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Global Autocare Limited Registered number: 03311652 Annual report and financial statements For the year ended 28 February 2026
GLOBAL AUTOCARE LIMITED COMPANY INFORMATION
Directors | G N Bloore
| D J Sadler
Company secretary | D J Sadler
Registered number | 03311652
Registered office | The Hub
| Gelderd Lane
| Leeds
| West Yorkshire
| LS12 6AL
Independent auditor | Forvis Mazars LLP
| Chartered Accountants & Statutory Auditor
| 5th Floor
| 3 Wellington Place
| Leeds
| LS1 4AP
GLOBAL AUTOCARE LIMITED CONTENTS
| Page
Strategic Report | 1 - 4
Directors' Report | 5 - 8
Independent Auditor's Report | 9 - 12
Statement of Comprehensive Income | 13
Statement of Financial Position | 14
Statement of Changes in Equity | 15
Statement of Cash Flows | 16 - 17
Notes to the Financial Statements | 18 - 37
GLOBAL AUTOCARE LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 28 FEBRUARY 2026
Introduction
The Directors present their strategic report for the year ended 28 February 2026.
Business review
The profit before tax for the year amounted to £17,393,605 (2025 - £12,107,668). The Statement of Financial Position on page 14 of the financial statements shows that the Company’s financial position, in terms of net assets remains strong. Management assesses annually whether there are any indicators of impairment across the fleet. No such indicators were identified in the current period, and as a result, no exceptional impairment charges were recognised. The Company’s Directors believe that further key performance indicators for the Group are not necessary or appropriate for an understanding of the development, performance or position of the business, and that the ones identified are the key indicators that are used by the board to monitor the Group and Company’s performance. Both the level of business for the year and the year-end position are considered to be very satisfactory.
Principal risks and uncertainties
Competitive pressure and the motor vehicle financing policies of its major clients are the principal risks to the business. The Company attempts to manage such risks by ensuring service levels remain high, commercial terms remain competitive and that quality stock is available to hire/lease. Key to this is maintaining strong supplier relationships with a view to securing competitive commercial terms and to ensure sufficient asset line facility and working capital is available to meet amounts as they fall due. Trade debtors are managed in respect of credit and cash flow risks by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the Statement of Financial Position are net of allowances for doubtful debtors. Asset finance loans from financial institutions. The interest rates and monthly repayments are variable based on a fixed percentage above bank base rates. The business manages the liquidity risk by ensuring that there are sufficient funds to meet payments. The Company is exposed to risks relating to the supply of new vehicles, which can significantly impact both vehicle discount rates at acquisition and residual values at disposal. Disruptions in supply can lead to volatility in used vehicle markets, affecting the profitability of the fleet, both positively and negatively. While the business has demonstrated resilience in managing previous challenges (such as the COVID-19 pandemic and the conflict in Ukraine), future fluctuations in supply or demand may affect vehicle pricing and could impact the Company's financial performance. - 1 -
GLOBAL AUTOCARE LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2026 Future developments The UK new car market is projected to reach approximately 2.18 million units in 2026, marking a 4% increase over 2025. Driven heavily by private buyer demand and competitive manufacturer discounts, registrations are at their strongest since 2019 and are expected to rise further in 2027 to 2.25 million units. As a result, residual values are forecast to remain relatively stable with movements for the remainder of 2026 in line with typical seasonality, which is forecast to continue into the start of 2027. The Company will benefit from any further reductions in the UK bank base rate as this will result in direct savings in fleet hire purchase interest costs. Section 172 Statement Section 172 of the Companies Act 2006 requires the Directors of the Company to act in the way that would be most likely to promote the success of the Company for the benefit of its members as a whole. In doing so, the Directors must have regard to the likely consequences of any decision in the long term; the interests of its employees; relationships with its customers, suppliers & finance providers; and the impact of the Company’s operations on the local community and wider environment. Customers: Our customers are at the heart of our business. We are dedicated to delivering exceptional service and recognise the importance of engaging with customers to understand their needs and preferences. We welcome feedback from our customers and we are constantly acting upon this feedback to maintain and improve the quality of our offerings. We recognise that our customers value flexibility and we aim to offer our customers a range of flexible leasing options, both short and long-term as well as a large range of vehicle models and brands to choose from. Our customers are becoming increasingly conscious of the environment and their carbon footprints. We believe that our responsibility to the environment goes beyond our own operations, and that we can have a positive impact on society by promoting sustainable transport options. To this end, we are constantly increasing our provision of hybrid and electric vehicles to assist our carbon conscious customers in achieving their carbon reduction targets. We continue to invest in app based products such as our “myGlobal” mobile app, providing all the information our customers need within our “Driver Guide” to their mobile devices whilst simultaneously minimising the use of paper and plastic. - 2 -
