York Pullman Holdings Limited - Limited company accounts 23.2

REGISTERED NUMBER: 07028776 (England and Wales)

Group Strategic Report, Report of the Director and

Consolidated Financial Statements

for the Period 1 January 2022 to 31 March 2023

for

York Pullman Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Director

3

Statement of Director's Responsibilities

4

Report of the Independent Auditors

5

Consolidated Income statement

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTOR:

T G James

SECRETARY:

M P James

REGISTERED OFFICE:

2 Clifton Moor Business Village

James Nicolson Link

York

North Yorkshire

YO30 4XG

REGISTERED NUMBER:

07028776 (England and Wales)

AUDITORS:

Azets Audit Services Limited

Triune Court

Monks Cross Drive

York

YO32 9GZ

The director presents his strategic report of the company and the group for the period 1 January 2022 to 31 March 2023.

REVIEW OF BUSINESS

The principal activity of the group continued to be the operation of scheduled bus routes and tours. York Pullman Holdings Ltd acts as a holding company. There have been no significant changes in the company's principal activity in the period under review and no significant change in the company's principal activity is expected.

The results for group for the year and the year-end position, together with comparatives and key financial and other performance indicators are summarised below.

Unit

2023

2021

Turnover

£

13,638,412

7,086,264

Gross Profit

£

3,920,060

1,441,323

Gross Margin

%

29

20

Net Profit / (Loss) before tax

£

2,716,327

1,053,995

Net current assets

£

4,283,491

1,859,358

Net assets

£

8,603,053

6,391,736

The general industry, and the companies within this group, remain highly capital intensive and over recent years the industry has seen operating costs increase with recent increases in fuel prices and upward pressure on wages and pension contributions.

The board continues to monitor the size and composition of the fleet with particular focus on ensuring high vehicle utilisation and seeking methods to improve operational efficiency and profitability wherever possible.

The Director is satisfied that the group is a going concern and considers the state of the company's affairs to be satisfactory.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the company's strategy are subject to a number of risks.

The key business risks and uncertainties affecting the company are considered to relate to local and national competition, fuel prices and the employment and retention of drivers. Management monitor these risks closely ensuring pricing remains competitive, that the company is attractive to employees and where possible fuel price changes are passed on to customers.

There are also compliance risks and the board recognises the importance of a strong compliance framework to ensure it adheres to the relevant legislation and maintenance schedules necessary to avoid the financial and reputational risk of failing to do so.

FUTURE DEVELOPMENTS

The external commercial environment is expected to remain competitive and fuel prices are likely to remain high but the board continue to focus on improving margins and monitor technological changes within the industry that will help to deliver improved efficiencies and expand further into the haulage industry.

ON BEHALF OF THE BOARD:

T G James - Director

25 March 2024

The director presents his report with the financial statements of the company and the group for the period 1 January 2022 to 31 March 2023.

PRINCIPAL ACTIVITY

The principal activity of the group in the period under review was that of operating scheduled bus routes and tours.

DIVIDENDS

An interim dividend of £32,840 per share was paid on 30 April 2022 . The director recommends that no final dividend be paid.

The total distribution of dividends for the period ended 31 March 2023 will be £32,840. (2021 - £360,000)

EVENTS SINCE THE END OF THE PERIOD

Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTOR

T G James held office during the whole of the period from 1 January 2022 to the date of this report.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

Azets Audit Services Limited, were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

ON BEHALF OF THE BOARD:

T G James - Director

25 March 2024

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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. He is 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.

Opinion

We have audited the financial statements of York Pullman Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 March 2023 which comprise the Consolidated Income statement, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the period 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 director 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.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' 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.

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.

Extent to which the audit was capable of identifying irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

- Performing audit work over the timing and recognition of revenue an in particular whether it has been recorded in the correct accounting period.

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 a Report of the Auditors 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.

