Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mrs F E Rutherford 30/03/2009 Mr G D Rutherford 30/03/2009 Mr D M Rutherford 30/03/2009 27 September 2023 The principal activity of the Company during the financial year was of coach and mini bus hire. SC357449 2023-03-31 SC357449 bus:Director1 2023-03-31 SC357449 bus:Director2 2023-03-31 SC357449 bus:Director3 2023-03-31 SC357449 2022-03-31 SC357449 core:CurrentFinancialInstruments 2023-03-31 SC357449 core:CurrentFinancialInstruments 2022-03-31 SC357449 core:Non-currentFinancialInstruments 2023-03-31 SC357449 core:Non-currentFinancialInstruments 2022-03-31 SC357449 core:ShareCapital 2023-03-31 SC357449 core:ShareCapital 2022-03-31 SC357449 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC357449 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC357449 core:LandBuildings 2022-03-31 SC357449 core:OtherPropertyPlantEquipment 2022-03-31 SC357449 core:LandBuildings 2023-03-31 SC357449 core:OtherPropertyPlantEquipment 2023-03-31 SC357449 2021-03-31 SC357449 bus:OrdinaryShareClass1 2023-03-31 SC357449 bus:OrdinaryShareClass2 2023-03-31 SC357449 bus:OrdinaryShareClass3 2023-03-31 SC357449 2022-04-01 2023-03-31 SC357449 bus:FullAccounts 2022-04-01 2023-03-31 SC357449 bus:SmallEntities 2022-04-01 2023-03-31 SC357449 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC357449 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC357449 bus:Director1 2022-04-01 2023-03-31 SC357449 bus:Director2 2022-04-01 2023-03-31 SC357449 bus:Director3 2022-04-01 2023-03-31 SC357449 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 SC357449 2021-04-01 2022-03-31 SC357449 core:LandBuildings 2022-04-01 2023-03-31 SC357449 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 SC357449 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 SC357449 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC357449 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 SC357449 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 SC357449 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 SC357449 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 SC357449 bus:OrdinaryShareClass3 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC357449 (Scotland)

EARNSIDE COACHES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH THE REGISTRAR

EARNSIDE COACHES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

EARNSIDE COACHES LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
EARNSIDE COACHES LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 676,310 1,336,503
676,310 1,336,503
Current assets
Stocks 4 2,802 10,776
Debtors 5 66,608 128,844
Cash at bank and in hand 6 458,291 92,734
527,701 232,354
Creditors: amounts falling due within one year 7 ( 752,560) ( 763,197)
Net current liabilities (224,859) (530,843)
Total assets less current liabilities 451,451 805,660
Creditors: amounts falling due after more than one year 8 0 ( 190,999)
Provision for liabilities 9, 10 ( 157,181) ( 251,897)
Net assets 294,270 362,764
Capital and reserves
Called-up share capital 11 3 3
Profit and loss account 294,267 362,761
Total shareholders' funds 294,270 362,764

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Earnside Coaches Limited (registered number: SC357449) were approved and authorised for issue by the Director on 27 September 2023. They were signed on its behalf by:

Mr G D Rutherford
Director
EARNSIDE COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
EARNSIDE COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Earnside Coaches Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Greenbank Road, Glenfarg, PH2 9NW, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have confirmed they will continue to support the Company for at least 12 months from the date of signing these financial statements and will not seek repayment of their directors' loan balance until all other creditors have been met. Accordingly the directors continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for coach and minibus hire.

Revenue is recognised on an accrual basis.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings not depreciated
Plant and machinery etc. 10 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 the Statement of Income and Retained Earnings.

No depreciation has been provided in respect of freehold property. This is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. However, the directors consider that there has been no diminution in the value of the property.

Leases

The Company as lessee
Assets held under hire purchase contracts, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews 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).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the Statement of Income and Retained Earnings. Reversals of impairment losses are also recognised in the Statement of Income and Retained Earnings.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, 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.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 18 19

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2022 40,000 1,985,696 2,025,696
Additions 0 42,518 42,518
Disposals 0 ( 867,626) ( 867,626)
At 31 March 2023 40,000 1,160,588 1,200,588
Accumulated depreciation
At 01 April 2022 0 689,193 689,193
Charge for the financial year 0 221,667 221,667
Disposals 0 ( 386,582) ( 386,582)
At 31 March 2023 0 524,278 524,278
Net book value
At 31 March 2023 40,000 636,310 676,310
At 31 March 2022 40,000 1,296,503 1,336,503

4. Stocks

2023 2022
£ £
Stocks 2,802 10,776

5. Debtors

2023 2022
£ £
Trade debtors 66,608 62,977
Other debtors 0 65,867
66,608 128,844

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 458,291 92,734

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 0 9,994
Trade creditors 4,425 20,139
Taxation and social security 80,582 2,591
Obligations under finance leases and hire purchase contracts 0 66,604
Other creditors 667,553 663,869
752,560 763,197

Included in Bank loans are amounts advanced to the company under the bounce back loan scheme. This loan is covered by a government backed guarantee.

Obligations under hire purchase contracts are secured over the related assets.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 0 39,184
Obligations under finance leases and hire purchase contracts 0 151,815
0 190,999

Included in Bank loans are amounts advanced to the company under the bounce back loan scheme. This loan is covered by a government backed guarantee.

Obligations under hire purchase contracts are secured over the related assets.

9. Provision for liabilities

2023 2022
£ £
Deferred tax 157,181 251,897

10. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 251,897) ( 201,554)
Credited/(charged) to the Statement of Income and Retained Earnings 94,716 ( 50,343)
At the end of financial year ( 157,181) ( 251,897)

11. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 A ordinary share of £ 1.00 1 1
1 B ordinary share of £ 1.00 1 1
1 C ordinary share of £ 1.00 1 1
3 3

12. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed to directors 663,173 638,504

The loans are unsecured, interest free and have no fixed terms of repayment.