Year Ended
Registration number:
Conway Bailey Transport Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Conway Bailey Transport Limited
Company Information
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Directors |
M G Bailey L D Wills S L Harland C I Green |
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Registered office |
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Auditors |
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Conway Bailey Transport Limited
Strategic Report for the Year Ended 31 January 2026
The directors present their strategic report for the year ended 31 January 2026.
Principal activity
The principal activity of the company is road transport and supply chain services throughout the United Kingdom and Europe. Activities include full-load and part-load transport, dedicated contract management and temperature-controlled storage. Enabled by its investment in technology, modern facilities and customer-focused operations, the Company delivers its supply chain solutions to customers across a range of food sectors.
Fair review of the business
The Directors are pleased to announce a profit before tax for the year of £1,924,514 (2025 - £2,087,231).
Revenue in the current year has risen 12.4% to £41.7m (2025 - £37.1m) driven by growth in retained business as well as new accounts. The gross margin has seen a deterioration, decreasing to 15.3% (2025 -16.0%) in the year where costs were materially impacted by the changes in April 2025 to National Insurance Contributions as well as the national minimum wage increases.
Fleet additions have continued in the year with total expenditure of £6.76m (2025 - £2.59m), largely financed through additional hire purchase arrangements.
The company's key financial and other performance indicators during the year were as follows:
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Financial KPIs |
Unit |
2026 |
2025 |
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Revenue |
£000's |
41,746 |
37,141 |
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Gross profit |
% |
15 |
16 |
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EBITDA |
£000's |
6,171 |
5,641 |
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Cash at bank |
£000's |
1,010 |
2,000 |
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Net assets |
£000's |
10,072 |
9,953 |
Principal risks and uncertainties
The company’s performance is dependent on it continuing to hold a Vehicle Operators Licence. Strict controls are in place to monitor hours driven and due regard given to drivers' health and maintenance of the vehicle fleet.
The current economic environment presents several challenges, including volatility in oil prices arising from tensions in the Gulf region, increasing cost-of-living pressures, and continued constraints on staffing resources. These factors contribute to a degree of uncertainty in trading conditions.
Despite these uncertainties, the company remains confident in its ability to maintain high service levels, continuing to support its existing customer base while seeking opportunities to expand through new and diversified contracts.
The company’s strategic focus remains centred on operational excellence, including efficiency improvements and cost control, alongside diversification of services and customer base to reduce risk exposure. Sustainable growth continues to be a key priority, with careful investment in fleet, technology, and people to support long-term resilience and competitiveness.
Conway Bailey Transport Limited
Strategic Report for the Year Ended 31 January 2026
Section 172(1) statement
The directors acknowledge their duty under Section 172(1) of the Companies Act 2006 to act in a way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its member, while having due regard to the interests of stakeholders and other factors outlined in the legislation.
In discharging their duties under s172, the directors have considered, among other matters:
• the likely long-term consequences of decisions;
• the interests of employees throughout the business;
• relationships with customers, subcontractors, and suppliers;
• the impact of operations on the environment and the communities they serve;
• maintaining a reputation for high standards of safety, compliance and business conduct.
Long-term decision making
The company’s strategic focus remains on sustainable growth, operational efficiency, and long-term value creation. To support this, we continue to prioritise targeted investments that enhance the resilience and competitiveness of the business.
During the year, further progress was made in modernising the fleet through ongoing replacement programmes. These investments are designed to reduce emissions, improve fuel efficiency, and lower maintenance costs. By upgrading to more environmentally efficient vehicles, the company supports its sustainability objectives while ensuring compliance with evolving environmental regulations.
These actions demonstrate our long-term commitment to responsible operations, disciplined cost management, and future-proofing the business in an increasingly dynamic operating environment.
Community and environment
The company remains mindful of its environmental impact and continues to take steps to reduce it. Investments in fleet modernisation and the development of route optimisation solutions contribute to lowering emissions and improving operational efficiency.
We are also proud to support the local communities in which we operate, recognising the importance of maintaining a positive and responsible presence.
Engagement with employees
The Company recognises that its employees are central to its long-term success and sustainability. It remains firmly committed to fostering a positive, inclusive, and engaging working environment that supports employee well-being, development, and retention.
Engagement with suppliers, customers and other relationships
The company recognises the importance of building and maintaining strong, collaborative relationships with both customers and suppliers as a key driver of long-term success.
