Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-309653false2022-05-01falseNo description of principal activity3230true 04194191 2022-05-01 2023-04-30 04194191 2021-05-01 2022-04-30 04194191 2023-04-30 04194191 2022-04-30 04194191 c:Director1 2022-05-01 2023-04-30 04194191 d:Buildings d:ShortLeaseholdAssets 2022-05-01 2023-04-30 04194191 d:Buildings d:ShortLeaseholdAssets 2023-04-30 04194191 d:Buildings d:ShortLeaseholdAssets 2022-04-30 04194191 d:PlantMachinery 2022-05-01 2023-04-30 04194191 d:PlantMachinery 2023-04-30 04194191 d:PlantMachinery 2022-04-30 04194191 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 04194191 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 04194191 d:MotorVehicles 2022-05-01 2023-04-30 04194191 d:MotorVehicles 2023-04-30 04194191 d:MotorVehicles 2022-04-30 04194191 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 04194191 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 04194191 d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 04194191 d:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 04194191 d:CurrentFinancialInstruments 2023-04-30 04194191 d:CurrentFinancialInstruments 2022-04-30 04194191 d:Non-currentFinancialInstruments 2023-04-30 04194191 d:Non-currentFinancialInstruments 2022-04-30 04194191 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 04194191 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 04194191 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 04194191 d:Non-currentFinancialInstruments d:AfterOneYear 2022-04-30 04194191 d:ShareCapital 2023-04-30 04194191 d:ShareCapital 2022-04-30 04194191 d:RetainedEarningsAccumulatedLosses 2023-04-30 04194191 d:RetainedEarningsAccumulatedLosses 2022-04-30 04194191 c:FRS102 2022-05-01 2023-04-30 04194191 c:Audited 2022-05-01 2023-04-30 04194191 c:FullAccounts 2022-05-01 2023-04-30 04194191 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 04194191 d:WithinOneYear 2023-04-30 04194191 d:WithinOneYear 2022-04-30 04194191 d:BetweenOneFiveYears 2023-04-30 04194191 d:BetweenOneFiveYears 2022-04-30 04194191 c:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 04194191 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 04194191 d:AcceleratedTaxDepreciationDeferredTax 2022-04-30 04194191 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-30 04194191 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-04-30 04194191 d:LeasedAssetsHeldAsLessee 2023-04-30 04194191 d:LeasedAssetsHeldAsLessee 2022-04-30 iso4217:GBP xbrli:pure

Registered number: 04194191









MULLANY'S COACHES LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

 
MULLANY'S COACHES LIMITED
REGISTERED NUMBER: 04194191

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
884,979
1,035,681

  
884,979
1,035,681

Current assets
  

Stocks
 6 
5,526
8,507

Debtors: amounts falling due within one year
 7 
842,700
776,691

Cash at bank and in hand
 8 
6,813
14,076

  
855,039
799,274

Creditors: amounts falling due within one year
 9 
(769,410)
(971,769)

Net current assets/(liabilities)
  
 
 
85,629
 
 
(172,495)

Total assets less current liabilities
  
970,608
863,186

Creditors: amounts falling due after more than one year
 10 
(26,645)
(36,494)

Provisions for liabilities
  

Deferred tax
 11 
(162,898)
(184,183)

  
 
 
(162,898)
 
 
(184,183)

Net assets
  
781,065
642,509


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
781,063
642,507

  
781,065
642,509


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Page 1

 
MULLANY'S COACHES LIMITED
REGISTERED NUMBER: 04194191
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023

................................................
J J Kavanagh
Director
Date: 1 February 2024

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
MULLANY'S COACHES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Mullany's Coaches Limited is a company incorporated and domiciled in England & Wales, United Kingdom. 
The company's principal place of business which is different to its registered office is situated at:
Unit 24 North Orbital Commercial Park
Napsbury Lane
St Albans
Hertfordshire
AL1 1XB
The principal activities of the company are that of a bus and coach hire operator, vehicle repairer and DVSA test centre.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 as applicable to companies subject to the small companies regime.

The following principal accounting policies have been applied:

  
2.2

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company has the ability to continue its activities for the forseeable future, being a period of no less than twelve months from the date of approval of these financial statements.
As part of the Company's going concern assessment, the Directors have considered the year end balance sheet position and trading results since the year end. The Directors, believe that the Company will generate sufficient cash flows from existing business in addition to its existing financing arrangements, to meet its obligations as they fall due for the forseeable future, being a period of no less than twelve months from the date of approval of these financial statements.
The firm's existing financing arrangements include a bank overdraft facility of £400,000 and a letter of financial support from its ultimate parent undertaking that it has the ability and intention to continue to support the company to ensure that it continues to be a going concern for a period of no less than twelve months from the approval of these financial statements. 
As such the Directors deem it appropriate for these financial statements to be presented on a going concern basis.