GLOBAL AUTOCARE LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2026 Employees: Our employees are our greatest asset. The Directors seek to create an environment where communication is honest and open, learning and development is encouraged and individual performance is recognised and praised. Our remuneration packages are designed to be competitive and motivating with the aim of attracting and retaining highly skilled and dedicated employees. Our Company intranet site is used to provide a wide range of useful information such as policies and Company announcements as well as providing an avenue for submitting feedback that is reviewed and considered by the board. Suppliers: Managing our relationships with suppliers is vital for the smooth operation of our business. As a provider of extraordinary fleet solutions, we rely on our suppliers for the procurement of vehicles, short-term rentals and maintenance services. To manage our relationships with suppliers, we have implemented a robust supplier management program that focuses on building long-term relationships based on trust, respect, and collaboration. As a result, our suppliers understand our business objectives and are committed to helping us achieve them. They provide us with high-quality products and services, on-time delivery and competitive prices. Moreover, our supplier management program has helped us to reduce costs, minimise risks, and enhance the sustainability of our operations. Finance providers: We work closely with banks and asset finance providers to ensure we receive appropriate banking services and to secure funding for our vehicle purchasing activities. We maintain open and transparent relationships with our banks/funders, ensuring that we comply with all relevant regulations and contractual obligations. We provide accurate and timely financial information, including our financial statements, forecasts, and key performance indicators, to help them understand our financial position, risks and opportunities. We assess the risks associated with our funding sources and take appropriate measures to mitigate them. We monitor our debt covenants, liquidity, and credit rating to ensure that we meet our financial obligations and maintain our financial health. Community/Environment: As a provider of fleet solutions, we recognise that our operations have a large impact on the environment and society. To minimise our impact on the environment, we focus heavily on sustainable development, the electrification of our fleet as well as minimising waste and reducing the use of paper and plastics in our operations. Electric and Hybrid vehicles now make up over 54% of our overall fleet of our overall fleet, demonstrating our commitment to the decarbonisation of mobility solutions and the achievement of net zero by 2050 in line with the Paris agreement. We have also invested in our vehicle charging infrastructure to ensure we have access to the latest technology to help continue this transition in the future. - 3 -
GLOBAL AUTOCARE LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2026 This report was approved by the board on 14 August 2026 and signed on its behalf.
D J Sadler Director
- 4 -
GLOBAL AUTOCARE LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 28 FEBRUARY 2026 The Directors present their report and the financial statements for the year ended 28 February 2026.
Directors' responsibilities statement
The Directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and ∙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 to 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.
Results and dividends
The profit for the year, after taxation, amounted to £12,978,809 (2025 - £9,798,100). Dividend payments for the year amounted to £Nil (2025 - £14,150,000).
Directors
The Directors who served during the year were:
G N Bloore
D J Sadler
- 5 -
GLOBAL AUTOCARE LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2026 Going concern The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors' Report. The Strategic Report outlines the Company's objectives, policies and procedures for managing capital; its financial risk management objectives and its exposure to credit risk and liquidity. The Company generated profit before tax and EBITDA, excluding the profit on disposal of fixed assets, of £17.4m and £58.0m, respectively (2025: £12.1m and £50.6m, respectively). This strong financial performance and cash generation has contributed to enabling the Company's parent company (Global Autocare Holding Limited), subsequent to the year end in April 2026, to complete a share buyback of LDC's (Lloyds Development Capital) and another shareholder's shares. This resulted in full control of the business returning to the executive management team. As a consequence, the Directors believe that the Company is well placed to manage its business risks successfully based on having sufficient financial resources together with clearly defined performance objectives. The Directors of the Company have conducted a robust forecasting exercise, considering the potential and likely impacts on the business due to various supply chain challenges, recent elevated levels of cost inflation, increased overheads, and higher interest rates on vehicle financing. This assessment covers a period of at least 12 months from the date of the audit report. The Company is in a strong position to meet its forecast. Based on this, the Directors have a confident expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that it is able to face future challenges. As such the Directors are satisfied that the Company remains a going concern and the financial statements have been prepared on the going concern basis.
