Illuminations Transport Services Ltd.

	Page
Balance Sheet	1
Notes to the Financial Statements	2—5

1. General Information

Illuminations Transport Services Ltd. is a private company, limited by shares, incorporated in Scotland, registered number SC366692 . The registered office is C/O Mclaughlin Crolla Llp, 77/2 Hanover Street, Edinburgh, EH2 1EE.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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 amounts 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.

The financial statements of Illuminations Transport Services Limited have adopted the following disclosure exemptions:

related party disclosures for transactions entered into between two or more members of the group on the basis that both parties are wholly owned within the group.

2.2. Going Concern Disclosure

The Group has bank funding in place until January 2031, with one facility due for review in January 2027. The directors have reasonable expectation that this funding will be renewed at this date, combined with cost savings and existing trading, will ensure that the Group and the Company have adequate funding to continue to support future trading; thus the directors continues to adopt the going concern basis of accounting in preparing the financial statements.

2.3. 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.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor Vehicles

25% straight line

2.5. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

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Illuminations Transport Services Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

2.6. 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.

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 payments 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. Amounts 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.

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.

2.7. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

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Illuminations Transport Services Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

2.8. Pensions

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

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2024: 1)

4. Tangible Assets

	Motor Vehicles
	£
Cost
As at 1 August 2024	63,474

As at 31 July 2025	63,474

Depreciation
As at 1 August 2024	63,474

As at 31 July 2025	63,474

Net Book Value
As at 31 July 2025	-

As at 1 August 2024	-

5. Debtors

	2025	2024
	£	£
Due within one year
Other debtors	13,372	15,594
Corporation tax recoverable assets	80,387	80,387
Amounts owed by group undertakings	-	1,237,671

	93,759	1,333,652

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	58,223	33,804
Other taxes and social security	1,424	227
Other creditors	3,242	-
Accruals and deferred income	44,538	37,505
Amounts owed to group undertakings	-	602,234

	107,427	673,770

7. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

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Illuminations Transport Services Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

8. Related Party Disclosures

A cross guarantee has been given by Illuminations Transport Services Limited for long-term loans held by its ultimate parent company Lythe Holdings Limited. The loans are secured by a bond and floating charge over the assets of the group. Standard security over all of the group's properties has also been given.

9. Controlling Parties

The company's immediate parent undertaking is Lythe Holdings Limited .

The ultimate parent undertaking is (incorporated in Scotland). Its registered office is McLaughlin Crolla LLP, 77/2 Hanover Street, Edinburgh, EH2 1EE .

Copies of the group accounts may be obtained from the Companies House, 4th Floor Edinburgh Quay 2, 139 Fountainbridge, Edinburgh, EH3 9FF.

The ultimate controlling party is J O'Neil, who owns 70% of the issued share capital in Lythe Holdings Limited.

Lythe Holdings Limited is the parent of the smallest and largest group of which the company is a member and for which consolidated financial statements are prepared.

10. FRC's Ethical Standard - Provision Available for Small Entities

In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

11. Audit Information

The auditor's report on the accounts of Illuminations Transport Services Ltd. for the year ended 31 July 2025 was unqualified.

The auditors emphasised the following matter without qualifying their report:

We draw attention to Note 2.2 in the financial statements, which indicates that one of the the company's overdraft facility is due for renewal in January 2027. As stated in note 2.2, these conditions indicate that a material uncertainty exists that may cast doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The auditor's report was signed by Brian Meldrum CA (Senior Statutory Auditor) for and on behalf of The Kelvin Partnership Ltd , Statutory Auditor.

The Kelvin Partnership Ltd

The Cooper Building

505 Great Western Road

Glasgow

G12 8HN

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS

CURRENT ASSETS
Debtors	5	93,759		1,333,652
Cash at bank and in hand		1,355		5,359

		95,114		1,339,011
Creditors: Amounts Falling Due Within One Year	6	(107,427 )		(673,770 )

NET CURRENT ASSETS (LIABILITIES)			(12,313 )		665,241

TOTAL ASSETS LESS CURRENT LIABILITIES			(12,313 )		665,241

NET (LIABILITIES)/ASSETS			(12,313 )		665,241

CAPITAL AND RESERVES
Called up share capital	7		100		100
Profit and Loss Account			(12,413 )		665,141

SHAREHOLDERS' FUNDS			(12,313)		665,241