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Company No: 05040510 (England and Wales)

TALLY HO! COACHES LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

TALLY HO! COACHES LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

TALLY HO! COACHES LIMITED

COMPANY INFORMATION

For the financial year ended 30 September 2023
TALLY HO! COACHES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2023
DIRECTORS Mr M P Drews
Mr D McIntosh
Mr R E Pullan
SECRETARY Mr D McIntosh
REGISTERED OFFICE 7 Station Yard Industrial Estate
Kingsbridge
TQ7 1ES
United Kingdom
COMPANY NUMBER 05040510 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
TALLY HO! COACHES LIMITED

BALANCE SHEET

As at 30 September 2023
TALLY HO! COACHES LIMITED

BALANCE SHEET (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,539,108 1,421,813
1,539,108 1,421,813
Current assets
Stocks 50,068 44,255
Debtors 4 253,123 232,430
Cash at bank and in hand 440,274 484,680
743,465 761,365
Creditors: amounts falling due within one year 5 ( 615,058) ( 616,874)
Net current assets 128,407 144,491
Total assets less current liabilities 1,667,515 1,566,304
Creditors: amounts falling due after more than one year 6 ( 205,196) ( 239,056)
Net assets 1,462,319 1,327,248
Capital and reserves
Called-up share capital 7 114,000 114,000
Profit and loss account 1,348,319 1,213,248
Total shareholders' funds 1,462,319 1,327,248

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Tally Ho! Coaches Limited (registered number: 05040510) were approved and authorised for issue by the Board of Directors on 23 February 2024. They were signed on its behalf by:

Mr D McIntosh
Director
TALLY HO! COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
TALLY HO! COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Tally Ho! Coaches Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 7 Station Yard Industrial Estate, Kingsbridge, TQ7 1ES, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when the value of services provided to date can be reliably measured.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
FRS102 requires the provision of deferred tax on timing differences between the tax and accounting treatment of qualifying fixed assets. The directors do not consider that providing for deferred tax in accordance with FRS102 would give an accurate representation of the company's financial position and have not included it within the accounts. In this respect the accounts do not comply with FRS102.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 20 - 25 % reducing balance
Vehicles 10 - 25 % reducing balance
Fixtures and fittings 20 - 33.3 % reducing balance
Computer equipment 20 - 33.33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 59 51

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 October 2022 120,893 2,450,067 56,185 62,445 2,689,590
Additions 1,250 314,000 0 6,313 321,563
Disposals 0 ( 92,681) 0 0 ( 92,681)
At 30 September 2023 122,143 2,671,386 56,185 68,758 2,918,472
Accumulated depreciation
At 01 October 2022 69,942 1,111,588 47,862 38,385 1,267,777
Charge for the financial year 10,277 163,886 1,712 6,883 182,758
Disposals 0 ( 71,171) 0 0 ( 71,171)
At 30 September 2023 80,219 1,204,303 49,574 45,268 1,379,364
Net book value
At 30 September 2023 41,924 1,467,083 6,611 23,490 1,539,108
At 30 September 2022 50,951 1,338,479 8,323 24,060 1,421,813

4. Debtors

2023 2022
£ £
Trade debtors 188,685 168,901
Other debtors 64,438 63,529
253,123 232,430

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 50,000 50,000
Trade creditors 59,936 64,019
Taxation and social security 82,330 49,099
Obligations under finance leases and hire purchase contracts (secured) 149,910 153,964
Other creditors 272,882 299,792
615,058 616,874

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 79,167 129,167
Obligations under finance leases and hire purchase contracts (secured) 126,029 109,889
205,196 239,056

Amounts under finance leases and hire purchase contracts are secured against the assets to which they relate.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
57,000 A Ordinary shares of £ 1.00 each 57,000 57,000
57,000 B Ordinary shares of £ 1.00 each 57,000 57,000
114,000 114,000

8. Government Grants

During the year the company did not received any grants:
The amount of grants recognised in the financial statements was £nil (2021 - £96,502).