Streamlined Energy and Carbon Reporting (SECR)
As a responsible and forward-thinking business, we are committed to supporting the future of mobility and its transition to net zero. The following reporting includes our energy consumption and Greenhouse Gas Emissions (“GHG”) for the years in question, covering our office sites, vehicle movements, employee commuting and waste generation. To learn more about the Company’s initiatives, targets and strategies, please visit our website at www.globalautocare.co.uk to find our publicly available Carbon Reduction Plan. Methodology The Company is required to report GHG emissions based on the energy and carbon reporting framework. Emissions have been calculated and reported in line with the Greenhouse Gas (GHG) Protocol Corporate Accounting and Reporting Standard under the operational control approach. The reporting period is the same as the financial year that is covered in the Annual Report and Financial Statements (year ended 28 February 2026). - 6 -
GLOBAL AUTOCARE LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2026
Energy consumption and GHG Emissions |  |
| 2026 | 2025 (Restated)
Consumption (kWh) |  |
Natural gas / electricity / fuel for transport | 1,921,303 | 1,890,746
Emissions (tCO2e) |  |
Scope 1 Emissions (natural gas, transport) | 277.2 | 273.3
Scope 2 Emissions (electricity) | 51.0 | 68.9
Scope 3 Emissions (employee commuting/waste generated) | 46.5 | 60.6
Total Emissions (tCO2e) | 374.6 | 402.8
Intensity Ratio |  |
tCO2e per £ of revenue (excluding used car sales) | 0.0000051 | 0.0000063
Overall energy consumption increased by 1.6% to 1.92 million kWh. Energy consumption at operational sites reduced by 2.7%, while transport fuel consumption increased by 4.2%. This increase was significantly lower than the 15% increase in vehicle mileage, reflecting the continued transition towards lower-emission vehicles. Hybrid, Plug-in Hybrid Electric Vehicles (PHEVs) and Battery Electric Vehicles (BEVs) increased from 45% to 53% of the fleet during the year. Comparative energy consumption figures have been restated following the adoption of updated UK Government conversion factors for PHEVs. The revised factors incorporate updated assumptions regarding real-world vehicle usage and charging behaviour. The restatement affects energy consumption metrics only and has no impact on reported greenhouse gas emissions. Scope 1 emissions increased marginally to 277.2 tCO2e. Despite vehicle mileage increasing by approximately 15%, emissions from vehicle movements decreased by 0.8%, driven by an approximate 14% reduction in the average vehicle emissions rating. Scope 2 emissions decreased from 68.9 tCO2e to 51.0 tCO2e. This reduction was driven by a combination of lower electricity consumption, which decreased by approximately 13% during the year, and a lower UK grid electricity emissions factor, reflecting the continued decarbonisation of electricity generation in the UK. Scope 3 emissions decreased to 46.5 tCO2e. Comparative figures have been restated following the adoption of an updated methodology for estimating employee commuting emissions based on actual commuting distances. The year-on-year reduction was principally attributable to lower average emissions from employee vehicles with the average CO2 emissions per kilometre reducing by approximately 29%. Total greenhouse gas emissions decreased by 7.0% to 374.6 tCO2e. The Group's carbon intensity ratio, measured as tonnes of CO2e per £ of rental revenue (excluding car sales), improved by 19.3%. This reflects the Group's ability to reduce emissions despite continued growth in revenue and vehicle activity during the year. - 7 -
GLOBAL AUTOCARE LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2026 Efficiency measures taken in the year: ∙Continued transition towards lower-emission vehicles, increasing the proportion of Hybrid, PHEV and BEV vehicles from 45% to 53% of the fleet. ∙Introduced a partnership with an EV charging provider, enabling personal and business customers to access discounted home and workplace charging infrastructure solutions, helping to reduce barriers to electric vehicle adoption. ∙Continued optimisation of vehicle collection and delivery routes to reduce unnecessary mileage and improve operational efficiency. ∙Increased adoption of electric vehicles within the employee company car fleet.
Matters covered in the Strategic Report
Certain information not shown in the Directors' Report is shown in the Strategic Report on pages 1-4 instead in accordance with Section 414C(11) of the Companies Act 2006. This includes a business review, future developments, principal risks and uncertainties and engagement with Customers, Employees, Suppliers, Finance providers and the Community/Environment.
Disclosure of information to auditor
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
Subsequent to the year end, the Company's parent company (Global Autocare Holding Limited) completed a share buyback of LDC's (Lloyds Development Capital) and another shareholder's shares. This resulted in full control of the business returning to the executive management team. Dividends of £15,400,000 (2025: £Nil) were declared post year end.
