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REGISTERED NUMBER: 03315377 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2025

for

Commercial Vehicle Rental Limited

Commercial Vehicle Rental Limited (Registered number: 03315377)

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 5 |

Report of the Independent Auditors | 7 |

Income Statement | 11 |

Other Comprehensive Income | 12 |

Balance Sheet | 13 |

Statement of Changes in Equity | 14 |

Cash Flow Statement | 15 |

Notes to the Cash Flow Statement | 16 |

Notes to the Financial Statements | 17 |

Commercial Vehicle Rental Limited

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | P G Sanders

| M J Sanders

| SECRETARY: | M J Sanders

| REGISTERED OFFICE: | Fradley Park

| Westhill Road

| Lichfield

| Staffordshire

| WS13 8NG

| REGISTERED NUMBER: | 03315377 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Geoffrey Hopwood BCOM FCA

| AUDITORS: | Haines Watts Wolverhampton Limited

| Statutory Auditors

| Keepers Lane

| The Wergs

| Wolverhampton

| West Midlands

| WV6 8UA

Commercial Vehicle Rental Limited (Registered number: 03315377)

Strategic Report

for the Year Ended 31 December 2025

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

REVIEW OF BUSINESS

Commercial Vehicle Rental Limited, trading as Allports Rental, continues to develop its strong position within the UK Contract Hire and Rental market, specialising in the provision of Commercial Vehicles and Trailers supported by a fully managed, turnkey service.

Operating from our dedicated Lichfield Rental Centre, we support customers nationwide with tailored vehicle and trailer solutions. Our offer includes full branding and livery services, telematics, compliance reporting and specialist support delivered through carefully selected partners. This fully integrated approach ensures operators receive a dependable, compliant and cost effective fleet solution.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's operations expose it to a variety of financial risks that include the effects of credit risk and liquidity risk.

Credit risk

The company monitors credit risk closely and considers that its current policies of credit checks, regular credit limit reviews and authorisation of transactions by senior management meets its objectives of managing exposure to credit risk.

The company has no significant concentrations of credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event that other parties fail to perform their obligations under financial instruments.

Liquidity risk

The company is financed with appropriate long-term and short-term finance to match the needs of the business.

Financial instruments

Financial instruments such as trade debtors and creditors arise directly from the company's operations.

Commercial Vehicle Rental Limited (Registered number: 03315377)

Strategic Report

for the Year Ended 31 December 2025

OPERATIONAL PROGRESS IN 2025

Throughout 2025, Allports Rental has continued to strengthen capability and performance across the core areas of hire operations, maintenance, compliance and administration. Our Rental Centre remains central to bringing teams together, enhancing collaboration and improving visibility, control and coordination across our entire fleet.

Continued investment in systems and processes during the year has delivered improved operational efficiency, enhanced on hire/off hire management and strengthened oversight of vehicle and trailer utilisation. These developments have ensured we remain agile, responsive and focused on providing a consistently high standard of service for customers across the UK.

As always, we continue to invest in our people and facilities to support sustainable long term growth. Training, development and clear progression opportunities remain key areas of focus as we strengthen team capability and prepare for the next phase of expansion.

Vision, Customer Commitments and Sustainability

Following the successful launch and implementation of our company Vision, Customer Commitments and Sustainability Focus in 2024, 2025 has been focused on embedding these principles into everyday operations.

Our Vision remains centred on the core pillars of Impact, Excellence and Leadership:

- Impact - delivering on our customer commitments and investing in solutions that add meaningful

value for customers, colleagues and partners.

- Excellence - maintaining high standards of quality, operational accuracy and customer

experience.

- Leadership - empowering teams to act confidently, take ownership and drive continuous

improvement.

These guiding principles continue to shape both our culture and our decision making, ensuring alignment across the business as we grow.

Commercial Vehicle Rental Limited (Registered number: 03315377)

Strategic Report

for the Year Ended 31 December 2025

FINANCIAL AND OPERATIONAL PERFORMANCE IN 2025

2025 has been a positive year for Allports Rental, with continued fleet growth and a solid operational performance. Key highlights include:

- Strong utilisation across the rental and contract hire fleet, supported by improved visibility and

fleet control processes.

- Stable margins, supported by disciplined cost management and increased efficiency across

maintenance and compliance activities.

- Ongoing strength in distribution related operations, where long standing customer

partnerships and sector expertise continue to deliver consistent and reliable performance.

