Company registration number 10930289 (England and Wales)
BENNETTS COACHES HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
BENNETTS COACHES HOLDINGS LIMITED
COMPANY INFORMATION
Director
G P Bennett
Company number
10930289
Registered office
Epsilon House
The Square
Gloucester Business Park
Gloucester
United Kingdom
GL3 4AD
Auditor
Smith Heath Limited
Brent House
382 Gloucester Road
Cheltenham
Gloucestershire
United Kingdom
GL51 7AY
Business address
208 Eastern Avenue
Gloucester
Gloucestershire
United Kingdom
GL4 4LP
BENNETTS COACHES HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2
Independent auditor's report
3 - 5
Group statement of comprehensive income
6
Group balance sheet
7
Company balance sheet
8
Group statement of changes in equity
9
Company statement of changes in equity
10
Group statement of cash flows
11
Notes to the financial statements
12 - 29
BENNETTS COACHES HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

The director presents the strategic report for the year ended 31 August 2024.

Principal activities

The principal activity of the company and group continued to be that of coach passenger transport for public contracts and private hire.

Review of the business

The results for the period, which are set out in the Statement of Comprehensive Income, show Turnover for the period of £7.4m (2023: £7.2m) and profit for the year after taxation of £750k (2023: £1.26m).

 

Despite a slightly contracted market, turnover increased by 2.1% however due to a difficult economic environment in the UK, there has been a general price inflation which has resulted in a reduction in operating profit to £1.07m compared to £1.66m for 2023. By controlling costs and continue to invest in people, the group is anticipating growth for 2025.

 

The financial position is considered sufficient by the directors to service ongoing activities and support future growth within the group.

 

The groups focus within its strategic priorities is the development of both sales value and volume growth, to enhance positive cash generation.  This includes growing market share and developing strong market and customer awareness, improving sales performance through targeted technical and operational advancements. The directors are committed to assisting this through strategic capital expenditure over the coming year.

Principal risks and uncertainties

The company’s risks and uncertainties are similar to those borne by other companies in the sector and the directors do not believe there are any risks peculiar to this company.  The directors do however constantly review risk and ensure appropriate action is taken where necessary to mitigate those risks. 

 

On behalf of the board

G P Bennett
Director
27 May 2025
BENNETTS COACHES HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -

The director presents his annual report and financial statements for the year ended 31 August 2024.

Results and dividends

The results for the year are set out on page 6.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Preference dividends were paid amounting to £50,000. The director does not recommend payment of a final dividend.

Director

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

G P Bennett
Statement of director's responsibilities

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

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

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

Statement of disclosure to auditor

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

On behalf of the board
G P Bennett
Director
27 May 2025
BENNETTS COACHES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BENNETTS COACHES HOLDINGS LIMITED
- 3 -
Opinion

We have audited the financial statements of Bennetts Coaches Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 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, 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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 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 our audit:

BENNETTS COACHES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BENNETTS COACHES HOLDINGS LIMITED
- 4 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

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.

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

BENNETTS COACHES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BENNETTS COACHES HOLDINGS LIMITED
- 5 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying  with that framework. Based on this understanding, we 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. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulation, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