Page 3

 
MULLANY'S COACHES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Turnover

Revenue in respect of bus and coach services are recognised when the journey has been undertaken, excluding discounts and value added tax.
Revenue in respect of DVSA and MOT tests are recognised on completion of the test, excluding discounts and value added tax.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
COVID-19-related rent concessions have been recognised on a systematic basis over the periods the change in lease payments is intended to compensate.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.7

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
MULLANY'S COACHES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
MULLANY'S COACHES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
20% straight line
Plant and machinery
-
10%
Motor vehicles
-
15% - 20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.12

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Page 6

 
MULLANY'S COACHES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 7

 
MULLANY'S COACHES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

  
2.16

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

 
2.17

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.

Page 8

 
MULLANY'S COACHES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

  
2.18

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements in conformity with generally accepted accounting principles requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. In this regard, the Directors believe that the critical accounting policies where judgments or estimations are necessarily applied are summarised below.
Depreciation and residual value
The Directors have reviewed the asset lives and associated residual values of all fixed assets, and have concluded that asset lives and residual values are appropriate.


4.


Employees

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


        2023
        2022
            No.
            No.







32
30

Page 9

 
MULLANY'S COACHES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 May 2022
-
193,917
3,322,180
3,516,097


Additions
82,748
2,344
-
85,092


Disposals
-
(96)
(443,225)
(443,321)



At 30 April 2023

82,748
196,165
2,878,955
3,157,868



Depreciation


At 1 May 2022
-
134,118
2,346,299
2,480,417


Charge for the year on owned assets
9,653
6,209
89,130
104,992


Charge for the year on financed assets
-
-
55,650
55,650


Disposals
-
(39)
(368,131)
(368,170)



At 30 April 2023

9,653
140,288
2,122,948
2,272,889



Net book value



At 30 April 2023
73,095
55,877
756,007
884,979



At 30 April 2022
-
59,800
975,881
1,035,681

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
315,348
370,998

315,348
370,998

Page 10

 
MULLANY'S COACHES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
5,526
8,507

5,526
8,507



7.


Debtors

2023
2022
£
£


Trade debtors
73,702
65,893

Amounts owed by group undertakings
544,860
544,860

Other debtors
28,804
5,937

Prepayments and accrued income
195,334
160,001

842,700
776,691



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
6,813
14,076

Less: bank overdrafts
(2,952)
(222,763)

3,861
(208,687)


Page 11

 
MULLANY'S COACHES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
2,952
222,763

Bank loans
9,848
9,588

Trade creditors
265,448
267,254

Amounts owed to group undertakings
260,086
187,146

Corporation tax
46,948
27,563

Other taxation and social security
22,645
31,062

Obligations under finance lease and hire purchase contracts
-
85,914

Other creditors
12,164
6,185

Accruals and deferred income
149,319
134,294

769,410
971,769





10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
26,645
36,494

26,645
36,494


The bank loan is unsecured and bears interest at a fixed annual rate of 2.5%.

Page 12

 
MULLANY'S COACHES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

11.


Deferred taxation




2023


£






At beginning of year
(184,183)


Charged to profit or loss
21,285



At end of year
(162,898)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(162,898)
(184,183)

(162,898)
(184,183)


12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £20,725 (2022: £18,706). Contributions totalling £4,791 (2022: £3,471) were payable to the fund at the balance sheet date and are included in creditors.


13.


Commitments under operating leases

At 30 April 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
285,713
201,606

Later than 1 year and not later than 5 years
476,215
78,223

761,928
279,829

Included within non-cancellable operating leases there were commitments totalling £683,705 (2022: £52,100) relating to Land & Buildings.

Page 13

 
MULLANY'S COACHES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

14.


Related party transactions

At the balance sheet date, the amount owed by companies under common control was £24,995 (2022: £1,519 owed by related companies).
During the year Mullany’s Coaches Limited had the following transactions at arm’s length with a company related by way of common directors: sale of fixed assets totalling £500 (2022: £75,000); sales of coach hire services totalling £27,975 (2022: £837) and purchases of parts totalling £Nil (2022: £Nil).
The company has taken advantage of FRS 102 paragraph 33.1A to not disclose transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.


15.


Controlling party

The parent company is Mullany's Coaches (UK) Limited (a company registered in the United Kingdom).
The ultimate holding company is Kenneally's Bus Service Limited (a company registered in the Republic of Ireland).
This is the largest group which includes the company and for which consolidated financial statements are prepared.


16.


Audit report information

The auditor's report on the financial statements for the year ended 30 April 2023 was unqualified.

The audit report was signed on 1 February 2024 by Samuel Hodson BSc ACA (Senior Statutory Auditor) on behalf of Hillier Hopkins LLP.

 
Page 14