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No description of principal activities is disclosed
2021-02-01
Sage Accounts Production 21.0 - FRS102_2021
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2021-01-31
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05602063
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2022-01-31
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2022-01-31
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05602063
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2021-01-31
05602063
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2021-01-31
05602063
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2022-01-31
05602063
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2022-01-31
05602063
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2022-01-31
05602063
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2021-01-31
05602063
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05602063
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05602063
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2021-01-31
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Company registration number:
05602063
Phil Haines Coaches Ltd
Unaudited filleted financial statements
31 January 2022
Phil Haines Coaches Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Phil Haines Coaches Ltd
Directors and other information
|
|
|
|
Directors |
Mr Benjamin Philip Haines |
|
|
Mrs Susan Haines |
|
|
Mr Nigel Anthony Haines |
|
|
|
|
|
|
|
Company number |
05602063 |
|
|
|
|
|
|
|
Registered office |
Ralphs Lane |
|
|
Frampton West |
|
|
Boston |
|
|
Lincolnshire |
|
|
PE20 1QU |
|
|
|
|
|
|
|
Business address |
Ralphs Lane |
|
|
Frampton West |
|
|
Boston |
|
|
Lincs |
|
|
PE20 1QU |
|
|
|
|
|
|
|
Accountants |
Lister & Co |
|
|
75 High Street |
|
|
Boston |
|
|
Lincolnshire |
|
|
PE21 8SX |
|
|
|
Phil Haines Coaches Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Phil Haines Coaches Ltd
Year ended 31 January 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Phil Haines Coaches Ltd for the year ended 31 January 2022 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Phil Haines Coaches Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Phil Haines Coaches Ltd and state those matters that we have agreed to state to the board of directors of Phil Haines Coaches Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Phil Haines Coaches Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Phil Haines Coaches Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Phil Haines Coaches Ltd. You consider that Phil Haines Coaches Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Phil Haines Coaches Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Lister & Co
ACCA
75 High Street
Boston
Lincolnshire
PE21 8SX
25 April 2022
Phil Haines Coaches Ltd
Statement of financial position
31 January 2022
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
5 |
19,618 |
|
|
|
24,523 |
|
|
Tangible assets |
|
6 |
333,584 |
|
|
|
312,750 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
353,202 |
|
|
|
337,273 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
100,726 |
|
|
|
85,764 |
|
|
Debtors |
|
7 |
85,190 |
|
|
|
74,228 |
|
|
Cash at bank and in hand |
|
|
1,121 |
|
|
|
14,602 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
187,037 |
|
|
|
174,594 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
421,533) |
|
|
|
(
401,835) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
234,496) |
|
|
|
(
227,241) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
118,706 |
|
|
|
110,032 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
9 |
|
|
(
72,440) |
|
|
|
(
99,881) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
39,913) |
|
|
|
(
30,194) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets/(liabilities) |
|
|
|
|
6,353 |
|
|
|
(
20,043) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
10 |
|
|
100 |
|
|
|
100 |
Profit and loss account |
|
|
|
|
6,253 |
|
|
|
(
20,143) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds/(deficit) |
|
|
|
|
6,353 |
|
|
|
(
20,043) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
25 April 2022
, and are signed on behalf of the board by:
Mr Nigel Anthony Haines
Director
Company registration number:
05602063
Phil Haines Coaches Ltd
Notes to the financial statements
Year ended 31 January 2022
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is Phil Haines Coaches Limited, Ralphs Lane, Frampton West, Boston, Lincolnshire, PE20 1QU.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the amount receivable for goods sold and services rendered during the year net of value added tax.Revenue is recognised when the significant risks and rewards of ownership have transferred to the buyer and it is probable that associated economic benefits will flow to the company.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
|
|
|
Goodwill |
- |
10 % |
straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Fittings fixtures and equipment |
- |
10 % |
reducing balance |
|
Motor vehicles |
- |
10 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
The pension costs charged in the financial statements represent the contribution payable by the company during the year. The regular cost of providing retirement pensions and related benefits is charged to the profit and loss account over the employee's service lives based on a percentage of earnings.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
9
(2021:
11
).
5.
Intangible assets
|
|
Goodwill |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 February 2021 and 31 January 2022 |
49,048 |
49,048 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 February 2021 |
24,525 |
24,525 |
|
|
|
|
|
Charge for the year |
4,905 |
4,905 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 January 2022 |
29,430 |
29,430 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 January 2022 |
19,618 |
19,618 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 January 2021 |
24,523 |
24,523 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 February 2021 |
14,779 |
433,189 |
447,968 |
|
|
|
|
|
Additions |
565 |
61,648 |
62,213 |
|
|
|
|
|
Disposals |
- |
(
15,000) |
(
15,000) |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 January 2022 |
15,344 |
479,837 |
495,181 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 February 2021 |
4,417 |
130,801 |
135,218 |
|
|
|
|
|
Charge for the year |
1,062 |
32,663 |
33,725 |
|
|
|
|
|
Disposals |
- |
(
7,346) |
(
7,346) |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 January 2022 |
5,479 |
156,118 |
161,597 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 January 2022 |
9,865 |
323,719 |
333,584 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 January 2021 |
10,362 |
302,388 |
312,750 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Trade debtors |
|
56,045 |
44,102 |
|
Other debtors |
|
29,145 |
30,126 |
|
|
|
_______ |
_______ |
|
|
|
85,190 |
74,228 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
28,839 |
5,556 |
|
Trade creditors |
|
24,294 |
16,873 |
|
Accruals and deferred income |
|
3,655 |
3,684 |
|
Social security and other taxes |
|
3,664 |
3,049 |
|
Obligations under finance leases |
|
16,655 |
15,502 |
|
Director loan accounts |
|
343,741 |
356,541 |
|
Other creditors |
|
685 |
630 |
|
Other creditors |
|
361,081
|
372,673
|
|
|
|
_______ |
_______ |
|
|
|
421,533 |
401,835 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Creditors: amounts falling due after more than one year
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
33,658 |
44,444 |
|
Other creditors |
|
38,782 |
55,437 |
|
|
|
_______ |
_______ |
|
|
|
72,440 |
99,881 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Called up share capital
Issued, called up and fully paid
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
100 |
|
100 |
|
100 |
|
100 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|