S & U PLC - Annual Report 2026 | FinancialReports.eu

S&U plc

Annual Report and Accounts

for the period ended 5 February 2026

Recovery and

Renewal

S&U Plc Annual Report and Accounts 2026

Welcome to the S&U

Annual Report 2026

Founded in 1938, S&U’s mission is to provide Britain’s foremost motor, property

bridging and specialist finance service. Since 1999 our Advantage motor subsidiary

has provided finance for nearly 300,000 customers. In just nine years Aspen, our

property finance business has transacted nearly £800m in secured loans.

In the complex and ever changing world of financial services, over the past near ninety years, S&U’s

customers have relied on the company for one quality above all - TRUST. Trust is the golden seam

which runs through everything we do

In practice it means:

S&U Mission Statement

T EAMWORK R ESPECT � NDERSTANDING S ERVICE T RUTH

In any business the

guardians of integrity

are its people, and their

common pursuit of the

highest standards.

Loving your neighbour

is not simply at the

core of Christian values,

but transcends our

behaviour towards

everyone whatever

their race, gender,

religion or personality.

Valuing every customer

must be grounded in

a clear understanding

of their needs, wishes

and circumstances; this

guides the service we

offer them.

This is both the

product and the proof

of our understanding

and respect for our

customers, each other

and our neighbours.

Honesty, integrity and

transparency are the

best guarantees of the

way we treat all with

whom we do business.

If people trust S&U they

will have confidence in

the services we provide.

The good business

which results is our

justified reward.

Our Values

Making the customer

the heart of our business.

Respect for every

customer and always

treating customers fairly.

Conservative approach to

underwriting and collections

to enable sustainable growth.

Our Businesses

Motor Finance

Hire purchase motor

finance for nearly

300,000 customers

since 1999.

Property Bridging

Finance

Launched in early 2017

and growing steadily to

build on their significant

success.

Or go to:

www.suplc.co.uk

Scan the QR Code below to see

more information on our website

Highlights

Revenue (£m) Basic EPS (p)

22 23 24 25 26

115.6

115.4

102.7

87.9

107.4

22 23 24 25 26

147.4

209.2

277.5

312.8

195.2

Profit before tax (£m) Dividend Declared (p)

22 23 24 25 26

24.0

33.6

41.4

47.0

31.8

22 23 24 25 26

100.0

120.0

133.0

126.0

115.0



see also note 1.13

The Committee assessed the accounting judgement made relating to the FCA’s final redress scheme

rules on motor finance commissions. The Committee considered other independent views, including

that of the external auditor, in assessing the provision recorded under the requirements of IAS 37.

The Committee has also encouraged active engagement with the FCA on the consultation proposals

and reviewed the submission made by Advantage in late 2025.

S&U Plc Annual Report and Accounts 202636

B3 Governance

External Audit

The Committee formally reviews the effectiveness of the external auditors, Forvis Mazars LLP, and

the Group’s relationship with them. The review consists of a list of relevant questions, which it

discusses with the Group Finance Director, before discussing them with external auditors.

As a result, the Committee concluded that the external audit process during Forvis Mazars LLP’s

fourth year as our auditors was effective this year. After a rigorous tender process Forvis Mazars LLP

were formally appointed as group auditors at the AGM in May 2021, taking over from Deloitte LLP

who had been Group Auditors since 2000.

The Audit Committee and Forvis Mazars have put in place safeguards to ensure that the

independence and objectivity of the external auditor is maintained including governing the

external auditor’s engagement for non-audit services. In line with rules for public interest entities

the provision of tax compliance services was placed with KPMG with effect from 1 February 2017

and we also use KPMG for guidance on directors’ remuneration and reporting matters. Fees paid

to the external auditor are shown in note 8 to the accounts. Overall the fees paid to the external

auditor for non-audit services, which were approved by the Audit Committee, were £60,000 (2025:

£45,000) and this was for the half year review of interim results and ESG KPI compliance verification

under our revolving credit facility agreement. The audit committee have continued to monitor the

quality of service they provided and their continuing independence. They examined Forvis Mazars

transparency report which demonstrates how audit quality is maintained in line with the “Audit

Quality Framework” issued by the professional oversight board of the Financial Reporting Council.

They also considered Forvis Mazars’ understanding of S&U plc’s business, their access to

appropriate specialists, and their understanding of the financial sector in which the Group operates.

In accordance with this policy the Audit Committee ensured no external service provided by the

auditors involved it in management of functions or decision making or in influencing Management’s

view on the adequacy of internal controls or financial reporting. If it were to be material to the

Group, any Corporate Finance or other advice that Forvis Mazars provided during the year would be

reviewed by the Audit Committee to ensure that they did not compromise the auditing function of

Forvis Mazars in any way.

Internal Audit

During the year, RSM have continued to provide internal audit services for the Group. An agreement,

overseen by the Audit Committee, has been entered into with RSM who will be responsible for

regular internal audits of the Group’s Regulatory Controls, Customer Compliance, Risk Management

and Governance Policy and Procedures.

The Committee considers that the Annual Report and Accounts, taken as a whole, is fair, balanced

and understandable and provides the information necessary for shareholders to assess the Group’s

performance, business model and strategy.

Graham Pedersen

Chairman of the Audit Committee

20 April 2026

The Accounts Other Information

Stock Code: SUS ― www.suplc.co.uk 37

Strategic Report Corporate Governance

The 2024 UK Corporate Governance Code issued by the FRC was applicable for the whole of the financial period ended

5 February 2026 and contained revisions which whilst important did not have a major impact on the Group. Revisions to

Provision 29 of the 2018 Code are effective from 6 February 2026 and the Group is well progressed having identified its

material controls and mapped them to the principal risks. The effectiveness of these controls will be monitored during the

year and reported on in the 5 February 2027 annual report. We report below on our adherence to the current 2024 UK

Corporate Governance Code.

Narrative statement

The way in which we comply with the Code’s Provisions or explain where we do not is described

below in the five areas of “Board Leadership and Company Purpose, Divisions of Responsibilities,

Composition, succession and evaluation, Audit risk and internal control and Remuneration.” In

addition, our Chairman’s Statement provides guidance as to how we interpret the revised codes

more flexible approach in giving clear reasons for any non-compliance within the provisions. The

rationale for this includes a “Company’s particular circumstances based on a range of factors,

including the size, complexity, history and ownership structure.”

In S&U’s case this has always meant an identity of interest between major shareholders and the

executive management of the Company. The requirement of the Code of Principles for Board’s to

“promote the long-term sustainability or success of the Company, generating value for shareholders

and contributing to wider society” is sustained by this and by our consistent mantra of “steady,

sustainable growth.” Our mission statement is published on the inside front cover. Family investment

and management has over nearly 90 years been reflected in ambition for growth and for new

markets buttressed by a conservative approach to risk, to treasury activities and to return on capital

employed. The same culture is seen in “work force engagements” through employment stability,

good communications and a streamlined, non-bureaucratic, management structure, as a staple of

S&U well before the Governance Code even existed.

This has inevitably meant some departure from the detailed Provisions of the Code which primarily

focusses on larger companies, a more formal approach to employee relations, a shorter history to

establish a proven responsible culture, and a divorce between equity and management. We have

carefully explained the reasons for any departures and will hopefully, as the revised code requires,

now see these considered by investors and their representatives “thoughtfully” and not evaluated in

“a mechanistic way”.

Leadership

During the year the Company was controlled through the Board of Directors which at

6 February 2026 comprised four executive and four non-executive directors. The Chairman is

responsible for the running of the Board. He has to ensure that all directors receive sufficient relevant

information on financial, business and corporate issues prior to meetings. He is also responsible for

co-ordinating the Company’s business and implementing Group strategy.

The Chairman and Deputy Chairman are jointly responsible for acquisitions outside the traditional

business, the development of the business into new areas, and relations with the investing

community, public and media.

Under Provision 9 of the Code it is recommended that the Chairman should be independent on

appointment and should not have previously served as Chief Executive of the Company and under

Provision 19 of the Code it is recommended that the Chairman should not remain in post beyond

nine years from the date of their first appointment to the Board. Mr. Anthony Coombs was appointed

Chairman in 2008 as part of an established succession plan reflecting the Coombs family’s significant

holding in S&U, the identity of interest between management and shareholders and the consequent

success of the Company. As explained above this has been (and is perceived by the investing

community) as a significant strength in the responsible, long-term strategic approach to S&U’s

development.

Mr. Coombs now serves as Executive Chairman and his responsibilities as Managing Director have

been transferred to the Chief Executive of Advantage Finance and the Chief Executive of Aspen

Bridging.

Under Provision 11 of the Code it is recommended that at least half the board excluding the chair

should be non-executive directors whom the Board considers to be independent. The Board

considers there are currently 3 independent non-executive directors (Tarek Khlat, Graham Pedersen

and Jeremy Maxwell) of the 7 directors excluding the chair so this is a departure from the Code

and that composition of the Board is kept under review. Under Provision 24 of the code the audit

committee should consist of independent non-executive directors and the S&U audit committee

currently consists of 3 independent non-executive directors plus another non-independent non-

executive director so this is a departure from the Code. Under Provision 21 of the Code there should

be a formal Board performance review, its committees, the chair and individual directors – this

performance review is currently informal which the Board considers to be appropriate and more cost

effective. Under Provision 38 of the code, the pension contribution rates for executive directors, or

payments in lieu, should be aligned with those available to the workforce. As listed in the directors’

remuneration report there are a range of pension contribution rates for executive directors some of

which are above those available to the workforce but these rates reflect benchmarked market norms

for those executive directors.

S&U Plc Annual Report and Accounts 202638

B3.2 Corporate Governance

The Board has a formal schedule of matters reserved to it and meets at least four times a year with

monthly circulation of papers. It is responsible for overall Group strategy, acquisition and divestment

policy, approval of major capital expenditure projects and consideration of significant financing

matters. It monitors the exposure to key business risks and reviews the strategic direction of the

business. This includes its code of conduct, its annual budgets, its progress towards achievement of

those budgets and its capital expenditure programmes. The Board also considers environmental and

employee issues and key appointments. It also ensures that all directors receive appropriate training

on appointment and then subsequently as appropriate. The Board has established a Nomination

Committee, an Audit Committee and a Remuneration Committee. Each Committee operates within

defined terms of reference. Advantage Finance and Aspen Bridging are each managed by a separate

board of directors. The minutes of the standing Committees will be circulated to and reviewed by the

Board of Directors. Terms of reference for the Committees are available from S&U plc head office and

on our website www.suplc.co.uk.

Graham Pedersen was appointed to the Board in February 2015 and brings a wealth of experience

to the S&U Board both as a regulator and a banker. He has therefore served as a non-executive

director on the Board for over nine years. Notwithstanding this length of service, the Board considers

him to be independent due to his robust judgement and character and the invaluable balance and

experience he has brought to the Board's deliberations. Tarek Khlat, a Banker, FCA Approved Person

and Wealth Manager of great experience was appointed to the Board in March 2016. He has also

therefore served as a non-executive director on the Board for over nine years. Notwithstanding

this length of service, the Board considers him to be independent due to his robust judgement and

character and the invaluable balance and experience he has brought to the Board's deliberations.

In January 2022, Jeremy Maxwell was appointed to the Board and brings broad expertise in digital

innovation, marketing, commercial development and customer experience from over 25 years in the

retail and B2B distribution industries. In February 2024, Graham Wheeler was appointed as a non-

executive of the Board following his retirement as CEO of Advantage Finance. In his non-executive

capacity Graham continues to bring the benefit of over 40 years of experience in the motor and

finance sectors to the S&U Board.

The Nomination Committee, chaired by Jeremy Maxwell, comprises the four non-executive directors

and Anthony Coombs, Group Chairman. The Audit Committee is made up of the four non-executive

directors and is chaired by Graham Pedersen. The Remuneration Committee comprises Tarek Khlat,

Graham Pedersen and Jeremy Maxwell and is chaired by Tarek Khlat.

Board Effectiveness and the

work of the Nomination Committee

Our executive directors are appraised annually by the Chairman, the Deputy Chairman and the

independent non-executives. The Chairman and the Deputy Chairman are appraised annually by the

independent non-executives. The results of these appraisals are considered by the Remuneration

Committee for the determination of their remuneration recommendations. During the year there

was no external performance review of the Board but the performance of the Board and each of the

Board Committees was reviewed by the Board with regard to the performance and achievements

during the year. The performance of the Board and all three committees was self-assessed by the

Board to be effective.

Our non-executive directors receive full updates on Company progress and relevant issues and bring

their experience and sound judgement to bear on matters arising. The Chairman considers the

effectiveness of each non-executive director annually.

Directors have both the time and experience to fulfil their responsibilities and none sit on other PLC

boards. The Nomination Committee advises the Board on refreshment and succession planning,

whilst independent recruitment consultants are used for important executive roles.

Shortly after the year end the Nomination Committee appointed

• Karl Werner, CEO of Advantage Finance, to the S&U Board. Karl has steered the company through

a tempestuous time emerging stronger, more focussed and energised than before.

• Chris Freckelton, CFO, to the S&U Board. Chris has proved a success as Chief Financial Officer and

becomes Group Finance Director.

The Nomination Committee will continue to monitor the availability of relevant skills and experience

alongside its corporate governance responsibilities, in its further succession planning and when

considering any future appointments to the Board. Whilst the Board notes the Code’s focus on

diversity, both Board and executive appointments are made purely on the basis of ability and

temperament, irrespective of race, gender or sexual orientation.

Messrs Anthony Coombs, Graham Coombs, Ed Ahrens, Jack Coombs, Graham Pedersen, Tarek Khlat,

Jeremy Maxwell and Graham Wheeler being eligible offer themselves for re-election at the next

Annual General Meeting. Tarek Khlat, Graham Pedersen, Graham Wheeler and Jeremy Maxwell are

non-executive directors and the Chairman has determined their performance to be both effective

and committed.

The Senior Independent Director Tarek Khlat provides a sounding Board and objective support for

the Chairman and serves as an intermediary for the other directors when necessary.

The Company Secretary Manjeet Bhogal is available to provide advice and services to all Board

members and is responsible for ensuring Board procedures are followed. All directors are also able to

take independent advice in furtherance of their duties if necessary.

The Accounts Other Information

Stock Code: SUS ― www.suplc.co.uk 39

Strategic Report Corporate Governance

Accountability

Financial Reporting

Reviews of the performance and financial position of the Group are included in the Chairman’s

Report. The Board uses this, together with the Strategic Report within pages 7 to 10, to present a

balanced and understandable assessment of the Company's position and prospects. The Directors'

responsibilities in respect of the financial statements are described on page 45 and those of the

auditor on page 50.

Internal Control

The Board acknowledges that it is responsible for the Group’s system of internal control and for

reviewing its effectiveness. Such a system is designed to manage rather than eliminate the risk of

failure to achieve business objectives and can only provide reasonable and not absolute assurance

against material misstatement or loss.

The Group’s internal control systems are reviewed regularly by management and by our independent

internal auditors RSM with the aim of continuous improvement. Whilst the Board acknowledges

its overall responsibility for internal control, it believes strongly that senior management within the

Group’s operating businesses should also contribute in a substantial way and this has been built into

the process. The Audit Committee oversees the monitoring of the adequacy of the Group's internal

controls and whistleblowing procedures.

