Company registration number 15320085 (England and Wales)
TREKA BUS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
TREKA BUS LIMITED
COMPANY INFORMATION
Directors
Mr G L P Dumarey
Mr P De Keyser
Company number
15320085
Registered office
Colmill Works
Wigan Road
Westhoughton
Bolton
BL5 2EE
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
TREKA BUS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 24
TREKA BUS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 1 -

The directors present the strategic report for the year ended 30 November 2025.

Review of the business

The company operates as a specialist vehicle convertor principally covering the whole of the UK. The company manufactures vehicle conversions within the small bus market and provides services to a range of local councils, private bus operators and fleet rental companies.

Following the successful restarting of operations in the reporting period to November 2024, the year to November 2025 has continued to be transformational for the company. Alongside the successful financial performance, the introduction of new and revamped existing products to the markets in which we operate has broadened our portfolio of vehicles. Our continued strategic collaboration with customers and suppliers has ensured continuity, and we remain encouraged by their commitment to Treka Bus and the Woodall-Nicholson Group. The annual results of the company over the year to November 2025 are a testament to the hard work and resilience of our employees and wider stakeholders, positioning the company for further growth and success.

The board has monitored the structure of the company following the changes made in the period to November 2024 and the changes have yielded more flexibility and efficiencies this year. Some more minor changes have been made throughout 2025 to further strengthen the management team and some key group functions. The changes implemented are always done with a view to benefit the people that we employ and the future of the company.

The constant review of our product portfolio alongside our customer feedback and requirements re-emphasised the need for further innovation in 2025 to maintain and grow our market leadership. In response, the Group has committed to new products development in our bus manufacturing units in order to keep us at the forefront of the market. Capital has been invested in the development of the CitySprint, a new vehicle to sit within the Treka Bus portfolio which will expand our low floor minibus offering in the market. We have won bids and orders from customers on the new CitySprint product ahead of its launch.

We summarise below the first period results:

Unit 2025 2024

Year Period

Turnover £ 28,661,568 21,364,744

Gross profit (pre exceptionals) £ 4,705,223 2,692,183

Gross profit (pre exceptionals) % 16.4% 12.6%

Funding

The company has been able to utilize internally generated cash to fund the day to day operations.

The company continued for the most part it’s day to day banking arrangements with Lloyds Bank but in November 2025 opened new accounts and facilities with HSBC to support the future growth plans.

Our priority continues to be continued operational stability, maximising profitability and cash generation. The board is confident that the group can pursue its product development and growth strategy by utilising its operational cashflow and its new facilities with HSBC.

TREKA BUS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -
Principal risks and uncertainties

The group's revenues and activity levels are affected by a number of factors, the principal ones of which are:

Competition

The company operates in a very competitive market and addresses this by offering a high-quality innovative products, tailored around the customer needs. The company also provides aftermarket services that differentiate the value proposition versus the competition. We are proud to be certified under the “Made In Britain” accreditation and we will continue to invest in UK manufacturing creating jobs for local people in the regions where we operate in, including the support to our local supply chain.

Economic

The company has shown great resilience in face of a wide range of economic factors. It has continued to grow and invest in key areas to support this. There have been significant challenges through 'cost of living' and with continued high inflation and interest rates putting increased pressure of both our staff and key stakeholders. Announcements in political budgets continue to put a higher financial pressure on some of our key customer bases. We remain wary of both of these external factors and remain positive that the company is now robust enough and is operationally managed in such a way as to ensure significant negative effects will be mitigated with innovative products and the expansion of our customer base. We are in active dialogue at a national and region level to ensure that UK manufacturing remains are the forefront of decision makers.

The economic climate following the changes in local and national government spending announcements in the budget can be challenging for our local council customers. We remain confident that our sales growth into new segments of the market and the launch of new products will help us mitigate this risk. We will continue to work closely with all of our customers to ensure we can mitigate any localised issues. Treka Bus has continued to demonstrate significant resilience. Despite the challenges we continued to invest in a series of Capital Expenditure projects to enhance our product offering to the market. Development of a new product CitySprint was announced with the first vehicle delivered to customer in April 2026. We have also enhanced our Social Value initiatives at group level where we support local community charities, promote SME development in our supply chain, invest in wellbeing initiatives for our teams and ensure that our vehicle offering provide excellent value to the end users in terms of accessibility, safety, reduced emissions and local content.

