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REGISTERED NUMBER: 01855848 (England and Wales)















Landtourer Coaches Limited

Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 31st December 2022






Landtourer Coaches Limited (Registered number: 01855848)

Contents of the Consolidated Financial Statements
for the Year Ended 31st December 2022










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Statement of Comprehensive Income 7

Consolidated Balance Sheet 8

Company Balance Sheet 9

Consolidated Statement of Changes in Equity 10

Company Statement of Changes in Equity 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


Landtourer Coaches Limited

Company Information
for the Year Ended 31st December 2022







DIRECTORS: S Kavanagh
J Clarke





SECRETARY: S Kavanagh





REGISTERED OFFICE: 2 Oriel Court
Omega Park
Alton
Hampshire
GU34 2YT





REGISTERED NUMBER: 01855848 (England and Wales)





AUDITORS: Sheen Stickland
Chartered Accountants
Statutory Auditors
2 Oriel Court
Omega Park
Alton
Hampshire
GU34 2YT

Landtourer Coaches Limited (Registered number: 01855848)

Group Strategic Report
for the Year Ended 31st December 2022


The directors present their strategic report of the company and the group for the year ended 31st December 2022.

REVIEW OF BUSINESS
The group's principal activities during the year continued to be the provision of coach and bus hire
services and tour operation.

The key 2022 financial and other performance indicators were as follows:

2021 2022 Change

Turnover 3,192,105 5,460,385 71.1%
Group operating profit 214,512 11,317 (94.7%)
Profit after tax 107,340 (1,423) (101.3%)
Equity shareholders' funds 2,810,927 2,809,504 (-0.1%)
Gross profit 20.4% 11.9% (41.7%)

PRINCIPAL RISKS AND UNCERTAINTIES
The major risk faced by the group is competitive risk. The group operates in a crowded and highly competitive market.

FUTURE DEVELOPMENT
The directors remain focused on preserving and improving the future profitability of the company, which can be achieved by the continued monitoring and control of costs and investment in sales and marketing activities.

ON BEHALF OF THE BOARD:





J Clarke - Director


23rd November 2023

Landtourer Coaches Limited (Registered number: 01855848)

Report of the Directors
for the Year Ended 31st December 2022


The directors present their report with the financial statements of the company and the group for the year ended 31st December 2022.

DIVIDENDS
No dividends will be distributed for the year ended 31st December 2022.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2022 to the date of this report.

S Kavanagh
J Clarke

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Sheen Stickland, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J Clarke - Director


23rd November 2023

Report of the Independent Auditors to the Members of
Landtourer Coaches Limited


Opinion
We have audited the financial statements of Landtourer Coaches Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2022 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31st December 2022 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Landtourer Coaches Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management, those charged with governance and the entity's solicitors (or in-house legal team) around actual and potential litigation and claims.

- Reviewing minutes of meetings of those charged with governance.

- Auditing the risk of management override of controls, including through testing journal entries, revenue recognition criteria and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Landtourer Coaches Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




David Sanders BA BFP FCA (Senior Statutory Auditor)
for and on behalf of Sheen Stickland
Chartered Accountants
Statutory Auditors
2 Oriel Court
Omega Park
Alton
Hampshire
GU34 2YT

28th November 2023

Landtourer Coaches Limited (Registered number: 01855848)

Consolidated Statement of Comprehensive Income
for the Year Ended 31st December 2022

2022 2021
Notes £    £   

TURNOVER 3 5,460,385 3,192,105

Cost of sales 4,848,329 2,541,794
GROSS PROFIT 612,056 650,311

Administrative expenses 600,951 435,792
11,105 214,519

Other operating income 212 (7 )
OPERATING PROFIT 5 11,317 214,512

Interest receivable and similar income 1,858 61
13,175 214,573

Interest payable and similar expenses 6 65,442 28,066
(LOSS)/PROFIT BEFORE TAXATION (52,267 ) 186,507

Tax on (loss)/profit 7 (50,844 ) 79,167
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(1,423

