ACCOUNTS - Final Accounts

Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:

Registered number: 12626817

CHABE LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

CHABE LIMITED

CONTENTS

	Page
Company Information	1
Strategic Report	2
Directors' Report	3
Directors' Responsibilities Statement	4
Independent Auditors' Report	5 - 8
Statement of Comprehensive Income	9
Balance Sheet	10 - 11
Statement of Changes in Equity	12
Statement of Cash Flows	13 - 14
Notes to the Financial Statements	15 - 29

CHABE LIMITED

COMPANY INFORMATION

Directors	D T Bruce
	G Connan


Registered number	12626817


Registered office	Highbridge House 579a Bath Road
	Longford
	West Drayton
	England
	UB7 0EW


Independent auditors	Haslers Assurance LLP
	Chartered Accountants & Statutory Auditor
	Old Station Road
	Loughton
	Essex
	IG10 4PL

Page 1

CHABE LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

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

Business review

Overall revenues were broadly in line with the prior year and above budget (given non-recurring 2024 events adjustment in the 2025 budget).

Event work was supplemented by stronger business-as-usual activity, building a strong recurring revenue base.

In addition to this, there were several large events during the year which helped to overachieve budget expectations.

Principal risks and uncertainties

•Global uncertainty and reduced travel linked to conflict in the Middle East
• Potential impact of fuel prices changes through continued geopolitical uncertainty.
• Increasing competition in the UK and international markets

Financial key performance indicators

The directors consider the key financial performance indicators for the company to be:
• Turnover
• Overhead Costs
• Overheads as a percentage of revenue

Other key performance indicators

The directors consider other key performance indicators to be:
• Number of journeys completed in the year
• Percentage of journeys completed without Chabe at fault issues

This report was approved by the board on 29 June 2026 and signed on its behalf.

Page 2

CHABE 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,447,708 (2024 - £942,021).

Directors

The directors who served during the year were:

D T Bruce

G Connan

Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

Auditors

The auditors, Haslers Assurance LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 29 June 2026 and signed on its behalf.

D T Bruce

Director

Page 3

CHABE LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

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.

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 101 ‘Reduced Disclosure Framework’. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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.

Page 4

CHABE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHABE LIMITED

Opinion

We have audited the financial statements of Chabe Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, 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 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.

Page 5

CHABE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHABE LIMITED (CONTINUED)

Other information

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.

We have nothing to report in this regard.

Opinion 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 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.

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.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 6

CHABE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHABE LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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:

We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which it operates. We determined that the following laws and regulations were most significant: the Companies Act 2006 and UK corporate taxation laws.

We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to the management and then confirmed the results of our discussions by reviewing the documentation relating to the legal and professional expenditure that occured during the year.

In order to assess the susceptibility of the entity to material misstatement due to irregularities, including fraud, the audit team carried out the following procedures:

• We identified and assessed the design effectiveness of controls management has in place to prevent and detect fraud;
• We carried out extensive testing on the significant accounting estimates identified by management and the audit engagement team. Key estimates identified include: Accrued income, cut-off, and right of use assets and lease liabilities.
• We have reviewed manual journals made in the year and identified and tested journal entries for indications of management override.
• We assessed the extent of compliance with the relevant laws and regulations.
• We verified that individuals with authority to operate as chauffeurs under the Chabe brand have appropriate qualifications and insurance for their roles.

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.

Page 7

CHABE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHABE LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in 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.

Thomas Rogers BA ACA (Senior Statutory Auditor)

for and on behalf of

Haslers Assurance LLP

Chartered Accountants

Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL

9 July 2026

Page 8

CHABE LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
	£	£


Turnover		17,958,815	17,565,621
Cost of sales		(13,022,584)	(12,939,258)
Gross profit		4,936,231	4,626,363
Distribution costs		(98,883)	(83,907)
Administrative expenses		(3,415,128)	(3,000,292)
Other operating income		748,292	594,566
Operating profit		2,170,512	2,136,730
Amounts written off investments		(82,608)	(394,273)
Interest payable and similar expenses	7	(112,256)	(113,467)
Profit before tax		1,975,648	1,628,990
Tax on profit	8	(527,940)	(686,969)
Profit for the financial year		1,447,708	942,021

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 15 to 29 form part of these financial statements.

