ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 12531548

SELWYNS COACHES LIMITED

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

SELWYNS COACHES LIMITED

CONTENTS

	Page
Company Information	1
Group Strategic Report	2 - 3
Director's Report	4 - 5
Independent Auditors' Report	6 - 10
Consolidated Statement of Comprehensive Income	11
Consolidated Statement of Financial Position	12 - 13
Company Statement of Financial Position	14
Consolidated Statement of Changes in Equity	15
Company Statement of Changes in Equity	16
Consolidated Statement of Cash Flows	17
Consolidated Analysis of Net Debt	18
Notes to the Financial Statements	19 - 41

SELWYNS COACHES LIMITED

COMPANY INFORMATION

Director	S A Jones


Company secretaries	J C Hughes, J M Jones


Registered number	12531548


Registered office	Westgate House
	44 Hale Road
	Altrincham
	WA14 2EX


Independent auditors	Alexander Knight & Co Limited
	Chartered Accountants and Statutory Auditor
	Westgate House
	44 Hale Road
	Hale
	Altrincham
	Cheshire
	WA14 2EX

Page 1

SELWYNS COACHES LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The directors present their strategic report for the year ended 31 December 2024.

Business review

The principal activities of the Group continue to be the provision of road passenger transport services in the United Kingdom.
As shown in the Group’s Statement of Income and Retained Earnings, turnover increased 2.3% mainly due to contractual revenue performing well in the year from a combination of route renewals with improved commercials and new business. The directors are optimistic that there will be further growth in 2025.
Gross margin has increased from 17.1% to 20.6% resulting in a gross profit of £3,884,787. This has been achieved through operational performance improvements and efficiencies.
Despite fixed overheads increasing from £2,428,133 to £2,925,604 as a result, in the main, of full year effect of new staff hires in late 2023, the operating margin has increased from 3.9% to 5.5% and an operating profit of £1,040,282.
The Statement of Financial Position shows the Group continues to maintain a strong financial position with net assets increasing from £1,958,381 to £2,704,431.

Principal risks and uncertainties

The directors have established a continuing process of risk management within the Group to evaluate, monitor and manage potential risks and uncertainties that could have an impact upon the Group’s long-term performance and have a strong culture of compliance, safety and security both for staff and passengers.
The specific principal risks facing the Group include increasing driver labour, fuel and vehicle insurance costs.
By far the largest element of the Group’s operating costs relates to labour. The directors have established a process of monitoring all aspects of recruitment, training, personal development and remuneration.
Fuel costs are heavily influenced by external factors. The directors regularly monitor market forces to ensure appropriate fuel hedging contracts are in place to alleviate the risk.
The Group is also exposed to increased insurance costs. The Group manages this risk by the implementation of technology in all vehicles to aid accident prevention along with driver training and awareness. The Group regularly monitors the level of insurance claims in consultation with its insurers to ensure that appropriate provisions are made. The directors regularly review the insurance cover needed by the Group.

Page 2

SELWYNS COACHES LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators

	2024	2023
	£	£

Turnover	18,858,750	18,417,217
Gross profit	3,884,787	3,154,503
Gross profit percentage	20.6%	17.1%
Operating profit	1,040,282	726,370
Operating profit percentage	5.5%	3.9%
Profit before tax	845,970	595,293
Turnover growth	2.3%	37.3%
EBITDA	1,210,209	823,471
EBITDA percentage	6.4%	4.5%
Turnover per employee	82,648	81,133
Operating profit per employee	4,563	3,200

This report was approved by the board and signed on its behalf.

S A Jones

Director

Date: 1 September 2025

Page 3

SELWYNS COACHES LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Principal activity

The principal activity is that of a holding company.

Director

The director who served during the year was:

S A Jones

Results and dividends

The profit for the year, after taxation, amounted to £845,970 (2023 - £642,159).

Please see note 12 for details of dividends declared in the year.

