REGISTERED NUMBER: 01855848 (England and Wales)

Landtourer Coaches Limited

Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 31st December 2024

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Statement of Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

15

DIRECTORS:

S Kavanagh

J Clarke

SECRETARY:

S Kavanagh

REGISTERED OFFICE:

2 Oriel Court

Omega Park

Alton

Hampshire

GU34 2YT

REGISTERED NUMBER:

01855848 (England and Wales)

AUDITORS:

Sheen Stickland

Chartered Accountants

Statutory Auditors

2 Oriel Court

Omega Park

Alton

Hampshire

GU34 2YT

The directors present their strategic report of the company and the group for the year ended 31st December 2024.

REVIEW OF BUSINESS

The group's principal activities during the year continued to be the provision of coach and bus hire

services and tour operation.

The key 2024 financial and other performance indicators were as follows:

2024

2023

Change

Turnover

4,325,071

6,135,145

(30%)

Group operating profit

(394,931)

(162,975)

142%

Profit/(loss) after tax

(565,159)

(292,045)

94%

Equity shareholders' funds

1,753,784

2,311,905

(24%)

Gross profit margin

7%

4%

63%

PRINCIPAL RISKS AND UNCERTAINTIES

The major risk faced by the group is competitive risk. The group operates in a crowded and highly competitive market.

FUTURE DEVELOPMENT

The directors remain focused on preserving and improving the future profitability of the company, which can be achieved by the continued monitoring and control of costs and investment in sales and marketing activities.

ON BEHALF OF THE BOARD:

J Clarke - Director

10th October 2025

The directors present their report with the financial statements of the company and the group for the year ended 31st December 2024.

DIVIDENDS

No dividends will be distributed for the year ended 31st December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report.

S Kavanagh

J Clarke

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

-	select suitable accounting policies 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Sheen Stickland, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J Clarke - Director

10th October 2025

Opinion

We have audited the financial statements of Landtourer Coaches Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 company affairs as at 31st December 2023 and of the company loss for the year then ended;

-

have been properly prepared in accordance with the 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 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 directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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 a Report of the Auditors 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.

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:

We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

The laws and regulations applicable to the company were identified through discussions with the director and other management also from our commercial knowledge and experience of the company. Of these laws and regulations, we focused on those that we considered may have a direct material effect on the financial statements or the operations of the company, including but not limited to The Companies Act 2006, taxation legislation, data protection, anti-bribery, anti-money-laundering and employment legislation.

The extent of compliance with these laws and regulations identified above was assessed through making enquiries of management and inspecting legal expenditure and correspondence. The identified laws and regulations were communicated within the audit team, the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-

Making enquiries of management as to where they considered there was susceptibility to fraud, them knowledge of actual, suspected and alleged fraud;

To address the risk of fraud through management bias and override of controls, we:

-

Tested journal entries to identify unusual transactions;

-

Performed analytical procedures to identify any unusual or unexpected relationships;

-

Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

Agreeing financial statement disclosures to underlying supporting documentation;

-

Reviewing minutes of meetings of those charged with governance.

-

Enquiring of management as to actual and potential litigation and claims;

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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 Report of the Auditors.

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 a Report of the Auditors 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.

David Sanders BA BFP FCA (Senior Statutory Auditor)

for and on behalf of Sheen Stickland

Chartered Accountants

Statutory Auditors

2 Oriel Court

Omega Park

Alton

Hampshire

GU34 2YT

13th October 2025

TURNOVER

3

4,930,574

6,135,145

Cost of sales

(4,651,228

)

(5,892,520

)

GROSS PROFIT

279,346

242,625

Administrative expenses

(687,510

)

(608,838

)

(408,164

)

(366,213

)

Other operating income

13,233

203,238

OPERATING LOSS

5

(394,931

)

(162,975

)

Interest receivable and similar income

3,465

8,447

(391,466

)

(154,528

)