Page 9

CHABE LIMITED

REGISTERED NUMBER: 12626817

BALANCE SHEET

AS AT 31 DECEMBER 2025

	2025	2025	2024	2024
Note	£	£	£	£


Fixed assets
Tangible assets	9		798,763		1,160,330
			798,763		1,160,330
Current assets
Debtors: amounts falling due after more than one year	11	447,469		-
Debtors: amounts falling due within one year	11	2,197,626		2,184,729
Cash at bank and in hand	12	1,919,422		2,974,502
		4,564,517		5,159,231
Creditors: amounts falling due within one year	13	(2,245,107)		(3,381,944)
Net current assets			2,319,410		1,777,287
Total assets less current liabilities			3,118,173		2,937,617

Creditors: amounts falling due after more than one year	14		(321,804)		(1,521,390)
			2,796,369		1,416,227
Provisions for liabilities
Deferred taxation	15	(75,219)		(142,785)
			(75,219)		(142,785)

Net assets			2,721,150		1,273,442

Capital and reserves
Called up share capital	16	1,676	1,676
Capital redemption reserve		(79,926)	(79,926)
Profit and loss account		2,799,400	1,351,692
		2,721,150	1,273,442

Page 10

CHABE LIMITED

REGISTERED NUMBER: 12626817

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 June 2026.

D T Bruce

Director

The notes on pages 15 to 29 form part of these financial statements.

Page 11

CHABE LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2025	1,676	(79,926)	1,351,692	1,273,442
Comprehensive income for the year
Profit for the year	-	-	1,447,708	1,447,708
Total comprehensive income for the year	-	-	1,447,708	1,447,708
At 31 December 2025	1,676	(79,926)	2,799,400	2,721,150

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024 (as previously stated)	1,676	(79,926)	412,519	334,269
Prior year adjustment - change in accounting policy	-	-	(2,848)	(2,848)
At 1 January 2024 (as restated)	1,676	(79,926)	409,671	331,421
Comprehensive income for the year
Profit for the year	-	-	942,021	942,021
Total comprehensive income for the year	-	-	942,021	942,021
At 31 December 2024	1,676	(79,926)	1,351,692	1,273,442

The notes on pages 15 to 29 form part of these financial statements.

Page 12

CHABE LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	1,447,708	942,021
Adjustments for:
Depreciation of tangible assets	471,504	483,244
Loss on disposal of tangible assets	(29,981)	(7,735)
Interest paid	110,223	110,238
Taxation charge	527,940	686,969
Decrease/(increase) in debtors	299,029	(260,033)
(Increase) in amounts owed by groups	(759,397)	(173,722)
(Decrease)/increase in creditors	(382,395)	481,360
(Decrease) in amounts owed to groups	(1,387,390)	(572,704)
Corporation tax (paid)/received	(1,054,134)	-
Impairment of fixed asset investments	182,608	394,273
Net cash generated from operating activities	(574,285)	2,083,911

Cash flows from investing activities
Purchase of tangible fixed assets	(176,664)	(274,473)
Sale of tangible fixed assets	96,708	94,582
Purchase of fixed asset investments	(182,608)	(394,273)
HP interest paid	(84,394)	(75,228)
Net cash from investing activities	(346,958)	(649,392)

Page 13

CHABE LIMITED

STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

		2025	2024
		£	£


Cash flows from financing activities
Other new loans	28,128	47,208
Repayment of/new finance leases	(45,285)	(75,905)
Loans from group companies repaid	(90,851)	(133,058)
Interest paid	(25,829)	(35,010)
Net cash used in financing activities	(133,837)	(196,765)
Net (decrease)/increase in cash and cash equivalents	(1,055,080)	1,237,754
Cash and cash equivalents at beginning of year	2,974,502	1,736,748
Cash and cash equivalents at the end of year	1,919,422	2,974,502

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	1,919,422	2,974,502
	1,919,422	2,974,502

The notes on pages 15 to 29 form part of these financial statements.

