REGISTERED NUMBER: 10051217 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31st July 2024

for

EASTERN TRANSPORT HOLDINGS

LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

18

DIRECTORS:

Mr W Hiron

Mr G J Raven

Mr D J Robbie

Mr M B Sayer

REGISTERED OFFICE:

Monometer House

Rectory Grove

Leigh on Sea

Essex

SS9 2HL

REGISTERED NUMBER:

10051217 (England and Wales)

AUDITORS:

Denmark Forrester Limited Statutory Auditor

Office 12, The Bentalls Centre

Colchester Road

Heybridge

Maldon

Essex

CM9 4GD

The Directors present their strategic report for the company and the group in respect of the year ended 31st July 2024.

The Group profit for the year, before taxation, was £3,209,043 (2023: £2,344,921), an increase of 37% and a very satisfactory result given prevailing cost and revenue pressures. Turnover increased from £13,280k to £15,132k.

Eastern Transport Holdings, through its subsidiaries Stephensons of Essex and NIBS buses, provides local bus, school, contract and rail replacement services across Essex, Suffolk and Cambridgeshire. A further subsidiary, Eastern National Omnibus Company, has been active in used bus sales.

Total passenger numbers during the year remained below levels carried pre-pandemic, particularly in respect of London commuters travelling to local stations, and holders of elderly and disabled persons concessionary passes. It seems unlikely there will be any significant further recovery in these markets.

The DfT continued to pay BSOG+ (a small supplement to the long-standing Bus Service Operators Grant) during the year. In addition, the £2 fare cap, funded by government with the aim of reducing cost-of-living increases, was in place throughout the year. Participation by bus operators is voluntary, but both group operating companies took part in the scheme. There was a small increase in passenger numbers on some routes, particularly longer distance services, as a result.

Both Stephensons and NIBS were successful in gaining additional contracts, and retaining existing work at higher prices, in the Essex County Council local bus tender round in spring 2024, with most commencing on 31st July, the final day of the period under review.

Capital expenditure during the year was £1,428,204, with the main elements two new ADL E400 MMC double deck buses, six used E200 single deck buses, and three modern used Scania double decks. In addition, a number of older vehicles were refurbished, and there was ongoing renewal of time-expired miscellaneous plant and equipment.

Driver recruitment and retention improved significantly compared to the previous financial year, although one or two locations still suffer from significant challenges. As ever, the Directors wish to place on record their sincere thanks to all staff for their commitment and loyalty during the period under review.

The company remains in a strong financial position ready to capitalise on opportunities as they arise, and the Directors believe there will be a number of these in the years ahead.

ON BEHALF OF THE BOARD:

Mr W Hiron - Director

3rd April 2025

The directors present their report with the financial statements of the company and the group for the year ended 31st July 2024.

DIVIDENDS

The total distribution of dividends for the year ended 31st July 2024 will be £ 66,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1st August 2023 to the date of this report.

Mr W Hiron

Mr G J Raven

Other changes in directors holding office are as follows:

Mr D J Robbie and Mr M B Sayer were appointed as directors after 31st July 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. in preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently

- make judgments and accounting estimates that are reasonable and prudent

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements

- prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the company will continue in business

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and 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 group's auditors are aware of that information.

AUDITORS

The auditors, Denmark Forrester Limited Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr W Hiron - Director

3rd April 2025

Opinion

We have audited the financial statements of Eastern Transport Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st July 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31st July 2024 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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 are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

-

We obtained an understanding of the company and the sector in which it operates to identify laws and

regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, industry research and the application of cumulative audit knowledge and experience of the sector. We determined the principal laws and regulations relevant to the group in this regard to be those arising from the operation of passenger transport services in the UK.

-

We designed our audit procedures to ensure the audit team considered whether there were any indications of

non-compliance by the company with those laws and regulations. These procedures included, but were not limited to, enquiring of management and substantive testing covering grants receivable.