Auditor
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 14 August 2026 and signed on its behalf.
D J Sadler Director
- 8 -
GLOBAL AUTOCARE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLOBAL AUTOCARE LIMITED Opinion We have audited the financial statements of Global Autocare Limited (the '‘Company’') for the year ended 28 February 2026 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the 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 FRS 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 28 February 2026 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 Auditor’s 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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. - 9 -
GLOBAL AUTOCARE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLOBAL AUTOCARE LIMITED 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 course of 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In 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 Directors' Report. We have nothing to report in respect of the following matters in relation to which 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. - 10 -
GLOBAL AUTOCARE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLOBAL AUTOCARE LIMITED Responsibilities of Directors As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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 is 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 either the directors intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Auditor's 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 an auditor’s report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the Company and its industry, we considered that noncompliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation and the Bribery Act 2010. To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to: ∙Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations; ∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities; ∙Communicating identified laws and regulations to the 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. We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as UK tax legislation and the Companies Act 2006. In addition, 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 posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the occurrence assertion) and significant one-off or unusual transactions. - 11 -
GLOBAL AUTOCARE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLOBAL AUTOCARE LIMITED 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. Use of the audit 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 an auditor's report 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. Shaun Mullins (Senior Statutory Auditor) for and on behalf of Forvis Mazars LLP Chartered Accountants and Statutory Auditor 5th Floor 3 Wellington Place Leeds LS1 4AP 17 August 2026 - 12 -
GLOBAL AUTOCARE LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2026
| 2026 | 2025
Note | £ | £
Turnover | 4 | 78,225,109 | 71,757,563
Cost of sales |  | (43,777,666) | (42,588,225)
Gross profit |  | 34,447,443 | 29,169,338
Administrative expenses |  | (6,963,985) | (6,181,976)
Other operating income | 5 | 69,022 | 55,701
Operating profit | 6 | 27,552,480 | 23,043,063
Interest receivable and similar income | 9 | 365,546 | 352,561
Interest payable and similar expenses | 10 | (10,524,421) | (11,287,956)
Profit before tax |  | 17,393,605 | 12,107,668
Tax on profit | 11 | (4,414,796) | (2,309,568)
Profit for the financial year |  | 12,978,809 | 9,798,100
There were no recognised gains and losses for 2026 or 2025 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2026 (2025: £Nil).
The notes on pages 18 to 37 form part of these financial statements.
- 13 -
GLOBAL AUTOCARE LIMITED REGISTERED NUMBER: 03311652 STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible fixed assets | 13 |  | 206,764,643 |  | 195,070,608
Current assets |  |  |  |  |
Stocks | 14 | 783,042 |  | 117,218 |
Debtors: amounts falling due within one year | 15 | 8,056,757 |  | 8,250,746 |
Cash at bank and in hand | 16 | 16,833,712 |  | 10,018,928 |
|  | 25,673,511 |  | 18,386,892 |
Creditors: amounts falling due within one year | 17 | (143,190,260) |  | (131,124,415) |
Net current liabilities |  |  | (117,516,749) |  | (112,737,523)
Total assets less current liabilities |  |  | 89,247,894 |  | 82,333,085
Creditors: amounts falling due after more than one year | 18 |  | (43,969,089) |  | (50,425,542)
|  |  | 45,278,805 |  | 31,907,543
Provisions for liabilities |  |  |  |  |
Deferred taxation | 20 |  | (4,982,201) |  | (4,589,748)
Net assets |  |  | 40,296,604 |  | 27,317,795
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 115 |  | 115
Revaluation reserve | 22 |  | 836,655 |  | 857,571
Capital redemption reserve | 22 |  | 85 |  | 85
Profit and loss account | 22 |  | 39,459,749 |  | 26,460,024
|  |  | 40,296,604 |  | 27,317,795
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 August 2026.