)

107,340

OTHER COMPREHENSIVE INCOME
Revaluation reserve 284,109 (20,348 )
Income tax relating to other comprehensive
income

(71,027

)

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

213,082

(20,348

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

211,659

86,992

(Loss)/profit attributable to:
Owners of the parent (1,423 ) 107,340

Total comprehensive income attributable to:
Owners of the parent 211,659 86,992

Landtourer Coaches Limited (Registered number: 01855848)

Consolidated Balance Sheet
31st December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 4,343,159 3,867,769
Investments 11 - -
4,343,159 3,867,769

CURRENT ASSETS
Stocks 12 104,779 66,199
Debtors 13 617,946 618,335
Cash at bank 495,286 500,310
1,218,011 1,184,844
CREDITORS
Amounts falling due within one year 14 843,613 1,142,906
NET CURRENT ASSETS 374,398 41,938
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,717,557

3,909,707

CREDITORS
Amounts falling due after more than one
year

15

(1,585,844

)

(538,400

)

PROVISIONS FOR LIABILITIES 19 (535,291 ) (560,380 )
NET ASSETS 2,596,422 2,810,927

CAPITAL AND RESERVES
Called up share capital 20 1,060,002 1,060,002
Revaluation reserve 21 150,167 363,249
Retained earnings 21 1,386,253 1,387,676
SHAREHOLDERS' FUNDS 2,596,422 2,810,927

The financial statements were approved by the Board of Directors and authorised for issue on 23rd November 2023 and were signed on its behalf by:





J Clarke - Director


Landtourer Coaches Limited (Registered number: 01855848)

Company Balance Sheet
31st December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - 270,360
Investments 11 84,997 84,997
84,997 355,357

CURRENT ASSETS
Stocks 12 - 4,207
Debtors 13 59,003 1,815,545
Cash at bank 272 272
59,275 1,820,024
CREDITORS
Amounts falling due within one year 14 78,524 445,473
NET CURRENT (LIABILITIES)/ASSETS (19,249 ) 1,374,551
TOTAL ASSETS LESS CURRENT
LIABILITIES

65,748

1,729,908

CREDITORS
Amounts falling due after more than one
year

15

-

(82,367

)

PROVISIONS FOR LIABILITIES 19 - (51,072 )
NET ASSETS 65,748 1,596,469

CAPITAL AND RESERVES
Called up share capital 20 1,060,002 1,060,002
Retained earnings 21 (994,254 ) 536,467
SHAREHOLDERS' FUNDS 65,748 1,596,469

Company's loss for the financial year (1,530,721 ) (80,270 )

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

The financial statements were approved by the Board of Directors and authorised for issue on 23rd November 2023 and were signed on its behalf by:





J Clarke - Director


Landtourer Coaches Limited (Registered number: 01855848)

Consolidated Statement of Changes in Equity
for the Year Ended 31st December 2022

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   

Balance at 1st January 2021 1,060,002 1,280,336 383,597 2,723,935

Changes in equity
Total comprehensive income - 107,340 (20,348 ) 86,992
Balance at 31st December 2021 1,060,002 1,387,676 363,249 2,810,927

Changes in equity
Total comprehensive income - (1,423 ) (213,082 ) (214,505 )
Balance at 31st December 2022 1,060,002 1,386,253 150,167 2,596,422

Landtourer Coaches Limited (Registered number: 01855848)

Company Statement of Changes in Equity
for the Year Ended 31st December 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1st January 2021 1,060,002 616,737 1,676,739

Changes in equity
Total comprehensive income - (80,270 ) (80,270 )
Balance at 31st December 2021 1,060,002 536,467 1,596,469

Changes in equity
Total comprehensive income - (1,530,721 ) (1,530,721 )
Balance at 31st December 2022 1,060,002 (994,254 ) 65,748

Landtourer Coaches Limited (Registered number: 01855848)

