Company registration number 01531816 (England and Wales)
HARTWOOL LTD T/A GRAYLINE COACHES
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
HARTWOOL LTD T/A GRAYLINE COACHES
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
HARTWOOL LTD T/A GRAYLINE COACHES
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,110,198
1,890,825
Current assets
Stocks
16,400
13,320
Debtors
4
153,037
158,147
Cash at bank and in hand
530,951
459,138
700,388
630,605
Creditors: amounts falling due within one year
5
(248,748)
(271,764)
Net current assets
451,640
358,841
Total assets less current liabilities
2,561,838
2,249,666
Creditors: amounts falling due after more than one year
6
(54,923)
(63,094)
Provisions for liabilities
(278,212)
(216,978)
Net assets
2,228,703
1,969,594
Capital and reserves
Called up share capital
7
100
100
Revaluation reserve
63,375
83,500
Profit and loss reserves
2,165,228
1,885,994
Total equity
2,228,703
1,969,594
HARTWOOL LTD T/A GRAYLINE COACHES
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 2 -

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 8 June 2026 and are signed on its behalf by:
Mr A G Gray
Director
Company registration number 01531816 (England and Wales)
HARTWOOL LTD T/A GRAYLINE COACHES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
1
Accounting policies
Company information

Hartwool Ltd t/a Grayline Coaches is a private company limited by shares incorporated in England and Wales. The registered office is Blackthorn Hill, Blackthorn, Bicester, Oxfordshire, OX25 1TL.

1.1
Accounting convention

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

1.3
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.

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:

Freehold land and buildings
2% straight line basis
Furniture, fittings and equipment
25% reducing balance basis
Motor vehicles
25% reducing balance basis
Coach equipment
25% reducing balance basis

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.

HARTWOOL LTD T/A GRAYLINE COACHES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
1.4
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.

1.5
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.

1.6
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.

1.7
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.

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.

HARTWOOL LTD T/A GRAYLINE COACHES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
1.8
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.

1.9
Retirement benefits

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

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Employees

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

2025
2024
Number
Number
Total
31
31
HARTWOOL LTD T/A GRAYLINE COACHES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
3
Tangible fixed assets
Freehold land and buildings
Furniture, fittings and equipment
Coaches
Motor vehicles
Coach equipment
Total
£
£
£
£
£
£
Cost
At 1 January 2025
1,267,530
225,217
837,150
17,832
210,345
2,558,074
Additions
-
0
7,968
369,000
7,000
-
0
383,968
Disposals
-
0
-
0
(94,500)
(1,500)
-
0
(96,000)
At 31 December 2025
1,267,530
233,185
1,111,650
23,332
210,345
2,846,042
Depreciation and impairment
At 1 January 2025
244,615
210,725
11,400
12,601
187,908
667,249
Depreciation charged in the year
25,351
4,367
-
0
3,155
5,609
38,482
Impairment losses
-
0
-
0
31,500
-
0
-
0
31,500
Eliminated in respect of disposals
-
0
-
0
-
0
(1,387)
-
0
(1,387)
At 31 December 2025
269,966
215,092
42,900
14,369
193,517
735,844
Carrying amount
At 31 December 2025
997,564
18,093
1,068,750
8,963
16,828
2,110,198
At 31 December 2024
1,022,915
14,492
825,750
5,231
22,437
1,890,825
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
146,781
145,347
Other debtors
927
3,549
Prepayments and accrued income
5,329
9,251
153,037
158,147
HARTWOOL LTD T/A GRAYLINE COACHES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
5
Creditors: amounts falling due within one year
2025
2024
£
£
Obligations under finance leases
72,754
53,309
Trade creditors
38,875
58,377
Corporation tax
31,691
37,464
Other taxation and social security
17,191
25,900
Deferred income
4,830
4,180
Other creditors
74,851
83,931
Accruals and deferred income
8,556
8,603
248,748
271,764
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
54,923
63,094
7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
100
100
100
100
8
Prior period adjustment
Reconciliation of changes in equity
1 January
31 December
2024
2024
£
£
Adjustments to prior year
Revaluation of coaches
-
53,550
Deferred tax on revaluation of coaches
-
(13,387)
Total adjustments
-
40,163
Equity as previously reported
1,655,791
1,929,431
Equity as adjusted
1,655,791
1,969,594
Analysis of the effect upon equity
Revaluation reserve
-
212,168
Profit and loss reserves
-
(172,005)
-
40,163
HARTWOOL LTD T/A GRAYLINE COACHES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
8
Prior period adjustment
(Continued)
- 8 -
Reconciliation of changes in profit for the previous financial period
2024
£
Adjustments to prior year
Impairment of coaches
(11,400)
FV movement on impaired coaches incorrectly recognised through OCI in prior year
(178,604)
Total adjustments
(190,004)
Profit as previously reported
368,478
Profit as adjusted
178,474
9
Related party transactions
Directors' remuneration

The directors' remuneration for the year was as follows:

2025
2024
£
£
Remuneration
58,913
55,575

Summary of transactions with other related parties

A Gray and B Gray

Directors

At the balance sheet date the amount due to Mr A Gray was £37,235 (2024: £41,489).

At the balance sheet date the amount due to Mr B Gray was £22,545 (2024: £27,433).

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