REGISTERED NUMBER: 03425857 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

CAT UK VEHICLE TRANSPORTATION LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Profit and Loss Account

10

Statement of Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

Directors:

S Reynolds

E Cumino

A L M Ritz

A Doyharcabal

Registered office:

Carlson House

Bradfield Road

Wix

Manningtree

Essex

CO11 2SP

Registered number:

03425857 (England and Wales)

Auditors:

Baverstocks Limited

Statutory Auditor

Chartered Certified Accountants

Dickens House

Guithavon Street

Witham

Essex

CM8 1BJ

Bankers:

BNP Paribas

10 Harewood Avenue

London

NW1 6AA

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

Review of business

The company's activities during the year continued to be the delivery services of Car Transport Logistics.

The key financial performance indicators for the year were as follows:

2025

2024

% Change

(000's

)

(000's

)

Turnover

32,835

31,203

5.23

Operating Profit/(Loss)

(1,680

)

(387

)

-334.11

Profit/(Loss) After Taxation

(2,254

)

(743

)

-203.36

Equity Shareholders Funds

(530

)

1,724

-130.74

Current assets as % of current liabilities

115%

204%

Average number of employees

187

183

-2.18

UK new car registrations in 2025 were 2.02m, an increase of 3.5% compared with 2024. These sales were fuelled mostly by fleet buyers, with the retail market weak. Battery Electric vehicles (BEV) represented 23.4% of that market. UK vehicle production decreased, by 15.5% compared with 2024, to 764.7 k units (SMMT figures).

Transition continued to the move to Electric Cars & plug in hybrid vehicles in the UK Market, with significant pressures to meet new zero emission mandate targets set to increase EV sales.

The Management Team monitored all key risks and putting in place level of controls to support the business requirements.

Manufacturing and parts supply availability for investment of new equipment was prolonged due to lead times.

-

Driver costs, continued to increase and the sector was impacted by the continuation of UK driver retention challenges. The company committed to paying market rates to support the business requirements.

-

Increase in supply costs attributed to operational cost increase.

Key areas of the business development were:

With the market conditions continuing to recover throughout 2025, key investment strategy continued, however, this was impacted by suppliers' production delays that was recovered by the end of the year.

The Driver Academy set up internally provided some success to encourage new drivers into the business, with targets to speed up to progress recruitment for the future.

Principal risks and uncertainties

Competitive Risk

The Automotive Logistics market the company operates within is highly competitive, where market pricing can be volatile. It is imperative that due to cost increases and re-investment it is key that revenues/pricing need to be sustainable from the customer base to sustain the services provided for future years.

Driver Retention in the Automotive sector continues to suffer severely therefore risk for everyone in the future, the industry must continue to invest in our people.

Volume Recovery vs Capacity - Impact on lead times can increase cost base therefore collaborative working practices between customer & supply chain have to be aligned.

Legislative Risks

The operations of the company are heavily affected by many legislative controls including health and safety, employment, transport, and financial legislation.

We aim to ensure appropriate professional training for all relevant Managers. We also continue to enhance this knowledge with sustained and continual reference with our professional advisors.

CAT UK Vehicle Transportation Limited is a member of the representative trade organisations who lobby the UK government and European institutions, those memberships give CAT UK Vehicle Transportation Limited the opportunity to minimise any legislative risk it may suffer.

On behalf of the board:

A Doyharcabal - Director

16 July 2026

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

Change of name

The company passed a special resolution on 16 June 2025 changing its name from Carlson Vehicle Transfer Ltd to CAT UK Vehicle Transportation Limited.

Principal activity

The principal activity of the company in the year under review was that of specialised transportation of vehicles.

Dividends

The directors have not recommended that a final dividend be paid to shareholders on the register of members.