Matters covered in the Group Strategic Report

In accordance with section 414c(11) of the Companies Act 2006 Regulations 2013, the directors have included a separate strategic report. This includes information that would have been included in the business review and the principal risks and uncertainties.

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the director is required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

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

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

The directors remain optimistic that there will be continued growth in the business.

Page 4

SELWYNS COACHES LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:

∙so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditors, Alexander Knight & Co Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

S A Jones

Director

Date: 1 September 2025

Page 5

SELWYNS COACHES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SELWYNS COACHES LIMITED

Opinion

We have audited the financial statements of Selwyns Coaches Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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's affairs as at 31 December 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 United Kingdom, including the Financial Reporting Council'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 or 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 director with respect to going concern are described in the relevant sections of this report.

Page 6

SELWYNS COACHES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SELWYNS COACHES LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

Opinion 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group Strategic Report and the Director's Report 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 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:

∙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 director's remuneration specified by law are not made; or

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

Page 7

SELWYNS COACHES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SELWYNS COACHES LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Director's Responsibilities Statement set out on page 4, 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 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 8

SELWYNS COACHES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SELWYNS COACHES LIMITED (CONTINUED)

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 an Auditors' 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 Group financial statements.

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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit team:
Obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;
Inquired of management and those charged with governance their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
Discussed matters about non-compliance with laws and regulations and how fraud might occur including an assessment of how and where the financial statements may be susceptible to fraud.
As a result of performing the above, our procedures to respond to the risks identified included the following:
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
All engagement team members were informed of the relevant laws and regulations and potential fraud risks at the planning stage and reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify such items.
There are inherent limitations in our audit procedures described above. The more removed the laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to inquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
It remains the primary responsibility of management to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

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 Auditors' Report.

Page 9

SELWYNS COACHES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SELWYNS COACHES LIMITED (CONTINUED)

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 Auditors' 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.

Murray Patt FCA (Senior Statutory Auditor)

for and on behalf of

Alexander Knight & Co Limited

Chartered Accountants and Statutory Auditor

Westgate House

44 Hale Road

Hale

Altrincham

Cheshire

WA14 2EX

3 September 2025

Page 10

SELWYNS COACHES LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	18,858,750	18,417,217
Cost of sales		(14,973,963)	(15,262,714)
Gross profit		3,884,787	3,154,503
Administrative expenses		(2,925,604)	(2,428,133)
Other operating income	5	81,099	-
Operating profit	6	1,040,282	726,370
Interest payable and similar expenses	10	(194,312)	(131,077)
Profit before tax		845,970	595,293
Tax on profit	11	-	46,866
Profit for the financial year		845,970	642,159

Profit for the year attributable to:
Owners of the parent company	845,970	642,159
	845,970	642,159

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 19 to 41 form part of these financial statements.

Page 11

SELWYNS COACHES LIMITED

REGISTERED NUMBER: 12531548

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	13		1		1
Tangible assets	14		4,402,911		2,363,461
			4,402,912		2,363,462
Current assets
Stocks	16	356,308		316,418
Debtors: amounts falling due within one year	17	2,284,595		2,214,653
Cash at bank and in hand		692,656		690,701
		3,333,559		3,221,772
Creditors: amounts falling due within one year	19	(2,736,753)		(2,900,110)
Net current assets			596,806		321,662
Total assets less current liabilities			4,999,718		2,685,124
Creditors: amounts falling due after more than one year	20		(2,282,493)		(696,850)
Provisions for liabilities
Other provisions	22	(12,794)		(29,893)
			(12,794)		(29,893)
Net assets			2,704,431		1,958,381

Capital and reserves
Called up share capital	23	180	100
Other reserves	24	1,362,061	1,362,061
Profit and loss account	24	1,342,190	596,220
		2,704,431	1,958,381

Page 12

SELWYNS COACHES LIMITED

REGISTERED NUMBER: 12531548

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

S A Jones

Director

Date: 1 September 2025

The notes on pages 19 to 41 form part of these financial statements.