D J Sadler
Director
- 14 -
GLOBAL AUTOCARE LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 28 FEBRUARY 2026
| Called up share capital | Capital redemption reserve | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 29 February 2024 | 115 | 85 | 878,487 | 30,791,008 | 31,669,695
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 9,798,100 | 9,798,100
Total comprehensive income for the year | - | - | - | 9,798,100 | 9,798,100
Contributions by and distributions to owners |  |  |  |  |
Dividends: Equity capital | - | - | - | (14,150,000) | (14,150,000)
Revaluation reserve transfer | - | - | (20,916) | 20,916 | -
Total transactions with owners | - | - | (20,916) | (14,129,084) | (14,150,000)
At 1 March 2025 | 115 | 85 | 857,571 | 26,460,024 | 27,317,795
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 12,978,809 | 12,978,809
Total comprehensive income for the year | - | - | - | 12,978,809 | 12,978,809
Contributions by and distributions to owners |  |  |  |  |
Revaluation reserve transfer | - | - | (20,916) | 20,916 | -
Total transactions with owners | - | - | (20,916) | 20,916 | -
At 28 February 2026 | 115 | 85 | 836,655 | 39,459,749 | 40,296,604
- 15 -
GLOBAL AUTOCARE LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 28 FEBRUARY 2026
|  |  | 2026 | 2025
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 12,978,809 | 9,798,100
Adjustments for: |  |
Depreciation of tangible assets | 37,916,101 | 33,026,368
Profit on disposal of tangible assets | (7,498,381) | (5,448,042)
Interest paid | 10,524,421 | 11,287,956
Interest received | (365,546) | (352,561)
Taxation charge | 4,414,796 | 2,309,568
Increase in stocks | (665,824) | (117,218)
Increase in debtors | (1,798,828) | (521,649)
(Increase)/decrease in amounts owed by groups | (1,153,942) | 1,307,035
Increase/(decrease) in creditors | 3,772,754 | (3,054,263)
Corporation tax paid | (2,579,985) | (675,788)
Net cash generated from operating activities | 55,544,375 | 47,559,506
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (169,167,919) | (137,503,356)
Sale of tangible fixed assets | 127,056,016 | 100,671,388
Interest received | 365,546 | 352,561
Net cash from investing activities | (41,746,357) | (36,479,407)
- 16 -
GLOBAL AUTOCARE LIMITED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2026
|  | 2026 | 2025
|  | £ | £
Cash flows from financing activities |  |
New finance leases | 197,279,465 | 186,235,722
Repayment of finance leases | (193,926,741) | (169,612,560)
Dividends paid | - | (14,150,000)
Interest paid | (10,335,958) | (11,192,513)
Net cash used in financing activities | (6,983,234) | (8,719,351)
Net increase in cash and cash equivalents | 6,814,784 | 2,360,748
Cash and cash equivalents at beginning of year | 10,018,928 | 7,658,180
Cash and cash equivalents at the end of year | 16,833,712 | 10,018,928
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 16,833,712 | 10,018,928
The notes on pages 18 to 37 form part of these financial statements.
- 17 -
GLOBAL AUTOCARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
1. | General information
The Company is a private company limited by share capital and incorporated in England & Wales, registered number 03311652. The address of its registered office is: The Hub Gelderd Lane Leeds LS12 6AL The principal activities of the Company can be summarised into the purchasing of motor vehicles, hire/leasing of motor vehicles via Daily Rental or longer term Contract Hire agreements and the sale of motor vehicles. In addition, the Company provides additional services such as the maintenance, repair and movement of motor vehicles along with other fleet management services. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). These financial statements have been presented in pound sterling which is the functional currency of the Company, and rounded to the nearest £. The following principal accounting policies have been applied:
| 2.2 | 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 the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Global Autocare Holding Limited as at 28 February 2026 and these financial statements may be obtained from Companies House. - 18 -
GLOBAL AUTOCARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026 2.Accounting policies (continued)
| 2.3 | Going concern
The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors' Report. The Strategic Report outlines the Company's objectives, policies and procedures for managing capital; its financial risk management objectives and its exposure to credit risk and liquidity. The Company generated profit before tax and EBITDA, excluding the profit on disposal of fixed assets, of £17.4m and £58.0m, respectively (2025: £12.1m and £50.6m, respectively). This strong financial performance and cash generation has contributed to enabling the Company's parent company (Global Autocare Holding Limited), subsequent to the year end in April 2026, to complete a share buyback of LDC's (Lloyds Development Capital) and another shareholder's shares. This resulted in full control of the business returning to the executive management team. As a consequence, the Directors believe that the Company is well placed to manage its business risks successfully based on having sufficient financial resources together with clearly defined performance objectives. The Directors of the Company have conducted a robust forecasting exercise, considering the potential and likely impacts on the business due to various supply chain challenges, recent elevated levels of cost inflation, increased overheads, and higher interest rates on vehicle financing. This assessment covers a period of at least 12 months from the date of the audit report. The Company is in a strong position to meet its forecast. Based on this, the Directors have a confident expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that it is able to face future challenges. As such the Directors are satisfied that the Company remains a going concern and the financial statements have been prepared on the going concern basis. - 19 -
GLOBAL AUTOCARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Operating leases: the Company as lessor
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term. Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