There is an ongoing process for identifying, evaluating and managing the significant risks faced

by the Group. The process has been in place for the period under review and up to the date of

approval of the report and financial statements. The process is regularly reviewed by the Board

including a review during the reporting period and accords with the guidance in the UK Corporate

Governance Code.

The Board intends to keep its risk control procedures under constant review, particularly as regards

the need to embed and maintain internal control and risk management procedures further into the

operations of the business and to deal with areas of improvement which come to management’s and

the Board’s attention.

As might be expected in a Group of this size, a key control procedure is the day-to-day supervision of

the business by the executive directors, supported by the managers with responsibility for operating

units and the central support functions of finance, information systems and human resources.

The executive directors are involved in the budget setting process, constantly monitor key statistics

and review management accounts monthly, noting and investigating major variances. All significant

capital expenditure decisions are approved by the Board as a whole.

The executive directors receive reports setting out key performance and risk indicators and

consider possible control issues brought to their attention by early warning mechanisms, which are

embedded within the operational units and reinforced by risk awareness training. The executive

directors also receive regular reports from the credit control and health and safety functions, which

include recommendations for improvement. The Audit Committee’s role in this area is confined to a

high-level review of the arrangements.

Relationship with Auditor

The Audit Committee has specific terms of reference which deal with its authority and duties. It

meets at least twice a year with the external auditor attending by invitation and RSM as a regular

attendee in order that the Committee can review the external and internal audit process and results.

The Committee overviews the monitoring of the adequacy of the Group's internal controls and

whistleblowing procedures, accounting policies and financial reporting and provides a forum through

which the Group's external auditor reports to the non-executive directors. The Committee assists

the Board in discharging its duties to ensure the financial statements meet legal requirements and

also reviews the independence of the external auditor. This is assessed through examination of the

nature and value of non-audit services performed during the year. The value of non-audit services

is disclosed on page 37 and all non-audit service requirements are considered by the Group before

an appointment is made. The non-audit services provided were ISRE 2410 for the half year review of

interim results and ISAE 3000 limited assurance for the ESG KPI compliance verification.

Equality and Diversity

The Group is committed to ensuring that existing members of staff, job applicants, or workers are

treated fairly in an environment which is free from any form of discrimination. The Group will always

wish to ensure appointments reflect the best skills available for the role. As at 5 February 2026

14 women held 34% of senior management positions and women held 62% of other employee

positions and during the period no female directors served on the Board. As at 5 February 2026 27

men held 66% of senior management positions and men held 38% of other employee positions and

during the year nine male directors served on the Board. As at 5 February 2026 the Company had

12 employees of which two are women and ten are men including six S&U plc Directors, in total all

eight of the S&U plc board of directors are men of which one is from a minority ethnic background.

Data for these metrics has been collected from information provided by employees or held as part of

company records.

The Board therefore confirms in accordance with UK listing rule 6.6.6R (9) that as at 5 February 2026

it had not met the targets for listed companies of at least 40% of the individuals on the board

of directors being women and at least one of the senior board positions being a woman, due

principally to other candidates having more particular skills and experience for the handful of recent

appointments made. Whilst we believe appointments will continue to be made on relevant ability

and experience, we would like to make better progress towards these targets and welcome more

women to the Board. The Board confirms that it has met the target that at least one individual on its

board of directors is from a minority ethnic background.

S&U Plc Annual Report and Accounts 202640

B3.2 Corporate Governance

CONTINUED

The tables required under Listing Rule 6.6.6R (10) as at 5 February 2026 are set out below:

Table of reporting on gender identity or sex

Number of

board members

% of

board

Number of

senior positions

on board

Number in

executive

management

% of executive

management

% of all

employees

Men 8 100% 3 19 58% 43%

Women 0 0% 0 14 42% 57%

Not specified or prefer not to say 0 0% 0 0 0% 0%

Table of reporting on ethnic background

White British or other white 7 88% 2 32 97%

Mixed/Multiple ethnic groups 0 0% 0 0 0%

Asian/Asian British 0 0% 0 1 3%

Black/African/Caribbean/Black British 0 0% 0 0 0%

Other ethnic group including Arab 1 12% 1 0 0%

Not specified or prefer not to say 0 0% 0 0 0%

Board and Committee attendance

The attendance of individual directors at the regular meetings of the Board and its Committees during the period ended 5 February 2026 is shown in the table below:

Meeting attendance Board Nomination Remuneration Audit

Number of meetings 5 1 1 3

AMV Coombs 5 1 n/a n/a

GDC Coombs 5 n/a n/a n/a

G Pedersen 5 1 1 3

T Khlat 5 1 1 3

JP Maxwell 5 1 1 3

J EC Coombs 5 n/a n/a n/a

EH Ahrens 5 n/a n/a n/a

TG Wheeler 5 0 n/a 3

CH Redford 2* n/a n/a n/a

* Chris Redford resigned as Group Finance Director on 18 June 2025 following his planned retirement

Remuneration

The Remuneration Committee has specific terms of reference which deal with its authority and duties and these, together with details of how the Company has complied with the Remuneration provisions of

the UK Corporate Governance Code, including malus and clawback provisions, are detailed in the Directors Remuneration Report on page 24.

The Accounts Other Information

Stock Code: SUS ― www.suplc.co.uk 41

Strategic Report Corporate Governance

Relations with Stakeholders

The Company continues to communicate with both institutional and private investors and responds

quickly to all queries received verbally or in writing. All shareholders have at least twenty working

days’ notice of the Annual General Meeting at which all directors are introduced and are available for

questions.

The Board is aware of the importance of maintaining close relations with investors and analysts

for the Group’s market rating. Positive steps have been taken in recent years to enhance these

relationships. Twice yearly road shows are conducted by the Chairman and senior directors when the

performance and future strategy of the company is discussed with larger shareholders. Queries from

all shareholders are dealt with personally by the Chairman.

Members of the Board including the Chairman meet frequently with shareholders and conduct

regular roadshows throughout the UK to present to current and future investors. Shareholder and

Investor relations are managed in tandem with our joint Stockbrokers Peel Hunt and Berenberg who

issue regular reports on these activities.

Mutual commitment and loyalty between the Company and its employees has under-pinned S&U’s

87-year history. Both its size, with currently over 210 employees in Grimsby and over 40 in Solihull

and its family ethos ensure that the “employee voice” is heard and heeded. Regular appraisals and

feedback meetings are held and internal promotion is encouraged. As a result, staff retention rates

are very high. Whistle-blower policies are in place at Advantage.

The size, history and culture of the company encourage participation of all directors and senior

management and employee relations and make designated board members or workforce

committees unnecessary.

Although, the S&U Group does not have a formal mechanism of staff engagement with the Board,

staff in the major operating subsidiary, Advantage Finance, do actively participate in regular

“cascade” meetings where business developments and resourcing are discussed. It is felt that such

practices do allow proper workforce engagement to take place without the specific need to create a

formal “Staff Consultative” committee structure.

B3.3 Compliance Statement

Throughout the period ended 5 February 2026 the company has discharged and met its

responsibilities under the Principles and Provisions of the 2024 UK Corporate Governance Code and

under the guidance attached to it. Where it has not followed provisions 9,11,19,21,24 and 38 of the

code, “a clear rationale for the action” is also set out above.

Jeremy Maxwell

Chairman of the Nomination Committee

20 April 2026

S&U Plc Annual Report and Accounts 202642

B3.2 Corporate Governance

CONTINUED

The directors present their Annual Report and the audited financial statements for the period ended 5 February 2026

and for the period up to the date of signing these accounts on 20 April 2026.

The names of all of the directors who served during the year and up to the date of signing the

accounts are shown in the directors’ biographies on page 22. All the current directors served for the

full period to 5 February 2026 with the exception of Karl Werner who was appointed to the Board on

9 February 2026 and Chris Freckelton who was appointed to the Board on 20 April 2026.

No political donations were made during the year (2025: £nil).

Dividends

Dividends of £12,748,000 (2025: £13,963,000) were paid during the year.

After the year end a second interim dividend for the financial year of £4,253,000 being 35.0p per

ordinary share (2025: 30.0p) was paid to shareholders on 6 March 2026.

The directors now recommend a final dividend, subject to shareholders approval of 45.0p per share

(2025: 40.0p). This, together with the interim dividends totalling 70.0p per share (2025: 60.0p)

already paid, makes a total dividend for the year of 115.0p per share (2025: 100.0p).

Substantial shareholdings

At 10 April 2026, the Company had been notified of the following interests of 3% or more in its

issued ordinary share capital (excluding those of the directors disclosed on page 34 of the Directors’

Remuneration Report above): -

Shareholder

No of

ordinary

% of Ordinary

share capital

Jennifer Coombs 461,885 3.8%

Wiseheights Limited 2,420,000 19.9%

Capital structure

Details of the issued share capital, together with details of the movements in the Company’s issued

shared capital during the year are shown in note 23. The Company has one class of ordinary shares

which carry no right to fixed income. Each ordinary share carries the right to one vote at general

meetings of the Company. The cumulative preference shares carry 6% interest but do not carry

voting rights.

There are no specific restrictions on the size of a holding nor on the transfer of shares, which are

both governed by the general provisions of the Articles of Association and prevailing legislation. The

directors are not aware of any agreements between holders of the Company’s shares that may result

in restrictions on the transfer of securities or on voting rights.

Changes in accounting policies

There were no significant changes in accounting policies this year.

Auditor

Each of the persons who is a director at the date of approval of the annual report confirms that; so

far as each director is aware, there is no relevant audit information of which the Company’s auditor

is unaware; each director has taken all the steps that he ought to have taken as a director in order to

make himself aware of any relevant audit information and to establish that the Company’s auditor is

aware of that information. This confirmation is given and should be interpreted in accordance with

the provisions of section 418 of the Companies Act 2006.

Forvis Mazars LLP have expressed their willingness to continue in office as auditor and a resolution to

reappoint them will be proposed at the forthcoming Annual General Meeting.

Post balance sheet events

On 30 March 2026 the FCA published its final scheme rules regarding motor finance commissions.

This is an adjusting post balance sheet event and is disclosed in further detail in note 1.13, there are

no other post balance sheet events.

Directors

Under article 154 of the Company’s articles of association, the Company has qualifying third party

indemnity provisions for the benefit of its directors and those of subsidiary company directors

which remain in force at the date of this report. The two matters to report under the disclosure

requirements of the Large and Medium-sized Companies and Groups (Report and Accounts)

Regulations 2008, are that;

1. The Board may appoint a director during the year and until the dissolution of the next AGM as

long as the maximum number of 15 directors is not exceeded.

2. The Board have the power to issue and allot up to 10% of the ordinary share capital of the

company and to buy back up to 3,598,506 31.5% preference shares and up to 200,000 6%

preference shares of the company.

The matter required to report under listing rule 9.8.4R is as follows:

1. The Company has a long-term incentive scheme (LTIP 2021) with awards of shadow share

options which can only be cash settled. Details of awards under this scheme to directors are

shown in section B2.2.

The Accounts Other Information

Stock Code: SUS ― www.suplc.co.uk 43

Strategic Report Corporate Governance

B4 Directors’ Report

Information presented in other sections

Certain information required to be included in the Director’s report can be found in other sections of

the Annual Report and Accounts as described below. All the information presented in these sections

is incorporated by reference into this Director’s report and is deemed to form part of this report.

• Information surrounding future developments is given in the Strategic Report and Chairman’s

Statement.

• Information surrounding engagement with customers, employees, business partners and others

is given in the Strategic Report and S172 Statement.

• Disclosures concerning greenhouse gas emissions are given in Section A4.4 in the Strategic Report.

• Information about the Group’s use of financial instruments is given in the note 25.

The Board confirms that the Annual Report and accounts, taken as a whole, is fair, balanced and

understandable and provides the information necessary for shareholders to assess the Group’s

performance, business model and strategy.

Approved by the Board of Directors and signed on behalf of the Board

Manjeet Bhogal

Company Secretary

20 April 2026

S&U Plc Annual Report and Accounts 202644

B4 Directors’ Report

CONTINUED

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 are required to prepare the parent company (the “company”) and Group

financial statements in accordance with UK-adopted international accounting standards. Under

company law the directors must not approve the accounts 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 and

the Group for that period. In preparing these financial statements, the directors are required to:

• properly select suitable accounting policies and then apply them consistently;

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

• state whether applicable UK-adopted international accounting standards have been followed,

subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume

that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show

and explain the company’s and group’s transactions and disclose with reasonable accuracy at any

time the financial position of the company and group 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 group and hence for taking reasonable steps for the prevention and

detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial

information included on the company’s website. Legislation in the United Kingdom governing

the preparation and dissemination of financial statements may differ from legislation in other

jurisdictions.

Responsibility statement

We confirm that to the best of our knowledge:

• the financial statements, prepared in accordance with UK-adopted international accounting

standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of

the company and the undertakings included in the consolidation taken as a whole;

• the strategic report includes a fair review of the development and performance of the business

and the position of the company and the undertakings included in the consolidation taken as a

whole, together with a description of the principal risks and uncertainties that they face; and

• the annual report and financial statements, taken as a whole, are fair, balanced and

understandable and provide the information necessary for shareholders to assess the company’s

performance, business model and strategy.

By order of the Board

Anthony Coombs

Chairman

20 April 2026

Chris Freckleton

Group Finance Director

20 April 2026

The Accounts Other Information

Stock Code: SUS ― www.suplc.co.uk 45

Strategic Report Corporate Governance

B5 Directors’ Responsibilities Statement

Opinion

We have audited the financial statements of S&U plc (the ‘parent company’) and its subsidiaries (the

‘group’) for the period ended 5 February 2026 which comprise the group income statement and

statement of comprehensive income, the balance sheet, the statement of changes in equity, cash

flow statement and notes to the accounts, including material accounting policy information.

The financial reporting framework that has been applied in their preparation is applicable law

and UK-adopted international accounting standards and, as regards the parent company financial

statements, as applied in accordance with the provisions of the Companies Act 2006.

In our opinion, the financial statements:

• give a true and fair view of the state of the group’s and of the parent company’s affairs as at

5 February 2026 and of the group’s profit for the period then ended;

• have been properly prepared in accordance with UK-adopted international accounting standards

and, as regards the parent company financial statements, as applied in accordance with the

provisions of the Companies Act 2006; 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 group and the parent 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 as applied

to listed entities and public interest entities, 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.

Our audit procedures to evaluate the directors’ assessment of the group’s and the parent company's

ability to continue to adopt the going concern basis of accounting included but were not limited to:

• Undertaking an initial assessment at the planning stage of the audit to identify events or

conditions that may cast significant doubt on the group’s and the parent company’s ability to

continue as a going concern;

• Obtaining an understanding of the relevant controls relating to the directors’ going concern

assessment;

• Making enquiries of the directors to understand the period of assessment considered by them,

the assumptions they considered and the implication of those when assessing the group’s and

the parent company’s future financial performance;

• Challenging the appropriateness of the directors’ key assumptions in their cash flow forecasts.