Martin Davey (Senior Statutory Auditor)

for and on behalf of Azets Audit Services Limited

Triune Court

Monks Cross Drive

York

YO32 9GZ

25 March 2024

York Pullman Holdings Limited (Registered number: 07028776)

Consolidated Income statement

for the Period 1 January 2022 to 31 March 2023

Period

Year Ended

1.1.22 to 31.3.23

31.12.21

Notes

£

TURNOVER

4

13,638,412

7,086,264

Cost of sales

9,718,352

5,644,941

GROSS PROFIT

3,920,060

1,441,323

Establishment costs

335,570

251,595

Administrative expenses

1,271,529

792,840

1,607,099

1,044,435

2,312,961

396,888

Other operating income

5

388,830

544,955

Gain/loss on revaluation of investment
property

-

104,657

OPERATING PROFIT

7

2,701,791

1,046,500

Interest receivable and similar income

9

33,132

32,022

2,734,923

1,078,522

Interest payable and similar expenses

10

18,596

24,527

PROFIT BEFORE TAXATION

2,716,327

1,053,995

Tax on profit

11

472,170

210,917

PROFIT FOR THE FINANCIAL PERIOD

2,244,157

843,078

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

2,244,157

843,078

Profit attributable to:

Owners of the parent

2,244,157

843,078

Total comprehensive income attributable to:

Owners of the parent

2,244,157

843,078

FIXED ASSETS

Intangible assets

16

188,518

19,635

Tangible assets

17

3,310,355

3,923,497

Investments

18

-

Investment property

19

1,416,459

1,379,414

4,915,332

5,322,546

CURRENT ASSETS

Stocks

20

154,241

136,161

Debtors

21

2,297,952

1,617,839

Cash at bank and in hand

3,029,394

1,223,265

5,481,587

2,977,265

CREDITORS

Amounts falling due within one year

22

1,198,096

1,117,907

NET CURRENT ASSETS

4,283,491

1,859,358

TOTAL ASSETS LESS CURRENT
LIABILITIES

9,198,823

7,181,904

CREDITORS

Amounts falling due after more than one year

23

-

(296,600

)

PROVISIONS FOR LIABILITIES

27

(595,770

)

(493,568

)

NET ASSETS

8,603,053

6,391,736

CAPITAL AND RESERVES

Called up share capital

28

1

Retained earnings

8,603,052

6,391,735

SHAREHOLDERS' FUNDS

8,603,053

6,391,736

The financial statements were approved by the director and authorised for issue on 25 March 2024 and were signed by:

T G James - Director

FIXED ASSETS

Intangible assets

16

-

Tangible assets

17

-

Investments

18

567,066

555,104

Investment property

19

1,416,459

1,379,414

1,983,525

1,934,518

CURRENT ASSETS

Debtors

21

1,653,240

658,463

Cash at bank

663,069

600,000

2,316,309

1,258,463

CREDITORS

Amounts falling due within one year

22

153,070

252,115

NET CURRENT ASSETS

2,163,239

1,006,348

TOTAL ASSETS LESS CURRENT
LIABILITIES

4,146,764

2,940,866

PROVISIONS FOR LIABILITIES

27

14,477

23,359

NET ASSETS

4,132,287

2,917,507

CAPITAL AND RESERVES

Called up share capital

28

1

Retained earnings

4,132,286

2,917,506

SHAREHOLDERS' FUNDS

4,132,287

2,917,507

Company's profit for the financial year

1,247,620

511,459

The financial statements were approved by the director and authorised for issue on 25 March 2024 and were signed by:

T G James - Director

Called up

share

Retained

Total

capital

earnings

equity

£

Balance at 1 January 2021

1

5,908,657

5,908,658

Changes in equity

Dividends

-

(360,000

)

(360,000

)

Total comprehensive income

-

843,078

Balance at 31 December 2021

1

6,391,735

6,391,736

Changes in equity

Dividends

-

(32,840

)

(32,840

)

Total comprehensive income

-

2,244,157

Balance at 31 March 2023

1

8,603,052

8,603,053

Called up

share

Retained

Total

capital

earnings

equity

£

Balance at 1 January 2021

1

2,766,047

2,766,048

Changes in equity

Dividends

-

(360,000

)

(360,000

)

Total comprehensive income

-

511,459

Balance at 31 December 2021

1

2,917,506

2,917,507

Changes in equity

Dividends

-

(32,840

)

(32,840

)

Total comprehensive income

-

1,247,620

Balance at 31 March 2023

1

4,132,286

4,132,287

York Pullman Holdings Limited (Registered number: 07028776)