Interest payable and similar expenses

6

(173,693

)

(137,517

)

LOSS BEFORE TAXATION

(565,159

)

(292,045

)

Tax on loss

7

-

491

LOSS FOR THE FINANCIAL YEAR

(565,159

)

(291,554

)

OTHER COMPREHENSIVE INCOME

Revaluation reserve

-

7,037

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

7,037

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(565,159

)

(284,517

)

Loss attributable to:

Owners of the parent

(565,159

)

(291,554

)

Total comprehensive income attributable to:

Owners of the parent

(565,159

)

(284,517

)

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

4,481,321

4,486,762

Investments

11

-

-

4,481,321

4,486,762

CURRENT ASSETS

Stocks

12

85,611

89,128

Debtors

13

281,197

524,054

Cash at bank

129,828

309,620

496,636

922,802

CREDITORS

Amounts falling due within one year

14

(1,225,999

)

(1,161,610

)

NET CURRENT LIABILITIES

(729,363

)

(238,808

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,751,958

4,247,954

CREDITORS

Amounts falling due after more than one year

15

(1,470,411

)

(1,408,286

)

PROVISIONS FOR LIABILITIES

19

(534,800

)

(527,763

)

NET ASSETS

1,746,747

2,311,905

CAPITAL AND RESERVES

Called up share capital

20

1,060,003

1,060,002

Revaluation reserve

21

157,204

157,204

Retained earnings

21

529,540

1,094,699

SHAREHOLDERS' FUNDS

1,746,747

2,311,905

The financial statements were approved by the Board of Directors and authorised for issue on 10th October 2025 and were signed on its behalf by:

J Clarke - Director

S Kavanagh - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

84,997

84,997

84,997

84,997

CURRENT ASSETS

Debtors

13

200

648

Cash at bank

5,994

2,087

6,194

2,735

CREDITORS

Amounts falling due within one year

14

(71,165

)

(45,140

)

NET CURRENT LIABILITIES

(64,971

)

(42,405

)

TOTAL ASSETS LESS CURRENT LIABILITIES

20,026

42,592

CAPITAL AND RESERVES

Called up share capital

20

1,060,002

1,060,002

Retained earnings

21

(1,039,976

)

(1,017,410

)

SHAREHOLDERS' FUNDS

20,026

42,592

Company's loss for the financial year

(22,566

)

(23,156

)

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

The financial statements were approved by the Board of Directors and authorised for issue on 10th October 2025 and were signed on its behalf by:

J Clarke - Director

S Kavanagh - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st January 2023

1,060,002

1,386,253

150,167

2,596,422

Changes in equity

Total comprehensive income

-

(291,554

)

7,037

(284,517

)

Balance at 31st December 2023

1,060,002

1,094,699

157,204

2,311,905

Changes in equity

Issue of share capital

1

-

-

1

Total comprehensive income

-

(565,159

)

-

(565,159

)

Balance at 31st December 2024

1,060,003

529,540

157,204

1,746,747

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2023

1,060,002

(994,254

)

65,748

Changes in equity

Total comprehensive income

-

(23,156

)

(23,156

)

Balance at 31st December 2023

1,060,002

(1,017,410

)

42,592

Changes in equity

Total comprehensive income

-

(22,566

)

(22,566

)

Balance at 31st December 2024

1,060,002

(1,039,976

)

20,026

Cash flows from operating activities

Cash generated from operations

1

537,156

558,314

Interest paid

(13,513

)

(16,909

)

Interest element of hire purchase payments paid

(160,180

)

(120,608

)

Net cash from operating activities

363,463

420,797

Cash flows from investing activities

Purchase of tangible fixed assets

(937,585

)

(1,070,432

)

Sale of tangible fixed assets

204,000

355,301

Interest received

3,465

8,447

Net cash from investing activities

(730,120

)

(706,684

)

Cash flows from financing activities

New loans in year

(50,000

)

