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COMPANY REGISTRATION NUMBER: 07133019
Coach Rental and Short-Term Hire Ltd
Filleted Unaudited Financial Statements
31 January 2023
Coach Rental and Short-Term Hire Ltd
Financial Statements
Year ended 31 January 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Coach Rental and Short-Term Hire Ltd
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
176,989
Current assets
Debtors
5
294,224
214,124
Cash at bank and in hand
100
100
---------
---------
294,324
214,224
Creditors: amounts falling due within one year
6
288,781
340,730
---------
---------
Net current assets/(liabilities)
5,543
( 126,506)
-------
---------
Total assets less current liabilities
5,543
50,483
Creditors: amounts falling due after more than one year
7
44,966
-------
--------
Net assets
5,543
5,517
-------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
5,443
5,417
-------
-------
Shareholders funds
5,543
5,517
-------
-------
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 income statement has not been delivered.
For the year ending 31 January 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 .
Coach Rental and Short-Term Hire Ltd
Statement of Financial Position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 22 October 2023 , and are signed on behalf of the board by:
Mr C.H. Aspinall
Director
Company registration number: 07133019
Coach Rental and Short-Term Hire Ltd
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
Coach Rental and Short-Term Hire Ltd is a private company limited by shares, registered in the United Kingdom number 07133019 . Its registered office is The Fallowfields, Sandy Way, Holmeswood, Rufford, L40 1UB. The principal activity of the company during the year was that of vehicle rental and hire.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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:
Plant & machinery
-
7.5% Reducing balance
Motor vehicles
-
5% - 25% Reducing balance
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.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 February 2022
18,000
175,000
193,000
Additions
174,750
174,750
Disposals
( 18,000)
( 349,750)
( 367,750)
--------
---------
---------
At 31 January 2023
--------
---------
---------
Depreciation
At 1 February 2022
11,669
4,343
16,012
Charge for the year
1,469
2,131
3,600
Disposals
( 13,138)
( 6,474)
( 19,612)
--------
---------
---------
At 31 January 2023
--------
---------
---------
Carrying amount
At 31 January 2023
--------
---------
---------
At 31 January 2022
6,331
170,657
176,988
--------
---------
---------
5. Debtors
2023
2022
£
£
Other debtors
294,224
214,124
---------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Social security and other taxes
4,450
Other creditors
284,331
340,730
---------
---------
288,781
340,730
---------
---------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
44,966
----
--------
8. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2023
2022
2023
2022
£
£
£
£
Holmeswood Coaches Limited - Sales
10,500
38,750
Holmeswood Coaches Limited - Purchases
( 223,241)
( 229,740)
Bodgit & Scarper Enterprises Limited - Sales
233,974
132,224
--------
--------
---------
---------
The company purchased fixed asset additions with a value of £174,750 (2022: £170,000) from related parties. The company disposed of vehicles, with proceeds of £359,500 (2022: £205,000) to related parties. Holmeswood Coaches Limited and Bodgit & Scarper Enterprises Limited are companies under common control. Transactions with related parties were undertaken at normal commercial terms. The company was not under the control of any one person throughout the current or prior period.