Consolidated Cash Flow Statement

for the Period 1 January 2022 to 31 March 2023

Period

1.1.22

to

Year Ended

31.3.23

31.12.21

Notes

£

Cash flows from operating activities

Cash generated from operations

1

3,958,950

1,732,253

Interest paid

(569

)

-

Interest element of hire purchase payments
paid

(18,027

)

(24,527

)

Tax paid

(20,047

)

(101,214

)

Net cash from operating activities

3,920,307

1,606,512

Cash flows from investing activities

Purchase business (Net of cash acquired)

(311,722

)

-

Purchase of tangible fixed assets

(2,045,934

)

(1,551,369

)

Sale of tangible fixed assets

812,791

794,192

Sale of investment property

246,100

-

Interest received

33,132

32,022

Net cash from investing activities

(1,265,633

)

(725,155

)

Cash flows from financing activities

New loans in year

-

250,000

Loan repayments in year

(250,000

)

-

Capital repayments in year

(633,556

)

(683,639

)

Amount introduced by directors

67,851

-

Amount withdrawn by directors

-

(39,526

)

Equity dividends paid

(32,840

)

(360,000

)

Net cash from financing activities

(848,545

)

(833,165

)

Increase in cash and cash equivalents

1,806,129

48,192

Cash and cash equivalents at beginning of
period

2

1,223,265

1,175,073

Cash and cash equivalents at end of
period

2

3,029,394

1,223,265

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

1.1.22

to

Year Ended

31.3.23

31.12.21

£

Profit before taxation

2,716,327

1,053,995

Depreciation charges

1,939,557

1,624,503

Profit on disposal of fixed assets

(233,578

)

(247,812

)

Gain on revaluation of fixed assets

-

(104,657

)

Finance costs

18,596

24,527

Finance income

(33,132

)

(32,022

)

4,407,770

2,318,534

Increase in stocks

(18,080

)

(51,306

)

Increase in trade and other debtors

(773,166

)

(397,076

)

Increase/(decrease) in trade and other creditors

342,426

(137,899

)

Cash generated from operations

3,958,950

1,732,253

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31 March 2023

31.3.23

1.1.22

£

Cash and cash equivalents

3,029,394

1,223,265

Year ended 31 December 2021

31.12.21

1.1.21

£

Cash and cash equivalents

1,223,265

1,175,073

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.22

Cash flow

At 31.3.23

£

Net cash

Cash at bank and in hand

1,223,265

1,806,129

3,029,394

1,223,265

1,806,129

3,029,394

Debt

Finance leases

(633,556

)

633,556

-

Debts falling due within 1 year

(250,000

)

250,000

-

(883,556

)

883,556

-

Total

339,709

2,689,685

3,029,394

1.	STATUTORY INFORMATION

York Pullman Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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 £1.

The 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 for parent company information presented within the consolidated financial statements:

- 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.

As permitted by s408 Companies Act 2006, the Company has not presented its own profit and loss account and related notes. The Company's profit for the period was £1,247,620 (2021 - £511,459).

The company has taken advantage of the disclosure exemptions of Section 33.1A of FRS 102 which permit it to not present details of its transactions with members of the group headed by York Pullman Holdings Limited where relevant group companies are all wholly owned. Details of outstanding balances as at the year end are disclosed within the debtor and creditor notes.

Basis of consolidation

The consolidated financial statements incorporate those of York Pullman Holdings Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. All financial statements are made up to 31 March 2023.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.

Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.

The reporting period is 15 months to 31 March 2023. The comparative figures relate to a 12 month period to 31 December 2021. Therefore the comparatives figure are not wholly comparable to the new period.

Going concern

The Director has considered all factors, including the wider economy, as part of his assessment of going concern. Although the current economic climate creates both cashflow and profitability risks for the group, the Director believes on balance that the group has sufficient resources for a period of at least 12 months from the date of approval of the financial statements, on the basis of information currently available to them as at the point of approving the financial statements. Accordingly, these financial statements have been prepared on the going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible fixed assets - 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 if the fair value can be measured reliably.

