Registered number
SC419739
C&R Coaches Limited
Filleted Accounts
31 March 2023
C&R Coaches Limited
Registered number: SC419739
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 244,983 259,682
Current assets
Debtors 4 7,952 7,190
Cash at bank and in hand 91,832 58,989
99,784 66,179
Creditors: amounts falling due within one year 5 (91,015) (74,305)
Net current assets/(liabilities) 8,769 (8,126)
Total assets less current liabilities 253,752 251,556
Creditors: amounts falling due after more than one year 6 (82,827) (104,871)
Net assets 170,925 146,685
Capital and reserves
Called up share capital 1 1
Profit and loss account 170,924 146,684
Shareholder's funds 170,925 146,685
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ross Wilson
Director
Approved by the board on 11 October 2023
C&R Coaches Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Motor vehicles 15% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 13 12
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 26,307 51,437 362,636 440,380
Additions - 9,750 75,167 84,917
Disposals - (645) (96,696) (97,341)
At 31 March 2023 26,307 60,542 341,107 427,956
Depreciation
At 1 April 2022 - 23,943 156,755 180,698
Charge for the year - 5,490 23,719 29,209
On disposals - - (26,934) (26,934)
At 31 March 2023 - 29,433 153,540 182,973
Net book value
At 31 March 2023 26,307 31,109 187,567 244,983
At 31 March 2022 26,307 27,494 205,881 259,682
4 Debtors 2023 2022
£ £
Other debtors 7,952 7,190
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 30,202 14,056
Obligations under finance lease and hire purchase contracts 38,534 39,672
Corporation tax 12,371 16,494
Other taxes and social security costs 1,774 1,914
Other creditors 8,134 2,169
91,015 74,305
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 23,339 32,890
Obligations under finance lease and hire purchase contracts 59,488 71,981
82,827 104,871
7 Controlling party
The controlling party is Ross Wilson who owns 100% of the issued share capital of the company.
8 Other information
C&R Coaches Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
164 Burns Road
GREENOCK
PA16 0PH
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