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 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 controls.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Samantha Jane Smith FCCA
Senior Statutory Auditor
For and on behalf of Smith Heath Limited
27 May 2025
Chartered Accountants
Statutory Auditor
Brent House
382 Gloucester Road
Cheltenham
Gloucestershire
United Kingdom
GL51 7AY
BENNETTS COACHES HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
2024
2023
Notes
£
£
Turnover
3
7,385,693
7,232,727
Cost of sales
(4,955,637)
(4,508,424)
Gross profit
2,430,056
2,724,303
Administrative expenses
(1,364,513)
(1,099,530)
Other operating income
8,386
39,999
Operating profit
4
1,073,929
1,664,772
Interest receivable and similar income
8
-
0
230
Interest payable and similar expenses
9
(48,116)
(25,660)
Profit before taxation
1,025,813
1,639,342
Tax on profit
10
(275,465)
(374,728)
Profit for the financial year
750,348
1,264,614
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
BENNETTS COACHES HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
136,625
182,166
Tangible assets
13
5,627,108
4,899,403
5,763,733
5,081,569
Current assets
Stocks
16
103,888
111,397
Debtors
17
574,836
833,674
Cash at bank and in hand
1,205,723
1,085,947
1,884,447
2,031,018
Creditors: amounts falling due within one year
18
(1,808,934)
(2,144,507)
Net current assets/(liabilities)
75,513
(113,489)
Total assets less current liabilities
5,839,246
4,968,080
Creditors: amounts falling due after more than one year
19
(638,496)
(503,353)
Provisions for liabilities
Deferred tax liability
22
799,686
764,011
(799,686)
(764,011)
Net assets
4,401,064
3,700,716
Capital and reserves
Called up share capital
25
1,010,000
1,010,000
Other reserves
995,000
995,000
Profit and loss reserves
2,396,064
1,695,716
Total equity
4,401,064
3,700,716
The financial statements were approved and signed by the director and authorised for issue on 27 May 2025
27 May 2025
G P Bennett
Director
Company registration number 10930289 (England and Wales)
BENNETTS COACHES HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
2,549,363
1,602,703
Investments
14
1,025,122
1,025,122
3,574,485
2,627,825
Current assets
Debtors
17
10,302
140,644
Cash at bank and in hand
39,101
48,924
49,403
189,568
Creditors: amounts falling due within one year
18
(394,353)
(368,159)
Net current liabilities
(344,950)
(178,591)
Total assets less current liabilities
3,229,535
2,449,234
Creditors: amounts falling due after more than one year
19
(406,792)
(169,382)
Provisions for liabilities
Deferred tax liability
22
70,829
-
0
(70,829)
-
Net assets
2,751,914
2,279,852
Capital and reserves
Called up share capital
25
1,010,000
1,010,000
Profit and loss reserves
1,741,914
1,269,852
Total equity
2,751,914
2,279,852

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £522,061 (2023 - £1,255,816 profit).

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

The financial statements were approved and signed by the director and authorised for issue on 27 May 2025
27 May 2025
G P Bennett
Director
Company registration number 10930289 (England and Wales)
BENNETTS COACHES HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
Share capital
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2022
1,010,000
995,000
481,102
2,486,102
Year ended 31 August 2023:
Profit and total comprehensive income
-
-
1,264,614
1,264,614
Dividends
11
-
-
(50,000)
(50,000)
Balance at 31 August 2023
1,010,000
995,000
1,695,716
3,700,716
Year ended 31 August 2024:
Profit and total comprehensive income
-
-
750,348
750,348
Dividends
11
-
-
(50,000)
(50,000)
Balance at 31 August 2024
1,010,000
995,000
2,396,064
4,401,064
BENNETTS COACHES HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2022
1,010,000
64,036
1,074,036
Year ended 31 August 2023:
Profit and total comprehensive income for the year
-
1,255,816
1,255,816
Dividends
11
-
(50,000)
(50,000)
Balance at 31 August 2023
1,010,000
1,269,852
2,279,852
Year ended 31 August 2024:
Profit and total comprehensive income
-
522,062
522,062
Dividends
11
-
(50,000)
(50,000)
Balance at 31 August 2024
1,010,000
1,741,914
2,751,914
BENNETTS COACHES HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,460,847
2,243,586
Interest paid
(48,116)
(25,660)
Income taxes paid
(157,528)
(135,247)
Net cash inflow from operating activities
1,255,203
2,082,679
Investing activities
Purchase of tangible fixed assets
(1,243,307)
(1,737,896)
Proceeds from disposal of tangible fixed assets
203,500
59,000
Interest received
-
0
230
Net cash used in investing activities
(1,039,807)
(1,678,666)
Financing activities
Proceeds from borrowings
307,500
-
Repayment of bank loans
(45,789)
(28,491)
Payment of finance leases obligations
(307,331)
(323,492)
Dividends paid to equity shareholders
(50,000)
(50,000)
Net cash used in financing activities
(95,620)
(401,983)
Net increase in cash and cash equivalents
119,776
2,030
Cash and cash equivalents at beginning of year
1,085,947
1,083,917
Cash and cash equivalents at end of year
1,205,723
1,085,947
BENNETTS COACHES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 12 -
1
Accounting policies
Company information

Bennetts Coaches Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 208 Eastern Avenue, Gloucester, Gloucestershire, United Kingdom, GL4 4LP.