Goodwill is being written off in equal annual instalments over its estimated useful economic life of 5 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

not provided

Long leasehold

-

in accordance with the property

Plant and machinery

-

20% straight line

Fixtures and fittings

-

20% straight line and 15% on reducing balance

Motor vehicles

-

20% straight line and at variable rates on reducing balance

Computer equipment

-

33% straight line and 25% straight line

Freehold land is not depreciated.

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.

Government grants

Government grants received for capital expenditure are recognised in income over the useful life of the assets to which they relate under the accruals model.

Grants relating to revenue are recognised in income and expenditure over the same period as the expenditure to which they relate once reasonable assurance has been gained that the entity will comply with the conditions and that the funds will be received.

Grants due from government organisations or received in advance are included as current assets or liabilities.

Grants received from non-government sources are recognised using the performance model. A grant which does not impose specified future performance conditions is recognised as revenue when the grant proceeds are received or receivable. A grant that imposes specified future performance-related conditions on the association is recognised only when these conditions are met. A grant received before the revenue recognition criteria are satisfied is recognised as deferred income

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Fixed asset investments

Equity instruments which are measured at fair value through profit or loss except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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 in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

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.

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.

Derecognition of financial liabilities

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

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Cash and cash equivalents

Cash at bank and in hand 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.

Equity instruments

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

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.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3.	JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the group's accounting policies, the director is 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.

Key sources of estimation uncertainty

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

Depreciation

The depreciation policy has been set according to management's experience of the useful lives of a typical asset in each category, something which is reviewed annually. It is not considered practical to use a per unit basis to allocate depreciation without undue cost and therefore amounts are charged annually. The depreciation charged during the period was £1,872,792 (2021 - £1,604,868) which the directors feel is a fair reflection of the benefits derived from the consumption of the tangible fixed assets in use during the period.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

Period

1.1.22

to

Year Ended

31.3.23

31.12.21

£

Hire

12,440,006

6,157,454

Parts, repairs and fuel

427,221

34,745

Passenger services

146,992

114,677

Consultancy and sundry income

29,041

111,913

Haulage

595,152

667,475

13,638,412

7,086,264

An analysis of turnover by geographical market is given below:

Period

1.1.22

to

Year Ended

31.3.23

31.12.21

£

United Kingdom

13,638,412

7,086,264

13,638,412

7,086,264

5.	OTHER OPERATING INCOME

Period

1.1.22

to

Year Ended

31.3.23

31.12.21

£

Rents received

31,530

20,463

Commission and sundry income

153,584

69,679

Government grants

203,716

454,813

388,830

544,955

6.	EMPLOYEES AND DIRECTORS

Period

1.1.22

to

Year Ended

31.3.23

31.12.21

£

Wages and salaries

4,149,968

2,491,087

Social security costs

370,025

200,360

Other pension costs

124,106

84,755

4,644,099

2,776,202

The average number of employees during the period was as follows:

Period

1.1.22

to

Year Ended

31.3.23

31.12.21

Directors

1

Employees

137

122

138

123

The average number of employees and directors included in the company during the year was 1 (2021 - 1).

31.03.23

31.12.21

£

Director's remuneration

27,279

19,292

Director's pension costs

50,000

40,000

7.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period

1.1.22

to

Year Ended

31.3.23

31.12.21

£

Hire of plant and machinery

266,208

83,830

Depreciation - owned assets

1,629,341

1,253,022

Depreciation - assets on hire purchase contracts

243,451

351,846

Profit on disposal of fixed assets

(233,578

)

(247,812

)

Goodwill amortisation

19,635

19,636

Goodwill on consolidation amortisation

47,130

-

8.	AUDITORS' REMUNERATION

31.03.23

31.12.21

Fees payable to the company's auditor and its associates:

£

For audit services

Audit of the financial statements of the group and company

4,750

3,600

Audit of the company's subsidiaries

34,250

20,420

9.

