Company No: 01475662 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	3	5,768,201		5,263,546
		5,768,201		5,263,546
Current assets
Stocks		9,000		8,890
Debtors	4	711,807		728,106
Cash at bank and in hand		567,513		50,656
		1,288,320		787,652
Creditors: amounts falling due within one year	5	( 2,354,894)		( 1,932,156)
Net current liabilities		(1,066,574)		(1,144,504)
Total assets less current liabilities		4,701,627		4,119,042
Creditors: amounts falling due after more than one year	6	( 1,889,696)		( 1,460,817)
Provision for liabilities		( 284,467)		( 260,168)
Net assets		2,527,464		2,398,057
Capital and reserves
Called-up share capital		1,550		1,550
Share premium account		1,550		1,550
Profit and loss account		2,524,364		2,394,957
Total shareholder's funds		2,527,464		2,398,057

For the financial year ending 31 March 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Transport Systems (Western) Limited (registered number: 01475662) were approved and authorised for issue by the Board of Directors on 16 July 2026. They were signed on its behalf by:

J Nicholas Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Transport Systems (Western) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

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.

Contract hire related revenue is recognised proportionately over the life of the contract. Sales of vehicles are recognised when substantially all the risks and rewards of ownership pass to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either other debtors or other creditors in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stock comprises used vehicles for resale and is stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. 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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	13		13

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 April 2025	12,212,737		12,212,737
Additions	2,661,739		2,661,739
Disposals	( 1,611,126)		( 1,611,126)
At 31 March 2026	13,263,350		13,263,350
Accumulated depreciation
At 01 April 2025	6,949,191		6,949,191
Charge for the financial year	1,964,885		1,964,885
Disposals	( 1,418,927)		( 1,418,927)
At 31 March 2026	7,495,149		7,495,149
Net book value
At 31 March 2026	5,768,201		5,768,201
At 31 March 2025	5,263,546		5,263,546
Leased assets included above:
Net book value
At 31 March 2026	4,533,090		4,533,090
At 31 March 2025	4,147,471		4,147,471

4. Debtors

	2026		2025
	£		£
Trade debtors	271,120		291,433
Other debtors	440,687		436,673
	711,807		728,106

5. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank loans (secured £ 100,000)	108,334		10,000
Trade creditors	219,849		114,102
Amounts owed to Group undertakings	179,667		23,167
Taxation and social security	78,741		130,148
Obligations under finance leases and hire purchase contracts (secured £1,355,240)	1,355,243		1,245,881
Other creditors	413,060		408,858
	2,354,894		1,932,156

Bank loans comprise a Bounce Back Loan which is unsecured.

Other bank loans are secured.

Hire purchase liabilities are secured over the assets to which they relate, which comprises plant and machinery with a carrying value of £4,533,090 (2025 - £4,147,471).

6. Creditors: amounts falling due after more than one year

	2026		2025
	£		£
Bank loans	191,667		8,333
Obligations under finance leases and hire purchase contracts (secured)	1,698,029		1,452,484
	1,889,696		1,460,817

Hire purchase liabilities are secured over the assets to which they relate, which comprises plant and machinery with a carrying value of £4,533,090 (2025 - £4,147,471).

Bank loans are secured.