We remain committed to strengthening long-term partnerships with key customers by delivering reliable, responsive, and high-quality haulage services tailored to their evolving requirements.
To support this commitment, the company has invested in an advanced intelligent transport management platform, providing a single, integrated system for managing operations across all partners and positioning the business for future growth.
Conway Bailey Transport Limited
Strategic Report for the Year Ended 31 January 2026
Governance and ethical standards
The directors ensure that the company complies with all applicable laws and regulations, including those relating to transport, safety, and employment. High standards of ethical conduct are embedded within the company’s operations, supporting a culture of integrity and accountability across the business.
Approved and authorised by the
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Conway Bailey Transport Limited
Directors' Report for the Year Ended 31 January 2026
The directors present their report and the financial statements for the year ended 31 January 2026.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company's principal financial instruments comprise of bank balances, loans and hire purchase agreements and trade creditors. The main purpose of these instruments is to raise funds for the company's operations.
Price risk, credit risk, liquidity risk and cash flow risk
The company operates a fuel escalator in respect of a proportion of its customer pricing arrangements.
Trade debtors are managed in respect of the credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Provisions are made for doubtful debts where necessary.
Trade creditor liquidity risk is managed by ensuring amounts due are able to be paid on a timely basis.
In respect of borrowings, which are in the form of overdrafts, bank loans and hire purchase agreements the liquidity risk is managed by ensuring that balances are maintained within the defined limits, and that payments are made in accordance with the terms of the debt. The monthly repayments of the debt are fixed and the Directors are aware of the company's required finance and make allowance for amounts due.
In order to mitigate against the operational risks in the sector that the company operates the Directors maintain their awareness of the continual changes in laws and regulations and plan ahead accordingly.
Employment of disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned.
In the event of staff members becoming disabled every effort is made to ensure that their employment within the group continues and that any necessary steps to accommodate are taken. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Conway Bailey Transport Limited
Directors' Report for the Year Ended 31 January 2026
Employee involvement
The company is committed to keeping its employees informed of developments and progress through regular meetings and the use of information bulletins.
Streamlined energy and carbon reporting
The company has not reported on Streamlined Energy and Carbon Reporting (SECR) as the parent company, MGB (Cornwall) Limited, has prepared a group SECR report for the period to 31 January 2026.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the
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Conway Bailey Transport Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
Conway Bailey Transport Limited
Independent Auditor's Report to the Members of Conway Bailey Transport Limited
Opinion
We have audited the financial statements of Conway Bailey Transport Limited (the 'company') for the year ended 31 January 2026, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant 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 31 January 2026 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 other ethical responsibilities in accordance with these 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 director's 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 original financial statements were 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.
Conway Bailey Transport Limited
Independent Auditor's Report to the Members of Conway Bailey Transport Limited
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where 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. |
Conway Bailey Transport Limited
Independent Auditor's Report to the Members of Conway Bailey Transport Limited
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 7, 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the company and management.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company at the planning stage of the audit. Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related company legislation) and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the company’s licence to operate. In making this assessment we determined that the most significant elements of legislation include health and safety laws and regulations, employment laws and regulations, Operators License legislation and environmental legislation.
Conway Bailey Transport Limited
Independent Auditor's Report to the Members of Conway Bailey Transport Limited
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
• Enquiring with management regarding their knowledge of any non compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances, allegations or suspicions of fraud.
• Considering the filings made at Companies House, and any omissions thereon.
• Reviewing Vehicle Operators Licensing documentation and agreeing details.
• Discussing with management compliance with operators license requirements and health and safety legislation.
We also evaluated the risk of fraud through management override including that arising from management’s incentives. The key risks we identified were with regards to the cut off of recognition of income or through management bias in selecting accounting estimates. In response to the identified risk, as part of our audit work we:
• Used data analytic software to test journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business.
• A review of estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates. This focused on depreciation, and in particular the level of profit on disposal achieved in the current year and whether this was indicative of over depreciation of assets.
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. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Conway Bailey Transport Limited
Independent Auditor's Report to the Members of Conway Bailey Transport Limited
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.