Directors

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

S Reynolds

E Cumino

A L M Ritz

A Doyharcabal

Other changes in directors holding office are as follows:

S M Warren - resigned 31 August 2025

Going concern

Since the balance sheet date, the company has returned to a healthy profit and are budgeting for this to continue for at least the next 12 months. Due to the improvement in trade the company are embarking on a programme of reinvestment in the fleet. On the basis of these elements, taking into account the company benefits from the cash pooling of the Group which supports the future trading activities, at the date of closing of the accounts on 31 December 2025, the company has concluded that there are no material uncertainties that would call into question the going concern principle.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditors, Baverstocks Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

A Doyharcabal - Director

16 July 2026

Opinion

We have audited the financial statements of CAT UK Vehicle Transportation Limited (the 'company') for the year ended 31 December 2025 which comprise the Profit and Loss Account, Statement of Other Comprehensive Income, Balance Sheet, 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 four, 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:

Our approach to assessing the risks of material misstatement due to fraud and noncompliance with laws and regulations was as follows:-

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to compliance with the Companies Act 2006, Financial Reporting Standard 102, relevant tax legislation and the employment legislation for haulage drivers.

We assessed the risks of material misstatements in respect of fraud and determined that the principal risks were related to posting of journal entries to manipulate the results for the financial year. We made enquiries of management during the audit to determine any instances of fraud, while also discussing the areas of risk in relation to audit as part of our audit team meeting.

Based upon the results of our risk assessment we designed our audit procedures to identify noncompliance with such laws and regulations identified above and also material misstatements in respect of fraud as follows:-

-

We obtained an understanding of the legal and regulatory framework in relation to the entity and how it complies with this framework. This included discussions with management, reviews of legal and professional fees and reviews of compliance with employment legislation.

-

We discussed with the management the entity's policies and procedures including systems and controls. Compliance with these was tested via discussion and walkthrough testing of controls.

-

We enquired of management of their policies and procedures in relation to fraud and their knowledge of any actual, suspected, or alleged fraud.

-

We ensured compliance with Pay as You Earn and Value Added Tax laws via reviewing returns and correspondence.

-

We discussed with management to ensure continued compliance with employment legislation for haulage drivers.

-

We considered the risk of fraud through management override, and, in response, we incorporated testing of manual journal entries into our audit approach. This included the testing of journal entries throughout the year as well as year end journals.

-

We agreed the financial statement disclosures to underlying supporting documentation.

-

We enquired of management if there were any potential litigation or claims.

Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities from fraud are inherently more difficult to detect than those arising from error.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Steven Collins (Senior Statutory Auditor)

for and on behalf of Baverstocks Limited

Statutory Auditor

Chartered Certified Accountants

Dickens House

Guithavon Street

Witham

Essex

CM8 1BJ

16 July 2026

Turnover

3

32,835

31,203

Cost of sales

31,682

29,578

Gross profit

1,153

1,625

Administrative expenses

2,859

2,038

(1,706

)

(413

)

Other operating income

4

26

26

Operating loss

6

(1,680

)

(387

)

Interest payable and similar expenses

7

574

356

Loss before taxation

(2,254

)

(743

)

Tax on loss

8

-

-

Loss for the financial year

(2,254

)

(743

)

Loss for the year

(2,254

)

(743

)

Other comprehensive income

-

-

Total comprehensive income for the year

(2,254

)

(743

)

Fixed assets

Intangible assets

9

-

-

Tangible assets

10

7,033

8,917

7,033

8,917

Current assets

Stocks

11

13

32

Debtors

12

5,087

5,274

Cash at bank

667

4,021

5,767

9,327

Creditors

Amounts falling due within one year

13

5,046

4,020

Net current assets

721

5,307

Total assets less current liabilities

7,754

14,224

Creditors

Amounts falling due after more than one year

14

8,284

12,500

Net (liabilities)/assets

(530

)

1,724

Capital and reserves

Called up share capital

17

-

-

Retained earnings

18

(530

)

1,724

Shareholders' funds

(530

)

1,724

The financial statements were approved by the Board of Directors and authorised for issue on 16 July 2026 and were signed on its behalf by:

A Doyharcabal - Director

Called up

share

Retained

Total

capital

earnings

equity

£'000

£'000

£'000

Balance at 1 January 2024

-

2,467

2,467

Changes in equity

Total comprehensive income

-

(743

)

(743

)

Balance at 31 December 2024

-

1,724

1,724

Changes in equity

Total comprehensive income

-

(2,254

)

(2,254

)

Balance at 31 December 2025

-

(530

)

(530

)

1.	Statutory information

CAT UK Vehicle Transportation Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

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 requirement of paragraph 33.7.