The combination of customer retention, fleet optimisation and operational discipline has helped ensure another year of steady and sustainable performance.

Outlook

The investments and improvements made throughout 2024 and 2025 lay a strong foundation for continued development in 2026.

Our strategic priorities for the year ahead include:

- Expanding our fleet to meet rising customer demand.

- Further enhancing compliance and telematics reporting capabilities.

- Continuing to streamline operations through technology, systems and process improvements.

- Strengthening customer partnerships through tailored solutions and excellent service delivery.

These initiatives continue to support Allports' mission: to supply high quality and innovative products and services that meet the demands of modern business, working closely with customers to ensure successful partnerships and deliver real competitive advantage in vehicle and trailer operations.

FINANCIAL REVIEW

The key performance indicators used by the company are:

| 2025 |  | 2024 |

| £ |  | £ |

Turnover |  | 21,049,913 |  | 19,102,186 |

Fleet size |  | 1,288 |  | 1,286 |

Investments in new fleet assets |  | 12,132,326 |  | 9,579,449 |

Fleet net book value |  | 29,663,439 |  | 25,411,367 |

ON BEHALF OF THE BOARD:

M J Sanders - Director

10 August 2026

Commercial Vehicle Rental Limited (Registered number: 03315377)

Report of the Directors

for the Year Ended 31 December 2025

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

DIVIDENDS

Interim dividends per share were paid as follows:

1.50 |  | - 7 April 2025

0.75 |  | - 7 April 2025

2.25 |

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2025 will be £ 450,000 .

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 G Sanders

M J Sanders

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). 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.

Commercial Vehicle Rental Limited (Registered number: 03315377)

Report of the Directors

for the Year Ended 31 December 2025

AUDITORS

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

ON BEHALF OF THE BOARD:

M J Sanders - Director

10 August 2026

Report of the Independent Auditors to the Members of

Commercial Vehicle Rental Limited

Opinion

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

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

Report of the Independent Auditors to the Members of

Commercial Vehicle Rental Limited

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 five, 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.

Report of the Independent Auditors to the Members of

Commercial Vehicle Rental Limited

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:

We evaluated the directors' and 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 management override of controls, for example posting manual journal entries to manipulate financial performance, risk of fraud in revenue recognition in relation to cut off and significant one-off or unusual transactions.

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to: " Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations; " Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and " Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.

Our audit procedures in relation to fraud included but were not limited to:" Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud; " Gaining an understanding of the internal controls established to mitigate risks related to fraud; " Discussing amongst the engagement team the risks of fraud; and" Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. 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 auditor's report.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

· Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

· Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

· Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

Report of the Independent Auditors to the Members of

Commercial Vehicle Rental Limited

· Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

Geoffrey Hopwood BCOM FCA (Senior Statutory Auditor)

for and on behalf of Haines Watts Wolverhampton Limited

Statutory Auditors

Keepers Lane

The Wergs

Wolverhampton

West Midlands

WV6 8UA

10 August 2026

Commercial Vehicle Rental Limited (Registered number: 03315377)

Income Statement

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 21,049,913 |  | 19,102,186 |  |

Cost of sales | 16,041,880 |  | 14,664,403 |  |

GROSS PROFIT | 5,008,033 |  | 4,437,783 |  |

Administrative expenses | 1,818,921 |  | 1,449,301 |  |

OPERATING PROFIT | 4 | 3,189,112 |  | 2,988,482 |  |

Interest receivable and similar income | 107,578 |  | 57,447 |  |

3,296,690 |  | 3,045,929 |  |

Interest payable and similar expenses | 5 | 832,538 |  | 766,315 |  |

PROFIT BEFORE TAXATION | 2,464,152 |  | 2,279,614 |  |

Tax on profit | 6 | 618,399 |  | 571,078 |  |

PROFIT FOR THE FINANCIAL YEAR | 1,845,753 |  | 1,708,536 |  |

Commercial Vehicle Rental Limited (Registered number: 03315377)

Other Comprehensive Income

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 1,845,753 |  | 1,708,536 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,845,753 |  | 1,708,536 |  |

Commercial Vehicle Rental Limited (Registered number: 03315377)

Balance Sheet

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 8 | 29,693,562 |  | 25,472,647 |  |

