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REGISTERED NUMBER: SC271164 (Scotland)

| GOLDEN EAGLE COACHES LIMITED |

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31ST DECEMBER 2025 |

GOLDEN EAGLE COACHES LIMITED (REGISTERED NUMBER: SC271164)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

Page |

Company Information | 1 |

Chartered Certified Accountants' Report | 2 |

Balance Sheet | 3 |

Notes to the Financial Statements | 5 |

GOLDEN EAGLE COACHES LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31ST DECEMBER 2025

| DIRECTORS: | P H Irvine

| I J Lyall

| R M Irvine

| REGISTERED OFFICE: | 4 Royal Crescent

| Glasgow

| G3 7SL

| REGISTERED NUMBER: | SC271164 (Scotland)

| ACCOUNTANTS: | russell + russell

| Chartered Certified Accountants

| 4 Royal Crescent

| Glasgow

| G3 7SL

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS

ON THE UNAUDITED FINANCIAL STATEMENTS OF

GOLDEN EAGLE COACHES LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Golden Eagle Coaches Limited for the year ended 31st December 2025 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Golden Eagle Coaches Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Golden Eagle Coaches Limited and state those matters that we have agreed to state to the Board of Directors of Golden Eagle Coaches Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at

https://www.accaglobal.com/gb/en/technical-activities/technical-resources-

search/2009/october/factsheet-163-audit-exempt-companies.html.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Golden Eagle Coaches Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Golden Eagle Coaches Limited. You consider that Golden Eagle Coaches Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Golden Eagle Coaches Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

russell + russell

Chartered Certified Accountants

4 Royal Crescent

Glasgow

G3 7SL

29th April 2026

GOLDEN EAGLE COACHES LIMITED (REGISTERED NUMBER: SC271164)

BALANCE SHEET

31ST DECEMBER 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 1 |  | 1 |  |

Tangible assets | 5 | 308,724 |  | 325,646 |  |

308,725 |  | 325,647 |  |

CURRENT ASSETS

Stocks | 6,953 |  | 5,266 |  |

Debtors | 6 | 22,800 |  | 29,591 |  |

Cash at bank and in hand | 142,414 |  | 256,571 |  |

172,167 |  | 291,428 |  |

CREDITORS

Amounts falling due within one year | 7 | 170,514 |  | 265,298 |  |

NET CURRENT ASSETS | 1,653 |  | 26,130 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 310,378 |  | 351,777 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (24,417 | ) | (87,901 | ) |

PROVISIONS FOR LIABILITIES | (73,260 | ) | (81,411 | ) |

NET ASSETS | 212,701 |  | 182,465 |  |

CAPITAL AND RESERVES

Called up share capital | 12 | 100 |  | 100 |  |

Retained earnings | 212,601 |  | 182,365 |  |

212,701 |  | 182,465 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GOLDEN EAGLE COACHES LIMITED (REGISTERED NUMBER: SC271164)

BALANCE SHEET - continued

31ST DECEMBER 2025

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 29th April 2026 and were signed on its behalf by:

I J Lyall - Director

GOLDEN EAGLE COACHES LIMITED (REGISTERED NUMBER: SC271164)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

1. | STATUTORY INFORMATION

| Golden Eagle Coaches Limited is a private company, limited by shares , registered in Scotland. 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.

| Going Concern basis

| The financial statements have been prepared on the going concern basis. The directors believe that the company has adequate resources and support to continue to operate for the foreseeable future.

| Turnover

| The turnover shown in the profit and loss account represents the sales value of services provided during the year, exclusive of Value Added Tax.

| Goodwill

| Goodwill arising on the acquisition of businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life of 10 years.

| 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 the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Plant & machinery |  | - 25% reducing balance |  |

| Motor vehicles |  | - 25% reducing balance |  |

| Commercial vehicles |  | - 20% reducing balance |  |

| Computer equipment |  | - 20% reducing balance |  |

| 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 instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

GOLDEN EAGLE COACHES LIMITED (REGISTERED NUMBER: SC271164)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year 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 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.

| 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 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.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 14 (2024 - 19 ) .

4. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1st January 2025

| and 31st December 2025 | 150,000 |  |

| AMORTISATION

| At 1st January 2025

| and 31st December 2025 | 149,999 |  |

| NET BOOK VALUE

| At 31st December 2025 | 1 |  |

| At 31st December 2024 | 1 |  |

GOLDEN EAGLE COACHES LIMITED (REGISTERED NUMBER: SC271164)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

5. | TANGIBLE FIXED ASSETS

| Plant and |  | Motor |  | Commercial |  | Computer |

| machinery |  | vehicles |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1st January 2025 | 52,457 |  | 8,100 |  | 501,692 |  | 1,123 |  | 563,372 |  |

| Disposals | - |  | (4,000 | ) | (10,830 | ) | - |  | (14,830 | ) |

| At 31st December 2025 | 52,457 |  | 4,100 |  | 490,862 |  | 1,123 |  | 548,542 |  |

| DEPRECIATION

| At 1st January 2025 | 52,327 |  | 7,788 |  | 177,301 |  | 310 |  | 237,726 |  |

| Charge for year | 32 |  | 50 |  | 5,980 |  | 163 |  | 6,225 |  |

| Eliminated on disposal | - |  | (3,803 | ) | (330 | ) | - |  | (4,133 | ) |

| At 31st December 2025 | 52,359 |  | 4,035 |  | 182,951 |  | 473 |  | 239,818 |  |

| NET BOOK VALUE

| At 31st December 2025 | 98 |  | 65 |  | 307,911 |  | 650 |  | 308,724 |  |

| At 31st December 2024 | 130 |  | 312 |  | 324,391 |  | 813 |  | 325,646 |  |

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

| Commercial

| vehicles

£ |

| COST

| At 1st January 2025 | 278,400 |  |

| Transfer to ownership | (83,900 | ) |

| At 31st December 2025 | 194,500 |  |

| DEPRECIATION

| At 1st January 2025 | 75,582 |  |

| Charge for year | 3,465 |  |

| Transfer to ownership | (35,288 | ) |

| At 31st December 2025 | 43,759 |  |

| NET BOOK VALUE

| At 31st December 2025 | 150,741 |  |

| At 31st December 2024 | 202,818 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade debtors | 15,985 |  | 6,780 |  |

| Other debtors | 6,815 |  | 22,811 |  |

22,800 |  | 29,591 |  |

GOLDEN EAGLE COACHES LIMITED (REGISTERED NUMBER: SC271164)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans and overdrafts (see note 9) | 10,903 |  | 10,397 |  |

| Hire purchase contracts | 51,475 |  | 67,433 |  |

| Trade creditors | 10,361 |  | 13,869 |  |

| Taxation and social security | 42,148 |  | 38,996 |  |

| Other creditors | 55,627 |  | 134,603 |  |

170,514 |  | 265,298 |  |

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans (see note 9) | - |  | 4,409 |  |

| Hire purchase contracts | 7,950 |  | 59,425 |  |

| Other creditors | 16,467 |  | 24,067 |  |

24,417 |  | 87,901 |  |

9. | LOANS

| An analysis of the maturity of loans is given below:

| 31.12.25 |  | 31.12.24

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 6,494 |  | - |  |

| Bank loans | 4,409 |  | 10,397 |  |

10,903 |  | 10,397 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | - |  | 4,409 |  |

10. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31.12.25 |  | 31.12.24

£ | £ |

| Hire purchase contracts | 59,425 |  | 126,858 |  |

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

| There is also a bond and floating charge over the assets held by the company in favour of The Royal Bank of Scotland PLC.

GOLDEN EAGLE COACHES LIMITED (REGISTERED NUMBER: SC271164)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

11. | DEFERRED GOVERNMENT GRANTS

| Included in creditors falling due after more than one year are deferred government grants as follows:

|  | 31.12.25 |  |  | 31.12.24 |

|  | £ |  |  | £ |

| Received and receivable: |  |

| At 1st January 2025 |  |  | 38,000 |  |  | - |

| Receivable during year |  |  | - |  |  | 38,000 |

| At 31st December 2025 |  |  | 38,000 |  |  | 38,000 |

| Amortisation: |  |

| At 1st January 2025 |  |  | 6,333 |  |  | - |

| Credit to profit and loss account |  |  | 7,600 |  |  | 6,333 |

| At 31st December 2025 |  |  | 13,933 |  |  | 6,333 |

| At 31st December 2025 |  |  | 24,067 |  |  | 31,667 |

12. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid

| Number: |  | Class: |  | Nominal |  | 31.12.25 |  | 31.12.24 |  |

|  | value: |  | £ |  | £ |  |

| 45 |  | Ordinary A |  | £1.00 |  | 45 |  | 45 |  |

| 45 |  | Ordinary B |  | £1.00 |  | 45 |  | 45 |  |

| 10 |  | Ordinary C |  | £1.00 |  | 10 |  | 10 |  |

|  | 100 |  | 100 |  |

13. | OTHER FINANCIAL COMMITMENTS

| The company has future operating lease commitments of £3,324 (2024: 5,540)

14. | ULTIMATE CONTROLLING PARTY

| There is no ultimate controlling party.