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Registration number: 11241312

Faresaver Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Faresaver Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Faresaver Limited

Company Information

Directors

Mr John Valentine Pickford

Mr Justin Marc Pickford

Mr Daniel Jon Pickford

Registered office

The Coach Yard
Vincients Road
Bumpers Farm Ind Est
Chippenham
Wilts
SN14 6NQ

Accountants

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

Faresaver Limited

(Registration number: 11241312)
Balance Sheet as at 31 December 2021

Note

31 December
2021
£

31 December
2020
£

Fixed assets

 

Intangible assets

4

828,122

926,513

Tangible assets

5

2,752,638

2,823,236

Investments

6

1

1

 

3,580,761

3,749,750

Current assets

 

Stocks

7

50,000

50,000

Debtors

8

409,206

572,896

Cash at bank and in hand

 

776,858

532,053

 

1,236,064

1,154,949

Creditors: Amounts falling due within one year

9

(1,236,574)

(1,476,309)

Net current liabilities

 

(510)

(321,360)

Total assets less current liabilities

 

3,580,251

3,428,390

Creditors: Amounts falling due after more than one year

9

(1,238,153)

(1,061,272)

Provisions for liabilities

(363,529)

(354,798)

Net assets

 

1,978,569

2,012,320

Capital and reserves

 

Called up share capital

10

2,000,001

2,000,001

Profit and loss account

(21,432)

12,319

Shareholders' funds

 

1,978,569

2,012,320

For the financial year ending 31 December 2021 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Faresaver Limited

(Registration number: 11241312)
Balance Sheet as at 31 December 2021

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 7 September 2022 and signed on its behalf by:
 

.........................................
Mr Justin Marc Pickford
Director

 

Faresaver Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Coach Yard
Vincients Road
Bumpers Farm Ind Est
Chippenham
Wilts
SN14 6NQ

These financial statements were authorised for issue by the Board on 7 September 2022.

2

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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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 income 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.

 

Faresaver Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% reducing balance

Fixtures and fittings

10% reducing balance

Motor vehicles

10% - 25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line

 

Faresaver Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Faresaver Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Borrowings

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

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

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 85 (2020 - 83).

 

Faresaver Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2021

983,908

983,908

At 31 December 2021

983,908

983,908

Amortisation

At 1 January 2021

57,395

57,395

Amortisation charge

98,391

98,391

At 31 December 2021

155,786

155,786

Carrying amount

At 31 December 2021

828,122

828,122

At 31 December 2020

926,513

926,513

5

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 January 2021

510,000

7,384

264,142

2,273,110

Additions

-

-

3,717

764,000

Disposals

-

-

(51,074)

(689,054)

At 31 December 2021

510,000

7,384

216,785

2,348,056

Depreciation

At 1 January 2021

-

479

16,576

214,345

Charge for the year

-

690

24,851

347,778

Eliminated on disposal

-

-

(8,087)

(267,045)

At 31 December 2021

-

1,169

33,340

295,078

Carrying amount

At 31 December 2021

510,000

6,215

183,445

2,052,978

At 31 December 2020

510,000

6,905

247,566

2,058,765

 

Faresaver Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Total
£

Cost or valuation

At 1 January 2021

3,054,636

Additions

767,717

Disposals

(740,128)

At 31 December 2021

3,082,225

Depreciation

At 1 January 2021

231,400

Charge for the year

373,319

Eliminated on disposal

(275,132)

At 31 December 2021

329,587

Carrying amount

At 31 December 2021

2,752,638

At 31 December 2020

2,823,236

Included within the net book value of land and buildings above is £510,000 (2020 - £510,000) in respect of long leasehold land and buildings.
 

6

Investments

31 December
2021
£

31 December
2020
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 January 2021

1

Provision

Carrying amount

At 31 December 2021

1

At 31 December 2020

1

 

Faresaver Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2021

2020

Subsidiary undertakings

Fosseway News Limited

The Coach Yard, Vincients Road, Chippenham, Wiltshire, United Kingdom, SN14 6QA

Ordinary share

100%

100%

Subsidiary undertakings

Fosseway News Limited

The principal activity of Fosseway News Limited is Retail sale of newspapers and stationery in specialised stores.

7

Stocks

31 December
2021
£

31 December
2020
£

Other inventories

50,000

50,000

8

Debtors

Note

31 December
2021
£

31 December
2020
£

Trade debtors

 

163,986

453,781

Amounts owed by group undertakings and undertakings in which the company has a participating interest

24,551

15,551

Prepayments

 

22,076

7,141

Other debtors

 

198,593

96,423

 

409,206

572,896

 

Faresaver Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

9

Creditors

Creditors: amounts falling due within one year

Note

31 December
2021
£

31 December
2020
£

Due within one year

 

Loans and borrowings

11

485,530

692,302

Trade creditors

 

318,381

310,780

Taxation and social security

 

110,315

92,184

Accruals and deferred income

 

44,000

76,200

Other creditors

 

278,348

304,843

 

1,236,574

1,476,309

Creditors: amounts falling due after more than one year

Note

31 December
2021
£

31 December
2020
£

Due after one year

 

Loans and borrowings

11

1,238,153

1,061,272

10

Share capital

Allotted, called up and fully paid shares

 

31 December
2021

31 December
2020

 

No.

£

No.

£

Ordinary shares of £1 each

2,000,001

2,000,001

2,000,001

2,000,001

         

11

Loans and borrowings

 

Faresaver Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

31 December
2021
£

31 December
2020
£

Non-current loans and borrowings

Bank borrowings

177,304

-

Hire purchase contracts

975,432

950,855

Other borrowings

85,417

110,417

1,238,153

1,061,272

31 December
2021
£

31 December
2020
£

Current loans and borrowings

Bank borrowings

9,693

186,586

Hire purchase contracts

450,837

480,716

Other borrowings

25,000

25,000

485,530

692,302