INTEREST RECEIVABLE AND SIMILAR INCOME

Period

1.1.22

to

Year Ended

31.3.23

31.12.21

£

Deposit account interest

33,132

32,022

10.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1.1.22

to

Year Ended

31.3.23

31.12.21

£

Bank interest

569

-

Hire purchase

18,027

24,527

18,596

24,527

11.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the period was as follows:

Period

1.1.22

to

Year Ended

31.3.23

31.12.21

£

Current tax:

UK corporation tax

369,968

75,752

Deferred tax

102,202

135,165

Tax on profit

472,170

210,917

Reconciliation of total tax charge included in profit and loss

The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period

1.1.22

to

Year Ended

31.3.23

31.12.21

£

Profit before tax

2,716,327

1,053,995

Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2021 - 19 %)

516,102

200,259

Effects of:

Expenses not deductible for tax purposes

1,914

374

Capital allowances in excess of depreciation

(49,863

)

(20,024

)

Utilisation of tax losses

(4,938

)

-

Change in Deferred Tax rates

-

30,308

Amortisation of goodwill on consolidation

8,955

-

Total tax charge

472,170

210,917

12.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

13.

DIVIDENDS

Period

1.1.22

to

Year Ended

31.3.23

31.12.21

£

Ordinary share of £1

Interim

32,840

360,000

An interim dividend of Nil (2021 - £80,000) per share was paid on 1 January 2022 and an interim dividend of £32,840 (2021 - £280,000) per share was paid on 30 April 2022 by the holding company. The director recommends that no final dividend be paid.

The total distribution of dividends for the period ended 31 March 2023 will be £32,840. (2021 - £360,000)

14.	RETIREMENT BENEFIT SCHEMES

Defined contribution schemes

31.03.23

31.12.21

£

Charge to profit and loss in respect of
defined contribution schemes

124,106

84,755

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the Group in an independently administered fund.

Contributions totalling £6,561 (2021 - £6,827) were payable to the fund at the year end and are included in creditors.

15.	ACQUISITION OF A BUSINESS

On 29 April 2022 the group acquired 100 percent of the issued capital of BM (York) Ltd (Formerly Baildon Motors Limited).

Net assets acquired

Book
Value

Adjustme
nts

Fair Value

£

Plant and Equipment

76,074

0

76,074

Trade and other receivables

0

Cash and cash equivalents

203

0

203

Trade and other payables

(299,963

)

0

(299,963

)

0

Total identifiable net assets

(223,686

)

0

(223,686

)

Goodwill

235,648

Total consideration

11,962

The consideration was satisfied by:

£

Cash

11,962

Contribution by the acquired business for the reporting period included in the group statement of

comprehensive income since acquisition:

£

Turnover

51,028

Profit after tax

32,686

16.	INTANGIBLE FIXED ASSETS

Group

Goodwill

on

Goodwill

consolidation

Totals

£

COST

At 1 January 2022

98,179

-

98,179

Additions

-

235,648

At 31 March 2023

98,179

235,648

333,827

AMORTISATION

At 1 January 2022

78,544

-

78,544

Amortisation for period

19,635

47,130

66,765

At 31 March 2023

98,179

47,130

145,309

NET BOOK VALUE

At 31 March 2023

-

188,518

At 31 December 2021

19,635

-

19,635

17.	TANGIBLE FIXED ASSETS

Group

Freehold

Long

Plant and

property

leasehold

machinery

£

COST

At 1 January 2022

282,045

143,553

378,497

Additions

-

28,299

Disposals

-

(233,908

)

Reclassification/transfer

(282,045

)

-

At 31 March 2023

-

143,553

172,888

DEPRECIATION

At 1 January 2022

-

87,895

297,030

Charge for period

-

4,613

41,868

Eliminated on disposal

-

(233,908

)

At 31 March 2023

-

92,508

104,990

NET BOOK VALUE

At 31 March 2023

-

51,045

67,898

At 31 December 2021

282,045

55,658

81,467

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

COST

At 1 January 2022

132,382

10,720,390

30,754

11,687,621

Additions

20,028

1,997,607

-

2,045,934

Disposals

(92,187

)

(1,650,209

)

(28,567

)

(2,004,871

)

Reclassification/transfer

-

76,074

-

(205,971

)

At 31 March 2023

60,223

11,143,862

2,187

11,522,713

DEPRECIATION

At 1 January 2022

113,978

7,235,527

29,694

7,764,124

Charge for period

12,543

1,813,149

619

1,872,792

Eliminated on disposal

(92,187

)

(1,069,896

)

(28,567

)

(1,424,558

)

