REGISTERED NUMBER: 15754458 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JUNE 2024 TO 31 MARCH 2025

FOR

TRANSPORT MADE SIMPLE LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

7

Report of the Independent Auditors

9

Consolidated Income Statement

12

Consolidated Other Comprehensive Income

13

Consolidated Balance Sheet

14

Company Balance Sheet

15

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Cash Flow Statement

18

Notes to the Consolidated Cash Flow Statement

19

Notes to the Consolidated Financial Statements

20

DIRECTORS:

P J Nathanail

D A Rezai-Kalantary

REGISTERED OFFICE:

29 Arboretum Street

Nottingham

Nottinghamshire

NG1 4JA

BUSINESS ADDRESS:

Advanced Technology & Innovation Centre

5 Oakwood Drive

Loughborough

Leicestershire

LE11 3QF

REGISTERED NUMBER:

15754458 (England and Wales)

AUDITORS:

Lemans

Statutory Auditor

29 Arboretum Street

Nottingham

Nottinghamshire

NG1 4JA

The directors present their strategic report of the company and the group for the period 1 June 2024 to 31 March 2025.

This strategic report documents the performance, strategy and vision for Transport Made Simple Limited (the Company or TMS) and its subsidiaries (together the Group) for the year ended 31st March 2025. It aims to provide stakeholders with a fair, balanced and understandable review of the group's core operations, risks and opportunities.

This report also sets out how the directors comply with the requirements of Section 172(1) of the Companies Act 2006 and how these requirements have impacted the Board's decision making throughout the period.

REVIEW OF BUSINESS

Business Performance

TMS is a leading operator of local bus and coach services across the East of England. Now one of the UK's largest independently owned providers of passenger transport solutions, the group maintain a core aim to deliver reliable high-quality services to passengers across multiple brands.

Key Developments

TMS continued to execute a highly successful inorganic growth strategy, building on two strategic acquisitions in FY24 including one of Suffolk's oldest family-run coach businesses, Simonds of Botesdale in May 2024.

Implementing standardisation measures, whilst making small changes to the brand and unique cultures of the acquired businesses continued to be of core strategic importance to the group. Networks benefitted from iterative improvements and fleets from capital expenditure, ensuring passengers receive the same reliable, safe and high-quality transport services post-acquisition remained the directors' top priority.

Following a full strategic review, the directors deemed the school technology division, known as Vectare to be non-core to operations and lacking in synergies with the predominately Public Service Vehicles (PSV) focussed business and was subsequently carved-out of the wider group structure in August 2024.

PRINCIPAL RISKS AND UNCERTAINTIES

Demand

The company continues to face challenges to its core business, including reduced ridership post COVID-19 in the face of hybrid working, combined with the decline in high-street footfalls in response to growth in online shopping.

Government Support

Uncertainty over the medium to long term status and extent of government funding for registered bus services makes forecasting revenues accurately beyond the current financial period very challenging. However, the business continues to grow organically, benefitting from several Section 106 and Community Infrastructure Levy (CIL) funded agreements along with various DfT mileage focussed subsidies.

Technology

Whilst driverless and automated technologies will continue to dominate the headlines in the long-term, TMS are actively exploring and developing less disruptive, more iterative, but still effective forms of technological advancement, particularly in the area of data and analytics. TMS benefits immensely from being born out of transport SAAS developer Vectare in the last half a decade, from being cloud native, to developing most operational information systems in-house, the group are agile to constantly re-thinking and improve the systems which provide colleagues with maximum efficiency and passengers with maximum satisfaction.

ENGAGEMENT WITH EMPLOYEES

In regards to employees, two-way communication is essential in ensuring all colleagues are informed, engaged and empowered. Throughout the year, regular communications were shared via email, "townhalls" and depot noticeboards. The first edition of the TMS quarterly newsletter was circulated in Spring 2025, whereby updates included financial performance, industry trends and customer feedback.

Employee perspectives were integral to the Board's consideration of key decisions, including working conditions, depot investment plans and the Group's decarbonisation strategy. Day-to-day, local managers hold regular drop-in sessions to share group updates and gather feedback from employees.

Whilst negative passenger interactions form a key part of day-to-day HR processes, positive interactions are equally celebrated, with positive feedback passed on to drivers who have gone beyond expectations to create positive experiences for drivers.

Post year-end, the arrival of the new Group Finance Director has bought additional structure to the department, with multiple new initiatives aimed at furthering employee engagement, including the planned re-introduction of a regular employee satisfaction survey and employee engagement events recognising colleague achievements.