This involved reviewing supporting and contradictory evidence in relation to these key

assumptions and assessing the viability of mitigating actions within the directors’ control;

• Assessing the historical accuracy of forecasts prepared by the directors;

• Reviewing regulatory correspondence, minutes of meetings of the Audit Committee and the

Board of Directors, and post balance sheet events to identify events of conditions that may

impact the group’s and the parent company’s ability to continue as a going concern;

• Considering the consistency of the directors’ forecasts with other areas of the financial

statements and our audit; and

• Evaluating the appropriateness of the directors’ disclosures in the financial statements on going

concern.

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 group’s and

the parent 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.

In relation to S&U plc’s reporting on how it has applied the UK Corporate Governance Code, we have

nothing material to add or draw attention to in relation to the directors’ statement in the financial

statements about whether the director’s considered it appropriate to adopt the going concern basis

of accounting.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in

our audit of the financial statements of the current period and include the most significant assessed

risks of material misstatement (whether or not due to fraud) we identified, including those which

had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and

directing the efforts of the engagement team. These matters were addressed in the context of our

audit of the financial statements as a whole, and in forming our opinion thereon, and we do not

provide a separate opinion on these matters.

We summarise below the key audit matters in forming our opinion above, together with an overview

of the principal audit procedures performed to address that matter and our key observations arising

from those procedures.

This matter, together with our findings, was communicated to those charged with governance

through our Audit Completion Report.

S&U Plc Annual Report and Accounts 202646

C1 Independent Auditor’s Report to the Members of S&U Plc

Key Audit Matter How our scope addressed this matter

Measurement of loan impairments on loans and advances to

customers – 2026: £107.3m (31 January 2025: £118.2m).

Refer to note 1.5 for the accounting policy, note 1.13 for details of

the key sources of estimation uncertainty and note 17 for relevant

disclosures.

The estimation of expected credit losses (ECL) on loans and

advances to customers is complex and inherently judgemental.

The risk is concentrated on the following areas:

• Complexity of model estimations and subjectivity of

assumptions used in determining the probabilities of default

(PD) and the loss given default (LGD)

• Significant increase in credit risk (SICR) – the qualitative and

quantitative criteria are a key area of judgement within the

ECL calculation since these criteria determine whether a 12

month or a lifetime provision is recognised

• The economic scenarios used to measure the ECL. The current

economic environment characterised by high interest rate and

greater volatility in used vehicle prices results in significant

management judgement applied to determine the forward-

looking variables used and their associated probability

weighting.

The risks and balances mentioned above relate to Advantage

Finance Limited, a group subsidiary involved in vehicle financing.

Overall, the range of reasonable outcome could be material to the

financial statements as a whole.

Our audit procedures included, but were not limited to the following:

We performed end to end walkthroughs to identify the key systems, applications and controls used in the ECL processes and assessed

the design and implementation of the key controls related to these processes.

With the support of our in-house credit modelling Quantitative solutions specialists, we:

• Assessed the compliance of the company impairment methodologies with IFRS 9 requirements

• Assessed the appropriateness and reasonableness of the key assumptions applied by management including PD, LGD and SICR

criteria;

• Developed an independently built model to evaluate whether management’s ECL methodology complies with IFRS 9 and to assess

the reasonableness of the ECL model calibration, including management-determined probabilities of default (PDs); and

• Independently recalculated the ECL for all stage 3 loans including taking into consideration the completeness and accuracy of the

key inputs, assumptions and the incorporation of forward-looking information;

Other key aspects of our substantive testing procedures included:

• Involving our in-house economist expert to review the forward looking macro-economic variables, probability weightings and

scenarios used in the model;

• Performing testing over a sample of key inputs to the ECL such as arrears band and outstanding exposures;

• Assessing the integrity of data used in the calibration of the PD and LGD;

• Re-computing the provision for credit losses to ensure mathematical accuracy;

• Testing the appropriateness of the loan staging on a sample basis;

• Performing a stand back assessment of the resulting ECL estimates to assess their reasonableness; and

• Evaluating whether the disclosures appropriately reflect and address the uncertainty which exists when determining the expected

credit losses.

Our observations

Based on the audit procedures performed, we found the resulting estimate of the loan impairment provision as of 5 February 2026 and

the approach taken in respect of ECL are consistent with the requirements of IFRS 9 and that the judgements made were reasonable.

The Accounts Other Information

Stock Code: SUS ― www.suplc.co.uk 47

Strategic Report Corporate Governance

Our application of materiality and

an overview of the scope of our audit

The scope of our audit was influenced by our application of materiality. We set certain quantitative

thresholds for materiality. These, together with qualitative considerations, helped us to determine

the scope of our audit and the nature, timing and extent of our audit procedures on the individual

financial statement line items and disclosures and in evaluating the effect of misstatements, both

individually and on the financial statements as a whole. Based on our professional judgement, we

determined materiality for the financial statements as a whole as follows:

Group materiality

Overall materiality £1.6m (31 January 2025: £1.2m)

How we determined it 5% of profit before tax (PBT) (31 January 2025: 5% of PBT)

Rationale for

benchmark applied

We determined PBT to be the most appropriate benchmark to assess the

performance of this profit-focused group.

Performance

materiality

Performance materiality is set to reduce to an appropriately low level

the probability that the aggregate of uncorrected and undetected

misstatements in the financial statements exceeds materiality for the

financial statements as a whole.

We set performance materiality at £1.04m (31 January 2025: £0.78m),

which represents 65% (31 January 2025: 65%) of overall materiality.

In determining the performance materiality, we considered a number of

factors, including the effectiveness of internal controls and the history of

misstatement, and concluded that an amount toward the upper end of

our normal range was appropriate.

Reporting threshold We agreed with the Audit Committee that we would report to

them misstatements identified during our audit above £48,000

(31 January 2025: £40,000) as well as misstatements below that amount

that, in our view, warranted reporting for qualitative reasons.

Parent company materiality

Overall materiality £0.7m (31 January 2025: £0.7m)

How we determined it 1% net assets (31 January 2025: 1% net assets)

Rationale for

benchmark applied

Net assets are used as the basis for materiality because the parent

company is primarily a holding company for the trading components of

the group, as such we consider net assets to reflect its holding activities.

Performance

materiality

Performance materiality is set to reduce to an appropriately low level

the probability that the aggregate of uncorrected and undetected

misstatements in the financial statements exceeds materiality for the

financial statements as a whole.

We set performance materiality at £0.5m (31 January 2025: £0.5m),

which represents 65% (31 January 2025: 65%) of overall materiality.

In determining the performance materiality, we considered a number of

factors, including the effectiveness of internal controls and the history of

misstatement, and concluded that an amount toward the upper end of

our normal range was appropriate.

Reporting threshold We agreed with the Audit Committee that we would report to

them misstatements identified during our audit above £21,000

(31 January 2025: £21,000) as well as misstatements below that amount

that, in our view, warranted reporting for qualitative reasons.

As part of designing our audit, we assessed the risk of material misstatement in the financial

statements, whether due to fraud or error, and then designed and performed audit procedures

responsive to those risks. In particular, we looked at where the directors made subjective

judgements, such as assumptions on significant accounting estimates.

We tailored the scope of our audit to ensure that we performed sufficient work to be able to give

an opinion on the financial statements as a whole. We used the outputs of our risk assessment,

our understanding of the group and the parent company, their environment, controls, and critical

business processes, to consider qualitative factors to ensure that we obtained sufficient coverage

across all financial statement line items.

Our group audit scope included an audit of the group and the parent company financial statements.

Based on our risk assessment, all components of the group, including the parent company, were subject

to full scope audit. This provided 100% coverage of group revenue, PBT, total assets and net assets.

All audit procedures across all entities were performed by the group engagement team. At the

parent company level, the group audit team also tested the consolidation process and carried out

analytical procedures to confirm our conclusion that there were no significant risks of material

misstatement of the aggregated financial information.

Other information

The other information comprises the information included in the Report and Financial Statements

other than the financial statements and our auditor’s report thereon. The directors are responsible

for the other information. Our opinion on the financial statements does not cover the other

S&U Plc Annual Report and Accounts 202648

C1 Independent Auditor’s Report to the Members of S&U Plc

CONTINUED

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 audit or otherwise appears to be materially misstated. If we identify such material

inconsistencies or apparent material misstatements, we are required to determine whether this gives

rise to a material misstatement in the financial statements themselves. If, based on the work we

have performed, we conclude that there is a material misstatement of this other information, we are

required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed

by the Companies Act 2006

In our opinion, the part of the directors’ remuneration report to be audited has been properly

prepared in accordance with 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 those

reports have been prepared in accordance with applicable legal requirements;

• the information about internal control and risk management systems in relation to financial

reporting processes and about share capital structures, given in compliance with rules 7.2.5

and 7.2.6 in the Disclosure Guidance and Transparency Rules sourcebook made by the Financial

Conduct Authority (the FCA Rules), is consistent with the financial statements and has been

prepared in accordance with applicable legal requirements; and

• information about the parent company’s corporate governance code and practices and about its

administrative, management and supervisory bodies and their committees complies with rules

7.2.2, 7.2.3 and 7.2.7 of the FCA Rules.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and the parent company and their

environment obtained in the course of the audit, we have not identified material misstatements in the:

• strategic report or the directors’ report; or

• information about internal control and risk management systems in relation to financial

reporting processes and about share capital structures, given in compliance with rules 7.2.5 and

7.2.6 of the FCA Rules.

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 by the parent company, or returns adequate

for our audit have not been received from branches not visited by us; or

• the parent company financial statements and the part of the directors’ remuneration report to

be audited 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; or

• a corporate governance statement has not been prepared by the parent company.

Corporate governance statement

The Listing Rules require us to review the directors’ statement in relation to going concern, longer-

term viability and that part of the Corporate Governance Statement relating to S&U plc’s compliance

with the provisions of the UK Corporate Governance Statement specified for our review.

Based on the work undertaken as part of our audit, we have concluded that each of the following

elements of the Corporate Governance Statement is materially consistent with the financial

statements or our knowledge obtained during the audit:

• Directors’ statement with regards the appropriateness of adopting the going concern basis of

accounting and any material uncertainties identified, set out on page 11;

• Directors’ explanation as to its assessment of the entity’s prospects, the period this assessment

covers and why the period is appropriate, set out on page 11;

• Director’s statement on whether it has a reasonable expectation that the group will be able to

continue in operation and meets its liabilities, set out on page 11;

• Directors’ statement on fair, balanced and understandable, set out on page 44;

• Board’s confirmation that it has carried out a robust assessment of the emerging and principal

risks, set out on page 11;

• The section of the annual report that describes the review of effectiveness of risk management

and internal control systems, set out on pages 10; and;

• The section describing the work of the audit committee, set out on page 36.

Responsibilities of Directors

As explained more fully in the directors’ responsibilities statement set out on page 45, 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 group’s and the

parent 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 group or the parent company or to cease operations, or have no realistic alternative but

to do so.

The Accounts Other Information

Stock Code: SUS ― www.suplc.co.uk 49

Strategic Report Corporate Governance

Auditor’s responsibilities for the

audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a

whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s

report that includes our opinion. Reasonable assurance is a high level of assurance but is not a

guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material

misstatement when it exists. Misstatements can arise from fraud or error and are considered

material if, individually or in the aggregate, they could reasonably be expected to influence the

economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is

detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design

procedures in line with our responsibilities, outlined above, to detect material misstatements in

respect of irregularities, including fraud.

Based on our understanding of the group and the parent company and their industry, we considered

that non-compliance with the following laws and regulations might have a material effect on the

financial statements: breaches of the regulatory requirements of the Financial Conduct Authority

(‘FCA’) and the Listing Rules.

To help us identify instances of non-compliance with these laws and regulations, and in identifying

and assessing the risks of material misstatement in respect to non-compliance, our procedures

included, but were not limited to:

• Gaining an understanding of the legal and regulatory framework applicable to the group and

the parent company, the industry in which they operate, and the structure of the group, and

considering the risk of acts by the group and the parent company which were contrary to the

applicable laws and regulations, including fraud;

• Inquiring of the directors, management and, where appropriate, those charged with governance,

as to whether the group and the parent company is in compliance with laws and regulations, and

discussing their policies and procedures regarding compliance with laws and regulations;

• Inspecting correspondence with relevant licensing or regulatory authorities including the FCA;

• Reviewing minutes of directors’ meetings in the year; and

• Discussing amongst the engagement team the laws and regulations listed above, and remaining

alert to any indications of non-compliance.

We also considered those laws and regulations that have a direct effect on the preparation of the

financial statements, such as tax legislation, pension legislation and the Companies Act 2006.

In addition, we evaluated the directors’ and management’s incentives and opportunities for

fraudulent manipulation of the financial statements, including the risk of management override

of controls, and determined that the principal risks related to posting manual journal entries to

manipulate financial performance, management bias through judgements and assumptions in

significant accounting estimates, in particular in relation to those areas as described in our key audit

matter, lease income recognised using the effective interest rate (‘EIR’) method, and significant one-

off or unusual transactions.

Our procedures in relation to fraud included but were not limited to:

• Making enquiries of the directors and management on whether they had knowledge of any

actual, suspected or alleged fraud;

• Gaining an understanding of the internal controls established to mitigate risks related to fraud;

• Discussing amongst the engagement team the risks of fraud; and

• Addressing the risks of fraud through management override of controls by performing journal

entry testing;

The primary responsibility for the prevention and detection of irregularities, including fraud, rests

with both those charged with governance and management. As with any audit, there remained a

risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions,

misrepresentations or the override of internal controls.

The risks of material misstatement that had the greatest effect on our audit are discussed in the “Key

audit matters” section of this report.

A further description of our responsibilities is available on the Financial Reporting Council’s website

at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Other matters which we are required to address

Following the recommendation of the audit committee, we were appointed by the Audit Committee

on 4 August 2021 to audit the financial statements for the year ending 31 January 2022 and

subsequent financial periods. The period of total uninterrupted engagement is five years, covering

the years ended 31 January 2022 to 5 February 2026.

The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the group

or the parent company and we remain independent of the group and the parent company in

conducting our audit.

Our audit opinion is consistent with our additional report to the audit committee.

Use of the audit report

This report is made solely to the company’s members as a body in accordance with Chapter 3 of Part

16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the

company’s members those matters we are required to state to them in an auditor’s report and for no

other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to

anyone other than the company and the company’s members as a body for our audit work, for this

report, or for the opinions we have formed.

Pauline Pélissier (Senior Statutory Auditor)

for and on behalf of Forvis Mazars LLP Chartered Accountants and Statutory Auditor

30 Old Bailey, London, EC4M 7AU

20 April 2026

S&U Plc Annual Report and Accounts 202650

C1 Independent Auditor’s Report to the Members of S&U Plc

CONTINUED

IN THIS SECTION

D1 The Accounts 52

D1.1 Group Income Statement

and Statement of

Comprehensive Income

D1.2 Balance Sheet 53

D1.3 Statement of Changes in Equity 54

D1.4 Cash Flow Statement 55

D2 Notes to the Accounts 56

OTHER INFORMATION

Financial Calendar 74

Officers and Professional Advisers 75

The

Accounts

Other Information

Stock Code: SUS ― www.suplc.co.uk 51

Strategic Report Corporate Governance The Accounts

From continuing operations Note

5.2.26

£000

31.1.25

£000

Revenue 3 107,431 115,611

Cost of sales 4 (23,552) (16,384)

Impairment charge 5 (13,032) (35,571)

Gross profit 70,847 63,656

Administrative expenses 6 (24,683) (18,826)

Operating profit 8 46,164 44,830

Finance costs 9 (14,348) (18,118)

Profit before taxation before exceptional items 31,816 26,712

Exceptional item 11 – (2,736)

Profit before taxation 31,816 23,976

Taxation 12 (8,103) (6,063)

Profit for the year attributable to equity holders 23,713 17,913

Earnings per share

Basic 14 195.2p 147.4p

Diluted 14 195.2p 147.4p

Statement of Comprehensive Income

Note

Group

5.2.26

£000

Group

31.1.25

£000

Company

5.2.26

£000

Company

31.1.25

£000

Profit for the year attributable to equity holders 23,713 17,913 13,061 17,028

Actuarial loss on defined benefit pension scheme 30 (43) (33) (43) (33)

Total Comprehensive Income for the year 23,670 17,880 13,018 16,995

Items above will not be reclassified subsequently to the Income Statement.

