REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2024 |
for |
Airport Bus Express Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2024 |
Additions |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
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 |
Amounts owed by group undertakings |
Other debtors |
VAT |
Deferred tax asset |
Tax losses carried forward |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Deferred tax asset |
Tax losses carried forward | - | 43,292 |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Hire purchase contracts (see note 8) |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Hire purchase contracts (see note 8) |
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 |
Between one and five years |
Non-cancellable operating | leases |
31.12.24 | 31.12.23 |
£ | £ |
Within one year |
Between one and five years |
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: | £ | £ |
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 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2024 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |