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REGISTERED NUMBER: 03519661 (England and Wales)

Pearce Bros (Autorentals) Limited

Audited Financial Statements for the Year Ended 31 March 2026

| Pearce Bros (Autorentals) Limited (Registered number: 03519661) |

Contents of the Financial Statements

for the year ended 31 March 2026

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| Pearce Bros (Autorentals) Limited |

Company Information

for the year ended 31 March 2026

| DIRECTORS: | D Pearce

| R N Tredwin

| A P P O'Brien

| REGISTERED OFFICE: | 10-14 Stover Road

| Yate

| Bristol

| BS37 5JN

| REGISTERED NUMBER: | 03519661 (England and Wales)

| AUDITORS: | Webb & Co Ltd

| Accountants and Business Advisers

| & Statutory Auditor

| One New Street

| Wells

| Somerset

| BA5 2LA

| Pearce Bros (Autorentals) Limited (Registered number: 03519661) |

Balance Sheet

31 March 2026

| 2026 | 2025 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 3 | 19,099,491 |  | 19,949,390 |  |

CURRENT ASSETS

Stocks | 2,099 |  | 19,522 |  |

Debtors | 4 | 1,462,630 |  | 847,277 |  |

Cash at bank and in hand | 2,449,828 |  | 3,035,702 |  |

3,914,557 |  | 3,902,501 |  |

CREDITORS

Amounts falling due within one year | 5 | 7,881,483 |  | 8,255,545 |  |

NET CURRENT LIABILITIES | (3,966,926 | ) | (4,353,044 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 15,132,565 |  | 15,596,346 |  |

CREDITORS

Amounts falling due after more than one year | 6 | (9,554,170 | ) | (9,289,054 | ) |

PROVISIONS FOR LIABILITIES | (815,156 | ) | (899,670 | ) |

NET ASSETS | 4,763,239 |  | 5,407,622 |  |

CAPITAL AND RESERVES

Called up share capital | 9 | 50,000 |  | 50,000 |  |

Retained earnings | 4,713,239 |  | 5,357,622 |  |

SHAREHOLDERS' FUNDS | 4,763,239 |  | 5,407,622 |  |

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2026 and were signed on its behalf by:

D Pearce - Director

| Pearce Bros (Autorentals) Limited (Registered number: 03519661) |

Notes to the Financial Statements

for the year ended 31 March 2026

1. | ACCOUNTING POLICIES

| General information and basis of preparing the financial statements

| The company is a private company limited by shares, registered in England, United Kingdom.The address of the registered office is 10-14 Stover Road, Yate, Bristol, BS37 5JN. The nature of the company's operations and principal activities is short and long term vehicle leasing and vehicle sales.

| The financial statements are prepared in sterling, which is the functional currency of the entity.

| 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Critical accounting judgements and key sources of estimation uncertainty

| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future period where the

| revision affects both current and future periods.

| Critical Judgements

| The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

| Impairment of assets

| The tangible fixed assets are periodically reviewed for impairment by the directors based on their knowledge and judgements.

| Key sources of estimation uncertainty

| The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows;

| Depreciation

| The directors use their knowledge of the business and the industry to estimate the useful life and residual value of tangible assets in order to arrive at applicable deprecation rates. In accordance with section 17 of FRS 102, the directors review and update these estimates if there are indicators that current estimates should change.

| It must be noted that there is inherent uncertainty within these estimates as factors such as unexpected wear and tear, technological advancement and changes in market prices may result in future changes to the appropriate rate of deprecation.

| Revenue recognition

| Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

| Revenue from the hire of motor vehicles is recognised in the period to which the hire relates.

| Pearce Bros (Autorentals) Limited (Registered number: 03519661) |

Notes to the Financial Statements - continued

for the year ended 31 March 2026

| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of goods); the amount of revenue can be measured easily; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

| Tangible fixed assets

| Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

| Depreciation is calculated on a straight line basis so as to write off the cost of tangible assets, less their residual value, over the useful economic life of that asset as follows:

| Shorthold leasehold |  | - 20% on cost |  |

| Plant and equipment |  | - 10% - 50% on cost |  |

| Motor vehicles |  | - 20% on cost |  |

| Stocks

| Stocks are measured at the lower of cost and estimated selling price less costs to sell. Cost includes all costs of purchase and other costs incurred in bringing the stock to its present location and condition.

| 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.

| Hire purchase contracts and finance leases

| Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value fo the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

| Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the following methods:

| a) Variable rate agreements - allocated by interest charged by the lender

| b) Fixed rate agreements - allocated by total interest payments over the life of the lease

2. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 31 (2025 - 31 ) .