CURRENT ASSETS

Debtors | 9 | 2,213,340 |  | 1,724,819 |  |

Cash at bank | 4,651,274 |  | 4,033,555 |  |

6,864,614 |  | 5,758,374 |  |

CREDITORS

Amounts falling due within one year | 10 | 9,523,024 |  | 8,881,952 |  |

NET CURRENT LIABILITIES | (2,658,410 | ) | (3,123,578 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 27,035,152 |  | 22,349,069 |  |

CREDITORS

Amounts falling due after more than one year | 11 | (11,801,934 | ) | (8,703,569 | ) |

PROVISIONS FOR LIABILITIES | 14 | (1,779,523 | ) | (1,587,558 | ) |

NET ASSETS | 13,453,695 |  | 12,057,942 |  |

CAPITAL AND RESERVES

Called up share capital | 15 | 200,000 |  | 200,000 |  |

Retained earnings | 16 | 13,253,695 |  | 11,857,942 |  |

SHAREHOLDERS' FUNDS | 13,453,695 |  | 12,057,942 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 10 August 2026 and were signed on its behalf by:

M J Sanders - Director

Commercial Vehicle Rental Limited (Registered number: 03315377)

Statement of Changes in Equity

for the Year Ended 31 December 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2024 | 200,000 |  | 10,599,406 |  | 10,799,406 |  |

Changes in equity

Total comprehensive income | - |  | 1,708,536 |  | 1,708,536 |  |

Dividends | - |  | (450,000 | ) | (450,000 | ) |

Balance at 31 December 2024 | 200,000 |  | 11,857,942 |  | 12,057,942 |  |

Changes in equity

Total comprehensive income | - |  | 1,845,753 |  | 1,845,753 |  |

Dividends | - |  | (450,000 | ) | (450,000 | ) |

Balance at 31 December 2025 | 200,000 |  | 13,253,695 |  | 13,453,695 |  |

Commercial Vehicle Rental Limited (Registered number: 03315377)

Cash Flow Statement

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 8,702,878 |  | 8,770,637 |  |

Interest paid | (1,323 | ) | - |  |

Interest element of hire purchase payments paid | (831,215 | ) | (766,315 | ) |

Tax paid | (399,993 | ) | (465,353 | ) |

Net cash from operating activities | 7,470,347 |  | 7,538,969 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (12,132,326 | ) | (9,579,449 | ) |

Sale of tangible fixed assets | 1,892,326 |  | 1,383,271 |  |

Interest received | 107,578 |  | 57,447 |  |

Net cash from investing activities | (10,132,422 | ) | (8,138,731 | ) |

Cash flows from financing activities

Capital repayments in year | 3,729,794 |  | 1,137,628 |  |

Equity dividends paid | (450,000 | ) | (450,000 | ) |

Net cash from financing activities | 3,279,794 |  | 687,628 |  |

Increase in cash and cash equivalents | 617,719 |  | 87,866 |  |

Cash and cash equivalents at beginning of year | 2 | 4,033,555 |  | 3,945,689 |  |

Cash and cash equivalents at end of year | 2 | 4,651,274 |  | 4,033,555 |  |

Commercial Vehicle Rental Limited (Registered number: 03315377)

Notes to the Cash Flow Statement

for the Year Ended 31 December 2025

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

| 2025 |  | 2024

£ | £ |

| Profit for the financial year | 1,845,753 |  | 1,708,536 |  |

| Depreciation charges | 6,586,602 |  | 6,050,792 |  |

| Profit on disposal of fixed assets | (567,517 | ) | (454,915 | ) |

| Provisions and employee benefits | 58,649 |  | 62,277 |  |

| Finance costs | 832,538 |  | 766,315 |  |

| Finance income | (107,578 | ) | (57,447 | ) |

| Taxation | 618,399 |  | 571,078 |  |

9,266,846 |  | 8,646,636 |  |

| Increase in trade and other debtors | (488,521 | ) | (296,232 | ) |

| (Decrease)/increase in trade and other creditors | (75,447 | ) | 420,233 |  |

| Cash generated from operations | 8,702,878 |  | 8,770,637 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2025

| 31.12.25 |  | 1.1.25

£ | £ |

| Cash and cash equivalents | 4,651,274 |  | 4,033,555 |  |

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 4,033,555 |  | 3,945,689 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.1.25 | Cash flow | At 31.12.25

£ | £ | £ |

| Net cash |

| Cash at bank | 4,033,555 |  | 617,719 |  | 4,651,274 |  |

4,033,555 |  | 617,719 |  | 4,651,274 |  |

| Debt

| Finance leases | (14,760,510 | ) | (3,729,794 | ) | (18,490,304 | ) |

(14,760,510 | ) | (3,729,794 | ) | (18,490,304 | ) |

| Total | (10,726,955 | ) | (3,112,075 | ) | (13,839,030 | ) |

Commercial Vehicle Rental Limited (Registered number: 03315377)

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Commercial Vehicle Rental 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.

