The directors present the strategic report for the year ended 28 February 2025.

In the year under review, the Company saw continued fleet growth and demand for rental vehicles grow. The Company has not seen any significant adverse impact on financial results, financial stability and going concern in the financial year 2025, however it continues to work closely with suppliers to monitor and respond to any evolving situations.

In early 2025 the Managing Director Mr. S. Dore sadly passed away suddenly. Mr. K. Rapson has now stepped back into the role of Managing Director to manage the senior leadership team.

The vehicle hire market in the UK is highly competitive and the Company strives to distinguish itself from its competitors by providing exceptional customer service. The Company believes that a strong commitment to providing exceptional customer service will lead to repeat future rental business and continued growth over time. The key components to providing exceptional customer service in the UK are the ability to offer a wide range of different vehicle categories (including various specialist vehicles) as well as developing a UK wide delivery/collection service.

The Company's operations exposure is to a variety of financial risks that include the risks associated with current events, liquidity risks, residual value risk, interest rate risk, currency risk and credit risk.

Current Events & Macroeconomic Environment Risk

Unforeseeable and substantial global events can have an adverse impact on the vehicle rental and mobility market due to falling demand, reduced travel or disruption to the supply chain for vehicle manufacture components. Global events affecting the current macroeconomic environment include the conflict in Russia and Ukraine and the UK's withdrawal from the European Union. While these events have not adversely impacted the Company's financial results in the current financial year, any developments and trends resulting from such changes are monitored and assessed to identify and mitigate risks to the business.

During the year under review, the cost of living, energy rates, interest rates and fuel costs have continued to increase, however at the date of this report, we are starting to see a steadying of the cost of living, energy rates and fuel costs which should hopefully help to increase demand in vehicle rental. The Company manages the risk of uncontrollable and sudden falls in customer demand through diversification of the rental fleet portfolio and the rental markets in which it operates, as well as remaining proactive in responding and adapting to changes in market conditions and customer requirements.

Liquidity Risk

The Company finances the purchase of rental vehicles through funds provided from operations and ongoing borrowing programs. If the Company were unable to borrow on advantageous terms because of credit rating downgrades, higher market interest rates or other reasons, it may be unable to maintain or increase the size of its fleet, replace its existing vehicles with new vehicles and/or offer competitive rental rates. These factors could impact customer satisfaction and have a material adverse effect on the Company's results of operations and financial condition.

Residual Value Risk

Residual value risk is the risk that a vehicles market value at the time it is sold will be less than its depreciated value. It is difficult to predict the impact or timing of factors that influence used vehicle resale values. In determining estimated residual values and depreciation rates on vehicles, the Directors can consider many factors, including used vehicle market conditions, anticipated holding periods, fleet mix and historical experience. The Directors regularly monitor residual values and the need, if any, to adjust depreciation rates.

Interest Rate Risk

The Company attempts to balance its current interest costs and exposure to interest rate volatility by using various finance companies and terms. Overall the Directors consider interest rate risk to be at an acceptable level and that no hedging of interest rates is necessary at this time.

Currency Risk

The Company has no transactional currency exposure arising from sales and purchases in currencies other than its functional currency. The Directors therefore consider currency risk to be at an acceptable level and no hedging of currency exposures is considered necessary at this time.

Credit Risk

There is a risk of financial loss to the Company arising from the failure of the Company's customers to meet their financial obligations for vehicle rentals. However, the Company is now dealing more frequently with larger companies where the Directors believe the credit risk is less. The Company utilises the Creditsafe checking facility when opening accounts for new customers as well as monitoring existing clients. The Company also monitors each clients debtor balance as a percentage against the total aged debt to ensure the customer portfolio spread is maximised. Taking into account credit control procedures also, the Directors are of the view that the risk is at an acceptable level.

* Figures are amended to take into consideration depreciation and profit on sales

For the year ended 28 February 2025, the Company reported a £1,362,582 increase in turnover to £15,336,949 (2024: £13,974,367). The Company generated profit for the financial year of £1,236,389 (2024: £1,853,386).

The profit before tax for the period decreased by £401,993, and profit before tax percentage fell by 4.2 ppts. There are many reasons for this that include:

• Additional operating costs were incurred due to the new building being constructed which reduced the space available for staff and customers.

• Some senior staff members received one off additional company pension contributions during the year.

• As the company seeks to lower the age of the fleet, the new vehicles (specifically the commercial and specialist vehicles) cost more than in previous years so a higher depreciation charge is reflected in the company accounts at an earlier stage in the life of these new vehicles than in previous years.

• Interest rates also increased during the year making finance more expensive, however the Directors are now seeing these costs reduce since the two base rate cuts post year-end with almost certainly at least another one before our current year end in 2025.

The fleet size has grown from 1,110 units (2024) to 1,313 (2025) comprising of 3.5t, 7.5t and 18t commercial vehicles and cars (small, large and executive). Amongst this is a wide range of chapter 8 units, 4x4's, hybrids and full electric vehicles. The percentage split for 2024 is 83% commercial vehicles and 17% cars.

Outlook & current performance post year end

The results for our first 6 months of the accounting period to 31st August 2025 are as follows:

Sales have increased to £8.4M from £7.7M for the same 6 month period to 31st August 2024, this is an increase of 7.6%.