Page 14

CHABE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Chabe Limited is a private company, limited by shares, domiciled in England and Wales, registration number 12626817. The registered office is Highbridge House 579a Bath Road, Longford, West Drayton, England, UB7 0EW. The principal activity of the company continued to be that of chauffeur and taxi operations.

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 101 'Reduced Disclosure Framework' and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

2.2

Going concern

The company has entered its fifth period of trading, producing a significant trading profit for the year leaving the company in a net asset position at year end.

The directors believe that the company has sufficient trading prospects and cash reserves to continue operations for a period of no less than twelve months from the financial statements signing date.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 15

CHABE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

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:

Rendering of services

Revenue from providing services is recognised in the accounting period in which the services are rendered.

Services provided in the year were entirely Chauffeur services, with revenue recognised in the accounting period in which the journey took place.

2.5

Leases

Operating Leases: the company as lessee

Rentals paid under smaller operating leases are charged to profit or loss on a straight-line basis over the lease term.

Large & fixed term operating leases are capitalised as Right of Use Assets with a Lease Liability introduced, depreciated in a straight line over the lease period.

2.6

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.

2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.8

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 accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 16

CHABE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.9

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 balance sheet 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 balance sheet 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 balance sheet date.

2.10

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.

Depreciation is provided on the following basis:

Right of use Assets	-		Straight-line method over the lease period
Motor vehicles	-	25%	Straight-line method
Fixtures and fittings	-	50%	Straight-line method

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.

Page 17

CHABE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.12

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.

2.13

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.

2.14

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

2.15

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.

Page 18

CHABE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.16

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value.

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Fair value through profit or loss

All of the Company's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset.

Impairment of financial assets

The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.

Page 19

CHABE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.16

Financial instruments (continued)

Financial liabilities

Fair value through profit or loss

Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.

At amortised cost

Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the director is required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

The directors do not believe that there have been judgements (apart from those involving estimates) made in the process of applying the above accounting policies that have had a significant effect on amounts recognised in the financial statements.

Page 20

CHABE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Fees payable to the Company's auditors for the audit of the Company's financial statements

19,850

19,420

Wages and salaries	3,332,181	3,033,025
Social security costs	420,721	336,138
Cost of defined contribution scheme	94,266	123,997
	3,847,168	3,493,160

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Employees	69	64

6.	Directors' emoluments
		2025	2024
		£	£

Directors' emoluments	248,368	228,119
Company contributions to defined contribution pension schemes	7,033	26,627
	255,401	254,746

	During the year retirement benefits were accruing to no directors (2024 - NIL) in respect of defined contribution pension schemes.
	The highest paid director received emoluments of £248,368 (2024 - £228,119).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,033 (2024 - £26,628).

Page 21

CHABE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

7.	Interest payable and similar expenses
		2025	2024
		£	£

Loans from group undertakings	25,829	35,010
Finance leases and hire purchase contracts	84,394	75,228
Interest on lease liabilities	2,033	3,229
	112,256	113,467

Corporation tax
Current tax on profits for the year	595,506	544,184

Total current tax	595,506	544,184

Deferred tax
Origination and reversal of timing differences	(67,566)	142,785
Total deferred tax	(67,566)	142,785


	Tax on profit	527,940	686,969

Page 22

CHABE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

8.Taxation (continued)

Profit on ordinary activities before tax

1,975,648

1,628,989

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	493,912	407,247
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	101,594	113,624
Capital allowances for year in excess of depreciation	-	64,319
Utilisation of tax losses	-	(41,006)
Other timing differences leading to an increase (decrease) in taxation	(67,566)	142,785
Total tax charge for the year	527,940	686,969

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 23

CHABE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

9.	Tangible fixed assets

	Short-term leasehold property	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£
Cost or valuation
At 1 January 2025	199,588	1,706,997	79,343	1,985,928
Additions	-	121,808	54,856	176,664
Disposals	-	(181,270)	-	(181,270)
At 31 December 2025	199,588	1,647,535	134,199	1,981,322
Depreciation
At 1 January 2025	83,162	675,040	67,396	825,598
Charge for the year on owned assets	-	393,086	33,323	426,409
Charge for the year on right-of-use assets	39,918	5,177	-	45,095
Disposals	-	(114,543)	-	(114,543)
At 31 December 2025	123,080	958,760	100,719	1,182,559
Net book value
At 31 December 2025	76,508	688,775	33,480	798,763
At 31 December 2024	116,426	1,031,957	11,947	1,160,330