-

We also identified the risks of material misstatement of the financial statements due to fraud. We considered,

in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, the potential for management bias in relation to the going concern concept. We addressed this by challenging the assumptions and judgements made by management when auditing accounting estimates.

-

As with all our audits, we addressed the risk of fraud arising from management override of controls by

performing audit procedures which included, but were not limited to, the testing of journal entries, reviewing accounting estimates for evidence of bias and evaluating the business rationale of any significant transactions that were unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

-

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or

error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

-

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are

appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

-

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and

related disclosures made by the directors.

-

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on

the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

-

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,

and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (ie. gives a true and fair view).

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

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

Robert Easby ACA (Senior Statutory Auditor)

for and on behalf of Denmark Forrester Limited Statutory Auditor

Office 12, The Bentalls Centre

Colchester Road

Heybridge

Maldon

Essex

CM9 4GD

3rd April 2025

TURNOVER

3

15,131,824

13,279,589

Cost of sales

12,814,035

10,754,625

GROSS PROFIT

2,317,789

2,524,964

Administrative expenses

1,260,627

1,258,864

1,057,162

1,266,100

Other operating income

1,739,284

1,003,777

OPERATING PROFIT

5

2,796,446

2,269,877

Interest receivable and similar income

419,213

82,439

3,215,659

2,352,316

Interest payable and similar expenses

6

6,616

7,395

PROFIT BEFORE TAXATION

3,209,043

2,344,921

Tax on profit

7

817,654

530,172

PROFIT FOR THE FINANCIAL YEAR

2,391,389

1,814,749

Profit attributable to:

Owners of the parent

2,391,389

1,814,749

PROFIT FOR THE YEAR

2,391,389

1,814,749

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,391,389

1,814,749

Total comprehensive income attributable to:

Owners of the parent

2,391,389

1,814,749

FIXED ASSETS

Intangible assets

10

188,789

215,758

Tangible assets

11

3,182,983

2,392,092

Investments

12

-

-

3,371,772

2,607,850

CURRENT ASSETS

Stocks

13

237,744

278,064

Debtors

14

2,998,796

1,945,212

Cash at bank and in hand

11,577,678

10,166,669

14,814,218

12,389,945

CREDITORS

Amounts falling due within one year

15

2,760,127

2,780,354

NET CURRENT ASSETS

12,054,091

9,609,591

TOTAL ASSETS LESS CURRENT LIABILITIES

15,425,863

12,217,441

CREDITORS

Amounts falling due after more than one year

16

(719,421

)

(36,296

)

PROVISIONS FOR LIABILITIES

19

(688,091

)

(488,183

)

NET ASSETS

14,018,351

11,692,962

CAPITAL AND RESERVES

Called up share capital

20

6,001

6,001

Share premium

21

3,559

3,559

Revaluation reserve

21

30,187

30,187

Capital redemption reserve

21

18,625

18,625

Retained earnings

21

13,959,979

11,634,590

SHAREHOLDERS' FUNDS

14,018,351

11,692,962

The financial statements were approved by the Board of Directors and authorised for issue on 3rd April 2025 and were signed on its behalf by:

Mr W Hiron - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

2,617,392

2,417,392

2,617,392

2,417,392

CURRENT ASSETS

Debtors

14

727,173

299,999

Cash in hand

1

1

727,174

300,000

CREDITORS

Amounts falling due within one year

15

1,260,608

1,256,317

NET CURRENT LIABILITIES

(533,434

)

(956,317

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,083,958

1,461,075

CAPITAL AND RESERVES

Called up share capital

20

6,001

6,001

Retained earnings

21

2,077,957

1,455,074

SHAREHOLDERS' FUNDS

2,083,958

1,461,075

Company's profit for the financial year

688,883

125,525

The financial statements were approved by the Board of Directors and authorised for issue on 3rd April 2025 and were signed on its behalf by:

Mr W Hiron - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1st August 2022

6,001

9,948,565

3,559

Changes in equity

Dividends

-

(132,000

)