The Gross Profit increased to £2.8M from £2.2M for the same 6 month period to 31st August 2024, the Gross profit margin also increased to 33.3% from 29.6%.

The Net Profit increased to £1.8M from £1.2M for the same 6 month period to 31st August 2024, the Net profit margin also increased to 21.8% from 15.5%.

Mission statement

The Company's mission is as follows:

• Be the best independent vehicle hire company in the UK.

• Exceed customer expectations in terms of service, quality and value.

• Provide employees with a great place to work.

Throughout the financial year the Directors have ensured that these goals have been considered in their decision-making process. The Directors acknowledge their duty to promote the success of the Company and act with integrity in all matters.

On behalf of the board

The directors present their annual report and financial statements for the year ended 28 February 2025.

The principal activity of Rabbits Vehicle Hire Ltd (the "Company") is the renting and selling of commercial vehicles and cars in the United Kingdom ("UK"). To support the operation, the Company engages in fleet acquisition and vehicle maintenance as well as vehicle sales. Funding for the acquisition of fleet vehicles is secured through external finance and operational cash flow. Forecasting, sourcing and management of the rental fleet, as well as availability and cost of financing, is controlled by the Company.

The results for the year are set out on page 9.

The total distribution of dividends for the year ended 28 February 2025 will be £185,123 (2024: £230,528).

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

In accordance with the company's articles, a resolution proposing that UHY Ross Brooke be reappointed as auditor of the company will be put at a General Meeting.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

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

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent; 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 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.

We have audited the financial statements of Rabbits Vehicle Hire Limited (the 'company') for the year ended 28 February 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 28 February 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 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 our 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.

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.

As explained more fully in the directors' responsibilities statement, 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.

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. As such, we have considered:

the nature of the industry and sector, control environment and business performance including the company's remuneration policy, bonus levels, and performance targets;

the company's own assessment, including assessments made by key management, of the risks that irregularities may occur either as a result of fraud or error; any matters we identified having reviewed the company's policies and procedures relating to:

• identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

• detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

• the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; the matters discussed amongst the audit engagement team.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as the disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context were the Companies Act, tax legislation and regulations concerning importing and exporting to and from the UK.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Rabbits Vehicle Hire Limited is a private company limited by shares incorporated in England and Wales. The registered office is 14 Wolsey Road, Caversham, Reading, Berkshire, RG4 8BY.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Rental turnover consists primarily of fees from vehicle rentals and the sale of related rental products. Rental turnover is recognised as the vehicles are utilised by hirers. Maintenance and repairs of rental vehicles are charged to the Statement of Income and Retained Earnings as incurred. Vehicle tax and licence costs are amortised over the respective tax period or estimated remaining period the vehicle is expected to be in service, whichever is appropriate.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

In determining estimated residual values and depreciation rates on vehicles the Directors consider many factors including used vehicle market conditions, anticipated holding periods, fleet mix and historical experience. The Directors regularly monitor residual values and the need, if any, to adjust depreciation rates.

The annual depreciation and amortisation charge on tangible fixed assets, goodwill and intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values of the assets are amended when necessary to reflect current estimates.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate

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

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

The following paragraph details the estimates and judgements the company believes to have the most significant impact on the annual results under FRS 102.

Depreciation and useful economic life

The depreciation, in respect of tangible fixed assets, is based upon estimates of the useful economic lives of the assets involved. Useful economic life is assessed initially upon acquisition of the asset and thereafter reviewed annually taking into account any revisions of future use of those assets. The judgements involved are informed by historical experience in relation to similar assets.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 2).

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

The NBV of assets held under hire purchase contracts is £14,002,335 (2024: £13,000,455).

Included in trade debtors are invoice discounted debtors amounting to £2,342,941 (2024: £2,034,901) which have not been paid by the customer to the invoice discounting company at the balance sheet date.

The details for the facilities in place at the balance sheet date are as follows:

• CIBLS bank loan, interest bearing at 4% ending in December 2026.

• Hire purchase agreements with various providers, interest bearing at between 5.5% and 7.5%, typically ending after 36 or 48 months.

The amount of non-cancellable operating lease payments recognised as an expense during the year was £3,496,457 (2024: £3,225,631).

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

During the year the company made a loan of £nil (2024: £250,000) to a SIPP pension scheme benefitting the directors, in order to purchase the commercial property that the business operates in. Interest in being charged at commercial rates.

At the year end the amount due to the company totaled £382,179 (2024: £430,142) in respect of loans and interest charged to date.

During the year the company paid costs on behalf of the pension scheme totaling £nil (2024: £92,389). At the year-end the amount due to the company totaled £nil (2024: £92,389), this amount has been repaid to the Company within 9 months of the year end.

The directors loan balance at the year end showed £74,000 (2024: nil) owed to the directors. This was repaid to the directors after the year end.

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

The charge to the profit or loss account in respect of the Company's defined contribution pension scheme is £210,506 (2024: £209,298). At the year end an amount of £nil (2024: £3,304) was outstanding.

The directors believe there to be no ultimate controlling party.