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REGISTERED NUMBER: 09272728 (England and Wales)
















Financial Statements for the Year Ended 31 December 2024

for

Airport Bus Express Limited

Airport Bus Express Limited (Registered number: 09272728)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Airport Bus Express Limited

Company Information
for the Year Ended 31 December 2024







DIRECTOR: F Zoncada



REGISTERED OFFICE: Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN



REGISTERED NUMBER: 09272728 (England and Wales)



SENIOR STATUTORY AUDITOR: Kristi Johnson ACA FCCA CTA



AUDITORS: Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

Airport Bus Express Limited (Registered number: 09272728)

Statement of Financial Position
31 December 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 507,617 355,423

CURRENT ASSETS
Debtors 5 433,637 486,401
Cash at bank and in hand 1,300,950 1,204,405
1,734,587 1,690,806
CREDITORS
Amounts falling due within one year 6 1,044,949 968,098
NET CURRENT ASSETS 689,638 722,708
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,197,255

1,078,131

CREDITORS
Amounts falling due after more than one year 7 122,151 186,877
NET ASSETS 1,075,104 891,254

CAPITAL AND RESERVES
Called up share capital 10 100,000 100,000
Retained earnings 11 975,104 791,254
SHAREHOLDERS' FUNDS 1,075,104 891,254

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 March 2025 and were signed by:





F Zoncada - Director


Airport Bus Express Limited (Registered number: 09272728)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Airport Bus Express 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company's principal place of business is Unit 4, Taxi Back-up Building, Coopers End Road, Stansted Airport, CM24 1RR

The presentational currency of the financial statements is Pound Sterling (£).

The financial statements have been prepared on the going concern basis. During the year the company reported an operating profit of £1,110,210 (2023: £1,809,111). The balance sheet now shows net current assets of £689,638 (2023: £722,708). The balance sheet also shows net assets of £1,075,104 (2023: £891,254).

After the year end, the company found out that they had not been successful in the renewal of their significant contract with Stansted Airport. The Directors have prepared a forecast and revised business plan up to 31 March 2026 and have a reasonable expectation that the company has adequate resources to continue operational activities for the next 12 months from the date of approval of the financial statements. No adjustments have been made to the accounts should the company not be a going concern.

Autostradale Srl is the immediate parent of Airport Bus Express Limited and S.T.A.R. Societa Trasporti Automobilistici Regionali SPA is the ultimate parent of Airport Bus Express Limited.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax. Ticket sales are non-refundable and are recognised in the accounts at the point of sale.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - Straight line over 8 years

Airport Bus Express Limited (Registered number: 09272728)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

Airport Bus Express Limited (Registered number: 09272728)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Related party disclosure
As the company is a wholly owned subsidiary of Societa Trasporti Automobilistici Regionali Societa' Per Azoni (incorporated in Italy). The company has taken advantage of the exemption contained within FRS 102 1A and has therefore not disclosed transactions with entities which form part of the group. The consolidated financial statements of Societa Trasporti Automobilistici Regionali Societa' Per Azoni (incorporated in Italy) within which this company is included, can be obtained from the address given in note 15.

Employee benefits
Short term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 67 (2023 - 56 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2024 78,832 12,420 381,869 473,121
Additions 10,266 3,140 208,500 221,906
At 31 December 2024 89,098 15,560 590,369 695,027
DEPRECIATION
At 1 January 2024 39,263 8,123 70,312 117,698
Charge for year 8,893 1,289 59,530 69,712
At 31 December 2024 48,156 9,412 129,842 187,410
NET BOOK VALUE
At 31 December 2024 40,942 6,148 460,527 507,617
At 31 December 2023 39,569 4,297 311,557 355,423

Included in the above amounts are assets held under hire purchase agreements with a net book value of £262,864 (2023: £310,267). Depreciation of £47,404 (2023:47,404) was charged on these assets during the year.

Airport Bus Express Limited (Registered number: 09272728)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

5. DEBTORS
31.12.24 31.12.23
£    £   
Amounts falling due within one year:
Trade debtors 74,149 52,213
Amounts owed by group undertakings 32,065 -
Other debtors 67,500 57,500
VAT 128,348 120,310
Deferred tax asset
Tax losses carried forward 5,638 86,610
Prepayments and accrued income 125,937 126,476
433,637 443,109

Amounts falling due after more than one year:
Deferred tax asset
Tax losses carried forward - 43,292
- 43,292

Aggregate amounts 433,637 486,401

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Hire purchase contracts (see note 8) 65,080 55,110
Trade creditors 454,572 150,640
Amounts owed to group undertakings - 364,009
Social security and other taxes 73,423 44,531
Other creditors 180,407 156,744
Accrued expenses 271,467 197,064
1,044,949 968,098

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.24 31.12.23
£    £   
Hire purchase contracts (see note 8) 122,151 186,877

Airport Bus Express Limited (Registered number: 09272728)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.24 31.12.23
£    £   
Net obligations repayable:
Within one year 65,080 55,110
Between one and five years 122,151 186,877
187,231 241,987

Non-cancellable operating leases
31.12.24 31.12.23
£    £   
Within one year 363,418 315,482
Between one and five years 178,927 179,582
542,345 495,064

The company is under a concession agreement with Stansted airport until 31 March 2025 to provide coach transport into London. During the financial year ended 31 March 2022 the agreement was negotiated whereby the Guaranteed Minimum Sum was removed. The company is now committed to a fee based on gross turnover and number of passengers arriving and or departing into the airport.

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.24 31.12.23
£    £   
Hire purchase contracts 187,231 241,987

Barclays Bank Plc hold a fixed and floating charge dated 24 April 2019 over all property and undertakings of the company and the company has undertaken not to create any mortgage or any fixed or floating charge or other security over any of the floating charge assets.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
100,000 Ordinary £1 100,000 100,000

Airport Bus Express Limited (Registered number: 09272728)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

11. RESERVES
Retained
earnings
£   

At 1 January 2024 791,254
Profit for the year 975,104
Dividends (791,254 )
At 31 December 2024 975,104

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kristi Johnson ACA FCCA CTA (Senior Statutory Auditor)
for and on behalf of Hardcastle Burton LLP

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

14. ULTIMATE PARENT COMPANY

S.T.A.R. Societa Trasporti Automobilistici Regionali SPA (incorporated in Italy) is regarded by the directors as being the company's ultimate parent company.

The immediate parent company is Autostradale Srl (incorporated in Italy). Copies of the group accounts can be obtained from Autostradale Srl, Via Antonio Gramsci 2, 20016 PERO (MI), Italy.