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Registration number: 03885518

South West Coaches Limited
Annual Report and Unaudited Financial Statements
for the Period from 1 January 2024 to 30 April 2025

South West Coaches Limited

Contents

Balance Sheet | 1 to 2
Notes to the Unaudited Financial Statements | 3 to 13

South West Coaches Limited

(Registration number: 03885518)
Balance Sheet as at 30 April 2025

| Note | 30 April 2025 £ | 31 December 2023 £
Fixed assets |  |  |
Tangible assets | 5 | 2,655,998 | 2,351,340
Investments | 6 | 60 | 60
|  | 2,656,058 | 2,351,400
Current assets |  |  |
Stocks | 7 | 149,464 | 42,446
Debtors | 8 | 1,171,664 | 1,060,494
Cash at bank and in hand |  | 64,939 | 57,582
|  | 1,386,067 | 1,160,522
Creditors: Amounts falling due within one year | 9 | (813,625) | (761,686)
Net current assets |  | 572,442 | 398,836
Total assets less current liabilities |  | 3,228,500 | 2,750,236
Creditors: Amounts falling due after more than one year | 9 | (526,103) | (311,663)
Provisions for liabilities |  | (559,396) | (509,010)
Net assets |  | 2,143,001 | 1,929,563
Capital and reserves |  |  |
Called up share capital |  | 60,000 | 60,000
Retained earnings |  | 2,083,001 | 1,869,563
Shareholders' funds |  | 2,143,001 | 1,929,563

South West Coaches Limited

(Registration number: 03885518)
Balance Sheet as at 30 April 2025

For the financial period ending 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 October 2025 and signed on its behalf by:

Mr A Graham Director |  |

South West Coaches Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 30 April 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
South West Coaches Limited
Southgate Road
Wincanton
Somerset
BA9 9EB

These financial statements were authorised for issue by the Board on 28 October 2025.

2 | Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and for the provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue from the provision of services 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:
a) the amount of revenue can be reliably measured;
b) it is probable that future economic benefit will flow to the company;
c) the stage of completion of the contract at the end of the reporting period can be reliably measured; and
d) the costs incurred and the costs to complete the contract can be reliably measured.

South West Coaches Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 30 April 2025

Government grants

Grants are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 5% straight line

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

South West Coaches Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 30 April 2025

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives.
Depreciation rates are as follows:

Asset class | Depreciation method and rate
Property improvements | 20% straight line
Plant and machinery | 20% reducing balance
Furniture, fittings and equipment | 20% reducing balance
Motor vehicles | 15% reducing balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at cost. Cost is determined using the first-in, first-out (FIFO) method.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

South West Coaches Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 30 April 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

South West Coaches Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 30 April 2025

3 | Staff numbers

The average number of persons employed by the company (including directors) during the period was 125 (2023 - 122).

4 | Intangible assets

| Goodwill £ | Total £
Cost or valuation
At 1 January 2024 | 160,000 | 160,000
At 30 April 2025 | 160,000 | 160,000
Amortisation
At 1 January 2024 | 160,000 | 160,000
At 30 April 2025 | 160,000 | 160,000
Carrying amount
At 31 December 2022 and 31 December 2023 | - | -

South West Coaches Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 30 April 2025

5 | Tangible assets

| Property improvements £ | Plant and machinery £ | Furniture, fittings and equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 1 January 2024 | 113,133 | 192,127 | 191,010 | 5,081,374 | 5,577,644
Additions | 36,694 | 11,169 | 31,947 | 1,054,250 | 1,134,060
Disposals | - | - | - | (252,227) | (252,227)
At 30 April 2025 | 149,827 | 203,296 | 222,957 | 5,883,397 | 6,459,477
Depreciation
At 1 January 2024 | 96,025 | 130,037 | 124,336 | 2,875,906 | 3,226,304
Charge for the period | 23,501 | 19,536 | 26,462 | 625,962 | 695,461
Eliminated on disposal | - | - | - | (118,286) | (118,286)
At 30 April 2025 | 119,526 | 149,573 | 150,798 | 3,383,582 | 3,803,479
Carrying amount
At 30 April 2025 | 30,301 | 53,723 | 72,159 | 2,499,815 | 2,655,998
At 31 December 2023 | 17,108 | 62,090 | 66,674 | 2,205,468 | 2,351,340

6 | Investments

| 30 April 2025 £ | 31 December 2023 £
Investments in subsidiaries | 60 | 60

Subsidiaries | £
Cost or valuation
At 1 January 2024 | 60
Provision
Carrying amount
At 30 April 2025 | 60
At 31 December 2023 | 60

South West Coaches Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 30 April 2025

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2023
Subsidiary undertakings
CGF Associates Limited | 11 Oak Way, Yeovil, BA22 8HS England and Wales | Ordinary shares | 60% | 60%
Beeline Coaches Limited | 11 Oak Way, Yeovil, BA22 8HS England and Wales | Ordinary shares * | 100% | 100%

* Indirectly held

Subsidiary undertakings
CGF Associates Limited The principal activity of CGF Associates Limited is that of a holding company.
Beeline Coaches Limited The principal activity of Beeline Coaches Limited is Transportation contracts.