Input cost pressures and price increases, particularly raw material supply, continue to have an impact on the company but our pricing strategies and overhead structure put in place last year continues to help us manage these risks, protecting our margins and reinforcing our value proposition in the market. The price rises in both gas and electricity impacted our energy expenditure. We are now protected by further price rises until December 2027.

Financial

The Board recognises the need to maintain appropriate levels of funding for the group, and we have maintained positive cash balances throughout the period (refer also to above "Funding" section).

Operational

Delivery of vehicles to the highest possible quality standards to our customers is of paramount importance. The company has and continues to make significant investments in its facilities and people. Our apprenticeship scheme has gone from strength-to-strength and is continually developed to support the needs of the next generation of Coach Builders. The board recognises that propagation of key technical skills within the business is of significant importance as it helps preserve a fully trained and skilled workforce which in turn mitigates the risk of labour fluctuations in a competitive market. The business continues to foster excellent supplier relationships which allows the business to deliver its operational goals.

We are reliant on technology and information systems for all areas of the business which can adversely affect operations if they were to fail for any length of time. We work closely with our IT providers to ensure that systems are updated and tested regularly and have maintenance agreements in place for all key systems.

TREKA BUS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -

Health and safety

Health and Safety is of paramount importance. The board and senior leaders in the business recognise their own responsibilities in fostering a working environment to ensure all of our staff and visitors are safe, and key performance indicators are reviewed every fortnight. Our dedicated health and safety team continue to monitor compliance throughout our business, we have invested in systems and processes to ensure we never stand still. We have also invested significant funds in working with each of our operational sites to enhance the working conditions of all of our employees and visitors.

We have developed new management and training systems for each of our sites which will help monitor and enhance our health and safety reporting. The Group re-certified its operations and management systems to ISO 9001:2015 and is scheduled to obtain ISO 14001:2025 towards the end of 2026.

Future developments

We are focused on enhancing our existing product ranges whilst closely working with our customers to identify market opportunities that, where appropriate, will enable the expansion of our product ranges to accommodate their needs.

To that extent capital expenditure programmes are underway in 2026 in order to meet the needs of the industry and offer new innovative products to a wider range of markets.

Employees

Our employees are our most important asset and are fundamental to our long term success. We have a diverse skill base and range of experience across our sites and recognize that developing and investing in this is key to our long term objectives.

During the year our Apprenticeship Programme with Hopwood Hall has been a huge success with our initial cohort now starting to complete their scheme. We remain committed to a new intake from September 2026 to support the future of Coach Building and also creating jobs in our local communities.

We are continuing to invest in all aspects of the company to ensure that the workplace is a safe place for all of our employees. Regular site surveys are carried out and investment continues to upgrade areas of the facilities that require them in order to improve our standards.

The board remain in constant dialogue with our employees to keep them informed of business developments through our monthly newsletter shared with all staff as well as townhall briefings to all areas of the company.

The business is committed to working with its employees at all levels to ensure we offer a benefits package that rewards their commitment to our business. A new EAP scheme and Healthcare schemes were announced in November 2025 which become effective in 2026 which we hope will give our staff support towards both financial and wellbeing services.

On behalf of the board

Mr G L P Dumarey
Director
22 May 2026
TREKA BUS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 4 -

The directors present their annual report and financial statements for the year ended 30 November 2025.

Principal activities

The principal activity of the company continued to be that of the specialist vehicle converter.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr G L P Dumarey
Mr P De Keyser
Auditor

The auditor, MHA, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the business, principal risks and uncertainties and financial risk management.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr G L P Dumarey
Director
22 May 2026
TREKA BUS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 5 -

The directors are responsible for preparing the annual report 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 of the profit or loss of the company 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; and

- 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TREKA BUS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TREKA BUS LIMITED
- 6 -
Opinion

We have audited the financial statements of Treka Bus Limited (the 'company') for the year ended 30 November 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including material 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 company's affairs as at 30 November 2025 and of its profit for the year 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 Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 ethical responsibilities in accordance with those 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

TREKA BUS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TREKA BUS LIMITED (CONTINUED)
- 7 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the 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 directors' r esponsibilities s tatement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. 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:

- Enquiries with management, about any known or suspected instances of non-compliance with laws and regulations and fraud;

- Challenging assumptions and judgements made by management in their significant accounting estimates;

- Auditing the risk of fraud and management override of revenue sampling of source entries and testing specific transactions to determine the occurrence of revenue; and

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.