Consolidated Cash Flow Statement
for the Year Ended 31st December 2022

2022 2021
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 389,781 495,082
Interest paid (7,418 ) (1,332 )
Interest element of hire purchase payments
paid

(58,024

)

(26,734

)
Tax paid 32,529 115,458
Net cash from operating activities 356,868 582,474

Cash flows from investing activities
Purchase of tangible fixed assets (1,403,772 ) (2,073 )
Sale of tangible fixed assets 28,000 -
Interest received 1,858 61
Net cash from investing activities (1,373,914 ) (2,012 )

Cash flows from financing activities
New loans in year - 212,500
Loan repayments in year (20,833 ) (12,500 )
Group loan movements 211,856 52,399
Capital repayments in year 820,999 (708,576 )
Net cash from financing activities 1,012,022 (456,177 )

(Decrease)/increase in cash and cash equivalents (5,024 ) 124,285
Cash and cash equivalents at beginning of
year

2

500,310

376,025

Cash and cash equivalents at end of year 2 495,286 500,310

Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31st December 2022


1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2022 2021
£    £   
(Loss)/profit before taxation (52,267 ) 186,507
Depreciation charges 611,880 472,785
Loss on disposal of fixed assets 4,393 -
Finance costs 65,442 28,066
Finance income (1,858 ) (61 )
627,590 687,297
Increase in stocks (38,580 ) (20,062 )
Increase in trade and other debtors (32,140 ) (379,133 )
(Decrease)/increase in trade and other creditors (167,089 ) 206,980
Cash generated from operations 389,781 495,082

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 495,286 500,310
Year ended 31st December 2021
31.12.21 1.1.21
£    £   
Cash and cash equivalents 500,310 376,025


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.22 Cash flow At 31.12.22
£    £    £   
Net cash
Cash at bank 500,310 (5,024 ) 495,286
500,310 (5,024 ) 495,286
Debt
Finance leases (729,894 ) (820,999 ) (1,550,893 )
Debts falling due within 1 year (37,500 ) (12,500 ) (50,000 )
Debts falling due after 1 year (212,500 ) 33,333 (179,167 )
(979,894 ) (800,166 ) (1,780,060 )
Total (479,584 ) (805,190 ) (1,284,774 )

Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Financial Statements
for the Year Ended 31st December 2022


1. STATEMENT OF COMPLIANCE

Landtourer Coaches Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is 2 Oriel Court, Omega Park, Alton, Hampshire, GU34 2YT. The registration number is 01855848.

The Group's financial statements are presented in sterling which is the functional currency of the Group and rounded to the nearest pound.

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 (FRS 102)" and the Companies Act 2006.

The financial statements have been prepared under the historical cost convention modified to include the revaluation of freehold land and buildings.

Basis of consolidation
The consolidated financial statements incorporate the results of Landtourer Coaches Limited and all its subsidiary undertakings as at 31st December 2022 using the acquisition method of accounting. The parent company has taken advantage of section 408 of the Companies Act 2006 and has not included its own Profit and Loss Account in these financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover represents net amounts invoiced during the year, excluding Value Added Tax. Revenue is recognised when sales invoices are raised for the provision of coach travel, then adjustments are made for any accrued and deferred income.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or if held under a finance lease, over the lease term, whichever is shorter:
Freehold propertyHeld at valuation
Plant and Machinery- 10% - 50% on cost
Fixtures and Fittings- 10% - 33% on cost
Computer Equipment- 10% - 33% on cost

Fixed assets are stated at cost less depreciation and any impairment.

Land and buildings are held at valuation and not depreciated. The directors have reviewed the value of the land and buildings as at 31st December 2022 and are satisfied that the value is not less than the carrying amount.

Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2022


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial assets and financial liabilities are recognised when the group becomes party to the contractual provisions of the financial instrument.

Cash and cash equivalents
These comprise cash at bank and other short term liquid investments.