Page 13

SELWYNS COACHES LIMITED

REGISTERED NUMBER: 12531548

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	14		534,975		452,380
Investments	15		1,362,062		1,362,062
			1,897,037		1,814,442
Current assets
Debtors: amounts falling due within one year	17	136,353		53,180
Cash at bank and in hand	18	182,087		87,046
		318,440		140,226
Creditors: amounts falling due within one year	19	(222,107)		(170,786)
Net current assets/(liabilities)			96,333		(30,560)
Total assets less current liabilities			1,993,370		1,783,882


Net assets			1,993,370		1,783,882

Capital and reserves
Called up share capital	23		180		100
Other reserves	24		1,362,061		1,362,061
Profit and loss account brought forward		421,721		140,596
Profit for the year		309,408		281,125
Other changes in the profit and loss account		(100,000)		-
Profit and loss account carried forward			631,129		421,721
			1,993,370		1,783,882

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

S A Jones

Director

Date: 1 September 2025

The notes on pages 19 to 41 form part of these financial statements.

Page 14

SELWYNS COACHES LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Capital contribution	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2023	100	1,362,061	(45,939)	1,316,222
Comprehensive income for the year
Profit for the year	-	-	642,159	642,159
Total comprehensive income for the year	-	-	642,159	642,159

At 1 January 2024	100	1,362,061	596,220	1,958,381
Comprehensive income for the year
Profit for the year	-	-	845,970	845,970
Total comprehensive income for the year	-	-	845,970	845,970
Dividends: Equity capital	-	-	(100,000)	(100,000)
Shares issued during the year	80	-	-	80
At 31 December 2024	180	1,362,061	1,342,190	2,704,431

The notes on pages 19 to 41 form part of these financial statements.

Page 15

SELWYNS COACHES LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Capital contribution	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2023	100	1,362,061	140,596	1,502,757
Comprehensive income for the year
Profit for the year	-	-	281,125	281,125
Total comprehensive income for the year	-	-	281,125	281,125

At 1 January 2024	100	1,362,061	421,721	1,783,882
Comprehensive income for the year
Profit for the year	-	-	309,408	309,408
Total comprehensive income for the year	-	-	309,408	309,408
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(100,000)	(100,000)
Shares issued during the year	80	-	-	80
Total transactions with owners	80	-	(100,000)	(99,920)
At 31 December 2024	180	1,362,061	631,129	1,993,370

The notes on pages 19 to 41 form part of these financial statements.

Page 16

SELWYNS COACHES LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial year	845,970	642,159
Adjustments for:
Depreciation of tangible assets	233,658	177,654
Loss on disposal of tangible assets	(63,731)	(80,554)
Interest paid	194,312	131,077
Taxation charge	-	(46,866)
(Increase)/decrease in stocks	(39,891)	501
(Increase) in debtors	(69,942)	(483,365)
(Decrease)/increase in creditors	(341,380)	338,701
(Decrease)/increase in provisions	(17,097)	1,653
Net cash generated from operating activities	741,899	680,960

Cash flows from investing activities
Purchase of tangible fixed assets	(283,444)	(278,645)
Sale of tangible fixed assets	373,350	475,850
HP interest paid	(195,839)	(98,037)
Net cash from investing activities	(105,933)	99,168
Cash flows from financing activities
Issue of ordinary shares	80	-
Repayment of/new finance leases	(535,618)	(480,613)
Dividends paid	(100,000)	-
Interest paid	1,527	(33,040)
Net cash used in financing activities	(634,011)	(513,653)
Net increase in cash and cash equivalents	1,955	266,475
Cash and cash equivalents at beginning of year	690,701	424,226
Cash and cash equivalents at the end of year	692,656	690,701

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	692,656	690,701
	692,656	690,701

Page 17

SELWYNS COACHES LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2024


At 1 January 2024	Cash flows	New finance leases	At 31 December 2024
£	£	£	£

Cash at bank and in hand	690,701	1,955	-	692,656
Debt due within 1 year	(823,350)	100,000	-	(723,350)
Finance leases	(939,667)	535,619	(2,299,282)	(2,703,330)
	(1,072,316)	637,574	(2,299,282)	(2,734,024)

The notes on pages 19 to 41 form part of these financial statements.