TREKA BUS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TREKA BUS LIMITED (CONTINUED)
- 8 -

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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Paul Locker BSc(Hons) FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
22 May 2026
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
TREKA BUS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 9 -
Year
Period
ended
ended
30 November
30 November
2025
2024
Notes
£
£
Turnover
3
28,661,568
21,346,744
Cost of sales
(23,956,345)
(18,654,561)
Gross profit before exceptional item
4,705,223
2,692,183
Exceptional item
-
(2,896,999)
Gross profit/(loss)
4,705,223
(204,816)
Administrative expenses
(1,764,634)
(1,455,378)
Other operating income
-
0
220,473
Exceptional item
4
206,451
2,084,348
Profit before taxation
3,147,040
644,627
Tax on profit
7
(487,088)
336,123
Profit for the financial year
2,659,952
980,750

The profit and loss account has been prepared on the basis that all operations are continuing operations.

TREKA BUS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2025
30 November 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Negative goodwill
8
-
0
(361,451)
Other intangible assets
8
13,519
41,612
Total intangible assets
13,519
(319,839)
Tangible assets
9
26,250
94,772
39,769
(225,067)
Current assets
Stocks
10
3,180,906
2,450,429
Debtors
11
5,816,619
2,572,796
Cash at bank and in hand
1,210,779
908,511
10,208,304
5,931,736
Creditors: amounts falling due within one year
12
(6,602,532)
(4,725,918)
Net current assets
3,605,772
1,205,818
Total assets less current liabilities
3,645,541
980,751
Provisions for liabilities
Deferred tax liability
13
4,838
-
0
(4,838)
-
Net assets
3,640,703
980,751
Capital and reserves
Called up share capital
15
1
1
Profit and loss reserves
3,640,702
980,750
Total equity
3,640,703
980,751

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 22 May 2026 and are signed on its behalf by:
Mr G L P Dumarey
Director
Company registration number 15320085 (England and Wales)
TREKA BUS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 30 November 2023
-
0
-
0
-
Period ended 30 November 2024:
Profit and total comprehensive income
-
980,750
980,750
Issue of share capital
15
1
-
1
Balance at 30 November 2024
1
980,750
980,751
Year ended 30 November 2025:
Profit and total comprehensive income
-
2,659,952
2,659,952
Balance at 30 November 2025
1
3,640,702
3,640,703
TREKA BUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 12 -
1
Accounting policies
Company information

Treka Bus Limited is a private company limited by shares incorporated in England and Wales. The registered office is Colmill Works, Wigan Road, Westhoughton, Bolton, BL5 2EE.

1.1
Reporting period

The current financial period covers the 12 months from 01 December 2024 to 30 November 2025. The previous accounting period covers period from incorporation of 30 November 2023 to 30 November 2024 and as such the two periods are not entirely comparable.

1.2
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Woodall-Nicholson Limited. These consolidated financial statements are available from its registered office, Colmill Works Wigan Road, Westhoughton, Bolton, England, BL5 2EE.

1.3
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

The directors have confirmed the loan with other holding company will not be recalled within 12 months of the signature of the financial statements, and have provided support for 12 months following the approval of the financial statements.

Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

TREKA BUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.4
Revenue

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 the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
20% - 50% straight line
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

TREKA BUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 14 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% - 50% straight line
Fixtures and fittings
33% - 50% straight line
Computers
25% - 50% straight line
Motor vehicles
33% - 50% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.9
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

TREKA BUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

TREKA BUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 16 -
Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

TREKA BUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 17 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Amortisation of negative goodwill

Negative goodwill is being amortised as the assets acquired are being utilised, this is being assessed on a line by line basis until the balance is full amortised.