Debtors
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2022


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
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 paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and loss (2021 - profit) before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2022 2021
£    £   
Rendering of services 5,446,785 2,615,148
Government grants 13,600 576,957
5,460,385 3,192,105

The government grants received during the period relates to income received under the furlough scheme and other coronavirus funding.

4. EMPLOYEES AND DIRECTORS
2022 2021
£    £   
Wages and salaries 1,651,424 1,033,524
Social security costs 169,071 96,805
Other pension costs 27,554 20,585
1,848,049 1,150,914

The average number of employees during the year was as follows:
2022 2021

Employees 57 46

The average number of employees by undertakings that were proportionately consolidated during the year was 54 (2021 - 40 ) .

2022 2021
£    £   
Directors' remuneration - -

Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2022


5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2022 2021
£    £   
Hire of coaches 466,712 43,053
Depreciation - owned assets 9,914 9,587
Depreciation - assets on hire purchase contracts 601,966 503,286
Loss on disposal of fixed assets 4,393 -
Auditors' remuneration 5,250 3,650
Accounting and Taxation 7,000 7,350
Foreign exchange differences 69 (10,388 )
Subsidiary auditors remuneration 10,607 9,794

Remuneration paid to the parent auditors for the year ended 31st December 2022 relating to non-audit services was £2,000 (2021: £3,500).

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Bank loan interest 7,418 1,332
Hire purchase interest 58,024 26,734
65,442 28,066

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2022 2021
£    £   
Current tax:
UK corporation tax (96,782 ) (19,300 )

Deferred tax 45,938 98,467
Tax on (loss)/profit (50,844 ) 79,167

Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2022


7. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2022 2021
£    £   
(Loss)/profit before tax (52,267 ) 186,507
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
19 % (2021 - 19 %)

(9,931

)

35,436

Effects of:
Expenses not deductible for tax purposes - 40,655
Income not taxable for tax purposes - (30,685 )
Capital allowances in excess of depreciation (305,877 ) -
Depreciation in excess of capital allowances - 145,697
Utilisation of tax losses 27,078 4,517
Adjustments to tax charge in respect of previous periods - 2,362
Deferred tax movement 45,937 (118,815 )
Unused losses 191,949 -
Total tax (credit)/charge (50,844 ) 79,167

Tax effects relating to effects of other comprehensive income

2022
Gross Tax Net
£    £    £   
Revaluation reserve 284,109 (71,027 ) 213,082

2021
Gross Tax Net
£    £    £   
Revaluation reserve (20,348 ) - (20,348 )

During the year the office property was revalued £284,109 (2021: No change) which has led to a movement of £71,027 in the deferred tax provision both movements through other comprehensive income.

During the prior period, year end to 31st December 2021 there was an adjustment to the deferred tax amount in line with the corporation tax rate increasing to 25%, substantially enacted during the period. The effect of this during the year was approximately £20,000 of the movement in deferred tax. This adjustment was made for entities to the extent that it is probable that the future anticipated profit will be above the marginal rate, therefore the temporary difference will be in effect.

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2022


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st January 2022
and 31st December 2022 (31,292 )
AMORTISATION
At 1st January 2022
and 31st December 2022 (31,292 )
NET BOOK VALUE
At 31st December 2022 -
At 31st December 2021 -

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1st January 2022 1,209,109 5,869,546 1,286 110,113 7,190,054
Additions - 1,395,807 - 7,965 1,403,772
Disposals - (74,756 ) (1,286 ) - (76,042 )
Revaluations (284,109 ) - - - (284,109 )
At 31st December 2022 925,000 7,190,597 - 118,078 8,233,675
DEPRECIATION
At 1st January 2022 - 3,213,380 1,286 107,619 3,322,285
Charge for year - 607,883 - 3,997 611,880
Eliminated on disposal - (42,363 ) (1,286 ) - (43,649 )
At 31st December 2022 - 3,778,900 - 111,616 3,890,516
NET BOOK VALUE
At 31st December 2022 925,000 3,411,697 - 6,462 4,343,159
At 31st December 2021 1,209,109 2,656,166 - 2,494 3,867,769

Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2022


10. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 31st December 2022 is presented by:


Freehold
Property
£
Valuation pre 2018 444,365
Valuation 2022 (284,109 )
Cost 764,744
925,000

Land and buildings were valued by a professional valuer and chartered surveyor.