| 2.6 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. - 20 -
GLOBAL AUTOCARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026 2.Accounting policies (continued)
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.9 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.10 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.11 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. - 21 -
GLOBAL AUTOCARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026 2.Accounting policies (continued)
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method or the reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% straight line
|  |  |  | L/Term Leasehold Property | - | 2% straight line
|  |  |  | Plant & Equipment and Fixtures & Fittings | - | 15% reducing balance
|  |  |  | Contract hire fleet | - | 20% reducing balance
|  |  |  | Daily rental hire fleet | - | 15%-20% reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.13 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss. - 22 -
GLOBAL AUTOCARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026 2.Accounting policies (continued)
| 2.14 | Impairment of fixed assets and goodwill
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
| 2.15 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a individual item basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.16 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.17 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.18 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. - 23 -
GLOBAL AUTOCARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026 2.Accounting policies (continued)
| 2.19 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.20 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. - 24 -
GLOBAL AUTOCARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026 2.Accounting policies (continued)
| 2.20 | Financial instruments (continued)
Basic financial liabilities 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 Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.21 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. - 25 -
GLOBAL AUTOCARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty surrounding the carrying amounts of assets and liabilities within the next financial year are discussed below. (i) Estimated remaining useful life of tangible fixed assets The annual depreciation charge for tangible assets and their carrying amount is determined by the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually and amended where necessary to reflect current estimates based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The carrying value of the assets at the year end is £206,764,643 (2025 - £195,070,608). The depreciation charge for the year is £37,916,101 (2025 - £33,026,368). (ii) Impairment charge relating to tangible fixed assets The Company reviews the carrying amounts of its tangible fixed assets annually, or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. When such indicators are present, an impairment test is performed to determine whether the carrying value of the asset exceeds its recoverable amount. An impairment loss is recognised immediately through the statement of comprehensive income if the carrying amount of the asset exceeds its recoverable amount, with recoverable amount being the higher of fair value less costs to sell and value in use. The assessment involves significant judgement and estimates made by management. The key sources of management uncertainty in relation to the impairment of tangible fixed assets include: Assessment of indicators of impairment Evaluating whether any indicators of impairment exist at the reporting date. Indicators may include significant declines in market value, adverse changes in the technological, market, economic, or legal environment, or evidence of obsolescence or physical damage. Estimation of future cash flows Estimating future cash flows expected to arise from the continuing use of the asset and from its disposal. These estimates involve assumptions about future events, including market conditions, competition, and anticipated revenue growth, and cost structures. Determination of discount rates Estimating the appropriate discount rate for calculating the value in use of the asset, which reflects the time value of money and the risks specific to the asset. The selection of discount rates requires judgment and involves assumptions about economic conditions and risks. - 26 -
GLOBAL AUTOCARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
3. | Judgements in applying accounting policies (continued)
Fair value estimations Estimating the fair value of the asset less costs to sell, which may involve the use of valuation techniques, such as market comparables or discounted cash flow models. This process involves judgment in selecting valuation methodologies and in estimating key inputs and assumptions. Changes in any of these key assumptions and estimates could significantly impact the determination of recoverable amounts and the amount of impairment losses recognised. Management continually reviews these assumptions and estimates and adjusts them as necessary to reflect actual experience and market conditions.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Contract hire, daily rentals and other services | 73,153,133 | 63,455,721
| Sale of goods | 5,071,976 | 8,301,842
|  | 78,225,109 | 71,757,563
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Rental income | 69,022 | 55,701
6. | Operating profit
| The operating profit is stated after charging/(crediting):
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Profit on disposal of tangible assets | (7,498,381) | (5,448,042)
| Defined contribution pension cost | 136,083 | 109,008
| Depreciation of tangible fixed assets (charged to cost of sales) | 37,657,875 | 32,760,823
| Depreciation of tangible fixed assets (charged to administrative expenses) | 258,226 | 265,545
- 27 -
GLOBAL AUTOCARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
7. | Auditor's remuneration
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 55,000 | 50,600
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated financial statements of the parent Company.