S&U Plc Annual Report and Accounts 202652

D1 The Accounts

D1.1 Group Income Statement

For the period ended 5 February 2026

Note

Group

5.2.26

£000

Group

31.1.25

£000

Company

5.2.26

£000

Company

31.1.25

£000

ASSETS

Non-current assets

Property, plant and equipment 15 2,885 2,527 234 287

Investments 16 – – 1 1

Amounts receivable from customers 17 271,586 203,516 – –

Other receivables and prepayments 18 – – 241,500 197,500

Deferred tax assets 22 25 40 – 15

274,496 206,083 241,735 197,803

Current assets

Amounts receivable from customers 17 225,196 232,330 – –

Other receivables and prepayments 18 1,525 1,427 76,280 72,870

Cash and cash equivalents – 5,216 – 2,691

Current tax assets – – 40 –

226,721 238,973 76,320 75,561

Total assets 501,217 445,056 318,055 273,364

LIABILITIES

Current liabilities

Bank overdrafts and loans 19 (296) – (387) –

Trade and other payables 20 (4,832) (3,295) (688) (674)

Current tax liabilities (483) (1,695) – (127)

Lease liabilities (90) (109) (81) (76)

Provisions for liabilities and charges 21 (2,602) (2,272) – –

Accruals (1,871) (1,473) (574) (352)

(10,174) (8,844) (1,730) (1,229)

Non-current liabilities

Borrowings 19 (241,500) (197,500) (241,500) (197,500)

Lease liabilities (92) (183) (64) (144)

Financial liabilities 24 (450) (450) (450) (450)

(242,042) (198,133) (242,014) (198,094)

Total liabilities (252,216) (206,977) (243,744) (199,323)

NET ASSETS 249,001 238,079 74,311 74,041

Equity

Called up share capital 23 1,719 1,719 1,719 1,719

Share premium account 2,301 2,301 2,301 2,301

Profit and loss account 244,981 234,059 70,291 70,021

Total equity 249,001 238,079 74,311 74,041

The parent company’s profit for the financial year after taxation amounted to £13,061,000 (31.1.25: £17,028,000).

These financial statements were approved by the Board of Directors on 20 April 2026.

Signed on behalf of the Board of Directors

AMV Coombs

Chairman

Chris Freckleton

Group Finance Director

Other Information

Stock Code: SUS ― www.suplc.co.uk 53

Strategic Report Corporate Governance The Accounts

D1.2 Balance Sheet

As at 5 February 2026 Company registration No: 0342025

Group Note

Called up

share capital

£000

premium

account

£000

Profit and

loss account

£000

Total equity

£000

At 1 February 2024 1,719 2,301 230,142 234,162

Profit for year – – 17,913 17,913

Other comprehensive income for year – – (33) (33)

Total comprehensive income for year – – 17,880 17,880

Dividends 13 – – (13,963) (13,963)

At 31 January 2025 1,719 2,301 234,059 238,079

Profit for year – – 23,713 23,713

Other comprehensive income for year – – (43) (43)

Total comprehensive income for year – – 23,670 23,670

Dividends 13 – – (12,748) (12,748)

At 5 February 2026 1,719 2,301 244,981 249,001

Company Note

Called up

share capital

£000

premium

account

£000

Profit and

loss account

£000

Total equity

£000

At 1 February 2024 1,719 2,301 66,989 71,009

Profit for year 10 – – 17,028 17,028

Other comprehensive income for year – – (33) (33)

Total comprehensive income for year – – 16,995 16,995

Dividends 13 – – (13,963) (13,963)

At 31 January 2025 1,719 2,301 70,021 74,041

Profit for year 10 – – 13,061 13,061

Other comprehensive income for year – – (43) (43)

Total comprehensive income for year – – 13,018 13,018

Dividends 13 – – (12,748) (12,748)

At 5 February 2026 1,719 2,301 70,291 74,311

S&U Plc Annual Report and Accounts 202654

D1.3 Statement of Changes in Equity

For the period ended 5 February 2026

Note

Group

5.2.26

£000

Group

31.1.25

£000

Company

5.2.26

£000

Company

31.1.25

£000

Net cash (used in)/generated by operating activities 26 (21,502) 64,991 (34,059) 42,784

Cash flows used in investing activities

Proceeds on disposal of property, plant and equipment 44 41 3 –

Purchases of property, plant and equipment 15 (883) (726) (47) (2)

Net cash used in investing activities (839) (685) (44) (2)

Cash flows generated by/(used in) financing activities

Dividends paid 13 (12,748) (13,963) (12,748) (13,963)

Finance cost paid (14,311) (18,118) (151) (141)

Receipt of new borrowings 105,500 70,000 105,500 70,000

Repayment of borrowings (61,500) (96,000) (61,500) (96,000)

Decease in lease liabilities (112) (129) (76) (72)

Net increase/(repayment) in overdraft 296 (881) 387 –

Net cash generated by/(used in) financing activities 17,125 (59,091) 31,412 (40,176)

Net (decrease)/increase in cash and cash equivalents (5,216) 5,215 (2,691) 2,606

Cash and cash equivalents at the beginning of year 5,216 1 2,691 85

Cash and cash equivalents at the end of year – 5,216 – 2,691

Cash and cash equivalents comprise

Cash and cash in bank – 5,216 – 2,691

There are no cash and cash equivalent balances which are not available for use by either the Group or the Company (31.1.25: £nil).

Other Information

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Strategic Report Corporate Governance The Accounts

D1.4 Cash Flow Statement

For the period ended 5 February 2026

1. Accounting policies

1.1 General Information

S&U plc is a Company incorporated in England and Wales under the Companies Act and is a public

company limited by shares. The address of the registered office is given on page 75 which is also the

Group’s principal business address. All operations are situated in the United Kingdom. S&U plc is

the parent and the ultimate parent company of the group. S&U plc is a listed holding company and

within the group the main operations are motor finance and property bridging finance.

1.2 Basis of preparation and consolidation

As a listed Group we are required to prepare our consolidated financial statements in accordance

with international accounting standards in conformity with the requirements of the Companies

Act 2006 and UK-adopted international accounting standards. We have also prepared our S&U plc

Company financial statements in conformity with the requirements of the Companies Act 2006 and

UK-adopted international accounting standards. Under S404 of the Companies Act 2006, the parent

company S&U plc has taken exemption from reporting its own income statement. These financial

statements have been prepared under the historical cost convention.

The same accounting policies, presentation and methods of computation are followed in the

financial statements as applied in the prior year, except for a change in reporting date and the

movement in borrowings in the cashflow statement.

Historically the Group’s subsidiary Advantage Finance has prepared accounts up to the 5th to

consider the successful recovery of missed payments from customers at month-end, afforded to

it under Section 390(3) of the Companies Act. Previously the Company and its subsidiary Aspen

Bridging reported to the 31st and no adjustments were made to align these dates across the

Group. For the current period the reporting date has been changed to the 5th February to capture

all transactions up until this date across the Group, no change has been made to the accounting

reference date. The prior period comparatives for the twelve-month period ended 31 January 2025

have not been adjusted because the amounts presented remain comparable.

In regards to the cashflow statement, following a reassessment of IAS 7 the movements are now

shown on a gross rather than net basis, where the receipts and repayments are shown as two

separate line items rather than combined. Additionally for the company-only cashflow statement

finance income received is now included within operating activities rather than financing activities.

Comparative figures for the prior periods have been represented to reflect these changes and they

have no impact on cash and cash equivalents or the Group’s financial position.

The consolidated financial statements incorporate the financial statements of the Company and all

its subsidiaries for the period ended 5 February 2026.

As discussed in sections A3 and A2.4 of the strategic report and having considered the Group’s

forecasts, capital and liquidity, the current economic climate and operational challenges the directors

have a reasonable expectation that the Group has adequate resources to continue in operational

existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in

preparing the annual report and accounts of at least 12 months from the date of the approval of the

financial statements, in line with the Group’s financial projections as approved in April 2026.

There are no new standards which have been adopted by the group this year which have a material

impact on the financial statements of the Group.

All companies within the Group are 100% owned and consolidated and the assets, liabilities, costs

and revenues are fully consolidated. All intercompany balances and transactions are eliminated on

consolidation.

At the date of authorisation of these financial statements the directors anticipate that the adoption

in future periods of any other Standards and interpretations which are in issue but not yet effective,

will have no material impact on the financial statements of the Group.

IFRS18 Presentation and Disclosure in Financial Statements will first mandatorily apply to S&U for

the year ended 5 February 2028 – at point of implementation there should be no material impact

on S&U as the changed reporting requirements under IFRS18 are presentational, although the full

impact of this upcoming standard is still being assessed ahead of the effective date.

1.3 Financial assets and financial liabilities accounting policy

When initially recognising a financial asset, it is classified into one of the following three categories

based on the group’s business model for managing that asset and the asset’s contractual cash flow

characteristics:

i. Amortised cost – a financial asset is measured at amortised cost if both of the following

conditions are met:

a. The asset is held within a business model whose objective is to hold assets in order to collect

contractual cash flows; and

b. The contractual terms of the financial asset give rise on specified dates to cash flows that are

payments of principal and interest on the principal amount outstanding.

ii. Fair value through other comprehensive income – financial assets are classified and measured

at fair value through other comprehensive income if they are held in a business model whose

objective is achieved by both collecting contractual cash flows and selling financial assets.

c. Fair value through profit or loss – any financial assets that are not held in one of the two business

models mentioned are measured at fair value through profit or loss.

The group has classified its financial assets and its financial liabilities as measured at amortised cost.

1.4 Revenue recognition

For motor finance, interest income is recognised in the income statement for all loans and

receivables measured at amortised cost using the constant periodic rate of return on the net

investment in the loans, which is akin to an effective interest rate (EIR) method. The EIR is the rate

that exactly discounts estimated future cash flows of the loan back to the present value of the

advance and hire purchase interest income is then recognised using the EIR. Acceptance fees charged

to customers and any direct transaction costs are included in the calculation of the EIR. Option fees

for arranging the transfer of ownership of the vehicle to customers at the end of the agreement

are recognised and credited to the income statement when the service has been provided. For hire

purchase agreements in Advantage Finance which are classified as credit impaired (i.e. stage 3 assets

under IFRS 9), the group recognises revenue ‘net’ of the impairment provision to align the accounting

treatment under IFRS 16 with the requirements of IFRS 9 and also with the treatment adopted for

S&U Plc Annual Report and Accounts 202656

D2 Notes to the Accounts

Period ended 5 February 2026

similar assets in Aspen. Revenue starts to be recognised from the date of completion of the loan –

after completion hire purchase customers have a 14-day cooling off period during which they can

cancel their loan.

For property bridging finance, interest income is recognised in the income statement for all loans

and receivables measured at amortised cost using the effective interest rate method (EIR) as per the

requirements in IFRS 9. The EIR is the rate that exactly discounts estimated future cash flows of the

loan back to the present value of the advance. Acceptance fees charged to customers and any direct

transaction costs are included in the calculation of the EIR. Commission received from third party

insurers for brokering the sale of title insurance products, for which the Company does not bear any

underlying insurance risk, are recognised and credited to the income statement when the brokerage

service has been provided. For loans which are classified as credit impaired (i.e. stage 3 assets under

IFRS 9), Aspen recognises revenue ‘net’ of the impairment provision as required by IFRS 9.

1.5 Impairment and measurement of amounts receivable

from customers

All customer receivables are initially recognised as the amount loaned to the customer plus direct

transaction costs. After initial recognition the amounts receivable from customers are subsequently

measured at amortised cost.

Amortised cost includes a deduction for loan loss impairment provisions for expected credit losses

(“ECL”) assessed by the directors in accordance with the requirements of IFRS9.

There are 3 classification stages under IFRS9 for the impairment of amounts receivable from

customers:

Stage 1: Not credit impaired and no significant increase in credit risk since initial recognition

Stage 2: Not credit impaired and a significant increase in credit risk since initial recognition

Stage 3: Credit impaired

The directors assess whether there is objective evidence that a loan asset or group of loan assets

is credit impaired and should be classified as stage 3. A loan asset or a group of loan assets is credit

impaired only if there is objective evidence of credit impairment as a result of one or more events

that occurred after the initial recognition of the loan. Objective evidence may include evidence that

a borrower or group of borrowers is experiencing financial difficulty or delinquency in repayments.

Impairment is then calculated by estimating the future cash flows for such impaired loans,

discounting the flows to a present value using the original EIR and comparing this figure with the

balance sheet carrying value. All such impairments are charged to the income statement. Under IFRS

9 for all stage 1 accounts which are not credit impaired, a further collective provision for expected

credit losses in the next 12 months is calculated and charged to the income statement.

Key assumptions in ascertaining whether a loan asset or group of loan assets is credit impaired include

information regarding the probability of any account going into default (PD) and information regarding

the likely eventual loss including recoveries (LGD). These assumptions and assumptions for estimating

future cash flows are based upon observed historical data and updated to reflect current and future

conditions. As required under IFRS9, all assumptions are reviewed regularly to take account of

differences between previously estimated cash flows on impaired debt and the eventual losses.

For all loans in stages 2 and 3 a provision equal to the lifetime expected credit loss is taken. In

addition, in accordance with the provisions of IFRS9 a collective provision for 12 months expected

credit losses (“ECL”) is recognised for the remainder of the loan book which is Stage 1. 12-month ECL

is the portion of lifetime ECL that results from default events on a financial asset that are possible

within 12 months after the reporting date.

In our Motor Finance business, all loans 1 month or more in contractual arrears are deemed credit

impaired and are therefore included in IFRS9 stage 3. This results in more of our net receivables being

in stage 3 and the associated stage 3 loan loss provisions being higher than if we adopted a more

prime customer receivables approach of 3 months or more in arrears. Our approach of 1 month or

more in contractual arrears is based on our historical observation of subsequent loan performance

after our customers fall 1 month or more in contractual arrears within our non-prime motor finance

customer receivables book. The expected credit loss (“ECL”) is the probability weighted estimate of

credit losses.

