control passes. All financial statements are made up to 31 December.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group.

Related party exemption

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

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied, net of returns, discounts and rebates allowed by the group and value added taxes.

Revenue comprises charges for the rental of vehicles and property rental. Revenue for the rental of vehicles 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.

Revenue relates to rental income from investment and freehold properties and is recognised on a straight line basis over the period of the lease.