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REGISTERED NUMBER: SC159795 (Scotland)















Financial Statements for the Year Ended 28 February 2023

for

PRENTICE WESTWOOD LIMITED

PRENTICE WESTWOOD LIMITED (REGISTERED NUMBER: SC159795)

Contents of the Financial Statements
for the Year Ended 28 February 2023










Page

Balance Sheet 1

Notes to the Financial Statements 2


PRENTICE WESTWOOD LIMITED (REGISTERED NUMBER: SC159795)

Balance Sheet
28 February 2023

2023 2022
Notes £    £   
Fixed assets
Tangible assets 4 1,673,096 2,380,564

Current assets
Stocks 12,230 16,227
Debtors 5 136,119 286,748
Cash at bank 336,308 96,259
484,657 399,234
Creditors
Amounts falling due within one year 6 (250,642 ) (554,382 )
Net current assets/(liabilities) 234,015 (155,148 )
Total assets less current liabilities 1,907,111 2,225,416

Creditors
Amounts falling due after more than one
year

7

(38,333

)

(176,854

)

Provisions for liabilities (376,420 ) (328,560 )
Net assets 1,492,358 1,720,002

Capital and reserves
Called up share capital 100 100
Retained earnings 1,492,258 1,719,902
Shareholders' funds 1,492,358 1,720,002

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2023 and were signed on its behalf by:





R J Prentice - Director


PRENTICE WESTWOOD LIMITED (REGISTERED NUMBER: SC159795)

Notes to the Financial Statements
for the Year Ended 28 February 2023


1. Statutory information

Prentice Westwood Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number: SC159795

Registered office: Westwood Coach Depot
West Calder
West Lothian
EH55 8PW

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised to the extent that is is probably that the economic benefits will be received by the company and the revenue can be reliably measured, regardless of when the payment is being made. Turnover is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duty.

Turnover is derived wholly from the provision of transport services and is recognised upon the delivery of service to the customers.

The company receives a bus services operating grant based on mileage operated on local registered bus services to reimburse an element of the cost of operating such services.

Interest
Interest income is recognised on an accruals basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the term, whichever is the shorter.

Coaches - at varying rates on cost
Plant & equipment - 25% reducing balance
Yard & garage - over 30 years straight line

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the assets capable of operating as intended.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Stocks
Stocks, which includes vehicle spares and fuel, are stated at cost after making due allowance for obsolete and slow moving items.


PRENTICE WESTWOOD LIMITED (REGISTERED NUMBER: SC159795)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


2. Accounting policies - continued
Taxation
Current taxation represents the amount of taxation payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the taxation rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation represents the future taxation consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved taxation losses and other deferred taxation assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred taxation liabilities or other future taxable profits.

Deferred taxation is measured using the taxation rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Pension costs and other post-retirement benefits
The company operates money purchase (defined contribution) pension scheme. Contributions are charged against profits on the amounts payable for the year.

Hire purchase and leases
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Bank and cash
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

3. Employees and directors

The average number of employees during the year was 46 (2022 - 57 ) .

PRENTICE WESTWOOD LIMITED (REGISTERED NUMBER: SC159795)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


4. Tangible fixed assets
Yard & Plant &
garage equipment Coaches Totals
£    £    £    £   
Cost
At 1 March 2022 107,557 173,196 5,986,908 6,267,661
Additions - - 32,300 32,300
Disposals - - (1,101,000 ) (1,101,000 )
At 28 February 2023 107,557 173,196 4,918,208 5,198,961
Depreciation
At 1 March 2022 - 157,857 3,729,240 3,887,097
Charge for year - 3,842 528,072 531,914
Written back on disposals - - (893,146 ) (893,146 )
At 28 February 2023 - 161,699 3,364,166 3,525,865
Net book value
At 28 February 2023 107,557 11,497 1,554,042 1,673,096
At 28 February 2022 107,557 15,339 2,257,668 2,380,564


5. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 97,186 185,030
Other debtors 38,933 101,718
136,119 286,748

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 20,790 75,521
Hire purchase contracts 60,097 211,480
Trade creditors 140,936 153,600
Taxation and social security 13,878 24,570
Other creditors and accruals 14,941 89,211
250,642 554,382

7. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans - 75,924
Hire purchase contracts 38,333 100,930
38,333 176,854

8. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 98,430 312,410

The hire purchase contracts are secured over the assets concerned.

PRENTICE WESTWOOD LIMITED (REGISTERED NUMBER: SC159795)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


9. Other financial commitments

At 28 February 2023 total financial commitments,which are not included in the balance sheet amount to £5,117 (2022 - £53,723).