Equal Opportunities

The group provides equal opportunities in all aspects of employment to ensure that no person is treated less favourably on the grounds of disability. Applications for employment by disabled persons are always fully and fairly considered, bearing in mind the aptitudes and abilities of the individual concerned and the requirements of the role. The Company makes reasonable adjustments where necessary to ensure disabled applicants are not disadvantaged during the recruitment process or are retained and accommodated for where existing employees become disabled during their employment.

The Company is committed to ensuring that disabled employees have equal access to training, development, and promotion opportunities. Training materials and facilities are adapted where necessary, and line managers receive guidance on supporting disabled colleagues' progression. The Company's inclusion strategy reinforces its commitment to a workplace where ability, performance, and potential are the sole bases for advancement.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The Board recognises that maintaining strong and sustainable relationships with our key stakeholders, including local authorities, suppliers, customers, and community partners is fundamental to the long-term success of the business.

The Directors regularly meet with local councillors to ensure they understand exactly what the community and their individual passengers expect from our bus services. TMS are vehemently committed to the region and so the quality of relationships at all levels with the local authorities that govern them are paramount. The board consult with these partners when planning any major changes to the business, including new acquisitions, network amendments and real estate planning.

Social value is of course a major element of the role of a local bus operator, particularly in the often underserved, rural areas in which TMS is a leading player.

STREAMLINED ENERGY AND CARBON REPORTING

Sustainability Strategy

The group are committed to driving growth in a sustainable manner, with the journey to electrification, thereby minimising CO2 emissions being the most discussed talking point on the ESG agenda.

Whilst limited in scale, the introduction of electric vehicles in the East Midlands highlights the group's commitment to environmental sustainability, paving the way for more ambitious electrification plans in the long-term.

Additional investment into brand new, low emission buses and depot infrastructure further supports TMS's ongoing desire to mitigate the environmental impact of continuing operations, noting however that travel by bus remains the greener choice for passengers.

Energy and Carbon Reporting

The following information is provided in accordance with the UK Companies (Directors' Report) and Limited Liability Partnerships (Amendment) Regulations 2018, Schedule 7, Section 20D. The figures represent energy consumption and greenhouse gas emissions for activities within the UK in respect of the trading subsidiaries within the group and relate to the financial year ended 31 March 2025.

Greenhouse Gas Emissions (Tonnes CO2e)

Source of Emissions

FY25

Combustion of Gas

62

Consumption of fuel for transport purposes

7,302

Purchase of electricity for own use

64

Total emissions (Tonnes CO2e)

7,428

Energy Consumption (kWh)

Source

FY25

Energy consumed from combustion of gas

338,471

Energy consumed from fuel for transport (diesel, biodiesel, gas oil)

29,779,584

Energy consumed from purchased electricity

308,866

Total UK Energy Consumption (kWh)

30,426,921

Methodologies Used

Emissions have been calculated in accordance with the UK Government's Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Requirements (March 2019), using the 2024 UK Government GHG Conversion Factors for Company Reporting.

- Energy consumption and emissions data relating to fuel used by the vehicle fleet, is derived from actual mileage inputs used to compile BSOG returns, converted to estimated fuel consumption using average MPG (miles per gallon) ratios per vehicle type and to emissions consumption using average KG/KM (kilograms of CO2 per kilometre driven) ratios.

- Electricity and gas usage data are taken from supplier invoices and smart meter readings at the depot level.

Energy Efficiency Measures

During the year, the Company implemented several initiatives aimed at reducing energy consumption and emissions:

- Installed LED lighting and motion sensors across all depots, estimated to reduce electricity usage significantly

- Expanded driver training on fuel-efficient driving techniques

- Educated engineers on correct tyre pressure techniques leading to further efficiencies

Limitations on data

All material sources of energy consumption and emissions within the Company's operational control have been included. Minor exclusions where consumption data is not available at the time of reporting may lead to small differences in the reported figures to actual fuel and emissions consumption. These omissions are not considered material to the overall results.

KEY METRICS

Metric

FY25

Group Turnover

£16.5m

Profit/(Loss) Before Tax

£(0.5m

)

Cash at Bank

£2.0m

Net current assets/liabilities

£(1.8m

)

Total Debt

£18.9m

Debt:Equity Ratio

2.7

Capital Expenditure

£8.7m

Colleagues

349

Consolidated Statement of Income

The group saw a significant growth in revenues in the period, largely driven by the acquisition of Simonds of Botesdale Limited early in the period, but also thanks to expansion of the local bus network in East Anglia.

Profitability at the operating and net level decreased both from an absolute and a margin perspective, again largely driven by the acquisition of the loss-making subsidiary, compounded by a series of one-off group costs and management initiatives spent integrating the two operations. This short-term investment in resources and time was necessary to unlock the various synergies identified through the acquisition and integration process, which were starting to materialise towards the end of the financial period.

