Registered number: 04455059
FOR THE YEAR ENDED 31 DECEMBER 2025
FLEET OPERATIONS LIMITED
COMPANY INFORMATION
FLEET OPERATIONS LIMITED
CONTENTS
FLEET OPERATIONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present the strategic report for the year ended 31 December 2025.
Fleet Operations provides independent fleet management and fleet consultancy services to organisations in the United Kingdom, supporting operational fleet optimisation and cost reduction. This is achieved through a comprehensive service offering, including driver and vehicle management, rental services, vehicle acquisitions and disposals, insurance management, and data analysis and reporting.
Founded with a commitment to excellence, our mission is to optimise operational efficiency, enhance sustainability, and exceed customer expectations in the dynamic landscape of the UK fleet management industry. Over the past year, we have achieved significant milestones, including notable advancements in technology adoption and the rollout of new products.
The company operates monthly board meetings to review the financial performance of the company, monitor risks and minimise any adverse effects identified.
In late 2024, Fleet Operations Ltd became part of a wider group following an acquisition by Groupe Faubourg SAS as part of a long-term strategic investment. The acquisition has strengthened the company’s capital position and strategic direction, supporting continued investment in technology, operational capability and growth initiatives throughout 2025. Operational activities have progressed smoothly with no disruption to customers or core operations.
Industry overview
The UK fleet management industry continues to experience robust growth, driven by increasing demand for efficient transportation solutions and a growing emphasis on sustainability. Key trends include the integration of advanced technologies such as electric vehicles and data analytics. Vehicle availability challenges have eased, although barriers to EV adoption remain, with infrastructure, cost of funds, and wider fiscal issues being experienced by many sectors. Fleet Operations Ltd is well-positioned to capitalise on opportunities by leveraging our cost-saving approach, technological advances, expertise and our commitment towards sustainable practices.
Strategic objectives
Our 3–5-year key objectives are to continue year on year revenue growth through market share expansion, technological improvements and service diversification whilst maintaining customer satisfaction through our personalised service and continuous improvement initiatives.
We are also continuing to focus on potential complementary acquisitions/mergers as we aim to broaden our reach and internalise some services we currently outsource.
Sustainability
As a UK-based company, we prioritise Environmental, Social, and Governance (ESG) principles to drive sustainable value creation. We are committed to minimising our environmental impact, ensuring the well-being of our employees and communities, and upholding transparent and ethical governance practices. Our dedication to ESG is validated by independent audits conducted by an external partner and our ISO accreditations (9001, 27001, 14001), affirming our compliance and progress in these areas. By integrating ESG into our business strategy, we aim to foster resilience, innovation, and positive impact for all stakeholders.
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FLEET OPERATIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The company operates monthly board meetings to review the financial performance of the company, monitor risks and minimise any adverse effects identified.
The principal risks and uncertainties are considered to relate to credit and liquidity risk.
Credit and liquidity risk:
The principal risks and uncertainties are considered to relate to credit and liquidity risk.
Credit and liquidity risk:
Fleet Operations encounters substantial cash flow fluctuations due to the inherent nature of the business processes and revenue streams. To manage this, senior management engages in vigilant daily monitoring and forecasting to ensure the timely fulfilment of financial obligations. This is facilitated by a significant portion of clients utilising direct debit arrangements and advantageous terms negotiated with suppliers. Throughout 2025, the company continued to effectively maintain control over its liquidity, resulting in the determination that no provision for bad debts was necessary.
The potential loss of key clients poses a notable risk to the company's financial standing. To mitigate this risk, the company actively fosters strong relationships with clients. Alongside conducting client satisfaction scoring reviews, the business continually expands its client base, actively increases the number of vehicles under its management, and strives to demonstrate strategic operational efficiencies. These measures are implemented to reduce reliance on key clients and fortify the overall resilience of the business.
Development and performance:
Fleet Operations Ltd is well-positioned for continued sustainable growth and success in the evolving fleet management landscape. Our strategic focus on technological innovation, sustainability, and customer satisfaction enables us to overcome challenges and capitalise on emerging opportunities.
The acquisition in late 2024 has strengthened the company’s strategic oversight and resources, supporting ongoing investment in technology, operational capability, and service enhancements. With confidence in our team and long-term strategy, we look forward to continued progress against our objectives.
Revenue for the year remained strong at £27.4 million, reflecting continued demand for Fleet Operations’ services. Growth in higher-margin product lines and increased uptake of services among existing clients helped offset wider market pressures. This performance highlights the resilience of the business model and the strength of client relationships, while supporting ongoing investment in technology, operational capability, and customer satisfaction initiatives.
Gross profit percentage represents total gross profit divided by turnover and measures the contribution from all income-generating activities. During 2025, the company benefited from growth in vehicles under management and strong performance in higher-margin services, resulting in an improved overall gross margin of 29.44%.