 

The group consists of Bennetts Coaches Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

BENNETTS COACHES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 13 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Bennetts Coaches Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 August 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

BENNETTS COACHES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 14 -
1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

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

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

Freehold land and buildings
2% straight line
Leasehold land and buildings
Straight line over the life of the lease
Plant and equipment
12.5% reducing balance
Fixtures and fittings
10-33% straight line
Motor vehicles
25% straight line

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

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

BENNETTS COACHES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 15 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

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

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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

 

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

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

BENNETTS COACHES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 16 -
1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

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

1.12
Financial instruments

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

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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

Other financial assets

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

BENNETTS COACHES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

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

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

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

Derecognition of financial assets

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

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

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

 

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

 

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

Other financial liabilities

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

 

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

BENNETTS COACHES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

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

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

 

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

1.15
Employee benefits

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

 

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

 

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

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

BENNETTS COACHES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 19 -
1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

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

 

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

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of services
7,385,693
7,232,727
2024
2023
£
£
Turnover analysed by geographical market
UK
7,385,693
7,232,727
BENNETTS COACHES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
3
Turnover and other revenue
(Continued)
- 20 -
2024
2023
£
£
Other revenue
Interest income
-
230
Grants received
1,002
-
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(1,002)
-
Depreciation of owned tangible fixed assets
282,791
218,243
Depreciation of tangible fixed assets held under finance leases
206,081
174,918
Profit on disposal of tangible fixed assets
(26,770)
(16,635)
Amortisation of intangible assets
45,541
45,541
Operating lease charges
680,160
465,990
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,025
-
Audit of the financial statements of the company's subsidiaries
9,050
-
12,075
-
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
1
1
1
1
Managers
4
4
-
-
Administration
4
4
-
-
Drivers
61
57
-
-
Workshop & Cleaning
11
11
-
-
Total
81
77
1
1
BENNETTS COACHES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
6
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,726,762
2,614,946
-
0
-
0
Social security costs
27,733
19,499
-
-
Pension costs
73,580
63,489
-
0
-
0
2,828,075
2,697,934
-
0
-
0
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
68,292
58,148
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
-
0
230
9
Interest payable and similar expenses
2024
2023
£
£
Other interest on financial liabilities
27,891
8,235
Interest on finance leases and hire purchase contracts
20,225
17,425
Total finance costs
48,116
25,660
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
242,622
157,528
Adjustments in respect of prior periods
(2,832)
-
0
Total current tax
239,790
157,528
Deferred tax
Origination and reversal of timing differences
35,675
217,200
Total tax charge
275,465
374,728
BENNETTS COACHES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
10
Taxation
(Continued)
- 22 -

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

2024
2023
£
£
Profit before taxation
1,025,813
1,639,342
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
256,453
409,836
Tax effect of expenses that are not deductible in determining taxable profit
14,878
3,484
Change in unrecognised deferred tax assets
-
0
(47,657)
Adjustments in respect of prior years
4,134
-
0
Effect of change in corporation tax rate
-
30,277
Permanent capital allowances in excess of depreciation
-
0
(21,212)
Taxation charge
275,465
374,728
11
Dividends
2024
2023
2024
2023
Recognised as distributions to equity holders:
Per share
Per share
Total
Total
£
£
£
£
Preference shares
Interim paid
0.05
0.05
50,000
50,000
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
651,465
Amortisation and impairment
At 1 September 2023
469,299
Amortisation charged for the year
45,541
At 31 August 2024
514,840
Carrying amount
At 31 August 2024
136,625
At 31 August 2023
182,166
The company had no intangible fixed assets at 31 August 2024 or 31 August 2023.
BENNETTS COACHES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 23 -
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 September 2023
1,602,703
114,115
5,052,212
162,587
179,347
7,110,964
Additions
946,660
-
0
337,419
74,352
34,876
1,393,307
Disposals
-
0
-
0
(399,992)
-
0
(15,020)
(415,012)
At 31 August 2024
2,549,363
114,115
4,989,639
236,939
199,203
8,089,259
Depreciation and impairment
At 1 September 2023
-
0
67,722
2,040,962
64,266
38,611
2,211,561
Depreciation charged in the year
-
0
11,407
403,828
28,638
44,999
488,872
Eliminated in respect of disposals
-
0
-
0
(226,487)
-
0
(11,795)
(238,282)
At 31 August 2024
-
0
79,129
2,218,303
92,904
71,815
2,462,151
Carrying amount
At 31 August 2024
2,549,363
34,986
2,771,336
144,035
127,388
5,627,108
At 31 August 2023
1,602,703
46,393
3,011,250
98,321
140,736
4,899,403
Company
Freehold land and buildings
£
Cost
At 1 September 2023
1,602,703
Additions
946,660
At 31 August 2024
2,549,363
Depreciation and impairment
At 1 September 2023 and 31 August 2024
-
0
Carrying amount
At 31 August 2024
2,549,363
At 31 August 2023
1,602,703
BENNETTS COACHES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
13
Tangible fixed assets
(Continued)
- 24 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
1,357,124
1,651,993
-
0
-
0
Motor vehicles
70,837
96,596
-
0
-
0
1,427,961
1,748,589
-
-
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1,025,122
1,025,122
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 September 2023 and 31 August 2024
1,025,122
Carrying amount
At 31 August 2024
1,025,122
At 31 August 2023
1,025,122
15
Subsidiaries