If freehold land and building had not been revalued they would have been included at the following historic cost:

2022 2021
£ £
Cost 764,774 764,744
Accumulated depreciation (525,328 ) (496,784 )
Carrying Value 239,446 267,990

Value of land in freehold land and buildings 228,200 228,200

Land and building were valued by the directors on 31st December 2022.

The net book value of tangible fixed assets includes £ 3,362,867 (2021 - £ 2,606,651 ) in respect of assets held under hire purchase contracts.

Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2022


10. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1st January 2022 450,600 1,286 451,886
Disposals (450,600 ) (1,286 ) (451,886 )
At 31st December 2022 - - -
DEPRECIATION
At 1st January 2022 180,240 1,286 181,526
Eliminated on disposal (180,240 ) (1,286 ) (181,526 )
At 31st December 2022 - - -
NET BOOK VALUE
At 31st December 2022 - - -
At 31st December 2021 270,360 - 270,360

The net book value of tangible fixed assets includes £NIL (2021 - £ 270,360 ) in respect of assets held under hire purchase contracts.

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st January 2022
and 31st December 2022 84,997
NET BOOK VALUE
At 31st December 2022 84,997
At 31st December 2021 84,997

Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2022


11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Edinburgh Castle Coaches Limited
Registered office: 81 Salamander Street, Leith, Edinburgh, EH6 7JZ
Nature of business: Coach Hire
%
Class of shares: holding
Ordinary 99.99
2022 2021
£    £   
Aggregate capital and reserves 795,831 97,492


12. STOCKS

Group Company
2022 2021 2022 2021
£    £    £    £   
Stocks 104,779 66,199 - 4,207

13. DEBTORS

Group Company
2022 2021 2022 2021
£    £    £    £   
Amounts falling due within one year:
Trade debtors 285,209 426,157 - -
Amounts owed by group undertakings - - 54,000 88,118
Other debtors 105,765 65,578 5,003 -
Corporation tax repayable - 32,529 - 27,314
VAT 107,371 25,752 - 198
Prepayments and accrued income 119,601 68,319 - -
617,946 618,335 59,003 115,630

Amounts falling due after more than one year:
Amounts owed by group undertakings - - - 1,699,915

Aggregate amounts 617,946 618,335 59,003 1,815,545

The amount owed by group undertakings due after more than one year is not valued at amortised cost because the loan is repayable within 1 year and 1 day.

Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2022


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Bank loans and overdrafts (see note 16) 50,000 37,500 12,500 203,251
Hire purchase contracts (see note 17) 515,376 403,994 - 68,639
Trade creditors 120,995 280,515 461 708
Amounts owed to group undertakings - 159,304 - 161,875
Corporation Tax - 96,782 - -
Social security and other taxes 46,890 34,182 - -
VAT - - 53,394 -
Other creditors 61,483 98,306 - -
Accruals and deferred income 48,869 32,323 12,169 11,000
843,613 1,142,906 78,524 445,473

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Bank loans (see note 16) 179,167 212,500 - -
Hire purchase contracts (see note 17) 1,035,517 325,900 - 82,367
Amounts owed to group undertakings 371,160 - - -
1,585,844 538,400 - 82,367

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2022 2021 2022 2021
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts - - 12,500 203,251
Bank loans 50,000 37,500 - -
50,000 37,500 12,500 203,251
Amounts falling due between one and two years:
Bank loans - 1-2 years 50,000 50,000 - -
Amounts falling due between two and five years:
Bank loans - 2 to 5 years 129,167 162,500 - -

Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2022


17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2022 2021
£    £   
Net obligations repayable:
Within one year 515,376 403,994
Between one and five years 1,035,517 325,900
1,550,893 729,894

Company
Hire purchase contracts
2022 2021
£    £   
Net obligations repayable:
Within one year - 68,639
Between one and five years - 82,367
- 151,006

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2022 2021 2022 2021
£    £    £    £   
Bank overdrafts - - 12,500 203,251
Bank loans 229,167 250,000 - -
Hire purchase contracts 1,550,893 729,894 - 151,006
1,780,060 979,894 12,500 354,257

Net obligations under hire purchase and finance leases are secured over the assets to which they relate. The bank have a fixed and floating charge over all assets of the company for monies due to them.