Operating profit, defined as profit before interest and taxation, increased to £1.835 million. This reflects strong operational performance and the continued focus on cost control measures and efficiency initiatives, which have helped the company maintain profitability while strategically managing resources to support growth in new clients and service offerings.
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FLEET OPERATIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
CSI is gained from a live satisfaction and event-based surveys completed by clients and stakeholders during the year.
NPS reflects survey responses measuring the likelihood of recommending Fleet Operations’ services.
Both CSI and NPS have remained strong and above industry benchmarks, supported by enhanced training initiatives implemented during the year. Maintaining these levels remains a key focus for the business.
This report was approved by the board on 9 September 2026 and signed on its behalf.
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FLEET OPERATIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 judgments 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 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.
The profit for the year, after taxation, amounted to £460,123 (2024 - £853,792).
Ordinary dividends were paid amounting to £0 (2024 - £343,974). The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
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FLEET OPERATIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
There have been no significant events affecting the Company since the year end.
The auditors, WR Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 9 September 2026 and signed on its behalf.
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FLEET OPERATIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET OPERATIONS LIMITED
We have audited the financial statements of Fleet Operations Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, 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 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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. 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 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.
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FLEET OPERATIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET OPERATIONS LIMITED (CONTINUED)
We have nothing to report in this regard.
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.
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 Directors' report.
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 Auditors' 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.
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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FLEET OPERATIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET OPERATIONS LIMITED (CONTINUED)
The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR).
We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements.
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.
We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements.
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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.
for and on behalf of
3 Royal Court
Gadbrook Park
Rudheath
Cheshire
CW9 7UT
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FLEET OPERATIONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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FLEET OPERATIONS LIMITED
REGISTERED NUMBER: 04455059
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 September 2026 .
The notes on pages 12 to 28 form part of these financial statements.
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FLEET OPERATIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Fleet Operations Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fleet House, Silverdale Business Park, Maries Road, Newcastle-Under-Lyme, England, ST5 6PA.
2.Accounting policies
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).
The following principal accounting policies have been applied:
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 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙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 Faubourg Mobility as at 31 December 2025 and these financial statements may be obtained from the French public register which can be accessed via Pappers.
Functional and presentation currency
Transactions and balances
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
Depreciation is provided on the following basis:
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.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Investments in associates
The company holds an investment in an associated company. The investment has been made with a view to generating revenues in the long term. The directors consider, that the associated company is on target to achieve its goal of long term profitability in the foreseeable future. For this reason, the directors consider that the value of the investment does not require an impairment provision.
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
8.Employees (continued)
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
12.Taxation (continued)
There were no factors that may affect future tax charges.
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Cost or valuation at 31 December 2025 is as follows:
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The long-term loans are secured by legal charges in favour of Barclays Bank Plc over the company's freehold property and all other assets. The hire purchase creditors are secured on the assets financed.
The property & land mortgages are repayable over a 15 year period which commenced on 22 November 2016. Interest is payable at rate of 2% above base.
The property improvements loan is repayable over a 10 year period, which commenced on 25 April 2018. Interest is payable at a rate of 3% above base.
Hire purchase assets are secured on the assets to which the finance relates.
The property & land mortgages are repayable over a 15 year period which commenced on 22 November 2016. Interest is payable at rate of 2% above base.
The property improvements loan is repayable over a 10 year period, which commenced on 25 April 2018. Interest is payable at a rate of 3% above base.
Hire purchase assets are secured on the assets to which the finance relates.
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Revaluation reserve
Profit and loss account
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Charge to profit or loss in respect of defined contribution schemes in the year was £170,664 (2024- £174,299).
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
At 31 December 2025 contributions totalling £13,673 (2024: £12,862) were payable to the scheme.
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
At 31 December 2025 contributions totalling £13,673 (2024: £12,862) were payable to the scheme.
The directors consider that the ultimate controlling party is Mohamed Aouar and Emmanuelle Julvez by virtue of their shareholding in the ultimate parent company.
The immediate parent company is Faubourg Mobility, a company registered in France at 5 Rue Nollet, 75017 Paris, France. The ultimate parent company is Faubourg Holdings SAS, a company registered in France, at 5 Rue Nollet, 75017 Paris, France.
The smallest group in which the post-acquisition results of the company will be consolidated is Faubourg Mobility.
The largest group in which the post-acquisition results will be consolidated is Faubourg Holdings SAS.
The immediate parent company is Faubourg Mobility, a company registered in France at 5 Rue Nollet, 75017 Paris, France. The ultimate parent company is Faubourg Holdings SAS, a company registered in France, at 5 Rue Nollet, 75017 Paris, France.
The smallest group in which the post-acquisition results of the company will be consolidated is Faubourg Mobility.
The largest group in which the post-acquisition results will be consolidated is Faubourg Holdings SAS.
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FLEET OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
28.Controlling party (continued)
The consolidated financial statements will be available to the public at the registered office of Faubourg Holdings SAS.
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