-

Loan repayments in year

30,467

(50,000

)

Group loan movements

-

(85,941

)

Capital repayments in year

206,398

236,162

Net cash from financing activities

186,865

100,221

Decrease in cash and cash equivalents

(179,792

)

(185,666

)

Cash and cash equivalents at beginning of year

2

309,620

495,286

Cash and cash equivalents at end of year

2

129,828

309,620

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Loss before taxation

(565,159

)

(292,045

)

Depreciation charges

752,176

774,766

Profit on disposal of fixed assets

(13,150

)

(203,238

)

Finance costs

173,693

137,517

Finance income

(3,465

)

(8,447

)

344,095

408,553

Decrease in stocks

3,517

15,651

Decrease in trade and other debtors

249,896

93,892

(Decrease)/increase in trade and other creditors

(60,352

)

40,218

Cash generated from operations

537,156

558,314

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

129,828

309,620

Year ended 31st December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

309,620

495,286

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

309,620

(179,792

)

129,828

309,620

(179,792

)

129,828

Debt

Finance leases

(1,787,055

)

(206,398

)

(1,993,453

)

Debts falling due within 1 year

(50,000

)

-

(50,000

)

Debts falling due after 1 year

(129,167

)

50,000

(79,167

)

(1,966,222

)

(156,398

)

(2,122,620

)

Total

(1,656,602

)

(336,190

)

(1,992,792

)

1.	STATEMENT OF COMPLIANCE

Landtourer Coaches Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is 2 Oriel Court, Omega Park, Alton, Hampshire, GU34 2YT. The registration number is 01855848.

The Group's financial statements are presented in sterling which is the functional currency of the Group and rounded to the nearest pound.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value due to the continued support of the parent company.

Basis of consolidation

The consolidated financial statements incorporate the results of Landtourer Coaches Limited and all its subsidiary undertakings as at balance sheet date using the acquisition method of accounting. The parent company has taken advantage of section 408 of the Companies Act 2006 and has not included its own Profit and Loss Account in these financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required make judgements, estimates and assumptions about the carrying amount of assets and liabilities that a 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Deferred tax

The company has not recognised a deferred tax liability on a the timing difference arising from accelerated capital allowances, due to the tax relief generating losses nor has it recognised the corresponding asset. It is probable the company would relieve taxable losses against any future balancing charges on Tangible fixed assets. Deferred tax has been recognised on other timing differences.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing material adjustment to the carrying

amount of assets and liabilities are as follows:-

Property Valuation

The directors have valued the property based on market conditions, a formal valuation that took place in 2023 and their experience. The property is held jointly by two subsidiary companies, effectively it is two separate adjoining premises.

ACCOUNTING POLICIES - continued

Turnover

Turnover represents net amounts invoiced during the year, excluding Value Added Tax. Revenue is recognised when sales invoices are raised for the provision of coach travel, then adjustments are made for any accrued and deferred income.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or if held under a finance lease, over the lease term, whichever is shorter:

Freehold property

Held at valuation

Plant and Machinery

- 10% - 50% on cost

Fixtures and Fittings

- 10% - 33% on cost

Computer Equipment

- 10% - 33% on cost

Fixed assets are stated at cost less depreciation and any impairment.

Land and buildings are held at valuation and not depreciated. The directors have reviewed the value of the land and buildings as at 31st December 2024 and are satisfied that the value is not less than the carrying amount.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial assets and financial liabilities are recognised when the group becomes party to the contractual provisions of the financial instrument.

Cash and cash equivalents

These comprise cash at bank and other short term liquid investments.

Debtors

Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

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.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

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

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Related party exemption

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

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

3.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2024

2023

£

£

Rendering of services

4,930,574

6,135,145

4,930,574

6,135,145

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

1,900,487

2,179,117

Social security costs

151,298

197,417

Other pension costs

33,903

29,810

2,085,688

2,406,344