8. | Employees
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Wages and salaries | 4,407,307 | 3,754,839
| Social security costs | 525,731 | 400,449
| Cost of defined contribution scheme | 136,083 | 109,008
|  | 5,069,121 | 4,264,296
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2026 | 2025
|  |  | No. | No.
|  | Operational | 43 | 40
|  | Administration | 77 | 74
|  |  | 120 | 114
9. | Interest receivable
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Other interest receivable | 365,546 | 352,561
10. | Interest payable and similar expenses
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Finance leases and hire purchase contracts | 10,524,421 | 11,287,956
- 28 -
GLOBAL AUTOCARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
11. | Taxation
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 4,020,419 | 1,918,172
| Adjustments in respect of previous periods | 1,924 | (777,204)
| Total current tax | 4,022,343 | 1,140,968
| Deferred tax |  |
| Origination and reversal of timing differences | 395,520 | 1,168,600
| Adjustments in respect of prior periods | (3,067) | -
| Total deferred tax | 392,453 | 1,168,600
| Taxation on profit on ordinary activities | 4,414,796 | 2,309,568
- 29 -
GLOBAL AUTOCARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2025 - lower than) the standard rate of corporation tax in the UK of 25% (2025 -25%). The differences are explained below:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 17,393,605 | 12,107,668
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%) | 4,348,401 | 3,026,917
| Effects of: |  |
| Fixed asset ineligible depreciation | 58,552 | 50,979
| Expenses not deductible for tax purposes | 9,430 | 8,526
| Adjustment to brought forward values | 1,227,650 | 733,296
| Other tax adjustment, reliefs and transfers | (1,244,610) | (749,645)
| Group relief claimed | (499,181) | (1,399,745)
| Payment for group relief | 499,181 | 1,399,745
| Adjustments to tax charge in respect of prior periods | 1,924 | (777,204)
| Adjustment to deferred tax rates | (3,067) | 349
| Chargeable gains | 16,516 | 16,350
| Total tax charge for the year | 4,414,796 | 2,309,568
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
12. | Dividends
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Ordinary dividends declared | - | 14,150,000
- 30 -
GLOBAL AUTOCARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
13. | Tangible fixed assets
|  | Freehold property | L/Term leasehold property | Plant & Equipment and Fixtures & Fittings | Contract hire fleet | Daily rental hire fleet | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 March 2025 | 7,366,748 | 6,126,291 | 1,008,913 | 94,732,884 | 128,767,091 | 238,001,927
| Additions | - | - | 11,335 | 31,542,035 | 137,614,404 | 169,167,774
| Disposals | - | - | (40,356) | (32,873,742) | (119,483,315) | (152,397,413)
| Transfers between classes | - | - | - | 9,327,600 | (10,630,600) | (1,303,000)
| At 28 February 2026 | 7,366,748 | 6,126,291 | 979,892 | 102,728,777 | 136,267,580 | 253,469,288
| Depreciation |  |  |  |  |  |
| At 1 March 2025 | 874,545 | 940,079 | 649,053 | 20,095,451 | 20,372,191 | 42,931,319
| Charge for the year | 113,388 | 90,528 | 54,168 | 17,308,987 | 20,349,030 | 37,916,101
| Disposals | - | - | (21,271) | (10,990,109) | (21,828,395) | (32,839,775)
| Transfers between classes | - | - | - | (741,663) | (561,337) | (1,303,000)
| At 28 February 2026 | 987,933 | 1,030,607 | 681,950 | 25,672,666 | 18,331,489 | 46,704,645
| Net book value |  |  |  |  |  |
| At 28 February 2026 | 6,378,815 | 5,095,684 | 297,942 | 77,056,111 | 117,936,091 | 206,764,643
| At 28 February 2025 | 6,492,203 | 5,186,212 | 359,860 | 74,637,433 | 108,394,900 | 195,070,608
- 31 -
GLOBAL AUTOCARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026 13.Tangible fixed assets (continued)
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Contract hire fleet | 65,695,913 | 70,818,152
| Daily rental fleet | 107,619,548 | 105,150,932
|  | 173,315,461 | 175,969,084
The fair value of the Company's long leasehold land and buildings was revalued on 29 February 2016 by an independent valuer. The long leasehold land and buildings were revalued at their open market value by Michael Steel & Co Chartered Surveyors. If the land and buildings had not been included at valuation the carrying amount would have been £4,048,917 (2025 - £4,139,445).
14. | Stocks
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Goods for resale | 783,042 | 117,218
| The cost of stocks recognised as an expense in the year amounted to £4,590,284 (2025 - £7,274,182).