-

Total comprehensive income

-

1,814,749

-

Transfer between reserves

-

3,276

-

Balance at 31st July 2023

6,001

11,634,590

3,559

Changes in equity

Dividends

-

(66,000

)

-

Total comprehensive income

-

2,391,389

-

Balance at 31st July 2024

6,001

13,959,979

3,559

Capital

Revaluation

redemption

Total

reserve

reserve

equity

£

£

£

Balance at 1st August 2022

33,463

18,625

10,010,213

Changes in equity

Dividends

-

-

(132,000

)

Total comprehensive income

-

-

1,814,749

Transfer between reserves

(3,276

)

-

-

Balance at 31st July 2023

30,187

18,625

11,692,962

Changes in equity

Dividends

-

-

(66,000

)

Total comprehensive income

-

-

2,391,389

Balance at 31st July 2024

30,187

18,625

14,018,351

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st August 2022

6,001

1,461,549

1,467,550

Changes in equity

Dividends

-

(132,000

)

(132,000

)

Total comprehensive income

-

125,525

125,525

Balance at 31st July 2023

6,001

1,455,074

1,461,075

Changes in equity

Dividends

-

(66,000

)

(66,000

)

Total comprehensive income

-

688,883

688,883

Balance at 31st July 2024

6,001

2,077,957

2,083,958

Cash flows from operating activities

Cash generated from operations

1

1,672,732

3,311,495

Interest paid

(6,616

)

(7,395

)

Tax paid

(243,075

)

(534,305

)

Net cash from operating activities

1,423,041

2,769,795

Cash flows from investing activities

Purchase of tangible fixed assets

(591,668

)

(1,205,424

)

Sale of tangible fixed assets

325,861

1,207,009

Interest received

419,213

82,439

Net cash from investing activities

153,406

84,024

Cash flows from financing activities

Capital repayments in year

(87,338

)

(245,393

)

Amount withdrawn by directors

(12,100

)

-

Equity dividends paid

(66,000

)

(132,000

)

Net cash from financing activities

(165,438

)

(377,393

)

Increase in cash and cash equivalents

1,411,009

2,476,426

Cash and cash equivalents at beginning of year

2

10,166,669

7,690,243

Cash and cash equivalents at end of year

2

11,577,678

10,166,669

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

3,209,043

2,344,921

Depreciation charges

463,524

518,320

Profit on disposal of fixed assets

(125,104

)

(624,017

)

Finance costs

6,616

7,395

Finance income

(419,213

)

(82,439

)

3,134,866

2,164,180

Decrease in stocks

40,320

341,226

(Increase)/decrease in trade and other debtors

(1,077,875

)

374,976

(Decrease)/increase in trade and other creditors

(424,579

)

431,113

Cash generated from operations

1,672,732

3,311,495

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st July 2024

31.7.24

1.8.23

£

£

Cash and cash equivalents

11,577,678

10,166,669

Year ended 31st July 2023

31.7.23

1.8.22

£

£

Cash and cash equivalents

10,166,669

7,690,243

3.	ANALYSIS OF CHANGES IN NET FUNDS

Other

non-cash

At 1.8.23

Cash flow

changes

At 31.7.24

£

£

£

£

Net cash

Cash at bank

and in hand

10,166,669

1,411,009

11,577,678

10,166,669

1,411,009

11,577,678

Debt

Finance leases

(101,123

)

87,338

-

(850,321

)

(101,123

)

87,338

-

(850,321

)

Total

10,065,546

1,498,347

-

10,727,357

1.	STATUTORY INFORMATION

Eastern Transport Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

The turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before the revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

-

the Company has transferred the significant risks and rewards of ownership to the buyer;

-

the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

-

the amount of revenue can be measured reliably;

-

it is probable that the Company will receive the consideration due under the transaction; and

-

the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

-

the amount of revenue can be measured reliably;

-

it is probable that the Company will receive the consideration due under the contract;

-

the stage of completion of the contract at the end of the reporting period can be measured reliably; and

-

the costs incurred and the costs to complete the contract can be measured reliably.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.