19 false false false false false false false false false true false false false false false false No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP SC215576 2022-03-01 2023-02-28 SC215576 2023-02-28 SC215576 2022-02-28 SC215576 2021-03-01 2022-02-28 SC215576 2022-02-28 SC215576 bus:Director1 2022-03-01 2023-02-28 SC215576 core:LandBuildings 2022-02-28 SC215576 core:PlantMachinery 2022-02-28 SC215576 core:MotorVehicles 2022-02-28 SC215576 core:LandBuildings 2023-02-28 SC215576 core:PlantMachinery 2023-02-28 SC215576 core:MotorVehicles 2023-02-28 SC215576 core:PlantMachinery 2022-03-01 2023-02-28 SC215576 core:MotorVehicles 2022-03-01 2023-02-28 SC215576 core:WithinOneYear 2023-02-28 SC215576 core:WithinOneYear 2022-02-28 SC215576 core:AfterOneYear 2023-02-28 SC215576 core:AfterOneYear 2022-02-28 SC215576 core:ShareCapital 2023-02-28 SC215576 core:ShareCapital 2022-02-28 SC215576 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC215576 core:RetainedEarningsAccumulatedLosses 2022-02-28 SC215576 core:LandBuildings 2022-02-28 SC215576 core:PlantMachinery 2022-02-28 SC215576 core:MotorVehicles 2022-02-28 SC215576 bus:SmallEntities 2022-03-01 2023-02-28 SC215576 bus:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 SC215576 bus:FullAccounts 2022-03-01 2023-02-28 SC215576 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 SC215576 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 SC215576 core:OfficeEquipment 2022-02-28 SC215576 core:OfficeEquipment 2023-02-28 SC215576 core:OfficeEquipment 2022-03-01 2023-02-28
COMPANY REGISTRATION NUMBER: SC215576
ABBEY COACHES LIMITED
Filleted Unaudited Financial Statements
28 February 2023
ABBEY COACHES LIMITED
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,126,885
908,122
Current assets
Debtors
6
73,449
74,409
Cash at bank and in hand
234,223
152,691
---------
---------
307,672
227,100
Creditors: amounts falling due within one year
7
243,772
249,227
---------
---------
Net current assets/(liabilities)
63,900
( 22,127)
------------
---------
Total assets less current liabilities
1,190,785
885,995
Creditors: amounts falling due after more than one year
8
491,879
408,924
------------
---------
Net assets
698,906
477,071
------------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
698,806
476,971
---------
---------
Shareholders funds
698,906
477,071
---------
---------
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.
For the year ending 28 February 2023 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 .
ABBEY COACHES LIMITED
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 28 August 2023 , and are signed on behalf of the board by:
Mrs C Walker
Director
Company registration number: SC215576
ABBEY COACHES LIMITED
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Narplan House, 63 Main Street, Rutherglen, Glasgow, G73 2JH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2022: 16 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 March 2022
292,056
48,072
1,827,255
8,002
2,175,385
Additions
428,000
428,000
Disposals
( 115,000)
( 115,000)
---------
--------
------------
-------
------------
At 28 February 2023
292,056
48,072
2,140,255
8,002
2,488,385
---------
--------
------------
-------
------------
Depreciation
At 1 March 2022
21,043
1,238,853
7,367
1,267,263
Charge for the year
6,757
190,809
158
197,724
Disposals
( 103,487)
( 103,487)
---------
--------
------------
-------
------------
At 28 February 2023
27,800
1,326,175
7,525
1,361,500
---------
--------
------------
-------
------------
Carrying amount
At 28 February 2023
292,056
20,272
814,080
477
1,126,885
---------
--------
------------
-------
------------
At 28 February 2022
292,056
27,029
588,402
635
908,122
---------
--------
------------
-------
------------
6. Debtors
2023
2022
£
£
Trade debtors
6,222
2,000
Other debtors
67,227
72,409
--------
--------
73,449
74,409
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
48,089
23,903
Trade creditors
3,167
Corporation tax
5,626
28,517
Social security and other taxes
8,692
6,193
Other creditors
178,198
190,614
---------
---------
243,772
249,227
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
105,073
167,125
Other creditors
386,806
241,799
---------
---------
491,879
408,924
---------
---------