Preparation of consolidated financial statements

The financial statements contain information about Carlson Vehicle Transfer Limited as an individual company and do not contain consolidated financial statements as the parent of the group. The company has taken the option under Section 402 of the Companies Act 2006 by claiming exemption from preparing consolidated financial statements due to the subsidiary undertaking not needing to be included. The subsidiary is excluded from the consolidation under Section 405 of the Companies Act 2006 due to its inclusion not being material.

Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are no estimates and assumptions that have a significant risk of causing material adjustment in the financial statements.

Turnover

Turnover represents the income receivable (excluding value added tax) in the ordinary course of business for service provided and, in respect of unbilled charges, includes an accrual for measured income unbilled at the end of the financial year.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of various businesses is being amortised evenly over its estimated useful life of three to five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to Property

-

Straight line over 10 years and Straight line over 3 years

Plant and Machinery

-

Straight line over 10 years and Straight line over 3 years

Fixtures and Fittings

-

Straight line over 10 years

Motor Vehicles

-

20% Cost less estimated residual value, 12.5% on cost, 10% on cost and Straight line over 7 years

For motor vehicles over 5 years old, the residual value is written off at a rate of 15% on straight line.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The company meets its day-to-day working capital requirements through its cash reserves and borrowings. The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company can operate within the level of its current cash reserves and borrowings.

CAT SAS, the immediate controlling party, has also agreed to make funds available to allow the company to meet its debts as they fall due for a period of at least 12 months from the date of approval of these financial statements, and do not require repayment of the inter-group balances until other creditors have been met and the company has generated sufficient funds to enable repayments to be made.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3.

Turnover

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2025

2024

£'000

£'000

Rendering of services

32,835

31,203

32,835

31,203

4.	Other operating income

2025

2024

£'000

£'000

Rent and Ancillary Services

26

26

5.	Employees and directors

2025

2024

£'000

£'000

Wages and salaries

9,915

9,535

Social security costs

1,195

992

Other pension costs

203

198

11,313

10,725

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

2025

2024

Transportation

145

156

Administration

42

27

187

183

2025

2024

£

£

Directors' remuneration

157,662

155,582

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

Money purchase schemes

1

1

6.	Operating loss

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

2025

2024

£'000

£'000

Subcontractors

6,940

6,330

Depreciation - owned assets

712

971

Depreciation - assets on hire purchase contracts

1,124

571

Auditors Remuneration

24

19

Foreign exchange differences

290

(403

)

7.

Interest payable and similar expenses

2025

2024

£'000

£'000

Parent Company Loan Interest

71

110

Hire Purchase Interest

503

246

574

356

8.

Taxation

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 December 2025 nor for the year ended 31 December 2024.

Reconciliation of total tax charge 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

£'000

£'000

Loss before tax

(2,254

)

(743

)

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

(564

)

(186

)

Effects of:

Expenses not deductible for tax purposes

10

9

Deferred tax asset not provided

28

(444

)

Group relief

526

621

Total tax charge

-

-

9.	Intangible fixed assets

Goodwill

£'000

Cost

At 1 January 2025

and 31 December 2025

21

Amortisation

At 1 January 2025

and 31 December 2025

21

Net book value

At 31 December 2025

-

At 31 December 2024

-

10.	Tangible fixed assets

Improvements

Fixtures

to

Plant and

and

Motor

Property

Machinery

Fittings

Vehicles

Totals

£'000

£'000

£'000

£'000

£'000

Cost

At 1 January 2025

289

82

195

20,536

21,102

Additions

7

8

7

258

280

Disposals

-

-

-

(3,574

)

(3,574

)

At 31 December 2025

296

90

202

17,220

17,808

Depreciation

At 1 January 2025

96

82

93

11,914

12,185

Charge for year

52

2

43

1,739

1,836

Eliminated on disposal

-

-

-

(3,246

)

(3,246

)

At 31 December 2025

148

84

136

10,407

10,775

Net book value

At 31 December 2025

148

6

66

6,813

7,033

At 31 December 2024

193

-

102

8,622

8,917