Details of the company's subsidiaries at 31 August 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Bennetts Coaches Limited
Eastern Avenue, Gloucester, United Kingdom, GL4 4LP
Ordinary
100.00
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
103,888
111,397
-
-
BENNETTS COACHES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 25 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
81,568
207,000
-
0
-
0
Corporation tax recoverable
2,832
-
0
2,832
-
0
Other debtors
70,733
201,788
7,470
140,644
Prepayments and accrued income
419,703
424,886
-
0
-
0
574,836
833,674
10,302
140,644
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
53,849
29,548
53,849
29,548
Obligations under finance leases
21
223,099
278,163
-
0
-
0
Trade creditors
139,386
230,746
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
308,166
308,166
Corporation tax payable
242,622
157,528
-
0
2,832
Other taxation and social security
50,592
59,978
-
-
Deferred income
23
824,731
770,843
-
0
-
0
Other creditors
242,613
598,959
25,000
25,000
Accruals and deferred income
32,042
18,742
7,338
2,613
1,808,934
2,144,507
394,353
368,159
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
406,792
169,382
406,792
169,382
Obligations under finance leases
21
231,704
333,971
-
0
-
0
638,496
503,353
406,792
169,382
BENNETTS COACHES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 26 -
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
460,641
198,930
460,641
198,930
Payable within one year
53,849
29,548
53,849
29,548
Payable after one year
406,792
169,382
406,792
169,382

Group and Company

The bank loan is secured by fixed and floating charges over all assets of Bennetts Coaches Holdings Limited.

21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
223,100
278,163
-
0
-
0
In two to five years
231,703
333,971
-
0
-
0
454,803
612,134
-
-

Finance lease obligations are secured over the assets to which they relate.

22
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
801,647
765,551
Retirement benefit obligations
(1,961)
(1,540)
799,686
764,011
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
70,829
-
BENNETTS COACHES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
22
Deferred taxation
(Continued)
- 27 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 September 2023
764,011
-
Charge to profit or loss
35,675
70,829
Liability at 31 August 2024
799,686
70,829

The deferred tax liability set out above is expected to reverse within the foreseeable future and relates to accelerated capital allowances that are expected to mature within the same period as well as retirement benefit obligations.

23
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
824,731
770,843
-
-
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
73,580
63,489

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
1,000,000
1,000,000
1,000,000
1,000,000
Preference shares classified as equity
1,000,000
1,000,000
Total equity share capital
1,010,000
1,010,000
BENNETTS COACHES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 28 -
26
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
882,127
228,168
-
-
Between two and five years
1,725,725
25,032
-
-
2,607,852
253,200
-
-
27
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Rent
2024
2023
£
£
Group
Key management personnel
21,600
21,600
BENNETTS COACHES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 29 -
28
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
750,348
1,264,614
Adjustments for:
Taxation charged
275,465
374,728
Finance costs
48,116
25,660
Investment income
-
0
(230)
Gain on disposal of tangible fixed assets
(26,770)
(16,635)
Amortisation and impairment of intangible assets
45,541
45,541
Depreciation and impairment of tangible fixed assets
488,872
393,161
Movements in working capital:
Decrease/(increase) in stocks
7,509
(20,193)
Decrease/(increase) in debtors
261,670
(88,448)
Decrease in creditors
(443,791)
(505,455)
Increase in deferred income
53,888
770,843
Cash generated from operations
1,460,848
2,243,586
Difference
(1)
-
Per cash flow statement page
1,460,847
2,243,586
29
Analysis of changes in net funds - group
1 September 2023
Cash flows
31 August 2024
£
£
£
Cash at bank and in hand
1,085,947
119,776
1,205,723
Borrowings excluding overdrafts
(198,930)
(261,711)
(460,641)
Obligations under finance leases
(612,134)
157,331
(454,803)
274,883
15,396
290,279
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