A PD/LGD model was developed by our Motor Finance business, Advantage Finance, to calculate

the expected loss impairment provisions in accordance with IFRS9. Stage 1 expected losses are

recognised on inception/initial recognition of a loan based on the probability of a customer

defaulting in the next 12 months. This is determined with reference to historical data updated for

current and future conditions. If a motor finance loan falls one month or more in contractual arrears,

then this is deemed credit impaired and included in IFRS9 Stage 3. There are some motor finance

loans which are up to date with payments but the customer is in some form of forbearance and we

deem this to be a significant increase in credit risk and so these loans are included in Stage 2.

As required under IFRS9 the expected impact of movements in the macroeconomy is also reflected

in the expected loss model calculations. For motor finance, assessments are made to identify

the correlation of the level of impairment provision with forward looking external data regarding

forecast future levels of employment, inflation, interest rates and used car values which may affect

the customers’ future propensity to repay their loan. The macroeconomic overlay assessments

for 5 February 2026 reflect that further to considering such external macroeconomic forecast

data, management have judged that, whilst less than at 31 January 2025, there is currently still

a heightened risk of an adverse economic environment for our customers. To factor in such

uncertainties, management has included an overlay for certain groups of assets to reflect this

macroeconomic outlook, based on estimated unemployment levels in future periods. As at

5 February 2026 we have not included inflation levels in our overlay as inflation has now stabilised

and has not demonstrated a strong correlation with our recent loan book performance. As at

5 February 2026, we have not included an overlay for used vehicle prices as we assume that used

vehicle prices will now remain stable – this is the same assumption as at 31 January 2025. Further

sensitivity over this estimation uncertainty is provided in note 1.13.

Other than the changes to the approach mentioned above, there were no significant changes to

estimation techniques applied to the calculations used at 5 February 2026.

Other Information

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Strategic Report Corporate Governance The Accounts

PD/LGD calculations for expected loss impairment provisions were also developed for our Property

Bridging business Aspen Bridging in accordance with IFRS9. Stage 1 expected losses are recognised

on inception/initial recognition of a loan based on the probability of a customer becoming impaired

in the next 12 months. The Bridging product has a single repayment scheduled for the end of the

loan term and if a bridging loan is not granted an extension and is still outstanding beyond the end of

the loan term then this is deemed credit impaired and included in IFRS9 Stage 3. The Buy-to-Let and

second phase of the Bridge-to-Let product is serviced by customers monthly, and these accounts are

deemed credit impaired and included in IFRS9 Stage 3 at 90 days past due. Due mainly to the high

values of property security attached to bridging loans, the bridging sector typically has lower credit

risk and lower impairment than other credit sectors.

Assets in both our secured loan businesses are written off once the asset has been repossessed and

sold and there is no prospect of further legal or other debt recovery action. Where enforcement

action is still taking place, loans are not written off. In motor finance where the asset is no longer

present then another indicator used to determine whether the loan should be written off is the lack

of any receipt for 12 months from that customer.

1.6 Impairment of amounts owed by subsidiary companies

to the parent company

These are initially recognised as the amount loaned to the subsidiary company. After initial

recognition amounts owed by subsidiary companies to the parent company are subsequently

measured at amortised cost. Amortised costs include any deduction for loan loss impairment

provisions for expected credit losses in accordance with the requirements of IFRS9

1.7 Property, plant and equipment

Property, plant and equipment is stated at cost less accumulated depreciation. Certain freehold

property is held at previous revalued amounts less accumulated depreciation as the Group has

elected to use these amounts as the deemed cost as at the date of transition to IFRS under the

transitional arrangements of IFRS 1.

Depreciation is provided on the cost or valuation of property, plant and equipment in order to write

such cost or valuation over the expected useful lives as follows;

Freehold Buildings 2% per annum straight line

Fixtures and Fittings - Computers 20% per annum straight line

Fixtures and Fittings - Other 10% per annum straight line or 20% per annum reducing balance

Motor Vehicles 25% per annum reducing balance

Right to Use Assets Straight line over the normal term of the lease

Freehold Land is not depreciated.

1.8 Taxation

Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws

that have been enacted or substantively enacted at the balance sheet date.

Deferred tax is provided in full, using the liability method, on temporary differences arising between

the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred

tax is determined using tax rates and laws that have been enacted or substantively enacted by the

balance sheet date and are expected to apply when the related deferred tax asset is realised or the

deferred tax liability is settled.

Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be

available against which the temporary differences can be utilised.

1.9 Preference shares

The issued 31.5% preference share capital is carried in the balance sheet at amortised cost and

shown as a financial liability. The issued 6% preference share capital is valued at par and shown as

called up share capital.

1.10 Pensions

The Group contributes as required to a defined benefit pension scheme. The defined benefit pension

asset at the balance sheet date is calculated as the fair value of the plan assets less the present value

of the defined benefit obligation. The scheme is currently in surplus but as the group has no ability to

access this asset the surplus is capped at £nil. Actuarial gains and losses are recognised immediately

in the financial statements.

The Group also operates several defined contribution pension schemes and the pension charge

represents the amount payable by the Company for the financial year.

1.11 Investments

Investments in subsidiaries held as non-current assets are stated at cost less provision for any

impairment.

1.12 Exceptional Items

Exceptional items are items unrelated to the core activities of the Group that are material to the

Group’s performance and are presented separately in the financial statements to enhance user

understanding of these items and the underlying performance of the Group.

1.13 Critical accounting judgements and key sources of

estimation uncertainty

In preparing these financial statements, the Company has made judgements, estimates and

assumptions which affect the reported amounts within the current and next financial year. Actual

results may differ from these estimates.

Estimates and judgements are regularly reviewed based on past experience, expectations of future

events and other factors.

Critical accounting judgements

The following are the critical accounting judgements, apart from those involving estimations (which

are dealt with separately below), that the Directors have made in the process of applying the

Company’s accounting policies and that have the most significant effect on the amounts recognised

in the financial statements.

1. Accounting policies continued

S&U Plc Annual Report and Accounts 202658

D2 Notes to the Accounts

Period ended 5 February 2026 continued

Significant increase in credit risk for classification in Stage 2

The Company’s transfer criteria determine what constitutes a significant increase in credit risk, which

results in a customer being moved from Stage 1 to Stage 2. Stage 2 currently includes customers who

have a good payment record but have been identified as vulnerable by trained staff. Vulnerability can

be driven by factors including health, life events, resilience or capability. All customer facing staff are

trained to help recognise characteristics of vulnerability.

Key sources of estimation uncertainty

The directors consider that the sources of estimation uncertainty which have the most significant

effect on the amounts recognised in the financial statements are those inherent in the consumer

credit markets in which we operate relating to impairment as outlined in 1.5 above. In particular,

the Group’s impairment provision is dependent on estimation uncertainty in forward-looking

assumptions on areas such as employment rates, inflation rates and used car and property prices.

The Group implemented IFRS 9 from 1 February 2018 by developing models to calculate expected

credit losses in a range of economic scenarios. These models involve setting modelling assumptions,

weighting of economic scenarios, the criteria of determining significant deterioration in credit quality

and the application of adjustments to model outputs. We have outlined assumptions in our expected

credit loss model in the current year. Reasonable movement in these assumptions might have a

material impact on the impairment provision value.

Macroeconomic overlay for our motor finance business

For this overlay, the Group considers four probability-weighted scenarios in relation to

unemployment rate: base, upside, downside and severe scenarios as follows:

Upside Severe Base(5% decrease)Downside(5% increase)Weighting50%15%25%10% WeightedQ1 2026 5.20% 3.64% 6.76% 7.80% 5.62%Q1 2027 5.30% 3.71% 6.89% 7.95% 5.72%Q1 2028 5.10% 3.57% 6.63% 7.65% 5.51%Q1 2029 4.90% 3.43% 6.37% 7.35% 5.29%

An increase by 0.5% in the weighted average unemployment rate would result in an increase in loan

loss provisions by £927,613. A decrease by 0.5% would result in a decrease in loan loss provisions by

£927,613.

Used vehicle price sensitivity for our motor finance business

At the period ended 5 February 2026 and at the year ended 31 January 2025, we have assumed

that used vehicle prices will remain stable after a period when used vehicle prices increased

during years ended 31 January 2022 and 31 January 2023 and then decreased during year ended

31 January 2024. This assumption as at 5 February 2026 has been made after considering market

trends and expectations but is uncertain. If used car prices were assumed to fall by 5% instead, then

this would result in an increase in loan loss provisions of £1,456,083. If used vehicle prices were

assumed to increase by 5% instead, then this would result in a decrease in loan loss provisions of

£1,456,083.

Other accounting judgements

Expected loss sensitivity for our property bridging business

The PD/LGD expected loss impairment provision model calculations developed for our Aspen

bridging business have been based on extrapolating an inherently low volume sample of historic

defaults and losses to reflect the current receivables and current market conditions. If the probability

of default were assessed to be 10% higher than these calculations, then this would result in an

increase in loan loss provisions of £81,521. If the probability of default were assessed to be 10%

lower than these calculations, then this would result in a decrease in loan loss provisions of £81,521.

FCA consultation on motor finance commission

The FCA has consulted on an industry-wide scheme to compensate motor finance customers who

were treated unfairly, this covers motor finance agreements taken out between 6 April 2007 and

1 November 2024 where commission was payable by the lender to the broker. The FCA published its

final rules on 30 March 2026 and has stated unfairness is where there is discretionary commission,

high commission (where the commission is equal to or greater than 39% of the total cost of credit

and 10% of the loan) or there was a tied arrangement with the broker. As previously stated our own

subsidiary company Advantage Finance which offers motor finance, has never entered into any

discretionary commission arrangements and has never operated ‘first right of refusal’ arrangements

with brokers. Therefore, we are only captured by high commission cases. For such cases the FCA

expects consumers to be compensated the average of what the FCA estimates the consumer has

overpaid, or lost, and the commission paid, plus interest.

Significant challenge has been provided during the consultation phase and further judicial review

cannot be ruled out; therefore, several scenarios have been included in the provision calculation

and these have been probability weighted to determine an appropriate provision to be recognised.

The estimated provision represents management’s best estimate of the potential redress based on

current information available and using a range of potential scenarios. The provision assessment

also excludes any potential costs in relation to FOS referrals. At this stage it is not possible to reliably

determine the number of customers that would go to FOS or the approach FOS will take in applying

their fees.

1.14 Alternative Performance Measurements

i. Return on average capital employed before cost of funds (ROCE) is calculated as the Operating

Profit divided by the average monthly capital employed (unaudited) being total equity plus

Bank Overdrafts plus Borrowings less cash and cash equivalents. For 25/26 Advantage ROCE

is calculated as £31,847/£286,500 = 11.1%. For 24/25 Advantage ROCE is calculated as

£28,442/£317,937 = 9.0%. For 25/26 Aspen ROCE is calculated as £17,711/£158,196 = 11.2%. For

24/25 Aspen ROCE is calculated as £16,477/£143,406 = 11.5%.

ii. Group gearing is calculated as the sum of Bank Loans and Overdrafts less cash and cash

equivalents divided by total equity. At 5 February 2026 group gearing is therefore calculated as

£241,500+296 = £241,796/£249,001 = 97.1%. At 31 January 2025 group gearing is calculated as

£197,500-£5,216 = £192,284/£238,079 = 80.8%.

Other Information

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Strategic Report Corporate Governance The Accounts

2. Segmental analysis

Analyses by class of business of revenue and profit before taxation from continuing operations are

stated below:

Revenue Profit before taxationPeriod Year Period Year ended endedended ended5.2.2631.1.25 5.2.2631.1.25 Operating segments£000£000£000£000Motor finance 83,049 91,823 23,391 16,542Property bridging finance 24,382 23,788 8,826 7,207Central costs net of central finance income – – (401) 227Total per Group Income Statement 107,431 115,611 31,816 23,976

Analyses by class of business of assets and liabilities are stated below:

Assets LiabilitiesPeriod Year Period Year ended endedended ended5.2.2631.1.25 5.2.2631.1.25 Operating segments£000£000£000£000Motor finance 320,779 286,813 (163,372) (135,862)Property bridging finance 180,053 155,085 (162,985) (142,215)Central 385 3,158 74,141 71,100Total per Group Balance Sheet 501,217 445,056 (252,216) (206,977)

Depreciation of assets for motor finance was £368,000 (31.1.25: £375,000), for property bridging

finance was £16,000 (31.1.25: £16,000) and for central was £97,000 (31.1.25: £91,000). Fixed asset

additions for motor finance were £821,000 (31.1.25: £705,000), for property bridging finance were

£15,000 (31.1.25: £19,000) and for central were £47,000 (31.1.25: £2,000).

The net finance credit for central costs was £2,993,000 (31.1.25: £2,992,000), for motor finance

was a cost of £8,456,000 (31.1.25: £11,901,000) and for property bridging finance was a cost of

£8,885,000 (31.1.25: £9,209,000). The tax credit for central costs was £61,000 (31.1.25: £99,000

charge), for motor finance was a tax charge of £5,934,000 (31.1.25: £4,150,000) and for property

bridging finance was a tax charge of £2,229,000 (31.1.25: £1,814,000).

The significant products in motor finance are car and other vehicle loans secured under hire

purchase agreements.

The significant products in property bridging finance are bridging loans secured on property.

The assets and liabilities of the Parent Company are classified as Central.

No geographical analysis is presented because all operations are situated in the United Kingdom.

3. Revenue

Period Year ended ended5.2.2631.1.25 £000£000Interest revenue and other income calculated using the effective interest method 104,384 112,673Other fee income 3,047 2,938Total revenue 107,431 115,611

4. Cost of sales

Period Year ended ended5.2.2631.1.25 £000£000Cost of sales – motor finance 20,795 14,063Cost of sales – property bridging finance 2,757 2,321Total Cost of sales 23,552 16,384

5. Impairment charge

Period Year ended ended5.2.2631.1.25 £000£000Loan loss provisioning chargeLoan loss provisioning charge – motor finance 12,755 33,191Loan loss provisioning charge – property bridging finance 277 2,380Total impairment charge 13,032 35,571

6. Administrative expenses

Period Year ended ended5.2.2631.1.25 £000£000Administrative expenses – motor finance 17,653 13,391Administrative expenses – property bridging 3,636 2,670Administrative expenses – central 3,394 2,765Total Administrative Expenses 24,683 18,826

S&U Plc Annual Report and Accounts 202660

D2 Notes to the Accounts

Period ended 5 February 2026 continued

7. Information regarding employees

Group Group Company Company period year periodyear ended ended ended ended5.2.2631.1.25 5.2.2631.1.25 £000£000£000£000The monthly average number of persons employed by the Group was:Motor finance 215 212 – –Property bridging finance 31 25 – –Central 12 11 12 11Total Group average number of employees 258 248 12 11

The monthly average employed by the company was 12 (31.1.25:11).

Staff costs (including directors):

Group Group Company Company period year period year ended endedended ended5.2.2631.1.25 5.2.2631.1.25 £000£000£000£000Wages and salaries 13,533 11,348 1,661 1,377Social security costs 1,727 1,254 249 238Pension costs for defined contribution scheme 646 614 43 42Total Staff Costs 15,906 13,216 1,953 1,657

Directors’ remuneration and details of the highest paid director are disclosed in the audited section

of the Directors’ Remuneration Report. No director or current employee is a member of the small

historical defined benefit pension plan the details of which are contained in note 30 of these notes to

the accounts.