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.

| Significant judgements and estimates

| In the application of the company's accounting policies management is required to make

| judgements, estimates and assumptions about the carrying values of assets and liabilities that

| affect the amounts reported. These judgements, estimates and assumptions are based on

| historical experience and other factors, including expectations of future events, that are believed

| to be reasonable and relevant.

| The judgements, estimates and assumptions are continually reviewed and any revisions to these

| are recognised in the year in which it is revised if such revision affects only that year or in the year

| of revision and future years if the revision affects both current and future years.

| The market for used commercial vehicles had been particularly buoyant for the last 2 years and

| had led to higher than anticipated proceeds of sale. It is prudent to leave the depreciation rates

| unchanged as, in the opinion of the directors, the current level of resale values for used vehicles

| is unlikely to be sustainable and the directors expect second hand values to return to more

| normal levels by the time the current fleet assets come to be disposed of.

| In the opinion of the directors there are no other material judgements, estimates and assumptions

| that will affect the financial statements in the current year.

| Turnover

| The turnover shown in the profit and loss account is the amount receivable for the provision of goods

| and services falling within the Company's activities, net of Value Added Tax, rebates and trade

| discounts. Turnover from the provision of goods and services are recognised in the accounting period

| in which the Company obtains the right to consideration in exchange for its performance and when the

| amounts to be recognised are fixed or determinable and collectability is reasonably assured.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Temporary building | - | 15% on cost

| Fixtures and fittings | - | 33% on cost

| Motor vehicles | - | 20% - 40% reducing balance and 13% - 25% straight line

| A review for indicators of impairment is carried out at each reporting date, with the recoverable

| amount being estimated where such indicators exist. Where the carrying value exceeds the

| recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for

| possible reversal at each reporting date.

| For the purposes of impairment testing, when it is not possible to estimate the recoverable

| amount of an individual asset, an estimate is made of the recoverable amount of the cash generating

| unit to which the asset belongs. The cash-generating unit is the smallest identifiable

| group of assets that includes the asset and generates cash inflows that largely independent of the

| cash inflows from other assets or groups of assets.

Commercial Vehicle Rental Limited (Registered number: 03315377)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Financial liabilities and equity instruments are classified according to the substance of the

| contractual arrangements entered into. An equity instrument is any contract that evidences a

| residual interest in the assets of the entity after deducting all of its financial liabilities.

| Where the contractual obligations of financial instruments (including share capital) are equivalent

| to a similar debt instrument, those financial instruments are classed as financial liabilities.

| Financial liabilities are presented as such in the balance sheet. Finance costs and gains or

| losses relating to financial liabilities are included in the profit and loss account. Finance costs are

| calculated so as to produce a constant rate of return on the outstanding liability.

| Where the contractual terms of share capital do not have any terms meeting the definition of a

| financial liability then this is classed as an equity instrument. Dividends and distributions relating

| to equity instruments are debited direct to equity.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

| Pension costs and other post-retirement benefits

| Contributions to defined contribution plans are recognised as an expense in the period in which

| the related service is provided. Prepaid contributions are recognised as an asset to the extent

| that the prepayment will lead to a reduction in future payments or a cash refund.

| When contributions are not expected to be settled wholly within 12 months of the end of the

| reporting date in which the employees render the related service, the liability is measured on a

| discounted present value basis. The unwinding of the discount is recognised as a finance cost in

| profit or loss in the period in which it arises.