- 32 -
GLOBAL AUTOCARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
15. | Debtors
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade debtors | 3,181,359 | 3,246,202
| Amounts owed by group undertakings | 51,711 | -
| Other debtors | 1,068,010 | 737,495
| Prepayments and accrued income | 2,056,535 | 1,625,100
| Tax recoverable | 1,699,142 | 2,641,949
|  | 8,056,757 | 8,250,746
| The amounts owed by group undertakings are unsecured and repayable on demand.
16. | Cash and cash equivalents
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Cash at bank and in hand | 16,833,712 | 10,018,928
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade creditors | 427,933 | 537,235
| Amounts owed to group undertakings | - | 1,102,231
| Other taxation and social security | 4,980,971 | 2,233,114
| Obligations under finance lease and hire purchase contracts | 131,912,565 | 121,914,925
| Other creditors | 103,776 | 89,492
| Accruals and deferred income | 5,765,015 | 5,247,418
|  | 143,190,260 | 131,124,415
| The amounts owed to group undertakings are unsecured and repayable on demand. The finance lease liabilities are secured on the assets to which they relate.
- 33 -
GLOBAL AUTOCARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
18. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 43,969,089 | 50,425,542
| The finance lease liabilities are secured on the assets to which they relate.
19. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Within one year | 131,912,565 | 121,914,925
| Between 1-5 years | 43,969,089 | 50,425,542
|  | 175,881,654 | 172,340,467
20. | Deferred taxation
|  | 2026 | 2025
|  | £ | £
| At beginning of year | (4,589,748) | (3,421,148)
| Charged to profit or loss | (392,453) | (1,168,600)
| At end of year | (4,982,201) | (4,589,748)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Short term timing differences | 5,173 | 2,106
| Fixed asset timing differences | (4,899,126) | (4,503,606)
| Capital gains | (88,248) | (88,248)
|  | (4,982,201) | (4,589,748)
- 34 -
GLOBAL AUTOCARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
21. | Share capital
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 11,500 (2025 - 11,500) Ordinary shares of £0.01 each | 115 | 115
22. | Reserves
Revaluation reserve Includes all revaluations of fixed and current asset classes recognised at their market value. Capital redemption reserve Arising from purchase of shares. Profit & loss account Includes all current and prior periods retained profits and losses.
23. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £136,083 (2025 - £109,008). - 35 -
GLOBAL AUTOCARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
24. | Commitments under operating leases
| At 28 February 2026 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Operating leases - lessee
| Not later than 1 year | 991 | 1,292
| Later than 1 year and not later than 5 years | 420 | -
|  | 1,411 | 1,292
| The amount of non-cancellable operating lease payments recognised as an expense during the year was £1,356 (2025 - £1,867).
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Operating leases - lessor
| Not later than 1 year | 26,093,179 | 23,714,087
| Later than 1 year and not later than 5 years | 28,928,910 | 30,522,966
|  | 55,022,089 | 54,237,053
| Total lease income recognised as turnover in the period is £25,656,665 (2025 - £19,025,167).
- 36 -
GLOBAL AUTOCARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
25. | Related party transactions
| The Company has taken the available exemption under FRS 102 Section 33 not to disclose transactions and balances with other members of the Group on the grounds that consolidated financial statements are prepared by the ultimate parent company. Copies of the consolidated financial statements of Global Autocare Holding Limited can be obtained from Companies House. Transactions with key management personnel During the year, key management personnel purchased goods to the value of £479,465 (2025 - £433,323) inclusive of VAT and sold goods to Global Autocare Limited of £504,744 (2025 - £329,221). At the year end, the balances outstanding with key management personnel and Global Autocare Limited was £102,333 (2025 - £127,612). Transactions with other related parties During the year, other related parties purchased goods and services to the value of £3,541,598 (2025 - £3,180,813) inclusive of VAT and sold goods to Global Autocare Limited of £532,993 (2025 - £454,109). At the year end, the balances outstanding with other related parties was £170,354 (2025 - £147,086).
26. | Post balance sheet events
Subsequent to the year end, the Company's parent (Global Autocare Holding Limited) completed a share buyback of LDC's (Lloyds Development Capital) and another shareholder's shares. This resulted in full control of the business returning to the executive management team. Dividends of £15,400,000 (2025: £Nil) were declared post year end.
27. | Controlling party
The Company's immediate and ultimate parent company is Global Autocare Holding Limited, incorporated in England & Wales. At the balance sheet date, the directors considered that the Company had no ultimate controlling party. Subsequent to the year end, Mr G N Bloore became the Company’s ultimate controlling party.
- 37 -