At 31 March 2023

34,334

7,978,780

1,746

8,212,358

NET BOOK VALUE

At 31 March 2023

25,889

3,165,082

441

3,310,355

At 31 December 2021

18,404

3,484,863

1,060

3,923,497

The company had no tangible fixed assets at 31 March 2023 or 31 December 2021.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2022

2,135,315

Disposals

(284,000

)

Reclassification/transfer

(1,851,315

)

At 31 March 2023

-

DEPRECIATION

At 1 January 2022

865,362

Charge for period

243,451

Eliminated on disposal

(132,534

)

Reclassification/transfer

(976,279

)

At 31 March 2023

-

NET BOOK VALUE

At 31 March 2023

-

At 31 December 2021

1,269,953

18.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

£

COST

At 1 January 2022

555,104

Additions

11,962

At 31 March 2023

567,066

NET BOOK VALUE

At 31 March 2023

567,066

At 31 December 2021

555,104

The only investments held by the company related to investments in subsidiary companies and as such the balance of consolidated investments was £nil (2021 - £nil).

19.	INVESTMENT PROPERTY

Group

Total

£

FAIR VALUE

At 1 January 2022

1,379,414

Disposals

(245,000

)

Reclassification/transfer

282,045

At 31 March 2023

1,416,459

NET BOOK VALUE

At 31 March 2023

1,416,459

At 31 December 2021

1,379,414

Included in fair value of investment property is freehold land of £411,176 (2021 - £411,176) which is not depreciated.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:

Group

Company

31.03.23

31.12.21

31.03.23

31.12.21

£

Cost

1,358,551

1,274,757

1,358,551

1,274,757

Accumulated depreciation

(120,591

)

(129,538

)

(120,591

)

(129,538

)

Carrying amount

1,237,960

1,145,219

1,237,960

1,145,219

Fair value at 31 March 2023 is represented by:

£

Valuation in 2021

57,908

Cost

1,358,551

1,416,459

Company

Total

£

FAIR VALUE

At 1 January 2022

1,379,414

Additions

282,045

Disposals

(245,000

)

At 31 March 2023

1,416,459

NET BOOK VALUE

At 31 March 2023

1,416,459

At 31 December 2021

1,379,414

Investment property comprises property for let to the residential and commercial market.

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2021 and subsequently reviewed at 31 March 2023 by T G James, the Director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Fair value at 31 March 2023 is represented by:

£

Valuation in 2021

57,908

Cost

1,358,551

1,416,459

20.

STOCKS

Group

31.3.23

31.12.21

£

Stocks

154,241

136,161

The company held stock of £nil (2021 - £nil).

21.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

31.3.23

31.12.21

31.3.23

31.12.21

£

Trade debtors

1,382,917

832,158

-

Amounts owed by group undertakings

-

1,051,035

214,029

Other debtors

513,017

312,246

513,017

310,017

Directors' current accounts

65,879

133,730

65,879

133,730

Tax

22,234

47,436

22,234

-

VAT

127,726

115,620

-

Prepayments

186,179

176,649

1,075

687

2,297,952

1,617,839

1,653,240

658,463

22.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

31.3.23

31.12.21

31.3.23

31.12.21

£

Bank loans and overdrafts (see note 24)

-

250,000

-

Hire purchase contracts (see note 25)

-

336,956

-

Trade creditors

435,384

185,265

-

Amounts owed to group undertakings

-

107,223

241,238

Tax

394,824

70,105

38,799

7,078

Social security and other taxes

77,621

56,921

-

Other creditors

63,200

90,693

-

Accrued expenses

227,067

127,967

7,048

3,799

1,198,096

1,117,907

153,070

252,115

23.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group

31.3.23

31.12.21

£

Hire purchase contracts (see note 25)

-

296,600

Creditors: amounts falling due after more than one year in the company was £nil (2021 - £nil).

24.

LOANS

An analysis of the maturity of loans is given below:

Group

31.3.23

31.12.21

£

Amounts falling due within one year or on

demand:

Bank loans

-

250,000

25.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group

31.03.23

31.12.21

£

Future minimum lease payments due under finance leases:

Within one year

-

348,025

In two to five years

-

306,067

In over five years

-

654,092

Less: future finance charges

-

(20,536

)

-

633,556

The company had no finance lease obligations.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Group

Non-cancellable operating

leases

31.3.23

31.12.21

£

Within one year

-

84,000

26.	SECURED DEBTS

The following secured debts are included within creditors:

Group

31.3.23

31.12.21

£

Hire purchase contracts

-

633,556

Hire purchase contracts are secured against the assets to which they relate.

