REGISTERED NUMBER: 01128598 (England and Wales)

Financial Statements for the Period 1 April 2024 to 30 March 2025

for

Thames Valley Buses Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs C D Anscombe

Mr L S Jenkins

Mr R E Williams

Mr T G Mawoyo

SECRETARY:

Mr L S Jenkins

REGISTERED OFFICE:

Great Knollys Street

Reading

Berkshire

RG1 7HH

REGISTERED NUMBER:

01128598 (England and Wales)

AUDITORS:

WP Audit Limited

Statutory Auditors

TOR

Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

BANKERS:

HSBC Bank Plc

1-2 Market Place

Wokingham

Berkshire

RG40 1AL

FIXED ASSETS

Tangible assets

4

713,551

801,972

Investments

5

124

124

713,675

802,096

CURRENT ASSETS

Stocks

124,064

120,108

Debtors

6

2,716,975

2,717,574

Cash at bank and in hand

1,577,314

683,561

4,418,353

3,521,243

CREDITORS

Amounts falling due within one year

7

(1,624,746

)

(2,018,695

)

NET CURRENT ASSETS

2,793,607

1,502,548

TOTAL ASSETS LESS CURRENT LIABILITIES

3,507,282

2,304,644

PROVISIONS FOR LIABILITIES

10

(36,252

)

(45,377

)

NET ASSETS

3,471,030

2,259,267

CAPITAL AND RESERVES

Called up share capital

90

90

Capital redemption reserve

11

236,201

236,201

Retained earnings

11

3,234,739

2,022,976

3,471,030

2,259,267

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2025 and were signed on its behalf by:

Mr L S Jenkins - Director

1.	STATUTORY INFORMATION

Thames Valley Buses 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

Preparation of consolidated financial statements

The financial statements contain information about Thames Valley Buses Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Reading Transport Limited, Great Knollys Street, Reading, Berkshire, RG1 7HH.

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.

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts.

Turnover principally comprises amounts receivable from ticket sales, concessionary fare schemes and third party contracts. Concessionary turnovers are recognised in the period in which the service is provided based on a predetermined formula as agreed with the relevant local authority. Contract turnovers are recognised as the services are provided. Ticket purchases are recognised on the date of customer purchases.

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.

Improvements to property

-

Over the lease term

Plant and machinery

-

20% on cost and 10% on cost

Motor vehicles

-

20% on cost and 10% on cost

Computer equipment

-

20% on cost

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

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

Government grants

Grants in respect of capital expenditure are credited to deferred income and are released to profit or loss over the expected useful lives on the relevant assets by equal annual instalments. Grants of a revenue nature are credited to other income so as to match them with the expenditure to which they relate.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

(i) Financial assets and liabilities

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss. Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Financial assets are derecognised when and only when (a) the contractual rights to the cash flows from the financial asset expire or are settled, (b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or (c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

(ii) Investments

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

In the company balance sheet, investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

(iii) Equity instruments

Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the 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 and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives.

Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period and is included in interest payable and similar expenses.

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

Pension costs and other post-retirement benefits

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

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered fund.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance Sheet date.

Provision for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that requires a probable settlement through the transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the period that the company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 150 (2024 - 138 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

2,438,665

Additions

123,101

Disposals

(173,987

)

At 30 March 2025

2,387,779

DEPRECIATION

At 1 April 2024

1,636,693

Charge for period

166,456

Eliminated on disposal

(128,921

)

At 30 March 2025

1,674,228

NET BOOK VALUE

At 30 March 2025

713,551

At 31 March 2024

801,972

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2024

398,453

Transfer to ownership

(398,453

)

At 30 March 2025

-

DEPRECIATION

At 1 April 2024

213,802

Charge for period

4,010

Transfer to ownership

(217,812

)

At 30 March 2025

-

NET BOOK VALUE

At 30 March 2025

-

At 31 March 2024

184,651

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 April 2024

and 30 March 2025

124

NET BOOK VALUE

At 30 March 2025

124

At 31 March 2024

124

The fixed asset investment relates to investments held by Reading Transport Limited, the parent company of Thames Valley Buses Limited. The company holds 100% of Courtney Bodyworks Limited and Courtney ATF Centre Limited both companies registered in the United Kingdom, with a registered office of Great Knollys Street, Reading, Berkshire, RG1 7HH, whose activities are that of repair and maintenance of transport equipment.

6.

DEBTORS

30.3.25

31.3.24

£

£

Amounts falling due within one year:

Trade debtors

1,037,153

1,034,911

Amounts owed by group undertakings

510,931

853,069

Other debtors

1,086,566

747,127

2,634,650

2,635,107

Amounts falling due after more than one year:

Other debtors

82,325

82,467

Aggregate amounts

2,716,975

2,717,574

Amounts owed by group undertakings are interest free, with no fixed repayment terms and are repayable on demand.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.3.25

31.3.24

£

£

Hire purchase contracts (see note 8)

-

22,073

Trade creditors

309,370

381,342

Amounts owed to group undertakings

323,775

407,053

Taxation and social security

207,338

404,229

Other creditors

784,263

803,998

1,624,746

2,018,695

Included within Other creditors is £114,287 (2024: £103,477) in respect of a dilapidation provision.

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

30.3.25

31.3.24

£

£

Net obligations repayable:

Within one year

-

22,073

Non-cancellable

operating leases

30.3.25

31.3.24

£

£

Within one year

300,045

30,000

Between one and five years

476,603

-

776,648

30,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.3.25

31.3.24

£

£

Hire purchase contracts

-

22,073

The amounts held under hire purchase agreements are secured against the assets they relate to.

10.	PROVISIONS FOR LIABILITIES

30.3.25

31.3.24

£

£

Deferred tax

36,252

45,377

Deferred

tax

£

Balance at 1 April 2024

45,377

Provided during period

(9,125

)

Balance at 30 March 2025

36,252

11.

RESERVES

The company's capital and reserves are made up as follows:

Called up share capital

Called up share capital represents the nominal value of shares that have been issued.

Capital redemption reserve

Capital redemption reserve represents amounts transferred from share capital on redemption of issued shares.

Other reserves

Other reserves represent capital contributions by the company's shareholders.

Profit and loss account

The Profit and loss account represents cumulative profits, losses and total other recognised gains or losses made by the company, including distributions to, and contributions from, the parent company.

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Philippa Duckworth BSc FCCA (Senior Statutory Auditor)

for and on behalf of WP Audit Limited

13.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

The pension cost charge represents contributions payable by the company to the fund and amounted to £135,224 (2024 - 103,771). Contributions totalling £34,862 (2024 - £30,300) were payable to the fund at the Balance Sheet date.

14.	ULTIMATE CONTROLLING PARTY

The company's immediate parent company is Reading Transport Limited, a private company incorporated in England.

The smallest group in which the results of the company are consolidated is that headed by Reading Transport Limited. The consolidated financial statements of Reading Transport Limited are available to the public and can be obtained from the registered office at Great Knollys Street, Reading, Berkshire, RG1 7HH, England.

The company's ultimate controlling party is Reading Borough Council, which is incorporated in England. The consolidated financial statements of the council are available to the public.