8. Operating profit

Period Year ended ended5.2.2631.1.25 £000£000Operating profit from continuing operations is after charging/(crediting):Depreciation and amortisation:Owned and Right to Use assets 481 482Profit on sale of fixed assets – (14)Staff costs 15,906 13,216

The analysis of auditor’s remuneration is as follows:

Period Year ended ended5.2.2631.1.25 £000£000Fees payable to the Group’s auditor for the audit of the Company’s annual accounts 60 50Fees payable to the Group’s auditor for other services to the GroupThe audit of the Company’s subsidiaries 230 170Total audit fees 290 220Audit related assurance services 45 30Other services 15 15Total non-audit fees 60 45Total 350 265

9. Finance costs

Period Year ended ended5.2.2631.1.25 £000£00031.5% cumulative preference dividend 141 141Lease Liabilities 15 20Bank loan and overdraft interest payable 14,192 17,957Total Finance Costs 14,348 18,118

10. Profit of parent company

As permitted by Section 408 of the Companies Act 2006, the profit and loss account of the Parent

Company is not presented as part of these accounts. The Parent Company’s profit for the financial

year after taxation amounted to £13,061,000 (31.1.25: £17,028,000).

11. Exceptional item

Motor Finance Forbearance Outcomes Review

Our motor finance subsidiary Advantage was included in the FCA’s multi-firm Cost of Living

Forbearance Outcomes review in 2023 and as a result the FCA concluded that enhancements were

required to Advantage’s approach to arrears management and the application of forbearance.

We provided for anticipated total associated exceptional potential customer remediation costs

and external support costs totalling £2.736m as an exceptional item during the year ended

31 January 2025.

Other Information

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Strategic Report Corporate Governance The Accounts

Tax on profit before taxation

Period Year ended ended5.2.2631.1.25 Continuing operations£000£000Corporation tax at 25.0% (31.1.25: 25.0%) based on profit for the year 8,041 5,968Adjustment in respect of prior years 47 (20)8,088 5,948Deferred tax (temporary differences - origination and (reversal) 15 1158,103 6,063

The actual tax charge for the current and the previous year from continuing operations varies to the

standard rate for the reasons set out in the following reconciliation.

Period Year ended ended5.2.2631.1.25 £000£000Profit on ordinary activities before tax from continuing operations 31,816 23,976Tax on profit on ordinary activities at standard rate of 25.0% (31.1.25: 25.0%) 7,954 5,994Factors affecting charge for the period:Expenses not deductible for tax purposes 60 54Effects of other tax rates and permanent differences 42 35Prior period adjustments 47 (20)Total actual amount of tax 8,103 6,063

Dividends

Period Year ended ended5.2.2631.1.25 £000£0002nd Interim dividend paid for the year ended 31/1/2025 – 30.0p per Ordinary share (35.0p) 3,645 4,253Final dividend paid for the year ended 31/1/2025 – 40.0p per Ordinary share (50.0p) 4,860 6,0751st Interim dividend paid for the period ended 5/2/2026 – 35.0p per Ordinary share (30.0p) 4,253 3,645Total ordinary dividends paid 12,758 13,9736% cumulative preference dividend paid March and September 12 12Credit for unpresented dividend payments over 12 years old (22) (22)Total dividends paid 12,748 13,963

A second interim dividend of 35.0p per ordinary share for the period ended 5 February 2026 was

paid on 6 March 2026 totalling £4.3m and the directors are proposing a final dividend for the period

ended 5 February 2026 of 45p per ordinary share totalling £5.5m. The final dividend will be paid on

24 July 2026 to shareholders on the register at close of business on 3 July 2026 subject to approval by

shareholders at the Annual General Meeting on Wednesday 24 June 2026.

Earnings per ordinary share

The calculation of earnings per ordinary share (“EPS”) from continuing operations is based on profit

after tax of £23,713,000 (31.1.25: £17,913,000).

The number of shares used in the Basic EPS calculation is the weighted average number of shares in

issue during the year of 12,150,760 (31.1.25: 12,150,760). There is a total of nil dilutive share options

in issue (31.1.25: nil) and considering the appropriate proportion of these dilutive options the

number of shares used in the Diluted EPS calculation is 12,150,760 (31.1.25: 12,150,760).

Property, plant and equipment

Land and Motor Fixtures and Right buildingsvehiclesfittingsto useTotalGroup£000£000£000£000£000CostAt 1 February 2024 1,897 322 1,873 829 4,921Additions 547 35 101 43 726Disposals – (63) (90) – (153)At 31 January 2025 2,444 294 1,884 872 5,494Additions 209 198 476 – 883Disposals (3) (93) (148) – (244)At 5 February 2026 2,650 399 2,212 872 6,133Accumulated depreciationAt 1 February 2024 610 162 1,392 447 2,611Charge for the year 109 43 167 163 482Eliminated on disposals – (39) (87) – (126)At 31 January 2025 719 166 1,472 610 2,967Charge for the year 111 72 197 101 481Eliminated on disposals (3) (56) (141) – (200)At 5 February 2026 827 182 1,528 711 3,248Net book valueAt 5 February 2026 1,823 217 684 161 2,885At 31 January 2025 1,725 128 412 262 2,527

Included in the above is land at a cost of £22,000 (31.1.25: £22,000) which is not depreciated.

Included in Right to Use assets above, are leases now capitalised under IFRS16 which are depreciated

over the normal term of the lease. The total cash outflow for these leases during the period to 5.2.26

was £126,000 (31.1.25: £192,000).

S&U Plc Annual Report and Accounts 202662

D2 Notes to the Accounts

Period ended 5 February 2026 continued

Land and Motor Fixtures and Right buildingsvehiclesfittingsto useTotalCompany£000£000£000£000£000CostAt 1 February 2024 42 53 296 343 734Additions – – 2 – 2Disposals – – – – –At 31 January 2025 42 53 298 343 736Additions – 39 8 – 47Disposals – (34) – – (34)At 5 February 2026 42 58 306 343 749Accumulated depreciationAt 1 February 2024 13 38 227 80 358Charge for the year – 4 18 69 91Eliminated on disposals – – – – –At 31 January 2025 13 42 245 149 449Charge for the year – 12 17 68 97Eliminated on disposals – (31) – – (31)At 5 February 2026 13 23 262 217 515Net book valueAt 5 February 2026 29 35 44 126 234At 31 January 2025 29 11 53 194 287

Included in the above is land at cost of £22,000 (31.1.25: £22,000) which is not depreciated.

The only asset included in Right to Use assets above is a lease of S&U and Aspen Solihull office

premises which is now capitalised under IFRS16 which is depreciated over the normal term of

the lease. The total cash outflow for this lease during the period to 5.2.26 was £88,000 (31.1.25:

£88,000).

16. Investments and related party transactions

5.2.2631.1.25Company£000£000Shares in subsidiary companiesAt historical cost less impairment 1 1

The principal subsidiaries of the Company, which are wholly owned directly by the Company, operate

in Great Britain and are incorporated in England and Wales.

Subsidiary and registered number Principal activityAdvantage Finance Limited (03773673) Motor financeAspen Bridging Limited (10270026) Property bridging finance

The following are wholly owned dormant subsidiaries of the group which take advantage of

exemptions provided under s394a and s448a and do not prepare, file or have audited individual

company accounts:

Advantage Motor Finance Limited (03773678), Advantage4u Limited (06691669), Advantage Direct

Finance Limited (07037684), Advantage Partner Finance Limited (07036720), Advantage Asset

Finance Limited (06691598), S&U Stores Limited (00448884) and Cash Kangaroo Limited (08435795).

All dormant subsidiaries are directly owned by S&U plc with the exception of Advantage Motor

Finance Limited which is indirectly wholly owned via Advantage Finance Limited.

All companies in the Group have their registered office at 2 Stratford Court, Cranmore Boulevard,

Solihull B90 4QT.

Related party transactions

Group

Transactions between the Company and its subsidiaries, which are related parties have been

eliminated on consolidation and are not disclosed in this note. Transactions with the Company’s

pension scheme are disclosed in note 30. During the year the Group made charitable donations

amounting to £90,000 (31.1.25: £60,000) via the Keith Coombs Trust which is a related party because

Messrs GDC Coombs and AMV Coombs are trustees. The amount owed to the Keith Coombs Trust

at the year-end was £12,000 (31.1.25: £nil) During the year the Group obtained supplies at market

rates amounting to £4,930 (31.1.25: £4,544) from Grevayne Properties Limited a Company which is

a related party because Messrs G D C and A M V Coombs are directors and shareholders. All related

party transactions were settled in full when due.

Company

The Company received dividends from other Group undertakings totalling £13,400,000 (31.1.25:

£16,900,000). During the year the Company recharged other Group undertakings for various

administrative expenses incurred on their behalf. The Company also received administrative cost

recharges from other Group undertakings. At 5 February 2026 the Company was owed £317,845,213

(31.1.25: £270,408,115) by other Group undertakings as part of an intercompany loan facility and

owed £217,119 to S&U Stores Limited, a dormant group company (31.1.25: £217,119). All related

party transactions were settled in full when due. Key management personnel, defined as the S&U

Directors, compensation is disclosed on page 24 in the Directors Remuneration Report.

Other Information

Stock Code: SUS ― www.suplc.co.uk 63

Strategic Report Corporate Governance The Accounts

17. Amounts receivable from customers

Group5.2.2631.1.25 £000£000Motor finance hire purchase 424,411 401,792Less: Loan loss provision motor finance (107,282) (118,166)Amounts receivable from customers motor finance 317,129 283,626Property bridging finance loans 182,303 155,083Less: Loan loss provision property bridging finance (2,650) (2,863)Amounts receivable from customers property bridging finance 179,653 152,220Amounts receivable from customers total 496,782 435,846Analysis by future date dueDue within one year 225,196 232,330Due in more than one year 271,586 203,516Amounts receivable from customers 496,782 435,846Analysis of securityLoans secured on vehicles under hire purchase agreements 311,248 277,831Loans secured on property 179,653 152,220Other loans not secured (motor finance where security no longer present) 5,881 5,795Amounts receivable from customers 496,782 435,846Analysis of not impaired and impairedNot impairedNeither past due nor impaired 420,934 355,566Past due up to 3 months but not impaired – –Past due over 3 months but not impaired – –ImpairedPast due up to 3 months 46,836 46,865Past due over 3 months and up to 6 months 9,064 13,412Past due over 6 months or default 19,948 20,003Amounts receivable from customers 496,782 435,846

The credit risk inherent in amounts receivable from customers is reviewed as per note 1.5 and under

this review the credit quality of assets which are neither past due nor impaired was considered to be

good with the exception of 2,657 vulnerable customers who although not in arrears at 5.2.26 were

assessed from a review of internal data to have a significant increase in credit risk (31.1.25: 1,727).

Under IFRS9 therefore these customers although not in arrears are included in stage 2 at 5.2.26 with

an increased impairment provision.

Analysis of loan loss provision and amounts receivable

from customers (capital)

Stage 1:Stage 2:Stage 3:Subject to 12 Subject to Subject to months ECL lifetime ECL lifetime ECL TotalAs at 5 February 2026£’000£’000£’000£000Amounts receivable (capital)Motor finance 257,649 16,208 150,554 424,411Property bridging finance 165,766 – 16,537 182,303Total 423,415 16,208 167,091 606,714Loan loss provisionsMotor finance (13,071) (4,867) (89,344) (107,282)Property bridging finance (751) – (1,899) (2,650)Total (13,822) (4,867) (91,243) (109,932)Amounts receivable (net)Motor finance 244,578 11,341 61,210 317,129Property bridging finance 165,015 – 14,638 179,653Total 409,593 11,341 75,848 496,782

Stage 1:Stage 2:Stage 3:Subject to 12 Subject to Subject to months ECL lifetime ECL lifetime ECL TotalAs at 31 January 2025£’000£’000£’000£000Amounts receivable (capital)Motor finance 221,442 9,811 170,539 401,792Property bridging finance 141,476 – 13,607 155,083Total 362,918 9,811 184,146 556,875Loan loss provisionsMotor finance (13,258) (2,904) (102,004) (118,166)Property bridging finance (1,001) – (1,862) (2,863)Total (14,259) (2,904) (103,866) (121,029)Amounts receivable (net)Motor finance 208,184 6,907 68,535 283,626Property bridging finance 140,475 – 11,745 152,220Total 348,659 6,907 80,280 435,846

Collateral held

Motor finance – except for loans valued at £5.881m (31.1.25: £5.795m), where we are aware

the security is no longer present, security is held on a used vehicle for each hire purchase motor

finance agreement. As stated in note 1.13 above, valuing these used vehicles secured under our hire

purchase agreements is uncertain as the condition and mileage of the used vehicle are unknown. We

estimate the trade value of collateral held at 5.2.26 for motor finance loans currently in stage 3 was

£64.1m (31.1.25: £82.4m) – these estimated values are stated before taking into account recovery

and disposal costs.

S&U Plc Annual Report and Accounts 202664

D2 Notes to the Accounts

Period ended 5 February 2026 continued

Property bridging finance – the estimated value of first charge secured properties held under our

bridging loan facility agreements at 5.2.26 is £265.3m (31.1.25: £246.3m). This includes £18.8m

estimated value of properties secured which is held for loan agreements currently in Stage 3

(31.1.25: £16.7m).

Advances in both our motor finance business and our property bridging business are only made with

collateral security and this is important in both these markets for the collectability of these loans –

there have been no significant changes in the quality of collateral held during the year.

Stage 1:Stage 2:Stage 3:Subject to 12 Subject to Subject to Total months ECL lifetime ECL lifetime ECL provisionLoan loss provisions£’000£’000£’000£000At 1 February 2024 22,229 1,323 83,437 106,989Net transfers and changes in credit risk (11,286) 1,434 26,699 16,847New loans originated (stage at year-end) 5,204 642 12,878 18,724Total impairment charge to income statement (6,082) 2,076 39,577 35,571Amounts netted off revenue for stage 3 assets – – 15,614 15,614Utilised provision on write-offs (1,888) (495) (34,762) (37,145)At 31 January 2025 14,259 2,904 103,866 121,029Net transfers and changes in credit risk (5,854) 1,236 (915) (5,533)New loans originated (stage at period-end) 7,463 1,687 11,949 21,099Debt sale gain on disposal – – (2,534) (2,534)Total impairment charge to income statement 1,609 2,923 8,500 13,032Amounts netted off revenue for stage 3 assets – – 14,676 14,676Utilised provision on write-offs (2,046) (960) (39,204) (42,210)Debt sale proceeds – – 3,405 3,405At 5 February 2026 13,822 4,867 91,243 109,932

There were no significant changes in the capital carrying value of amounts receivable from customers

this year which contributed to changes in the loan loss provisions other than growth in new loans

originated.

During the period Advantage executed a debt sale of old written-off or heavily provisioned customer

agreements to an external third party and as a result has no continuing involvement with these

receivables. Advantage received proceeds of £3.4m and after costs and provisions recognised a gain

of £2.5m.

Internal rating values

A breakdown of the group gross receivables by internal credit risk rating is shown below

Period Year ended ended5.2.2631.1.25 £000£000Good quality 423,415 362,918Satisfactory quality 16,208 9,811Lower quality 129,384 144,859Below standard 37,707 39,287Total Amounts receivable (capital) 606,714 556,875

The Group manages credit risk by performing credit assessments at the time of customer

onboarding. Customers are assigned a credit score at origination using a combination of external

data and internal information. The Group does not maintain an ongoing internal credit risk rating

system. Instead, credit risk is monitored on an ongoing basis using days past due, historical payment

behaviour and forward-looking information.