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Lowin House
Tregolls Road
Cornwall
TR1 2NA
Conway Bailey Transport Limited
Profit and Loss Account
Year Ended 31 January 2026
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Note |
2026 |
2025 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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|
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Interest payable and similar charges |
(451,896) |
(327,580) |
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Profit before tax |
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|
|
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Taxation |
( |
( |
|
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Profit for the financial year |
|
|
Conway Bailey Transport Limited
Balance Sheet
31 January 2026
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Note |
2026 |
2025 |
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Fixed assets |
|||
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Tangible assets |
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Current assets |
|||
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Stocks |
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Debtors |
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Cash at bank and in hand |
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
|
|
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Capital and reserves |
|||
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Called up share capital |
20 |
20 |
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Profit and loss account |
10,072,474 |
9,953,187 |
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Shareholders' funds |
10,072,494 |
9,953,207 |
Approved and authorised by the
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Company Registration Number: 04002249
Conway Bailey Transport Limited
Statement of Changes in Equity
Year Ended 31 January 2026
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Share capital |
Profit and loss account |
Total |
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At 1 February 2025 |
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Total profit and comprehensive income |
- |
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|
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Dividends |
- |
( |
( |
|
At 31 January 2026 |
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|
|
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Share capital |
Profit and loss account |
Total |
|
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At 1 February 2024 |
|
|
|
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Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 January 2025 |
20 |
9,953,187 |
9,953,207 |
Conway Bailey Transport Limited
Notes to the Financial Statements
Year Ended 31 January 2026
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements of the company have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £
Prior period restatement
The comparative figures have been restated to reflect the reclassification of related party debt, which was previously included within other debtors, in order to present related party debt separately due to the size. This restatement had no impact on total net assets or profit and is strictly presentational in nature.
Conway Bailey Transport Limited
Notes to the Financial Statements
Year Ended 31 January 2026
Going concern
In preparing and approving these financial statements, the directors has given due consideration to the company’s ability to continue as a going concern, particularly considering the current economic climate and the associated increase in the cost of living.
While acknowledging that uncertainty remains, the directors are satisfied that the going concern basis of preparation remains appropriate.
Since the year end, the company has continued to trade in line with expectations. The company has regular discussions with the bank regarding the future funding requirements of the business to support investment, growth and working capital requirements through facility improvements.
In addition, the company has taken further action to strengthen its financial position through enhanced cost control measures, operational efficiency initiatives, and proactive engagement with key customers and suppliers.
Having taken the above factors into account, the Directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements.
Exemptions for qualifying entities under FRS102
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. The company has therefore taken advantage of exemptions from the following disclosure requirements:
• Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
• 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’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; 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.
Conway Bailey Transport Limited
Notes to the Financial Statements
Year Ended 31 January 2026
Changes in accounting policy
Changes to FRS 102 in future periods
The FRC has published changes to rules around the revenue and leases which will take effect in next year's accounts. We expect that in future years our main leases, including those for our warehouses, will be brought onto the balance sheet as right-of-use assets and lease liabilities. Payments on these leases after 1 February 2026 will be classified as depreciation or interest payable.
There is no requirement to restate figures from previous years, so we do not expect any changes to the figures we report here for the year to 31 January 2026 or any earlier periods.
Revenue recognition
Turnover represents the fair value of consideration received or receivable for the provision of haulier and transport contracting services by the company. This consideration is stated net of VAT and any rebates or discounts.
Turnover for the provision of haulage services is recognised by the company at the point of delivery of goods to the customer. Where goods have been delivered but are not invoiced at the year end the sales value is provided for as accrued income and recognised within debtors.
Turnover for the provision of storage services is recognised when items are stored and invoiced.
Turnover in respect of the sale of vehicles to third parties (where the vehicles are purchased for resale rather than use by the company) is recognised at the point of exchange to the customer.
Finance income and costs policy
Finance costs are recognised in profit and loss on an actuarial basis.
Tax
Tax is recognised in profit or loss, 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.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Conway Bailey Transport Limited
Notes to the Financial Statements
Year Ended 31 January 2026
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and buildings and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Land and property |
Freehold land and buildings are not depreciated |
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Other property, plant and equipment |
10% - 50% reducing balance and straight line |
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Motor vehicles |
15% - 60% straight line |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Leases
Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due.
Conway Bailey Transport Limited
Notes to the Financial Statements
Year Ended 31 January 2026
Financial instruments
Classification
All financial instruments are classified as basic.
Recognition and measurement
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, which include trade and other receivables and cash and bank balances, are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments. Where the arrangement constitutes a financing transaction the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Basic financial liabilities, including trade and other payables are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments. Where the item constitutes a financing transaction the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets 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.