Rising prices have been a major issue across the whole sector over the last few years, with volatile fuel prices, upward pressure on labour costs and driver shortages leading to an erosion of margins in the current year. As such, management have needed to look inwards for cost savings and efficiency gains to compensate.

The group do not currently employ the use of hedges (or any other financial instruments) however as the group grows, the need to reduce volatility of the cost base is becoming more important and as such the finance function are investigating potential methods of fixing input costs in the short to medium term.

Consolidated Balance Sheet

As expected, the acquisition in the period significantly strengthened the group's balance sheet in gross and net terms, mainly driven by the addition of owned and leased PSVs to the fleet via the acquisition and a marked increase in the level of capital expenditure in the period.

In terms of external debt, the group continues to finance operations solely via hire purchase contracts secured on the fleet, meaning no other external debt facilities, such as working capital finance bank debt or long-term cash flow facilities have been used.

The group's cash position, which is closely monitored by the board was robust at year end (£2.0m FY25) as in the prior year (£1.6m FY24). The position improved as a result of both the generating cash profits, but also due to the aforementioned change in the working capital dynamics of the combined group. The group continue to invest this free cash into growing the business and improving the fleet.

FUTURE DEVELOPMENTS

Looking forward to future periods, this highly active M&A strategy remains key to achieving the group's growth goals. Since year-end, the group successfully made its largest acquisition to date, adding Go-Ahead's East Anglian operations under the Konectbus brand. The deal creates a joined-up network of services from Clacton-on-Sea in the South, to Dereham in the North, taking TMS to a headcount upward of 800 colleagues and a fleet of over 380 vehicles. A thorough strategic review is currently being undertaken by the board to unlock synergies from the acquisition whilst maintaining service quality.

Post year-end the group also made key senior new-hires to accommodate for the scaling-up of operations and the related complexities which accompany inorganic growth. The group welcomed a new Group Finance Director, whilst shortly after, a highly experienced Health & Safety manager joined at group level to provide additional structure and control in a function that TMS have invested heavily in as the group have grown.

ON BEHALF OF THE BOARD:

D A Rezai-Kalantary - Director

16 December 2025

The directors present their report with the financial statements of the company and the group for the period 1 June 2024 to 31 March 2025.

INCORPORATION

The group was incorporated on 1 June 2024 and commenced trading on 7 August 2025.

DIVIDENDS

No dividends will be distributed for the period ended 31 March 2025.

EVENTS SINCE THE END OF THE PERIOD

Information relating to events since the end of the periodperiod is given in the notes to the financial statements.

DIRECTORS

The directors who have held office during the period from 1 June 2024 to the date of this report are as follows:

P J Nathanail - appointed 1 June 2024

D A Rezai-Kalantary - appointed 1 June 2024

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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

D A Rezai-Kalantary - Director

16 December 2025

Opinion

We have audited the financial statements of Transport Made Simple Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other 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 group's and of the parent company affairs as at 31 March 2025 and of the group's loss for the period 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 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 seven, 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

-

We exercise professional judgment and maintain professional scepticism throughout the planning and performance of the audit;

-

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

-

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control;

-

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

Mr Adrian Harby (Senior Statutory Auditor)

for and on behalf of Lemans

Statutory Auditor

29 Arboretum Street

Nottingham

Nottinghamshire

NG1 4JA

16 December 2025

TURNOVER

3

16,496,859

Cost of sales

6,355,696

GROSS PROFIT

10,141,163

Administrative expenses

11,945,870

(1,804,707

)

Other operating income

1,773,607

OPERATING LOSS

5

(31,100

)

Income from interest in associated undertakings

6

3,318

Interest receivable and similar income

17,688

21,006

(10,094

)

Amounts written off investments

7

(21,439

)

11,345

Interest payable and similar expenses

8

549,812

LOSS BEFORE TAXATION

(538,467

)

Tax on loss

9

339,569

LOSS FOR THE FINANCIAL PERIOD

(878,036

)

Loss attributable to:

Owners of the parent

(921,933

)

Non-controlling interests

43,897

(878,036

)

LOSS FOR THE PERIOD

(878,036

)

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

(878,036

)

Total comprehensive income attributable to:

Owners of the parent

(751,284

)

Non-controlling interests

(126,752

)

(878,036

)

FIXED ASSETS

Intangible assets

11

3,404,859

Tangible assets

12

16,866,441

Investments

13

Interest in associate

40,110

20,311,410

CURRENT ASSETS

Debtors

14

3,569,533

Cash at bank

2,024,130

5,593,663

CREDITORS

Amounts falling due within one year

15

7,437,638

NET CURRENT LIABILITIES

(1,843,975

)

TOTAL ASSETS LESS CURRENT LIABILITIES

18,467,435

CREDITORS

Amounts falling due after more than one year

16

(9,079,274

)