Page 18

SELWYNS COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

The company is a private company limited by shares, registered in England and Wales (registered number 12531548). The address of the registered office is Westgate House, 44 Hale Road, Altrincham, Cheshire, WA14 2EX.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

2.2

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.

2.3

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 19

SELWYNS COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

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

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

∙the Group 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 Group 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 Group 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.

2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 20

SELWYNS COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Employee benefits

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

2.9

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 21

SELWYNS COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 22

SELWYNS COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation is provided on the following bases:

Goodwill

10%

straight line

2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 23

SELWYNS COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Long-term leasehold property	-	10% - 35% straight line depending on use
Plant and machinery	-	10% - 50% straight line depending on use
Motor vehicles	-	7-15% straight line depending on use until the asset hits its residual value.
Fixtures and fittings	-	6% - 35% straight line depending on use

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.13

Change in accounting estimate

During the year, the group changed their accounting estimate for depreciation of motor vehicles from "10 straight line or 15% reducing balance depending on use or until they have reached their residual value" to "7-15% straight line depending on use until the asset hits its residual value". This is because there has been a purchase of a new class of fleet during the year which does not bear resemblance to any of the existing fleet and so required a new depreciation rate. There is no effect on prior periods as the assets affected were all purchased this year.

2.14

Investments

Fixed asset investments are initially recorded at cost, including any deemed capital contribution and
subsequently stated at cost less any accumulated impairment losses.

2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 24

SELWYNS COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.

Increases in provisions are generally charged as an expense to profit or loss.

2.20

Financial instruments

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

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Page 25

SELWYNS COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.20

Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Page 26

SELWYNS COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.20

Financial instruments (continued)

effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

2.21

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax from the proceeds.

2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 27

SELWYNS COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Significant judgements
Management do not feel that there are any judgements (apart from those involving estimations) that have been made in the process of applying the entity's accounting policies which have a significant effect on the amounts recognised in the financial statements.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Estimated useful life and residual value of fixed assets
Depreciation of tangible fixed assets have been based on the estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives and residual values, as evidenced by disposals during current and prior accounting periods.
Impairment of debtors
The company makes an estimate of the recoverable value of trade debtors. When assessing the impairment of trade debtors, management include factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Provision for claims
A provision is made for claims against the company to the extent that they are not covered by insurance. The amount provided is an estimate calculated by the company's insurance brokers, however the actual claims against the company are likely to vary from the estimates included.

Page 28

SELWYNS COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Rendering of services	18,843,850	18,048,217
Sale of goods	14,900	369,000
	18,858,750	18,417,217

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	18,858,750	18,417,217
	18,858,750	18,417,217

5.	Other operating income
		2024	2023
		£	£

Rents receivable	47,413	-
Insurance claims receivable	33,686	-
	81,099	-

Other operating lease rentals	1,029,502	1,389,585
Depreciation of tangible assets	233,658	177,654
Profit/loss on sale of tangible assets	(63,731)	(80,554)

Page 29

SELWYNS COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Auditors remuneration

19,900

19,000

8.	Employees
	Staff costs, including director's remuneration, were as follows:

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Wages and salaries	8,794,465	7,784,439	12,570	13,290
Social security costs	873,635	764,077	479	45
Cost of defined contribution scheme	159,989	153,799	-	-
	9,828,089	8,702,315	13,049	13,335

The average monthly number of employees, including the director, during the year was as follows:

	Group	Group	Company	Company
	2024	2023	2024	2023
	No.	No.	No.	No.