Conway Bailey Transport Limited
Notes to the Financial Statements
Year Ended 31 January 2026
Critical judgements and estimation uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The key judgement that has a significant effect on the financial statements is in respect of going concern, as described in the above accounting policy. |
The key estimate that has a significant effect on the amounts recognised in the financial statements is described below: |
Assessment of depreciation and useful lives (note 11)
Given the operations of the company the accounting estimates surrounding depreciation of fleet vehicles is a significant area of judgement. Management are constantly investing in vehicles, and at times this involves trade in of vehicles, and as such they are aware of the value of vehicles in making assessments in residual values. At the same time management also invest in maintaining their fleet to a high standard.
At the balance sheet date the carrying value of property, plant and equipment was £15,289,850 (2025 - £11,823,047).
|
Turnover |
The analysis of the company's Turnover for the year by market is as follows:
|
2026 |
2025 |
|
|
UK |
|
|
|
Europe |
|
|
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2026 |
2025 |
|
|
Sub lease rental income |
|
|
|
Miscellaneous other operating income |
|
- |
|
|
|
Conway Bailey Transport Limited
Notes to the Financial Statements
Year Ended 31 January 2026
|
Operating profit |
Arrived at after charging/(crediting)
|
2026 |
2025 |
|
|
Depreciation expense |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2026 |
2025 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2026 |
2025 |
|
|
Administration and support |
|
|
|
Distribution |
|
|
|
|
|
Conway Bailey Transport Limited
Notes to the Financial Statements
Year Ended 31 January 2026
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2026 |
(As restated) |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
304,772 |
268,823 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2026 |
2025 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2026 |
2025 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
Auditor's remuneration |
|
2026 |
2025 |
|
|
Audit of the financial statements |
|
|
|
Other fees to auditors |
||
|
Taxation compliance services |
|
|
|
All other assurance services |
|
|
|
|
|
|
Interest payable and similar expenses |
|
2026 |
2025 |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
|
|
|
|
|
Conway Bailey Transport Limited
Notes to the Financial Statements
Year Ended 31 January 2026
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2026 |
2025 |
|
|
Current taxation |
||
|
UK corporation tax |
|
- |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2025 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2026 |
2025 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase from effect of capital allowances and depreciation |
|
- |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax decrease arising from group relief |
- |
( |
|
Total tax charge |
|
|
Conway Bailey Transport Limited
Notes to the Financial Statements
Year Ended 31 January 2026
Deferred tax
Deferred tax assets and liabilities
|
2026 |
Asset |
Liability |
|
Capital allowances in excess of depreciation |
- |
|
|
Pension timing |
- |
( |
|
- |
|
|
2025 |
Asset |
Liability |
|
Capital allowances in excess of depreciation |
- |
|
|
Pension timing |
- |
( |
|
- |
|
Conway Bailey Transport Limited
Notes to the Financial Statements
Year Ended 31 January 2026
|
Tangible assets |
|
Land and buildings |
Motor vehicles |
Plant and machinery |
Total |
|
|
Cost or valuation |
||||
|
At 1 February 2025 |
|
|
|
|
|
Additions |
- |
|
|
|
|
Disposals |
- |
( |
( |
( |
|
At 31 January 2026 |
|
|
|
|
|
Depreciation |
||||
|
At 1 February 2025 |
- |
|
|
|
|
Charge for the year |
- |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
|
At 31 January 2026 |
- |
|
|
|
|
Carrying amount |
||||
|
At 31 January 2026 |
|
|
|
|
|
At 31 January 2025 |
|
|
|
|
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2026 |
2025 |
|
|
Motor vehicles |
9,780,516 |
7,182,236 |
|
Plant and machinery |
644,083 |
- |
|
10,424,599 |
7,182,236 |
The depreciation charged on leased assets in the year was £2,087,428 (2025 - £1,678,361).
Included within the net book value of land and buildings above is £1,609,150 (2025 - £1,609,150) in respect of freehold land and buildings.