18. Other receivables and prepayments

Group Company5.2.2631.1.25 5.2.2631.1.25 £000£000£000£000Amounts owed by subsidiary undertakings – – 317,628 270,191Other debtors 13 22 – –Prepayments and accrued income 1,512 1,405 152 1791,525 1,427 317,780 270,370

The Company has assessed the estimated credit losses for these intercompany loans and an

impairment provision of £nil (2025: £nil) has been recognised. Amounts owed by subsidiary

undertakings are categorised as Stage 1, against which no provision is recognised as the loan entities

have sufficient expected cash flow to service their obligations and/or sufficient realisable net assets

to sell in the event of a default.

Other than £120.0m of intercompany receivables from Advantage Finance Limited (31.1.25: £90.5m)

and £121.5m of intercompany receivables from Aspen Bridging Limited (31.1.25: £107.0m), which

are due after more than one year, the amounts owed by subsidiary undertakings have no fixed

maturity date.

Under IFRS7, there are no amounts included in other receivables and prepayments which are past

due but not impaired and no amounts which are impaired or have a significant increase in credit risk.

The carrying value of trade and other receivables is not materially different to their fair value.

Other Information

Stock Code: SUS ― www.suplc.co.uk 65

Strategic Report Corporate Governance The Accounts

19. Borrowings including bank overdrafts and loans

Group Company5.2.2631.1.25 5.2.2631.1.25 £000£000£000£000Bank overdrafts and loans – due within one year 296 – 387 –Bank and other loans – due in more than one year 241,500 197,500 241,500 197,500241,796 197,500 241,887 197,500

The carrying value of bank overdrafts and loans is not materially different to the fair value.

S&U plc had the following overdraft facilities available at 5 February 2026:

• a facility for £5 million (31.1.25: £5m) which is subject to annual review in June 2026.

• a facility for £2 million (31.1.25: £2m) which has no annual review date.

Total drawdowns of these overdraft facilities at 5 February 2026 were £296,000 (31.1.25: £nil).

S&U plc had the following revolving credit facilities available at 5 February 2026:

• a facility for £280 million (31.1.25: £230m) which is due for repayment in May 2027.

At 31 January 2025 S&U plc had revolving credit facilities of £230m which was due for repayment in

May 2026.

S&U plc had the following term loan facilities available at 31 January 2025 and 5 February 2026:

• a facility for £50 million (31.1.25: £50m) - £25m of which is due for repayment in March 2028

and £25m is due for repayment in March 2029.

All the bank overdrafts facilities, revolving credit facilities and term loan facilities mentioned above

incur interest at a variable rate.

The bank overdraft and loans are secured under a multilateral guarantee provided by S&U plc and its

operating subsidiaries Advantage Finance Ltd and Aspen Bridging Ltd.

The Company is part of the Group overdraft facility and at 5 February 2026 was £387,000 overdrawn

(31.1.25: £nil overdrawn). A maturity analysis of the above borrowings is given in note 25.

20. Trade and other payables

Group Company5.2.2631.1.25 5.2.2631.1.25 £000£000£000£000Trade creditors 967 1,139 73 136Other creditors including commissions and remuneration payable 3,865 2,156 615 5384,832 3,295 688 674

The carrying value of trade and other payables is not materially different to the fair value.

21. Provisions for liabilities and charges

Group5.2.2631.1.25WarrantiesCommissionForbearanceForbearance£000£000£000£000At 1 February 2025 – – 2,272 –Charge/(release) to income statement 596 1,794 (221) 2,736Utilised - - (1,839) (464)At 5 February 2026 596 1,794 212 2,272

Our motor finance subsidiary Advantage was included in the FCA’s multi-firm Cost of Living

Forbearance Outcomes review in 2023 and as a result the FCA concluded that enhancements were

required to Advantage’s approach to arrears management and the application of forbearance. We

provided for anticipated associated exceptional potential customer remediation costs and external

support costs totalling £2.736m (see also note 11) of which £2.30m has so far been incurred and

£0.22m released leaving a provision of £0.21m carried forward at 5 February 2026.

In addition, Advantage has recognised a provision of £1.79m related to the FCA’s final scheme

rules on motor finance commissions, which was announced on 30 March 2026. The provision

is determined by probability weighting several scenarios and includes the costs of running the

proposed scheme.

Finally during the period Advantage executed a debt sale of old written-off or heavily provisioned

customer agreements to an external third party. As part of the agreement, as is customary, is a

requirement to repurchase ineligible accounts that were sold. Advantage has recognised a provision

of £0.60m to account for this risk.

There are no provisions for liabilities and charges at a company-only level.

S&U Plc Annual Report and Accounts 202666

D2 Notes to the Accounts

Period ended 5 February 2026 continued

22. Deferred tax

Shadow Accelerated tax SharedepreciationOptionsTotalGroup£000£000£000At 1 February 2024 (113) 268 155Debit to income – (115) (115)At 31 January 2025 (113) 153 40Debit to income 13 (28) (15)At 5 February 2026 (100) 125 25CompanyAt 1 February 2024 (3) 33 30Credit/(debit) to income 1 (16) (15)At 31 January 2025 (2) 17 15Credit/(debit) to income 2 (17) (15)At 5 February 2026 – – –

Shadow share options are long term share based incentive instruments which will be settled in cash

when exercised based on future share price and require achieving certain performance targets and

are subject to continued employment conditions.

23. Called up share capital and preference shares

5.2.2631.1.25 Called up, allotted and fully paid£000£00012,150,760 Ordinary shares of 12.5p each (31.1.25: 12,150,760) 1,519 1,519200,000 6.0% Cumulative preference shares of £1 each 200 200Called up share capital 1,719 1,719

The 6.0% cumulative preference shares enable the holder to receive a cumulative preferential

dividend at the rate of 6.0% on paid up capital and the right to a return of capital plus a premium

of 10p per share at either a winding up or a repayment of capital. The 6.0% cumulative preference

shares do not carry voting rights so long as the dividends are not in arrears.

24. Financial liabilities

Preference share capital5.2.2631.1.25 Called up, allotted and fully paid£000£0003,598,506 31.5% Cumulative preference shares of 12.5p each (31.1.25: 3,598,506) 450 450

The 31.5% cumulative preference shares entitle the holder to receive a cumulative preference

dividend of 31.5% plus associated tax credit and the right to a return of twice the capital (2 lots of

12.5p) plus a premium of 22.5p per share on either a winding up or a repayment of capital. The rights

of the holders of these shares to dividends and returns of capital are subordinated to those of the

holders of the 6.0% cumulative preference shares. The 31.5% cumulative preference shares do not

carry voting rights so long as the dividends are not in arrears.

25. Financial instruments

The Group and the Company’s principal financial instruments are amounts receivable from

customers, cash, preference share capital, bank overdrafts and bank loans.

The Group and the Company’s business objectives rely on maintaining a well spread customer

base of carefully controlled quality by applying strong emphasis on good credit management,

both through strict lending criteria at the time of underwriting a new credit facility and continuous

monitoring of the collection process. The motor finance hire purchase debts are secured by the

financed vehicle. All financial assets are held at amortised cost.

As at 5 February 2026 the Group’s indebtedness amounted to £241,796,000 (31.1.25: £197,500,000)

and the Company’s indebtedness amounted to £241,887,000 (31.1.25: £197,500,000). The Group

gearing was 97.1% (31.1.25: 80.8%), being calculated as borrowings net of cash as a percentage of

total equity. The Board is of the view that the gearing level remains conservative, especially for a

lending organisation. The tables below on pages 85 and 86 analyses the Group and Company assets

and liabilities into relevant maturity groupings based on the remaining period at the balance sheet

date (to contractual maturity).

S&U plc has unused committed borrowing facilities at 5 February 2026 of £88.5m (31.1.25: £82.5m).

The preference share capital financial liability of £450,000 has no maturity date and is classified as

more than five years.

The average effective interest rate on financial assets of the Group at 5 February 2026 was estimated

to be 21% (31.1.25: 23%). The average effective interest rate of financial liabilities of the Group

at 5 February 2026 was estimated to be 7% (31.1.25: 8%). The average effective interest rate on

financial liabilities of the Company at 5 February 2026 was estimated to be 7% (31.1.25: 8%).

Currency and credit risk

The Group has no material exposure to foreign currency risk. The credit risk inherent in amounts

receivable from customers is reviewed under impairment as per note 1.5. It should be noted that the

credit risk at the individual customer level is limited by strict adherence to credit control rules which

are regularly reviewed. The credit risk is also mitigated in the motor finance segment of our business

by ensuring that the valuation of the security at origination of the loan is within glasses guide and

cap limits. The credit risk is also mitigated in the bridging property finance segment of our business

by ensuring that the valuation of the security at origination of the loan is rigorously assessed and is

within loan to value limits. As confirmation required under IFRS 8, no individual customer contributes

more than 10% of the revenue for the Group. Group trade and other receivables and cash are

considered to have no material credit risk as all material balances are due from highly rated banking

counterparties.

Other Information

Stock Code: SUS ― www.suplc.co.uk 67

Strategic Report Corporate Governance The Accounts

Interest rate risk

The Group’s activities expose it to the financial risks of changes in interest rates and the Group uses

interest rate derivative contracts where appropriate to hedge these exposures in bank borrowings.

There are no interest rate derivative contracts held at 5 February 2026 (31.1.25: none held). There is

considered to be no material interest rate risk in cash, trade and other receivables, preference shares

and trade and other payables.

The sensitivity analyses below have been determined based on the exposure to interest rates at the

balance sheet date. The Group has low gearing for its sector and the directors consider a 1% and a

2% movement in interest rates to reflect the UK interest rate environment and to be appropriate

for sensitivity analyses. For floating rate liabilities, the analysis is prepared assuming the liability

outstanding at the balance sheet date was outstanding for the whole year.

If interest rates had been 1% higher/lower and all other variables were held constant, the Group’s:

• profit for the year ended 5 February 2026 would decrease/increase by £1.7 million (31.1.25:

decrease/increase by £1.5 million). This is mainly attributable to the Group’s exposure on its

variable rate borrowings.

• total equity would decrease/increase by £1.7 million (31.1.25: decrease/increase by £1.5 million).

This is mainly attributable to the Group’s exposure on its variable rate borrowings.

If interest rates had been 2% higher/lower and all other variables were held constant, the Group’s:

• profit for the year ended 5 February 2026 would decrease/increase by £3.4million (31.1.25:

decrease/increase by £3.0 million). This is mainly attributable to the Group’s exposure on its

variable rate borrowings.

• total equity would decrease/increase by £3.4million (31.1.25: decrease/increase by £3.0 million).

This is mainly attributable to the Group’s exposure on its variable rate borrowings.

Capital risk management

The Board of Directors assess the capital needs of the Group on an ongoing basis and approve all

material capital transactions. The Group’s objective in respect of capital risk management is to

maintain a conservative “Group Gearing” level with respect to market conditions, whilst taking

account of business growth opportunities in a capital efficient manner. “Group Gearing” is calculated

as the sum of Bank Overdrafts plus Bank Loans less Cash and Cash Equivalents divided by Total

Equity. At 5 February 2026 the Group gearing level was 97.1% (31.1.25: 80.8%) which the directors

consider to have met their objective.

Although Advantage have not sold insurance products in recent years, they are required to hold a

regulatory minimum capital figure of £5,000 in this regard. Throughout the year this Company has

maintained a capital base greater than this requirement.

Fair values of financial assets and liabilities

The fair values of amounts receivable from customers, bank loans and overdrafts and other assets

and liabilities with the exception of the junior preference share capital are considered to be not

materially different from their book values. The junior preference share capital classified as a

financial liability is estimated to have a fair value of £1.9m (31.1.25: £1.9m) but is considered more

appropriate under IFRS to be included in the balance sheet at amortised cost.

Fair values which are recognised or disclosed in these financial statements are determined in

whole or in part using a valuation technique based on assumptions that are supported by prices

from observable current market transactions in the same instrument (i.e. without modification or

repackaging) and based on available observable market data. The fair value hierarchy is derived from

Level 2 inputs in accordance with IFRS13.

Liquidity risk

The Group’s liquidity risk is shown in the following tables which measure the cumulative liquidity

gap. Management review and manage the maturity of borrowing facilities appropriately. Most of the

Group’s financial assets are repayable anyway within two years which together with net gearing of

around 97.1% results in a positive liquidity position.

Financial instruments continued

S&U Plc Annual Report and Accounts 202668

D2 Notes to the Accounts

Period ended 5 February 2026 continued

More More than 1 than 2 year but years but Less not more not more More No fixed than 1 than 2 than 5 than 5 maturityGroupyearyearsyearsyearsdateTotalAt 5 February 2026£’000£’000£’000£’000£’000£’000Financial assets 225,196 105,679 165,907 - - 496,782Other assets - - - - 4,435 4,435Cash at bank and in hand - - - - - -Total assets 225,196 105,679 165,907 - 4,435 501,217Shareholders’ funds - - - - (249,001) (249,001)Bank overdrafts and loans (296) (191,500) (50,000) - - (241,796)Lease liabilities (90) (74) (18) - - (182)Financial liabilities - - - (450) - (450)Other liabilities - - - - (9,788) (9,788)Total liabilities and shareholders’ funds (386) (191,574) (50,018) (450) (258,789) (501,217)Cumulative gap 224,810 138,915 254,804 254,354 - -

More More than 1 than 2 year but years but Less not more not more More No fixed than 1 than 2 than 5 than 5 maturityGroupyearyearsyearsyearsdateTotalAt 31 January 2025£’000£’000£’000£’000£’000£’000Financial assets 232,330 64,673 138,843 - - 435,846Other assets - - - - 3,994 3,994Cash at bank and in hand 5,216 - - - - 5,216Total assets 237,546 64,673 138,843 - 3,994 445,056Shareholders’ funds - - - - (238,079) (238,079)Bank overdrafts and loans - - (197,500) - - (197,500)Lease liabilities (109) (92) (91) - - (292)Financial liabilities - - - (450) - (450)Other liabilities - - - - (8,735) (8,735)Total liabilities and shareholders’ funds (109) (92) (197,591) (450) (246,814) (445,056)Cumulative gap 237,437 302,018 243,270 242,820 - -

More More than 1 than 2 year but years but Less not more not more More No fixed than 1 than 2 than 5 than 5 maturity CompanyyearyearsyearsyearsdateTotalAt 5 February 2026£000£000£000£000£000£000Other assets – 191,500 50,000 – 76,555 318,055Cash at bank and in hand – – – – – –Total assets – 191,500 50,000 – 76,155 318,055Shareholders’ funds – – – – (74,311) (74,311)Bank overdrafts and loans (387) (191,500) (50,000) – – (241,887)Financial liabilities – – – (450) – (450)Lease liabilities (81) (64) – – – (145)Other liabilities – – – – (1,262) (1,262)Total liabilities and shareholders’ funds (468) (191,564) (50,000) (450) (75,573) (318,055)Cumulative gap – – – – – –

