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Registration number: 05347911

The Bus Club Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2022

 

The Bus Club Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Abridged Profit and Loss Account

4

Statement of Comprehensive Income

5

Abridged Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Abridged Financial Statements

9 to 12

Detailed Profit and Loss Account

13 to 14

 

The Bus Club Limited

Company Information

Director

D Chapman

Registered office

Thomas Harris 1929 Shop
Merton Abbey Mills
18 Watermill Way
London
SW19 2RD

Accountants

Thomas Harris Ltd
The 1929 Building
Merton Abbey Mills
18 Watermill Way
London
SW19 2RD

 

The Bus Club Limited

Director's Report for the Year Ended 31 March 2022

The director presents his report and the abridged financial statements for the year ended 31 March 2022.

Director of the company

The director who held office during the year was as follows:

D Chapman

Principal activity

The principal activity of the company is that the company is in a voluntary agreement with its creditors.

Small companies provision statement

This report has 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.

Approved and authorised by the director on 9 November 2023
 

.........................................
D Chapman
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
The Bus Club Limited
for the Year Ended 31 March 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Bus Club Limited for the year ended 31 March 2022 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Bus Club Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Bus Club Limited and state those matters that we have agreed to state to the Board of Directors of The Bus Club Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Bus Club Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Bus Club Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of The Bus Club Limited. You consider that The Bus Club Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Bus Club Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Thomas Harris Ltd
The 1929 Building
Merton Abbey Mills
18 Watermill Way
London
SW19 2RD

9 November 2023

 

The Bus Club Limited

Abridged Profit and Loss Account for the Year Ended 31 March 2022

Note

2022
£

2021
£

Gross profit/(loss)

 

-

-

Administrative expenses

 

(811,719)

(78,736)

Other interest receivable and similar income

 

11

4

Loss before tax

4

(811,708)

(78,732)

Loss for the financial year

 

(811,708)

(78,732)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

The Bus Club Limited

Statement of Comprehensive Income for the Year Ended 31 March 2022

2022
£

2021
£

Loss for the year

(811,708)

(78,732)

Total comprehensive income for the year

(811,708)

(78,732)

 

The Bus Club Limited

(Registration number: 05347911)
Abridged Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

-

3,296

Current assets

 

Investments

7

50,427

852,656

Cash at bank and in hand

 

10,136

9,606

 

60,563

862,262

Creditors: Amounts falling due within one year

(717,018)

(707,305)

Net current (liabilities)/assets

 

(656,455)

154,957

Total assets less current liabilities

 

(656,455)

158,253

Accruals and deferred income

 

-

(3,000)

Net (liabilities)/assets

 

(656,455)

155,253

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(656,555)

155,153

Shareholders' (deficit)/funds

 

(656,455)

155,253

 

The Bus Club Limited

(Registration number: 05347911)
Abridged Balance Sheet as at 31 March 2022

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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 9 November 2023
 

.........................................
D Chapman
Director

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

The Bus Club Limited

Statement of Changes in Equity for the Year Ended 31 March 2022

Share capital
£

Retained earnings
£

Total
£

At 1 April 2021

100

155,153

155,253

Loss for the year

-

(811,708)

(811,708)

At 31 March 2022

100

(656,555)

(656,455)

Share capital
£

Retained earnings
£

Total
£

At 1 April 2020

100

233,885

233,985

Loss for the year

-

(78,732)

(78,732)

At 31 March 2021

100

155,153

155,253

 

The Bus Club Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2022

1

General information

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

The address of its registered office is:
Thomas Harris 1929 Shop
Merton Abbey Mills
18 Watermill Way
London
SW19 2RD

These financial statements were authorised for issue by the director on 9 November 2023.

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

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

25% Reducing balance

Office equipment

25% Reducing balance

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.

 

The Bus Club Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2022

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 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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

4

Loss before tax

Arrived at after charging/(crediting)

2022
£

2021
£

Depreciation expense

824

1,098

 

The Bus Club Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2022

5

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 April 2021

59,390

59,390

Disposals

(59,390)

(59,390)

At 31 March 2022

-

-

Depreciation

At 1 April 2021

56,094

56,094

Charge for the year

824

824

Eliminated on disposal

(56,918)

(56,918)

At 31 March 2022

-

-

Carrying amount

At 31 March 2022

-

-

At 31 March 2021

3,296

3,296

6

Debtors

7

Current asset investments

2022
£

2021
£

Other investments

50,427

852,656

 

The Bus Club Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2022

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

The Bus Club Limited

Detailed Profit and Loss Account for the Year Ended 31 March 2022

2022
£

2021
£

Turnover (analysed below)

-

-

Administrative expenses

General administrative expenses (analysed below)

(1,713)

(3,013)

Finance charges (analysed below)

(10,000)

(10,750)

Depreciation costs (analysed below)

(824)

(1,098)

Other expenses (analysed below)

(799,182)

(63,875)

(811,719)

(78,736)

Operating loss

(811,719)

(78,736)

Other interest receivable and similar income (analysed below)

11

4

Loss before tax

(811,708)

(78,732)

 

The Bus Club Limited

Detailed Profit and Loss Account for the Year Ended 31 March 2022

2022
£

2021
£

   

General administrative expenses

Accountancy fees

(1,500)

(3,000)

Legal and professional fees

(213)

(13)

(1,713)

(3,013)

   

Finance charges

Insolvency related fees

(10,000)

(10,750)

   

Depreciation costs

Depreciation of other tangible (owned)

(824)

(1,098)

   

Other income/(expenses)

(Profit)/loss on disposal of fixed assets

(2,472)

12,761

(Profit)/loss on disposal of shares

5,519

6,852

(Profit)/loss on revaluation of shares

(802,229)

-

Exceptional items

-

(83,488)

(799,182)

(63,875)

   

Other interest receivable and similar income

Bank interest receivable

11

4