27.	PROVISIONS FOR LIABILITIES

Group

Company

31.3.23

31.12.21

31.3.23

31.12.21

£

Deferred tax

595,770

493,568

14,477

23,359

Group

Deferred

tax

£

Balance at 1 January 2022

493,568

358,403

Provided during period

102,202

135,165

Balance at 31 March 2023

595,770

493,568

Company

Deferred

tax

£

Balance at 1 January 2022

23,359

Credit to Statement of Comprehensive Income during period

(8,882

)

Balance at 31 March 2023

14,477

The deferred tax liability is comprised of accelerated capital allowances.

28.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.12.21

value:

£

1

Ordinary

£1

1

The shareholder is entitled to one vote and carries rights to any discretionary dividend payments but no rights to fixed income. Each share carries equal rights to any capital distributions made.

29.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 March 2023 and the year ended 31 December 2021:

31.3.23

31.12.21

£

T G James

Balance outstanding at start of period

133,730

94,204

Amounts advanced

212,771

399,526

Amounts repaid

(280,622

)

(360,000

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of period

65,879

133,730

30.	RELATED PARTY DISCLOSURES

During the year the group entered into the following transactions with related parties

Entities over which the group has control, joint control or significant influence

31.03.23

31.12.21

£

Services supplied and expenses recharged to Golden Tours York Ltd

333,829

170,230

Rent paid to Rufforth Estates Ltd

157,500

112,000

Rates Recharged to Rufforth Estates Ltd

35,654

22,492

Entities with control, joint control or significant influence over the entity

31.3.23

31.12.21

£

Amount due from related party

513,017

310,017

During the period, a total of key management personnel compensation of £ 77,279 (2021 - £ 59,292 ) was paid.

31.	POST BALANCE SHEET EVENTS

On 22 January 2024, York Pullman Bus Company Limited was acquired by a non group company under common control.

32.	CONTROLLING PARTY

The controlling party of the Group is T G James.

33.	SUBSIDIARIES

Details of the Company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking and country

Nature of

Class of

% Held

of incorporation or residency

business

shareholding

Direct

Indirect

York Pullman Bus Company Limited (1) England & Wales

Coach
Operator

Ordinary

100.00

JD (York) Limited (Formerly J. Dodsworth Coaches
Limited) (1) England & Wales

Coach
Operator

Ordinary

100.00

Ingleby's Luxury Coaches Limited (2) England & Wales

Coach
Operator

Ordinary

100.00

Tom James Transport Limited (1) England & Wales

Haulier

Ordinary

100.00

WH (York) Limited (Formerly A. Wray and Son Limited)
(1) England & Wales

Dormant
Company

Ordinary

100.00

IBC (York) Limited (Formerly Ideal Bus Company Limited)
(1) England & Wales

Dormant
Company

Ordinary

100.00

EB (York) Limited (Formerly Eddie Brown Tours Limited)
(1) England & Wales

Dormant
Company

Ordinary

100.00

BM (York) Limited (Formerly Baildon Motors Limited) (1)
England and Wales

Coach
Operator

Ordinary

100.00

The registered office of the above subsidiaries are as follows:

(1) 2 Clifton Moor Business Village, James Nicolson Link, York, North Yorkshire, YO30 4XG

(2) 24 Hospital Fields Road, Fulford Road, York, YO10 4DZ

34.	PARENT COMPANY GUARANTEE OF SUBSIDIARY

York Pullman Holdings Ltd has, in accordance with s479C of the Companies Act 2006, provided a guarantee over the liabilities of its subsidiary, BM (York) Limited (formerly Baildon Motors Limited company registration number 00839971; registered in England & Wales; registered office address 2 Clifton Moor Business Village, James Nicolson Link, York, YO30 4XG) which permits the subsidiary to not obtain an audit of their individual financial statements for the period ended 31 March 2023, in accordance with the exemptions conferred by s479A Companies Act 2006.