Registered number
08628977
Mikro Coaches Limited
Filleted Accounts
31 July 2023
Mikro Coaches Limited
Registered number: 08628977
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 120,000 160,000
Tangible assets 4 229,366 266,278
349,366 426,278
Current assets
Stocks 15,000 15,000
Debtors 5 281,784 248,452
Cash at bank and in hand 119,135 113,690
415,919 377,142
Creditors: amounts falling due within one year 6 (154,710) (119,178)
Net current assets 261,209 257,964
Total assets less current liabilities 610,575 684,242
Creditors: amounts falling due after more than one year 7 (258,626) (501,385)
Provisions for liabilities (48,718) -
Net assets 303,231 182,857
Capital and reserves
Called up share capital 100 100
Profit and loss account 303,131 182,757
Shareholders' funds 303,231 182,857
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 members have 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.
Deborah Weekes
Director
Approved by the board on 15 November 2023
Mikro Coaches Limited
Notes to the Accounts
for the year ended 31 July 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 10% reducing balance
Motor vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 22 19
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2022 200,000
At 31 July 2023 200,000
Amortisation
At 1 August 2022 40,000
Provided during the year 40,000
At 31 July 2023 80,000
Net book value
At 31 July 2023 120,000
At 31 July 2022 160,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2022 102,209 275,067 377,276
Additions - 49,000 49,000
Disposals - (31,917) (31,917)
At 31 July 2023 102,209 292,150 394,359
Depreciation
At 1 August 2022 18,900 92,098 110,998
Charge for the year 8,331 58,430 66,761
On disposals - (12,766) (12,766)
At 31 July 2023 27,231 137,762 164,993
Net book value
At 31 July 2023 74,978 154,388 229,366
At 31 July 2022 83,309 182,969 266,278
5 Debtors 2023 2022
£ £
Trade debtors 92,546 80,752
Other debtors 189,238 167,700
281,784 248,452
Amounts due after more than one year included above 172,086 159,986
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 52,000 61,994
Obligations under finance lease and hire purchase contracts 3,308 6,778
Trade creditors 33,544 5,203
Taxation and social security costs 65,208 42,312
Other creditors 650 2,891
154,710 119,178
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 130,240 211,500
Obligations under finance lease and hire purchase contracts - 20,658
Other creditors 128,386 269,227
258,626 501,385
8 Other information
Mikro Coaches Limited is a private company limited by shares and incorporated in England. Its registered office is:
91 Hospital Street
Nantwich
Cheshire
CW5 5RU
Mikro Coaches Limited 08628977 false 2022-08-01 2023-07-31 2023-07-31 VT Final Accounts October 2023 release 2 Deborah Weekes No description of principal activity 08628977 2021-08-01 2022-07-31 08628977 core:WithinOneYear 2022-07-31 08628977 core:AfterOneYear 2022-07-31 08628977 core:ShareCapital 2022-07-31 08628977 core:RetainedEarningsAccumulatedLosses 2022-07-31 08628977 2022-08-01 2023-07-31 08628977 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 08628977 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 08628977 bus:Director40 2022-08-01 2023-07-31 08628977 1 2022-08-01 2023-07-31 08628977 2 2022-08-01 2023-07-31 08628977 core:Goodwill 2022-08-01 2023-07-31 08628977 core:PlantMachinery 2022-08-01 2023-07-31 08628977 core:Vehicles 2022-08-01 2023-07-31 08628977 countries:England 2022-08-01 2023-07-31 08628977 bus:FRS102 2022-08-01 2023-07-31 08628977 bus:FullAccounts 2022-08-01 2023-07-31 08628977 2023-07-31 08628977 core:WithinOneYear 2023-07-31 08628977 core:AfterOneYear 2023-07-31 08628977 core:ShareCapital 2023-07-31 08628977 core:RetainedEarningsAccumulatedLosses 2023-07-31 08628977 core:Goodwill 2023-07-31 08628977 core:PlantMachinery 2023-07-31 08628977 core:Vehicles 2023-07-31 08628977 2022-07-31 08628977 core:Goodwill 2022-07-31 08628977 core:PlantMachinery 2022-07-31 08628977 core:Vehicles 2022-07-31 iso4217:GBP xbrli:pure