Employees	229	227	1	1

9.	Director's remuneration
		2024	2023
		£	£

Director's emoluments	12,570	13,290
	12,570	13,290

During the year retirement benefits were accruing to no directors (2023 - NIL) in respect of defined contribution pension schemes.

Page 30

SELWYNS COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.	Interest payable and similar expenses
		2024	2023
		£	£

Bank interest payable	439	-
Other loan interest payable	(1,966)	33,040
Finance leases and hire purchase contracts	195,839	98,037
	194,312	131,077



Total current tax	-	-

Deferred tax
Deferred tax - current year	-	(46,866)
Total deferred tax	-	(46,866)


	Tax on profit	-	(46,866)

Page 31

SELWYNS COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.Taxation (continued)

Profit on ordinary activities before tax

845,971

595,294

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)	211,493	113,106
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	10,606	15,269
Movement on deferred tax asset not recognised	(222,099)	(108,807)
Increase in deferred taxation rates	-	(65,262)
Super deductions claimed	-	(1,172)
Total tax charge for the year	-	(46,866)

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

12.	Dividends
		2024	2023
		£	£

	Interim dividends	100,000	-
		100,000	-

Page 32

SELWYNS COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Intangible assets
	Group

		Goodwill
		£
	Cost
	At 1 January 2024	109,951
	At 31 December 2024	109,951
	Amortisation
	At 1 January 2024	109,950
	At 31 December 2024	109,950
	Net book value
	At 31 December 2024	1
	At 31 December 2023	1

The goodwill balance relates to the Company's acquisition of 100% of the ordinary share capital of Hayton Executive Travel Limited on 1 December 2011. This company was subsequently struck off.

Page 33

SELWYNS COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	Tangible fixed assets
	Group

	Long-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	70,974	220,537	3,515,010	90,336	3,896,857
Additions	65,112	50,915	2,457,280	9,418	2,582,725
Disposals	-	-	(553,501)	-	(553,501)
At 31 December 2024	136,086	271,452	5,418,789	99,754	5,926,081
Depreciation
At 1 January 2024	37,365	126,385	1,293,585	76,059	1,533,394
Charge for the year on owned assets	14,103	25,172	186,942	7,441	233,658
Disposals	-	-	(243,882)	-	(243,882)
At 31 December 2024	51,468	151,557	1,236,645	83,500	1,523,170
Net book value
At 31 December 2024	84,618	119,895	4,182,144	16,254	4,402,911
At 31 December 2023	33,609	94,152	2,221,425	14,278	2,363,464

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2024	2023
	£	£

	Motor vehicles	3,329,349	1,309,028
		3,329,349	1,309,028

Page 34

SELWYNS COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.Tangible fixed assets (continued)

	Company

	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£
Cost or valuation
At 1 January 2024	-	501,977	-	501,977
Additions	438	158,000	267	158,705
Disposals	-	(65,364)	-	(65,364)
At 31 December 2024	438	594,613	267	595,318
Depreciation
At 1 January 2024	-	49,597	-	49,597
Charge for the year on owned assets	82	14,747	33	14,862
Disposals	-	(4,116)	-	(4,116)
At 31 December 2024	82	60,228	33	60,343
Net book value
At 31 December 2024	356	534,385	234	534,975
At 31 December 2023	-	452,380	-	452,380

Page 35

SELWYNS COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	1,362,062
	At 31 December 2024	1,362,062

	Net book value
	At 31 December 2024	1,362,062
	At 31 December 2023	1,362,062

Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Registered office	Class of shares	Holding

Selwyns Travel Limited

The Old Hall, Cavendish Farm Road, Weston, Runcorn, WA7 4LU

Ordinary

100%

16.	Stocks
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Raw materials and consumables	356,308	316,418	-	-
	356,308	316,418	-	-

The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 36

SELWYNS COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

17.

