Whippet Coaches Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 00520428

Whippet Coaches Limited

Filleted Financial Statements

31 December 2024

Whippet Coaches Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Intangible assets	5	9,308	–
Tangible assets	6	428,895	677,373
Investments	7	1	181
		---------	---------
		438,204	677,554

Current assets

Stocks		17,268	17,908
Debtors	8	1,176,447	1,160,685
Cash at bank and in hand		65,886	150,375
		------------	------------
		1,259,601	1,328,968

Creditors: amounts falling due within one year	9	( 3,166,490)	( 2,787,577)
		------------	------------
Net current liabilities		( 1,906,889)	( 1,458,609)
		------------	------------
Total assets less current liabilities		( 1,468,685)	( 781,055)

Creditors: amounts falling due after more than one year	10	( 210,895)	( 396,253)
		------------	------------
Net liabilities		( 1,679,580)	( 1,177,308)
		------------	------------

Capital and reserves

Called up share capital	3,000	3,000
Profit and loss account	( 1,682,580)	( 1,180,308)
	------------	------------
Shareholders deficit	( 1,679,580)	( 1,177,308)
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

A D Leishman

Director

Company registration number: 00520428

Whippet Coaches Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Rowles Way, Buckingway Business Park, Swavesey, Cambridge, CB24 4UG, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

During the year the company made a net loss for the year to 31 December 2024 of £0.502m (2023: £1.45m). At the balance sheet date, the company had net current liabilities of £1.91m (2023: £1.46m). The company continues to operate in a challenging operational environment for regional transport operators in the UK, with reduced demand continuing among most routes, although Government incentives such as the Bus Fare Cap scheme have sought to alleviate falling demand by capping fares with the aim of encouraging more ridership. The company continues to have the financial support of its immediate parent company Ascendal Group Limited and its ultimate controlling party as and when required and the group has confirmed this existing support will remain in place. The directors have drawn up cash flow forecasts which extend to December 2026, and which reflect income growth based on minimum contract mileages on the existing contracts and costs which have been adjusted for inflation as well as vehicle leases in place. The key assumptions included within the forecasts relate to mileage guarantees which are set out in the company's various service contracts, as well as passenger numbers adjusting for seasonal fluctuations. The company has no external borrowings apart from leases and the management information shows that the company is cash flow generative, and the forecast indicate that the company is expected to operate without further financing requirements or support from the group for at least 12 months for the date of approval of the financial statements. While there can be no certainty over the assumptions made in preparing the cash flow forecast, based on the above, the directors have prepared the financial statements on a going concern basis.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements, being a member of a group where the parent of the group prepares publicly available consolidated financial statements, including this company and its subsidiaries which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The financial statements of the company and its subsidiaries are consolidated in the financial statements of Ascendal Group Limited. These consolidated financial statements are available from its registered office as shown in the controlling party note below.

Revenue recognition

Turnover relates to revenue earned from the rendering of bus services and contract income, net of VAT and any sales related discounts. Bus services comprise on-bus revenue which is recognised immediately on receipt. Contract income is recognised in line with the terms of the contract and at the point at which the company has satisfied the relevant terms of the contract to be entitled to the income.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Software	-	3 -5 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	50 years
Motor vehicles	-	3 - 15 years
Equipment	-	4 - 15 years

Investments

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

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability. During the year the company received Covid 19 Bus Service Support grants totalling £nil (2023: £144,711). The grants have been disclosed within other operating income.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 133 (2023: 120 ).

5. Intangible assets

	Software
	£
Cost
At 1 January 2024	32,979
Additions	9,855
	--------
At 31 December 2024	42,834
	--------
Amortisation
At 1 January 2024	32,979
Charge for the year	547
	--------
At 31 December 2024	33,526
	--------
Carrying amount
At 31 December 2024	9,308
	--------
At 31 December 2023	–
	--------

6. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 January 2024 and 31 December 2024	1,465,113	458,336	1,923,449
	------------	---------	------------
Depreciation
At 1 January 2024	819,757	426,319	1,246,076
Charge for the year	233,356	15,122	248,478
	------------	---------	------------
At 31 December 2024	1,053,113	441,441	1,494,554
	------------	---------	------------
Carrying amount
At 31 December 2024	412,000	16,895	428,895
	------------	---------	------------
At 31 December 2023	645,356	32,017	677,373
	------------	---------	------------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2024	181
Disposals	( 180)
	----
At 31 December 2024	1
	----
Impairment
At 1 January 2024 and 31 December 2024	–
	----

Carrying amount
At 31 December 2024	1
	----
At 31 December 2023	181
	----

8. Debtors

	2024	2023
	£	£
Trade debtors	685,066	674,792
Other debtors	491,381	485,893
	------------	------------
	1,176,447	1,160,685
	------------	------------

9. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	601,587	708,481
Amounts owed to group undertakings and undertakings in which the company has a participating interest	2,113,722	1,391,991
Social security and other taxes	99,120	208,304
Other creditors	352,061	478,801
	------------	------------
	3,166,490	2,787,577
	------------	------------

10. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	210,895	396,253
	---------	---------

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	1,590,189	1,587,915
Later than 1 year and not later than 5 years	5,116,165	5,893,622
Later than 5 years	1,965,984	3,000,253
	------------	-------------
	8,672,338	10,481,790
	------------	-------------

The future minimum lease payments under non-cancellable operating leases disclosed above are payable to a fellow subsidiary company incorporated in England and Wales.

12. Summary audit opinion

The auditor's report dated 30 September 2025 was unqualified .

The senior statutory auditor was Terrence Bourne , for and on behalf of Moore Kingston Smith LLP .

13. Related party transactions

As a wholly owned subsidiary of Ascendal Group Limited, the Company is exempt from the requirement of FRS 102 paragraph 33.1A to disclose transactions with other members of the Group.

14. Controlling party

The company is a wholly owned subsidiary of Ascendal Group Limited , a company incorporated in England and Wales. The parent's consolidated financial statements can be obtained from the registered office at 2 Rowles Way, Buckingway Business Park, Swavesey, England, CB24 4UG. The Ultimate controlling party is The RSJT Trust , a company incorporated in Jersey. The company's financial statements can be obtained from the registered office at One The Esplanade, St Helier, Jersey .