TREKA BUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 18 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Provision for slow moving stock

Stock which has not been sold or consumed within the last 12 months is provided for at 50%. Where stock has not been sold or consumed within the last 24 months, this is provided for at 100%.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Specialst vehicle conversion
28,661,568
21,346,744
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
28,661,568
21,346,744
4
Exceptional items
2025
2024
£
£
Expenditure
Retention of title costs
-
2,896,999
Negative goodwill release to profit
(206,451)
(2,084,348)
5
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(607)
(9,654)
Research and development costs
68,770
83,600
Fees payable to the company's auditor for the audit of the company's financial statements
8,650
8,250
Depreciation of owned tangible fixed assets
68,522
56,489
Amortisation of intangible assets
41,613
39,436
Release of negative goodwill
(206,451)
(2,084,348)
TREKA BUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 19 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Administration
73
78
Production
11
12
Total
84
90

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,728,997
2,901,186
Social security costs
305,290
279,233
Pension costs
206,099
150,371
3,240,386
3,330,790
TREKA BUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 20 -
7
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
146,127
-
0
Deferred tax
Origination and reversal of timing differences
340,961
(336,123)
Total tax charge/(credit)
487,088
(336,123)

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
3,147,040
644,627
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
786,760
161,157
Tax effect of expenses that are not deductible in determining taxable profit
266
13
Group relief
(273,609)
-
0
Amortisation on assets not qualifying for tax allowances
(26,329)
(497,293)
Taxation charge/(credit) for the year
487,088
(336,123)
TREKA BUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 21 -
8
Intangible fixed assets
Negative goodwill
Development costs
Total
£
£
£
Cost
At 1 December 2024
(2,445,799)
81,048
(2,364,751)
Additions
155,000
13,520
168,520
At 30 November 2025
(2,290,799)
94,568
(2,196,231)
Amortisation and impairment
At 1 December 2024
(2,084,348)
39,436
(2,044,912)
Amortisation charged for the year
(206,451)
41,613
(164,838)
At 30 November 2025
(2,290,799)
81,049
(2,209,750)
Carrying amount
At 30 November 2025
-
0
13,519
13,519
At 30 November 2024
(361,451)
41,612
(319,839)
9
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2024 and 30 November 2025
88,538
22,016
4,707
36,000
151,261
Depreciation and impairment
At 1 December 2024
42,389
10,837
2,513
750
56,489
Depreciation charged in the year
46,149
11,179
2,194
9,000
68,522
At 30 November 2025
88,538
22,016
4,707
9,750
125,011
Carrying amount
At 30 November 2025
-
0
-
0
-
0
26,250
26,250
At 30 November 2024
46,149
11,179
2,194
35,250
94,772
TREKA BUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 22 -
10
Stocks
2025
2024
£
£
Raw materials and consumables
2,440,227
1,853,400
Work in progress
731,400
554,892
Finished goods and goods for resale
9,279
42,137
3,180,906
2,450,429
11
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
4,159,882
1,658,530
Amounts owed by group undertakings
1,547,627
211,111
Other debtors
-
0
289,032
Prepayments and accrued income
109,110
78,000
5,816,619
2,236,673
Deferred tax asset (note 13)
-
0
336,123
5,816,619
2,572,796
12
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
3,454,976
1,825,579
Amounts owed to group undertakings
-
0
1,202,835
Corporation tax
146,127
-
0
Other taxation and social security
361,202
457,234
Other creditors
3,910
34,843
Accruals and deferred income
2,636,317
1,205,427
6,602,532
4,725,918
TREKA BUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 23 -
13
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Balances:
£
£
£
£
Accelerated capital allowances
8,966
-
-
(8,812)
Tax losses
-
-
-
336,255
Short term timing differences
(4,128)
-
-
8,680
4,838
-
-
336,123
2025
Movements in the year:
£
Asset at 1 December 2024
(336,123)
Charge to profit or loss
340,961
Liability at 30 November 2025
4,838

The company has not finalised its capital expenditure programme for the next financial year and therefore an assessment as to the likely movement of timing differences cannot reasonably be made.

14
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
206,099
150,371

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

The amount included in creditors at the year end was in relation to pension contributions was £16,910 (2024: £34,722).

15
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
TREKA BUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 24 -
16
Financial commitments, guarantees and contingent liabilities

A cross-company guarantee was put in place in the year in favour of the company's bankers between all the companies in the group headed by Woodall-Nicholson Limited. At the balance sheet date, total group company borrowings payable to the company's bankers covered by this cross-company guarantee totalled £nil.

17
Ultimate controlling party

The immediate parent and ultimate parent company is Woodall-Nicholson Ltd, a company incorporated in England and Wales, with registered office at Colmill Works, Wigan Road, Westhoughton, Bolton, BL5 2EE.

The ultimate controlling party is Mr G L P Dumarey due to his shareholding in Woodall-Nicholson Ltd.

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