Conway Bailey Transport Limited
Notes to the Financial Statements
Year Ended 31 January 2026
|
Stocks |
|
2026 |
2025 |
|
|
Other inventories |
|
|
Inventories held by the company comprises of tyres, fuel and other general spare parts.
|
Debtors |
|
Note |
2026 |
(As restated) |
|
|
Trade debtors |
|
|
|
|
Amounts due from group undertakings |
1,825,284 |
1,711,010 |
|
|
Amounts owed by related parties |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments and accrued income |
|
|
|
|
Income tax asset |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
2026 |
2025 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
Conway Bailey Transport Limited
Notes to the Financial Statements
Year Ended 31 January 2026
|
Creditors |
|
Note |
2026 |
2025 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to group undertakings |
|
- |
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Corporation tax |
702,874 |
702,874 |
|
|
Other creditors |
|
|
|
|
Accruals |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Loans and borrowings |
|
2026 |
2025 |
|
|
Current loans and borrowings |
||
|
Hire purchase contracts |
|
|
|
Other borrowings |
|
|
|
|
|
|
|
2026 |
2025 |
|
|
Non-current loans and borrowings |
||
|
Hire purchase contracts |
|
|
The conditions and security held in respect of the borrowings of the company can be summarised as follows:
Bank borrowings
The company debts are secured by:
• An unlimited debenture dated 31 March 2010 incorporating a fixed and floating charge.
• A first legal charge over certain freehold land.
Conway Bailey Transport Limited
Notes to the Financial Statements
Year Ended 31 January 2026
|
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments are as follows:
|
2026 |
2025 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amounts disclosed under finance leases are secured against the assets to which they relate.
Operating leases
The total of future minimum lease payments is as follows:
|
2026 |
2025 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Deferred tax and other provisions |
|
Deferred tax |
Total |
|
|
At 1 February 2025 |
|
|
|
Additional provisions |
|
|
|
At 31 January 2026 |
|
|
|
|
||
The composition of the deferred tax balance stated above is shown in note 10 to the financial statements.
Conway Bailey Transport Limited
Notes to the Financial Statements
Year Ended 31 January 2026
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £304,782 (2025 - £
Contributions totalling £
|
Reserves |
The company has certain equity balances which are disclosed in reserves. The derivation of these amounts can be summarised as follows:
Share capital
Called up share capital represents the nominal value of shares that have been issued.
Profit and loss account
The profit and loss account includes all current and prior period retained profits and losses.
|
Share capital |
Allotted, called up and fully paid shares
|
2026 |
2025 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
9 |
|
9 |
|
|
|
1 |
|
1 |
|
|
|
1 |
|
1 |
|
|
|
9 |
|
9 |
|
|
|
|
|
|
The share classes rank pari passu for participation in the profits and assets of the company, and in all other respects save that the non voting A, B and C shares shall not:
i) Entitle the holders to receive notice of or to attend and vote at any general meeting.
ii) In the event of a liquidation of the company carry any rights to receive a share of the proceeds realised from the sale of the company's assets.
Conway Bailey Transport Limited
Notes to the Financial Statements
Year Ended 31 January 2026
|
Commitments |
Capital commitments
The total amount contracted for but not provided in the financial statements was £
|
Contingent liabilities |
A cross guarantee is in place with RR Transport Limited, a company with common directors and shareholders.
At the balance sheet date the outstanding balance on the facility, reflected in the financial statements of RR Transport Limited, is £1,883,516 (2025 - £2,530,505).
In addition, during the year Conway Bailey Transport Limited extended a guarantee in respect of group borrowings in the name of MGB (Cornwall) Limited. At the balance sheet date the outstanding balance on the bank loans, not reflected in the accounts of Conway Bailey Transport Limited, was £7,203,859 (2025 - £8,364,991).
|
Related party transactions |
There are no key management personnel outside of the Directors. Details of Directors Remuneration is provided in note 7 to the financial statements.
|
Transactions with directors |
During the year the company has had a loan with the Directors, which is interest free, secured and repayable upon demand. The loan balance is secured by means of an unlimited debenture over the assets of the company.
In the year the Directors made withdrawals of £184,384 (2025 - £213,871) and introduced funds of £205,985 (2025 - £405,985).
At the balance sheet date the Directors owed £401,604 (2025 - £423,205) to Conway Bailey Transport Limited.
Summary of transactions with subsidiaries
Conway Bailey Transport Limited
Notes to the Financial Statements
Year Ended 31 January 2026
Summary of transactions with other related parties
During the year the company has also transacted with entities in which M G Bailey has a shareholding interest, as well as being a director.
The company has loans with those entities, which are unsecured, interest free and repayable upon demand. During the year the company advanced £366,721 (2025 - £765,786) to those entities, and received repayments of £nil (2025 - £nil).
At the balance sheet date the amount due from those entities is £1,745,285 (2025 - £1,378,564) which is disclosed in other debtors.
|
Non adjusting events after the financial period |
|
|
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is