PROVISIONS FOR LIABILITIES

19

(2,410,094

)

NET ASSETS

6,978,067

CAPITAL AND RESERVES

Called up share capital

20

7,900,000

Retained earnings

21

(921,933

)

SHAREHOLDERS' FUNDS

6,978,067

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2025 and were signed on its behalf by:

D A Rezai-Kalantary - Director

FIXED ASSETS

Intangible assets

11

-

Tangible assets

12

-

Investments

13

7,899,999

7,899,999

CURRENT ASSETS

Debtors

14

1

NET CURRENT ASSETS

1

TOTAL ASSETS LESS CURRENT LIABILITIES

7,900,000

CAPITAL AND RESERVES

Called up share capital

20

7,900,000

SHAREHOLDERS' FUNDS

7,900,000

Company's profit for the financial year

-

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2025 and were signed on its behalf by:

D A Rezai-Kalantary - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Changes in equity

Issue of share capital

7,900,000

-

7,900,000

-

7,900,000

Total comprehensive income

-

(921,933

)

(921,933

)

(126,752

)

(1,048,685

)

7,900,000

(921,933

)

6,978,067

(126,752

)

6,851,315

Non-controlling interest arising on business combination

-

-

-

126,752

126,752

Balance at 31 March 2025

7,900,000

(921,933

)

6,978,067

-

6,978,067

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

7,900,000

-

7,900,000

Balance at 31 March 2025

7,900,000

-

7,900,000

Cash flows from operating activities

Cash generated from operations

1

2,470,363

Interest paid

(3,937

)

Interest element of hire purchase payments paid

(545,875

)

Grants received

1,745,442

Net cash from operating activities

3,665,993

Cash flows from investing activities

Purchase of intangible fixed assets

(4,926,003

)

Purchase of tangible fixed assets

(8,732,048

)

Purchase of fixed asset investments

(3,240,236

)

Sale of tangible fixed assets

245,227

Cash on acquisition

1,906,324

Interest received

17,688

Dividends received

3,318

Net cash from investing activities

(14,725,730

)

Cash flows from financing activities

Loan repayments in year

(142,916

)

Capital repayments in year

5,326,783

Share issue

7,900,000

Net cash from financing activities

13,083,867

Increase in cash and cash equivalents

2,024,130

Cash and cash equivalents at beginning of period

2

-

Cash and cash equivalents at end of period

2

2,024,130

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

£

Loss before taxation

(538,467

)

Depreciation charges

3,170,861

Loss on disposal of fixed assets

67,240

Negative goodwill written back

(21,439

)

Pre-acquisition profit/(loss)

1,307,561

Government grants

(1,745,442

)

Finance costs

549,812

Finance income

(21,006

)

2,769,120

Decrease in stocks

101,305

Decrease in trade and other debtors

38,260

Decrease in trade and other creditors

(438,322

)

Cash generated from operations

2,470,363

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:

Period ended 31 March 2025

31.3.25

1.6.24

£

£

Cash and cash equivalents

2,024,130

-

3.	ANALYSIS OF CHANGES IN NET DEBT

On

At 1.6.24

Cash flow

Acquisition

At 31.3.25

£

£

£

£

Net cash

Cash at bank

-

117,806

1,906,324

2,024,130

-

117,806

1,906,324

2,024,130

Debt

Finance leases

-

(5,326,783

)

(7,068,876

)

(12,395,659

)

Debts falling due

within 1 year

-

47,788

(47,788

)

-

Debts falling due

after 1 year

-

95,128

(95,128

)

-

-

(5,183,867

)

(7,211,792

)

(12,395,659

)

Total

-

(5,066,061

)

(5,305,468

)

(10,371,529

)

1.	STATUTORY INFORMATION

Transport Made Simple Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

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

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Goodwill

Goodwill being the amounts paid in connection with the acquisition of businesses, is being amortised evenly over the estimated useful lives of between 2 and 10 years.

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 the shorter.

Straight Line

Reducing Balance

Long Leasehold

Over lease term

Improvements to leasehold property

10% - 20%

Plant and machinery

25% - 33%

15% - 20%

Fixtures and fittings

20% - 25%

20% - 25%

Motor vehicles

20% - 50%

5% - 25%

Computer equipment

50%

The depreciation policy applied to buses and coaches is 15% on a reducing balance basis.

Government grants

Grant income is recognised when the proceeds are received or receivable.

Investments in associates

Investments in associate undertakings are recognised at cost.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 period 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

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:

£

Public and private operations

16,496,859

16,496,859

4.	EMPLOYEES AND DIRECTORS

£

Wages and salaries

5,008,024

Social security costs

2,051,202

Other pension costs

236,110

7,295,336