Commercial Vehicle Rental Limited (Registered number: 03315377)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Going concern

| The company made a profit for the year ended 31 December 2025, although, at that date its

| current liabilities exceeded its current assets. This arises principally in respect of hire purchase

| obligations due within one year on vehicles acquired to generate operating lease and rental

| income.

| Financial forecasts prepared by the directors indicate that the income generated will exceed the

| related capital and interest payments due in respect of these vehicles for the forthcoming year

| and that the company will be able to operate within its available financial facilities. Accordingly,

| the directors consider it appropriate to prepare the financial statements on a going concern basis.

| Details of future income receivable under contract hire terms are shown in note 12 to the financial

| statements.

| Income tax

| The taxation expense represents the aggregate amount of current and deferred tax recognised in

| the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items

| recognised in other comprehensive income or directly in equity. In this case, tax is recognised in

| other comprehensive income or directly in equity, respectively.

| Current tax is recognised on taxable profit for the current and past periods. Current tax is

| measured at the amounts of tax expected to be paid or recovered using the tax rates and laws

| that have been enacted or substantively enacted at the reporting date.

| Deferred tax is recognised in respect of all timing differences that have originated, but not

| reversed at the balance sheet date where transactions or events have occurred at that date that

| will result in an obligation to pay more, or a right to pay less or to receive more tax.

| Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in

| the periods in which timing differences reverse, based on tax rates and laws enacted or

| substantively enacted at the balance sheet date.

| Provisions

| Payments are received from customers in equal installments over the life of the contract and are

| credited to the profit and loss account as receivable. Part of this income relates to maintenance

| costs expected to be incurred over the life of the contract.

| In previous accounting periods the company has held contract hire agreements that include

| excess mileage charges to customers during the life of the contract rather than at the end of the

| contract. This income relates to expected future costs and charges that the company will incur for

| increased maintenance costs but primarily against reduced residual values of the asset at

| disposal, and these amounts are released accordingly through the asset lifecycle.

| A provision is included in the financial statements for income received up to the balance sheet

| date relating to costs and charges estimated to be incurred in future accounting periods and is

| included in the balance sheet as provisions for liabilities and charges.

3. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 1,294,135 |  | 1,181,295 |  |

| Social security costs | 157,566 |  | 127,683 |  |

| Other pension costs | 31,130 |  | 26,278 |  |

1,482,831 |  | 1,335,256 |  |

Commercial Vehicle Rental Limited (Registered number: 03315377)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | EMPLOYEES AND DIRECTORS - continued

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

| 2025 |  | 2024

| Administrative staff | 21 |  | 20 |  |

| Management staff | 7 |  | 8 |  |

| Production staff | 4 |  | 3 |  |

32 |  | 31 |  |

| Certain senior employees who have authority and responsibility for planning, directing and controlling

| the activities of the company are considered to be key management personnel. The total remuneration in respect of these individuals is £140,052 (2024: £128,904).

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | - |  | - |  |

4. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 6,586,602 |  | 6,050,792 |  |

| Profit on disposal of fixed assets | (567,517 | ) | (454,915 | ) |

| Auditors' remuneration | 11,070 |  | 13,026 |  |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Corporation tax interest

| payable | 1,323 |  | - |  |

| Hire purchase | 831,215 |  | 766,315 |  |

832,538 |  | 766,315 |  |

6. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 485,083 |  | 528,341 |  |

| Deferred tax | 133,316 |  | 42,737 |  |

| Tax on profit | 618,399 |  | 571,078 |  |

Commercial Vehicle Rental Limited (Registered number: 03315377)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

6. | TAXATION - continued

| 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

£ | £ |

| Profit before tax | 2,464,152 |  | 2,279,614 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 616,038 |  | 569,904 |  |

| Effects of:

| Expenses not deductible for tax purposes | 733 |  | 82 |  |

| Depreciation in excess of capital allowances | 1,628 |  | 1,092 |  |

| Total tax charge | 618,399 |  | 571,078 |  |

7. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares shares of 1 each

| Interim | 450,000 |  | 450,000 |  |

8. | TANGIBLE FIXED ASSETS

| Fixtures |

| Temporary |  | and |  | Motor |

| building |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2025 | 124,987 |  | 82,775 |  | 53,761,882 |  | 53,969,644 |  |

| Additions | - |  | - |  | 12,132,326 |  | 12,132,326 |  |

| Disposals | - |  | - |  | (7,941,965 | ) | (7,941,965 | ) |

| At 31 December 2025 | 124,987 |  | 82,775 |  | 57,952,243 |  | 58,160,005 |  |

| DEPRECIATION

| At 1 January 2025 | 69,406 |  | 77,076 |  | 28,350,515 |  | 28,496,997 |  |

| Charge for year | 25,458 |  | 5,699 |  | 6,555,445 |  | 6,586,602 |  |

| Eliminated on disposal | - |  | - |  | (6,617,156 | ) | (6,617,156 | ) |

| At 31 December 2025 | 94,864 |  | 82,775 |  | 28,288,804 |  | 28,466,443 |  |

| NET BOOK VALUE

| At 31 December 2025 | 30,123 |  | - |  | 29,663,439 |  | 29,693,562 |  |

| At 31 December 2024 | 55,581 |  | 5,699 |  | 25,411,367 |  | 25,472,647 |  |

| 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 £ |  |

| At 31 December 2025 |  | 29,663,396 |  |

| At 31 December 2024 |  | 25,410,356 |  |

Commercial Vehicle Rental Limited (Registered number: 03315377)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