| Pearce Bros (Autorentals) Limited (Registered number: 03519661) |

Notes to the Financial Statements - continued

for the year ended 31 March 2026

3. | TANGIBLE FIXED ASSETS

| Short |  | Plant and |  | Motor |

| leasehold |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 April 2025 | 160,394 |  | 258,665 |  | 28,141,821 |  | 28,560,880 |  |

| Additions | 3,650 |  | 5,954 |  | 8,542,582 |  | 8,552,186 |  |

| Disposals | (50,642 | ) | - |  | (9,423,560 | ) | (9,474,202 | ) |

| At 31 March 2026 | 113,402 |  | 264,619 |  | 27,260,843 |  | 27,638,864 |  |

| DEPRECIATION

| At 1 April 2025 | 35,159 |  | 178,223 |  | 8,398,108 |  | 8,611,490 |  |

| Charge for year | 28,300 |  | 23,504 |  | 5,498,538 |  | 5,550,342 |  |

| Eliminated on disposal | - |  | - |  | (5,622,459 | ) | (5,622,459 | ) |

| At 31 March 2026 | 63,459 |  | 201,727 |  | 8,274,187 |  | 8,539,373 |  |

| NET BOOK VALUE

| At 31 March 2026 | 49,943 |  | 62,892 |  | 18,986,656 |  | 19,099,491 |  |

| At 31 March 2025 | 125,235 |  | 80,442 |  | 19,743,713 |  | 19,949,390 |  |

| Finance leases and hire purchase contracts

| Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements;

|  | Motor Vehicles |  |

| £ |  |

| As at 31 March 2026 |  | 18,262,287 |  |

| As at 31 March 2025 |  | 18,741,999 |  |

4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2026 | 2025 |

£ | £ |

| Trade debtors | 704,132 |  | 638,035 |  |

| Amounts owed by group undertakings | 620,000 |  | - |  |

| Other debtors | 138,498 |  | 209,242 |  |

1,462,630 |  | 847,277 |  |

5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2026 | 2025 |

£ | £ |

| Hire purchase contracts (see note 7) | 7,140,022 |  | 7,589,794 |  |

| Trade creditors | 107,285 |  | 146,424 |  |

| Taxation and social security | 260,711 |  | 65,454 |  |

| Other creditors | 373,465 |  | 453,873 |  |

7,881,483 |  | 8,255,545 |  |

| Pearce Bros (Autorentals) Limited (Registered number: 03519661) |

Notes to the Financial Statements - continued

for the year ended 31 March 2026

6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2026 | 2025 |

£ | £ |

| Hire purchase contracts (see note 7) | 9,554,170 |  | 9,289,054 |  |

7. | LEASING AGREEMENTS

| Total financial commitments under non-cancellable leases which are not included in the balance sheet amount to £528,375 (2025 - £717,775).

8. | SECURED DEBTS

| The following secured debts are included within creditors:

2026 | 2025 |

£ | £ |

| Hire purchase contracts | 16,694,192 |  | 16,878,848 |  |

| Obligations under hire purchase contracts are secured on the assets to which they relate via fixed and floating charges.

| The company's bankers have a fixed and floating charge secured over the company's assets.

9. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2026 | 2025 |

| value: | £ | £ |

| 50,000 | Ordinary | £1 | 50,000 |  | 50,000 |  |

10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Barry Davidson FCA FCCA (Senior Statutory Auditor)

| for and on behalf of Webb & Co Ltd

11. | CAPITAL COMMITMENTS

| The company has committed to a £632,555 investment in motor vehicles at the balance sheet date.

| Pearce Bros (Autorentals) Limited (Registered number: 03519661) |

Notes to the Financial Statements - continued

for the year ended 31 March 2026

12. | RELATED PARTY DISCLOSURES

| Rent for the premises at Yate was paid to key management personnel and Pearce Holdings Limited totalling £144,900 (2025 £139,425). No amounts were outstanding at the balance sheet date.

| A partnership run by a Director and the parent company invoiced Pearce Bros (Autorentals) Ltd for services supplied during the year totalling £574,178 (2025 £651,664) of which £13,997 is outstanding at the balance sheet date (2025 £47,939).

| Pearce Bros (Autorentals) Ltd also invoiced a partnership run by a Director and parent company for shared expenditure during the year totalling £362,158 (2025 £226,808) of which £43,922 is outstanding at the balance sheet date (2025 £15,699).

| Exemption has been taken to not disclose transactions with the parent company as the company is a wholly owned subsidiary.

13. | ULTIMATE CONTROLLING PARTY

| The company is a wholly owned subsidiary undertaking of Pearce Holdings Ltd, a company incorporated in England. Registered office 10-14 Stover Road, Yate, Bristol, BS37 5JN.