The bank loans are part of the Government Coronavirus Business interruption scheme and carry the terms applied to those. Repayment over 6 years the first year interest is covered by the Government as a subsidy. 80% is guaranteed by the Government with a charge on company assets for the remainder.

Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2022


19. PROVISIONS FOR LIABILITIES

Group Company
2022 2021 2022 2021
£    £    £    £   
Deferred tax
Other timing differences (124,596 ) - - -
Deferred tax 659,887 560,380 - 51,072
535,291 560,380 - 51,072

Group
Deferred
tax
£   
Balance at 1st January 2022 560,380
Charge to Statement of Comprehensive Income during year 97,010
Utilised during year (51,072 )
Other comprehensive income (71,027 )
Balance at 31st December 2022 535,291

Company
Deferred
tax
£   
Balance at 1st January 2022 51,072
Credit to Income Statement during year (51,072 )
Balance at 31st December 2022 -

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
1,060,002 Ordinary £1 1,060,002 1,060,002

Ordinary shares hold full voting rights and full rights to participate in dividends and any capital distribution on winding up.

Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2022


21. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st January 2022 1,387,676 363,249 1,750,925
Deficit for the year (1,423 ) (1,423 )
Cash share issue - (284,109 ) (284,109 )
Deferred tax - 71,027 71,027
At 31st December 2022 1,386,253 150,167 1,536,420

Company
Retained
earnings
£   

At 1st January 2022 536,467
Deficit for the year (1,530,721 )
At 31st December 2022 (994,254 )


22. RELATED PARTY DISCLOSURES

Group Structure


Name
Country of
incorporation

Registered office
Principal
activity

Ownership %
2022

Landtourer
Coaches Limited


England and Wales
2 Oriel Court, Omega Park,
Alton, Hampshire, GU34
2YT

Coach hire
services


99.99

Edinburgh Castle
Coaches Limited


England and Wales

81 Salamander Street, Leith,
Edinburgh, EH6 7JZ
Intermediary
Parent
Company


99.99
Edinburgh Coach
Lines Limited

England and Wales
81 Salamander Street, Leith,
Edinburgh, EH6 7JZ
Coach hire
services

100
Gray Line
(Scotland) Limited

England and Wales
81 Salamander Street, Leith,
Edinburgh, EH6 7JZ
Coach hire
services

100
Edinburgh
Transport Limited

England and Wales
81 Salamander Street, Leith,
Edinburgh, EH6 7JZ
Dormant
company

100
Thistle Destination
Management
Limited


England and Wales

81 Salamander Street, Leith,
Edinburgh, EH6 7JZ

Coach hire
services


100
Thistle Holidays
Limited

England and Wales
81 Salamander Street, Leith,
Edinburgh, EH6 7JZ
Dormant
company

100

Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2022


23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Eirebus Limited.

The parent company of Landtourer Coaches Ltd is Eirebus Limited. The ultimate holding company is Tompat Transport Limited. S Kavanagh holds a majority controlling shareholding in the ordinary issued share capital of Tompat Transport Limited. Both Eirebus Limited and Tompat Transport Limited are incorporated in Eire, Landtourer is not consolidated within any of the parent companies accounts as they are not required to be prepared under Irish law.

The registered office of Eirebus Limited is Corduff Road, Blanchardstown, Dublin.

The registered office of Tompat Transport Limited is Corduff Road, Blanchardstown, Dublin.