Debtors

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Trade debtors	1,737,337	1,738,046	-	-
Amounts owed by group undertakings	-	-	136,353	33,180
Other debtors	138,130	133,738	-	-
Prepayments and accrued income	409,128	342,869	-	20,000
	2,284,595	2,214,653	136,353	53,180

18.	Cash and cash equivalents
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Cash at bank and in hand	692,656	690,701	182,087	87,046
	692,656	690,701	182,087	87,046

Page 37

SELWYNS COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

19.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Trade creditors	564,869	553,542	-	225
Amounts owed to group undertakings	-	-	-	2,360
Other taxation and social security	439,760	470,064	9,040	16,421
Obligations under finance lease and hire purchase contracts	420,837	242,817	-	-
Other creditors	1,128,591	1,352,793	206,357	148,130
Accruals and deferred income	182,696	280,894	6,710	3,650
	2,736,753	2,900,110	222,107	170,786

The following liabilities were secured:
	Group	Group
	2024	2023
	£	£

	Obligations under finance lease and hire purchase contracts	420,837	242,817
		420,837	242,817

Details of security provided:

Hire purchase liabilities were secured over the assets to which they relate.

20.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Net obligations under finance leases and hire purchase contracts	2,282,493	696,850	-	-
	2,282,493	696,850	-	-

Hire purchase liabilities were secured over the assets to which they relate

Page 38

SELWYNS COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

21.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group
		2024	2023
		£	£

Within one year	420,837	242,817
Between 1-5 years	2,282,493	696,851
	2,703,330	939,668

22.	Provisions
	Group

		Insurance provision
		£

	At 1 January 2024	29,893
	Charged to profit or loss	(17,099)
	At 31 December 2024	12,794

The insurance provision is a provision made for claims against the company to the extent that they are not covered by insurance policies. The cost of these claims are estimated by the company's insurancebrokers. There is a level of uncertainty as to the timing of the outflows for these provisions. However, the expectation is that they will unwind over the next three years.

23.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

17,000 (2023 - 90) Ordinary shares of £0.01 (2023: £1) each	170	90
1,000 (2023 - 10) Ordinary A shares of £0.01 (2023: £1) each	10	10

	180	100

During the year, 90 Ordinary shares of nominal value £1 and 10 Ordinary A shares of nominal value £1 were subdivided into 9,000 Ordinary shares of nominal value £0.01 and 1,000 Ordinary A shares of nominal value £0.01.
During the year, 8,000 Ordinary shares of nominal value £0.01 were issued at par value.

Page 39

SELWYNS COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

24.

Reserves

Other reserves

This reserve records the capital contribution made upon the acquisition of shares in the subsidiary company

Profit and loss account

This reserve records retained earnings and accumulated losses.

25.	Employee benefits

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £159,984 (2023: £153,799).

26.	Share-based payments
	The group has granted options to acquire 2,000 £0.01 ordinary B shares. The fair value of these options are not material and so an equity-settled shared based payment expense is not required in the profit and loss account.

Page 40

SELWYNS COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

27.	Capital commitments
	At 31 December 2024 the Group and Company had capital commitments as follows:
		Group	Group
		2024	2023
		£	£

	Contracted for but not provided in these financial statements	626,200	-
		626,200	-

28.	Commitments under operating leases
	At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2024	2023
		£	£

Not later than 1 year	623,482	1,282,975
Later than 1 year and not later than 5 years	1,200,620	701,773
Later than 5 years	396,144	29,496
	2,220,246	2,014,244

29.

Related party transactions

As at 31 December 2024, a balance of £929,706 (2023 - £971,491) included in other creditors was owed to one of the directors.
During the year, the group rented its head office from one of the directors for £48,000 (2023 - £48,000).
During the year, the group rented one of its depots from a family member of one of the directors for £28,800 (2023 - £28,800).
During the year, the group rented one of its depots from a connected company for £72,000 (2023 - £72,000).

Page 41