More More than 1 than 2 year but years but Less not more not more More No fixed than 1 than 2 than 5 than 5 maturity CompanyyearyearsyearsyearsdateTotalAt 31 January 2025£000£000£000£000£000£000Other assets – – 197,500 – 73,173 270,673Cash at bank and in hand 2,691 – – – – 2,691Total assets 2,691 – 197,500 – 73,173 273,364Shareholders’ funds – – – – (74,041) (74,041)Bank overdrafts and loans – – (197,500) – – (197,500)Financial liabilities – – – (450) – (450)Lease liabilities (76) (81) (63) – – (220)Other liabilities – – – – (1,153) (1,153)Total liabilities and shareholders’ funds (76) (81) (197,563) (450) (75,194) (273,364)Cumulative gap 2,615 2,534 2,471 2,021 – –

Other Information

Stock Code: SUS ― www.suplc.co.uk 69

Strategic Report Corporate Governance The Accounts

The cash flows payable under financial liabilities are analysed as follows:

More More than 1 than 2 year but years but Repayable Less not more not more More on than 1 than 2 than 5 than 5 GroupDemandyearyearsyearsyearsTotalAt 5 February 2026£000£000£000£000£000£000Bank overdrafts and loans 296 – – – – 296Trade and other payables – 4,832 – – – 4,832Tax liabilities – 483 – – – 483Provisions for liabilities and charges – 2,602 – – – 2,602Accruals and deferred income – 1,871 – – – 1,871Borrowings – – 191,500 50,000 – 241,500Lease liabilities – 90 74 18 – 182Financial liabilities – – – – 450 450At 5 February 2026 296 9,878 191,574 50,018 450 252,216

More More than 1 than 2 year but years but Repayable Less not more not more More on than 1 than 2 than 5 than 5 GroupDemandyearyearsyearsyearsTotalAt 31 January 2025£000£000£000£000£000£000Bank overdrafts and loans – – – – – –Trade and other payables – 3,295 – – – 3,295Tax liabilities – 1,695 – – – 1,695Provisions for liabilities and charges – 2,272 – – – 2,272Accruals and deferred income – 1,473 – – – 1,473Borrowings – – – 197,500 – 197,500Lease liabilities – 109 92 91 – 292Financial liabilities – – – – 450 450At 31 January 2025 – 8,844 92 197,591 450 206,977

More More than 1 than 2 year but years but Repayable Less not more not more More on than 1 than 2 than 5 than 5 CompanyDemandyearyearsyearsyearsTotalAt 5 February 2026£000£000£000£000£000£000Bank overdrafts and loans 387 – – – – 387Trade and other payables – 688 – – – 688Tax liabilities – – – – – –Accruals and deferred income – 574 – – – 574Borrowings – – 191,500 50,000 – 241,500Lease liabilities – 81 64 – – 145Financial liabilities – – – – 450 450At 5 February 2026 387 1,343 191,564 50,000 450 243,744

More More than 1 than 2 year but years but Repayable Less not more not more More on than 1 than 2 than 5 than 5 CompanyDemandyearyearsyearsyearsTotalAt 31 January 2025£000£000£000£000£000£000Bank overdrafts and loans – – – – – –Trade and other payables – 674 – – – 674Tax liabilities – 127 – – – 127Accruals and deferred income – 352 – – – 352Borrowings – – – 197,500 – 197,500Lease liabilities – 76 81 63 – 220Financial liabilities – – – – 450 450At 31 January 2025 – 1,229 81 197,563 450 199,323

25. Financial instruments continued

S&U Plc Annual Report and Accounts 202670

D2 Notes to the Accounts

Period ended 5 February 2026 continued

26. Reconciliation of operating profit to net cash

from operating activities

Group GroupCompany Company5.2.2631.1.25 5.2.2631.1.25 £000£000£000£000Operating Profit 46,164 44,830 13,140 17,268Tax paid (9,335) (4,817) (79) (57)Exceptional item – (2,736) – –Depreciation on plant, property and equipment 481 482 97 91Profit on disposal of plant, property and equipment – (14) – –(Increase)/decrease in amounts receivable from customers (60,936) 27,092 – –(Increase)/decrease in other receivables and prepayments (98) 15 (47,410) 25,448Increase/(decrease) in trade and other payables 1,537 (1,602) 14 4Increase/(decrease)in accruals 398 (498) 222 63Increase in provisions for other liabilities and charges 330 2,272 – –Movement in retirement benefit asset/obligations (43) (33) (43) (33)Net cash (used in)/generated by operating activities (21,502) 64,991 (34,059) 42,784

27. Financial commitments

Capital commitments

At 5 February 2026 the Group had £nil capital commitments contracted but not provided for

(31.1.25: £nil). At 5 February 2026, the Company had £nil capital commitments contracted but not

provided for (31.1.25: £nil).

28. Contingent liabilities

The Company has entered into cross-guarantee arrangements with respect to the bank overdrafts of

certain of its subsidiaries. The maximum exposure under this arrangement at 5 February 2026 was

£3,497,531 (31.1.25: £13,721).

29. Share based payments

The Company operates a Long-Term Incentive Plan (LTIP 2021), which was approved by the AGM

in May 2021. LTIP 2021 allows shadow share options which can only be cash settled and therefore

do not dilute current shareholders. Vesting of these shadow share option awards is subject to

performance conditions over a performance period of at least a year and the awards can normally be

exercised for the period between 3 years and 6 years from the date of grant of the award subject also

to standard leaver and malus and clawback provisions contained in the rules of the LTIP 2021 plan.

The Group recognised total share-based payment expenses for LTIP 2021 of £354,445 in the period

to 5 February 2026 (31.1.25: £145,154). At 5 February 2026 the creditor for LTIP 2021 shadow share

options amounted to £671,353 (31.1.25: £750,566).

30. Retirement benefit obligations

The Company operates a defined benefit scheme in the UK. The plan is funded by payment of

contributions to a separate trustee administered fund. The pension cost relating to the scheme is

assessed in accordance with the advice of a qualified independent actuary using the attained age

method. The last formal valuation was at 31 March 2025. At that valuation it was assumed that the

appropriate post retirement discount rate was 5.44% and pension increases would be 3.3% per

annum. The valuation results have been updated on the advice of a qualified actuary to take account

of the requirements of IAS19 in order to assess the liabilities of the scheme as at 5 February 2026.

The last actuarial valuation highlighted that the scheme was in surplus on an ongoing basis with the

value of assets being sufficient to cover the actuarial value of accrued liabilities. No contributions are

therefore being paid to the scheme at the present time and the estimated amount of contributions

expected to be paid into the scheme during the period to 5 February 2026 is £nil.

The scheme is run by Trustees who are responsible for the affairs of the scheme. Trustees during

the year were Mr GDC Coombs and Mr CH Redford who were also directors of S&U plc during the

year and Mr C Freckelton. The scheme is closed to new members. The Trustees discuss the affairs

of the scheme and deal with discretionary matters regarding benefits. The trustees have employed

Barclays Wealth as investment managers. S&U plc has power, under the Trust Deed and Rules which

govern the operation of the Fund, to remove Trustees from office, to accept their resignations, and

to appoint new or additional Trustees. The directors of S&U plc consider all these arrangements to be

appropriate, having noted that the scheme has been closed to new members for over 40 years, the

scheme continues to have a significant surplus and the scheme’s defined benefit obligations are not

material in the context of the group.

Other Information

Stock Code: SUS ― www.suplc.co.uk 71

Strategic Report Corporate Governance The Accounts

Disclosures made in accordance with IAS 19

A full actuarial valuation was carried out at 31 March 2025 and updated to 5 February 2026 by a

qualified independent actuary. The valuation method used was the projected unit method. The

major assumptions used by the actuary were (in nominal terms):

At period end At year end 5 February 31 January 20262025Rate of increase in salaries Na NaPension increases:Pre-97 Pension 0.0% 0.0%Post 97 Pension 3.0% 3.5%Discount rate 5.3% 5.2%

Mortality assumption for 5 February 2026 comes from the S4PA tables with CMI-2024 1.25% long

term trend and for 31 January 2025 mortality assumption was from the S3PA tables with CMI-2023

1.25% long term trend.

The analysis of the scheme assets, which are determined to be Level 2 in the fair value hierarchy and

the expected rate of return at the balance sheet date were as follows:

Proportion Proportion held at held at 5 February 31 January 20262026£000£000 Equities 53% 57%Bonds 39% 28%Cash/Other 8% 15%Total market value of assets 100% 100%

The amount included in the balance sheet arising from the Group’s obligations in respect of its

defined benefit schemes is as follows:

5.2.2631.1.25£000£000Fair value of plan assets 1,138 1,125Present value of defined benefit obligations (312) (333)Surplus before restriction 826 792Restriction on Surplus (826) (792)Pension asset 0 0

The pension asset has a large surplus before restriction and so is unlikely to be affected by normal

variances in actuarial assumptions and so no actuarial assumption sensitivity analysis is provided.

The amount recognised in the 5.2.2631.1.25 income statement during the year£000£000Current service cost – –Past service cost – 2Interest on obligation 16 15Expected return on plan assets (59) (50)Expense recognised in the income statement (43) (33)Opening net (asset) – –Expense (43) (33)Contributions paid – –Actuarial loss 43 33Closing net (asset) 0 0

The expense credit in both years is shown within administrative expenses.

5.2.2631.1.25 Movement in present value of obligation£000£000Present value of obligation at 1 February 2025 333 348Interest cost 16 15Current service cost – –Past service cost – 2Benefits paid (41) (40)Actuarial gain on obligation – assumptions (7) (9)Actuarial gain on obligation – experience 11 17Present value of obligation at 5 February 2026 312 333Experience adjustment on scheme liabilities Actuarial gain as percentage of scheme liabilities 1% 2%Movement in fair value of plan assetsFair value of plan assets at 1 February 2025 1,125 1,070Expected return on plan assets 59 50Contributions – –Benefits paid (41) (40)Actuarial (loss)/gain on plan assets (5) 45Fair value of plan assets at 5 February 2026 1,138 1,125

The fair value of plan assets other than cash is based on quoted

market prices.

Experience adjustment on assetsActuarial (loss)/gain as percentage of scheme assets 0.4% 4%

30. Retirement benefit obligations continued

S&U Plc Annual Report and Accounts 202672

D2 Notes to the Accounts

Period ended 5 February 2026 continued

2022

£000

2023

£000

2024

£000

2025

£000

2026

£000

Continuing Operations Only

Revenue 87,889 102,714 115,437 115,611 107,431

Cost of Sales (18,771) (23,676) (22,821) (16,384) (23,552)

Impairment (4,120) (13,877) (24,203) (35,571) (13,032)

Administrative Expenses (14,208) (16,256) (19,767) (18,826) (24,683)

Operating profit 50,790 48,905 48,646 44,830 46,164

Finance Costs (net) (3,772) (7,495) (15,062) (18,118) (14,348)

Profit before taxation before exceptional item 47,018 41,410 33,584 26,712 31,816

Exceptional Item – – – (2,736) –

Profit before taxation 47,018 41,410 33,584 23,976 31,816

Taxation (9,036) (7,692) (8,147) (6,063) (8,103)

Profit for the year 37,982 33,718 25,437 17,913 23,713

Assets employed in all operations

Fixed assets 2,455 2,616 2,310 2,527 2,885

Amounts receivable and other assets 324,774 425,558 464,536 442,529 498,332

327,229 428,174 466,846 445,056 501,217

Liabilities (120,482) (203,289) (232,684) (206,977) (252,216)

Total equity 206,747 224,885 234,162 238,079 249,001

Earnings per Ordinary share 312.8p 277.5p 209.2p 147.4p 195.2p

Dividends declared per Ordinary share 126.0p 133.0p 120.0p 100.0p 115.0p

Group gearing 54.9% 85.5% 95.8% 80.8% 97.1%

“Group Gearing” is calculated as the sum of Bank Overdrafts plus Borrowings less Cash and Cash Equivalents divided by Total Equity.

Other Information

Stock Code: SUS ― www.suplc.co.uk 73

Strategic Report Corporate Governance The Accounts

Five Year Record (Unaudited)

Annual General Meeting

24 June 2026

Announcement of Results

Half year ending 5 August 2026

Year ending 5 February 2027

29 September 2026

April 2027

Payment of Dividends

6% Cumulative Preference Shares 30 September 2026 & 31 March 2027

31.5% Cumulative Preference Shares 31 July 2026 & 31 January 2027

Ordinary Shares – 2025/26 final 24 July 2026

– Ex dividend date 2 July 2026

– Record date 3 July 2026

– 2026/27 first interim November 2026

– 2026/27 second interim March 2027

Annual General Meeting Arrangements

The Annual General Meeting will take place on 24 June 2026 – further details of arrangements are contained in the Notice of Annual

General Meeting sent to shareholders and on the company website at www.suplc.co.uk

Financial Calendar

S&U Plc Annual Report and Accounts 202674

The production of this report supports the work of the

Woodland Trust, the UK’s leading woodland conservation

charity. Each tree planted will grow into a vital carbon store,

helping to reduce environmental impact as well as creating

natural havens for wildlife and people.

Directors

A M V Coombs MA (Oxon) (Chairman)

G D C Coombs MA (Oxon) MSc (Lon) (Deputy Chairman)

J E C Coombs MA (Oxon) ACA (Chief Operating Officer)

E H Ahrens (CEO Aspen Bridging)

K D Werner (CEO Advantage Finance – appointed 9 February 2026)

C K Freckelton ACA (Group Finance Director – appointed 20 April 2026)

T G Wheeler (Non-executive)

G Pedersen (Non-executive)

T Khlat MBE (Non-executive)

J P Maxwell (Non-executive)

C H Redford ACA (retired 18 June 2025)

Secretary

MK Bhogal ACMA CGMA

Registered office

2 Stratford Court

Cranmore Boulevard

Solihull

West Midlands

B90 4QT

[email protected]o.uk

Bankers

HSBC Bank plc

130 New Street

Birmingham

B2 4JU

Natwest Bank

250 Bishopsgate

London

EC2M 4AA

Solicitors

DLA

Victoria Square

Birmingham

B2 4DL

Stockbrokers

Peel Hunt LLP

7th Floor, 100 Liverpool Street

London

EC2M 2ATT

Joh. Berenberg, Gossler & Co. KG

London Branch

60 Threadneedle Street

London EC2R 8HP

United Kingdom

Registrars

MUFG

19th Floor

Central Square

29 Wellington Street

Leeds

LS1 4DL

Shareholders can contact MUFG on:-

0371 664 0300 (calls cost 10p per minute

plus network costs).

Financial public relations

SEC Newgate Communications

14 Greville Street,

London

EC1N 8SB

Auditor

Statutory Auditor

Forvis Mazars LLP

30 Old Bailey

London

EC4M 7AU

Internal Auditor

RSM Risk Assurance Services LLP

6th Floor 25 Farringdon Street

London

EC4A 4AB

Officers and professional advisers

Stock Code: SUS ― www.suplc.co.uk 75

Strategic Report Corporate Governance The Accounts Other Information

2 Stratford Court

Cranmore Boulevard

Shirley

Solihull

West Midlands

B90 4QT

E: [email protected]o.uk

Registered in England No. 342025

www.suplc.co.uk

S&U Plc Annual Report and Accounts 2026

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