7 | Stocks

| 30 April 2025 £ | 31 December 2023 £
Other inventories | 149,464 | 42,446

South West Coaches Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 30 April 2025

8 | Debtors

| Note | 30 April 2025 £ | 31 December 2023 £
Trade debtors |  | 435,690 | 372,002
Amounts owed by related parties | 12 | 598,846 | 554,019
Other debtors |  | 83,272 | 47,331
Prepayments |  | 52,855 | 83,207
Accrued income |  | 1,001 | 3,935
|  | 1,171,664 | 1,060,494

9 | Creditors

Due within one year | Note | 30 April 2025 £ | 31 December 2023 £
Loans and borrowings | 10 | 371,979 | 364,981
Trade creditors |  | 200,178 | 164,491
Amounts due to related parties | 12 | 24,820 | 19,521
Social security and other taxes |  | 62,451 | 65,516
Other creditors |  | 23,574 | 17,342
Accruals |  | 26,573 | 47,848
Corporation tax liability |  | 80,030 | 75,907
Payments on account |  | 24,020 | 6,080
|  | 813,625 | 761,686
Due after one year |  |  |
Loans and borrowings | 10 | 526,103 | 311,663

Loans and borrowings due in one year include bank overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £371,979 (2023 - £364,981).

Loans and borrowings due after one year include bank overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £526,103 (2023 - £311,663).

South West Coaches Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 30 April 2025

10 | Loans and borrowings

Current loans and borrowings

| 30 April 2025 £ | 31 December 2023 £
Bank borrowings | 10,000 | 10,000
Hire purchase contracts | 361,979 | 278,421
Other borrowings | - | 76,560
| 371,979 | 364,981

Non-current loans and borrowings

| 30 April 2025 £ | 31 December 2023 £
Bank borrowings | 1,667 | 15,000
Hire purchase contracts | 524,436 | 282,067
Other borrowings | - | 14,596
| 526,103 | 311,663

Hire purchase contracts are secured against the assets to which they relate.

South West Coaches Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 30 April 2025

11 | Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £245,950 (2023 - £115,830). The nature of the commitment is operating leases and rentals.

12 | Related party transactions

30 April 2025 | At 1 January 2024 £ | Advances to director £ | Repayments by director £ | At 30 April 2025 £
Loan from company | 46,797 | 141,048 | (177,046) | 10,799

31 December 2023 | At 1 January 2023 £ | Advances to director £ | Repayments by director £ | At 31 December 2023 £
Loan from company | 63,528 | 91,669 | (108,400) | 46,797

Directors guarantees

During the period the company entered into the following guarantees on behalf of the directors:

Summary of transactions with subsidiaries

CGF Associates Limited
Beeline Coaches Limited
Transactions were carried out under normal trading terms.
The loans are repayable on demand.

Summary of transactions with other related parties

Anstey James Limited a company where the directors hold 100% of the share capital. Transactions were carried out under normal trading terms.
The loan is repayable on demand.

South West Coaches Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 30 April 2025

Income and receivables from related parties

30 April 2025 | Subsidiary £ | Other related parties £
Sale of goods | - | 17,481
Receipt of services | 194,304 | -
| 194,304 | 17,481

31 December 2023 | Subsidiary £ | Other related parties £
Sale of goods | - | 14,698
Receipt of services | 152,594 | -
| 152,594 | 14,698

Expenditure with and payables to related parties

30 April 2025 | Subsidiary £ | Other related parties £
Purchase of goods | - | 60,991
Rendering of services | 311,801 | -
| 311,801 | 60,991

31 December 2023 | Subsidiary £ | Other related parties £
Purchase of goods | - | 31,121
Rendering of services | 241,668 | -
| 241,668 | 31,121

Loans to/(from) related parties

30 April 2025 | Subsidiary £ | Other related parties £ | Total £
At start of period | 488,378 | (277) | 488,101
Advanced | 168,527 | 8,223 | 176,750
Repaid | (59,457) | (6,546) | (66,003)
At end of period | 597,448 | 1,400 | 598,848

31 December 2023 | Subsidiary £ | Other related parties £ | Total £
At start of period | 383,803 | (927) | 382,876
Advanced | 190,791 | 5,085 | 195,876
Repaid | (86,216) | (4,435) | (90,651)
At end of period | 488,378 | (277) | 488,101