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

2025 | 2024 |

£ | £ |

| Trade debtors | 1,748,844 |  | 1,397,032 |  |

| Amounts receivable in respect of hire purchase contracts | 83,383 |  | 135,735 |  |

| Other debtors | - |  | 1,706 |  |

| Prepayments | 381,113 |  | 190,346 |  |

2,213,340 |  | 1,724,819 |  |

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

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 12) | 7,195,528 |  | 6,625,044 |  |

| Trade creditors | 432,081 |  | 454,737 |  |

| Amounts owed to group undertakings | 791,788 |  | 627,253 |  |

| Tax | 303,404 |  | 218,314 |  |

| Social security and other taxes | 53,408 |  | 42,886 |  |

| VAT | 205,429 |  | 441,995 |  |

| Other creditors | 37,500 |  | 37,500 |  |

| Contract hire sale control acc | 255,530 |  | 205,022 |  |

| Directors' current accounts | 37,500 |  | 37,500 |  |

| Accruals and deferred income | 210,856 |  | 191,701 |  |

9,523,024 |  | 8,881,952 |  |

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

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 12) | 11,294,776 |  | 8,135,466 |  |

| Trade creditors | 507,158 |  | 568,103 |  |

11,801,934 |  | 8,703,569 |  |

12. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 7,195,528 |  | 6,625,044 |  |

| Between one and five years | 11,294,776 |  | 8,135,466 |  |

18,490,304 |  | 14,760,510 |  |

Commercial Vehicle Rental Limited (Registered number: 03315377)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

12. | LEASING AGREEMENTS - continued

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 10,188,026 |  | 7,956,182 |  |

| Between one and five years | 25,136,080 |  | 18,566,621 |  |

| In more than five years | 1,391,341 |  | 1,175,735 |  |

36,715,447 |  | 27,698,538 |  |

13. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Hire purchase contracts | 18,490,304 |  | 14,760,510 |  |

| Hire purchase liabilities are secured against the assets to which they relate.

14. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 1,082,651 |  | 949,335 |  |

| Provisions - warranties | 696,872 |  | 638,223 |  |

1,779,523 |  | 1,587,558 |  |

| Deferred |  |

| tax |  | Warranties |

£ | £ |

| Balance at 1 January 2025 | 949,335 |  | 638,223 |  |

| Charge to Income Statement during year | 133,316 |  | 58,649 |  |

| Balance at 31 December 2025 | 1,082,651 |  | 696,872 |  |

| The deferred balance as at 31 December 2025 relates to accerated capital allowances.

15. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 200,000 | Ordinary shares | 1 | 200,000 |  | 200,000 |  |

Commercial Vehicle Rental Limited (Registered number: 03315377)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

16. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2025 | 11,857,942 |  |

| Profit for the year | 1,845,753 |  |

| Dividends | (450,000 | ) |

| At 31 December 2025 | 13,253,695 |  |

17. | CONTINGENCIES

| The company is party to a bank composite arrangement with the related undertakings, Allports

| Garages Limited and Deker Trailers Limited, providing a guarantee for the borrowings from

| HSBC Bank plc. At 31 December 2025 the contingent liability under this arrangement was £Nil

| (2024 - £Nil).

18. | RELATED PARTY DISCLOSURES

| At 31 December 2025 the company had outstanding loans due to a company under the same

| control totalling £791,788 (2024: £627,253) included within other creditors.

| Transactions with this company include arms length transactions and a management charge for

| overhead costs. The management charge is included in administration expenses, totalling

| £641,175 (2024: £399,586)

| Also at the year end, the company had loans due to a shareholder of £37,500 (2024: £37,500)

| included within other creditors and loans due to a director of £37,500 (2024: £37,500) included

| within creditors.