The net book value of land and buildings may be further analysed as follows:
	2025	2024
	£	£

Short leasehold	76,508	116,426
	76,508	116,426

Page 24

CHABE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

9.Tangible fixed assets (continued)

The net book value of owned and leased assets included as "Tangible fixed assets" in the Balance Sheet is as follows:
	2025	2024
	£	£


Tangible fixed assets owned	798,763	1,160,330
	798,763	1,160,330

	Information about right-of-use assets is summarised below:

Depreciation charge for the year ended
	2025	2024
	£	£

Property	39,918	39,918
Motor vehicles	5,177	36,032
	45,095	75,950

Page 25

CHABE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

10.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	Additions	182,608
	At 31 December 2025	182,608
	Impairment
	Charge for the period	182,608
	At 31 December 2025	182,608
	Net book value
	At 31 December 2025	-
	At 31 December 2024	-

11.	Debtors
		2025	2024
		£	£

Due after more than one year
Amounts owed by group undertakings	447,469	-
	447,469	-

					2025	2024
					£	£

Due within one year
Trade debtors	1,574,351	1,856,547
Amounts owed by group undertakings	523,807	211,881
Other debtors	4,085	4,135
Prepayments and accrued income	95,383	112,166
	2,197,626	2,184,729

Page 26

CHABE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	1,919,422	2,974,502
	1,919,422	2,974,502

13.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Third party loans	319,931	291,755
Trade creditors	550,141	723,030
Amounts owed to group undertakings	136,355	667,637
Corporation tax	85,506	544,184
Other taxation and social security	534,457	548,792
Lease liabilities	41,107	45,864
Other creditors	96,621	188,412
Accruals and deferred income	480,989	372,270
	2,245,107	3,381,944

Amounts owed to group undertakings are secured by a fixed charge over the entity's assets.

Amounts owed under third party loans are secured by a fixed charge over the asset which it relates to.

14.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Lease liabilities	38,105	78,633
Amounts owed to group undertakings	-	946,960
Third party loans	283,699	495,797
	321,804	1,521,390

Page 27

CHABE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.	Deferred taxation

		2025
		£

	At beginning of year	(142,785)
	Charged to profit or loss	67,566
	At end of year	(75,219)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

	Accelerated capital allowances	(75,219)	(142,785)
		(75,219)	(142,785)

The net reversal of deferred tax assets and liabilities expected to reverse in the next year is £75,219. This primarily relates to the reversal of timing differences on acquired tangible assets and capital allowances through depreciation.

16.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

1,676 (2024 - 1,676) Ordinary shares of £1.00 each	1,676	1,676

17.	Contingent liabilities

The entity is liable to pay additional contingent consideration on the purchase of Limo Plus (Worldwide) Limited over the next year. However, this consideration is determined by the performance of the customers transfered to the entity on the purchase date. Due to the nature of the business, the directors cannot reliably determine what the future performance of the these customers will be and therefore cannot generate a reliable estimate of the contingent liability.

Page 28

CHABE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

18.	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 £94,266 (2024 - £123,997).

Contributions totalling £22,797 (2024 - £20,979) were payable to the fund at the balance sheet date and are included in creditors.

	Not later than 1 year	1,399	226
		1,399	226

20.	Related party transactions
	During the year the company made sales totalling £357,423 (2024: £861,286) to the entities with control. In addition to this, during the year the company made sales totalling £337,201 (2024: £65,739) to entities under common control. During the year the company made purchases totalling £829,844 (2024: £1,515,854) from the entities with control. In addition to this, during the year the company made purchases totalling £867,356 (2024: £475,871) from entities under common control. At the end of the year the following balances were due (to)/from related parties:

		2025	2024
		£	£

Entities with control	957,462	(1,322,704)
Entities under common control	(122,541)	(47,963)
	834,921	(1,370,667)

21.	Controlling party

The immediate parent company is Chabe SAS, a company incorporated in France.

The ultimate parent company is Lo-Dev SAS, a company incorporated in France.

Page 29