REGISTERED NUMBER: 07491219 (England and Wales)

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

for

Newbury & District 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:

07491219 (England and Wales)

SENIOR STATUTORY AUDITOR:

Philippa Duckworth BSc FCCA

AUDITORS:

WP Audit Limited

Statutory Auditors

TOR

Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

CURRENT ASSETS

Stocks

24,769

14,257

Debtors

4

2,233,885

1,934,661

Cash at bank and in hand

422,203

484,930

2,680,857

2,433,848

CREDITORS

Amounts falling due within one year

5

(2,066,549

)

(1,572,141

)

NET CURRENT ASSETS

614,308

861,707

TOTAL ASSETS LESS CURRENT LIABILITIES

614,308

861,707

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

614,208

861,607

614,308

861,707

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 17 December 2025 and were signed on its behalf by:

Mr L S Jenkins - Director

1.	STATUTORY INFORMATION

Newbury & District 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

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standards 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland, Section 1A Small Entities ("FRS 102 Section 1A") and the Companies Act 2006.

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.

The financial statements have been prepared for the period from 1 April 2024 to 31 March 2025, whereas in the prior year the financial statements where prepared for the period from 3 April 2023 to 31 March 2024. The current year figures are therefore not directly comparable with those of the prior year.

The following principal accounting policies have been applied:

Going concern

The company made a loss after tax of £247,399 (2024: £237,007).

Customer numbers have continued to increase are getting closer to pre-pandemic levels. The impact on the company revenues is low as the majority of services operated are supported by third parties who procure services under contract. The Bus Recovery Grant finished in June 2023 but is partially replaced by an uplift in Bus Service Operators Grant +. The company has been participating in the Government-supported Bus Fare Cap Grant scheme since January 2022.

There have been a number of actions undertaken by the management team to improve profitability including winning back contracts at higher prices, developing new services including the Flightline 730/731 coach service supported by Heathrow Airport and promoting our good value private hire services to local organisations. The company has been constrained by the national bus driver shortage, limiting the amount of work that the company can take on, however a large recruitment drive is underway and a number of new entrants are joining the business.

The outlook for the company remains strong with several contracts secured into the next financial year and beyond. Taking this into account, the directors have projected cash flow forecasts for the 12 months following the date of approval of these financial statements and have reviewed this information on the date of signing. The Directors have concluded that the company will be able to continue to trade without the requirement of any additional facilities for at least twelve months from the date of approval of these financial statements.

Reliance on parent company

The company's bus fleet is provided at cost by the parent company, Reading Transport Limited (RTL) meaning Newbury & District Limited (N&D) is reliant on the parent company to be able to continue to deliver bus services.

After making enquires, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

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.

Significant judgements and estimates

In determining and applying accounting policies, judgement is often required where the choice of specific policy, assumption or accounting estimate to be followed could materially affect the reported results or net position of the company, should it later be determined that a different choice be more appropriate.

In preparing these financial statements, the directors have had to make the following judgements:

* Determine whether leases entered into by the company either a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

Turnover

Turnover, which excludes value added tax, represents amounts receivable by the company for services provided in the ordinary course of business. Turnover is recognised on the day of travel or, where appropriate, over the duration of the contract to supply travel services. Income from travel cards is apportioned and recognised in turnover according to the period for which the travel card is valid.

Government grants

The company received income from the Government and is recognised in the income statement in the same period as the related expenditure.

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 liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form.

The company's cash at bank, and cash in hand, trade and other debtors, accruals, trade creditors and other creditors, and amounts owed to and by group companies are measured initially at the transaction price, including transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

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

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

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 is accrued at the Balance Sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 56 (2024 - 49 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.3.25

31.3.24

£

£

Trade debtors

409,291

232,052

Amounts owed by group undertakings

1,388,970

1,393,943

Other debtors

435,624

308,666

2,233,885

1,934,661

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

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.3.25

31.3.24

£

£

Trade creditors

51,588

50,963

Amounts owed to group undertakings

1,679,003

1,234,568

Taxation and social security

103,926

93,865

Other creditors

232,032

192,745

2,066,549

1,572,141

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

6.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.3.25

31.3.24

£

£

Within one year

72,750

31,000

Between one and five years

266,250

-

339,000

31,000

7.	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

8.	ULTIMATE PARENT AND CONTROLLING PARTY

The company's ultimate 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.