Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3160352022-04-01truefalseNo description of principal activity1111trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04706069 2022-04-01 2023-03-31 04706069 2021-04-01 2022-03-31 04706069 2023-03-31 04706069 2022-03-31 04706069 c:Director1 2022-04-01 2023-03-31 04706069 d:Buildings d:ShortLeaseholdAssets 2022-04-01 2023-03-31 04706069 d:Buildings d:ShortLeaseholdAssets 2023-03-31 04706069 d:Buildings d:ShortLeaseholdAssets 2022-03-31 04706069 d:PlantMachinery 2022-04-01 2023-03-31 04706069 d:MotorVehicles 2022-04-01 2023-03-31 04706069 d:OfficeEquipment 2022-04-01 2023-03-31 04706069 d:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 04706069 d:OtherPropertyPlantEquipment 2023-03-31 04706069 d:OtherPropertyPlantEquipment 2022-03-31 04706069 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04706069 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 04706069 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04706069 d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 04706069 d:CurrentFinancialInstruments 2023-03-31 04706069 d:CurrentFinancialInstruments 2022-03-31 04706069 d:Non-currentFinancialInstruments 2023-03-31 04706069 d:Non-currentFinancialInstruments 2022-03-31 04706069 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04706069 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 04706069 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 04706069 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 04706069 d:ShareCapital 2023-03-31 04706069 d:ShareCapital 2022-03-31 04706069 d:CapitalRedemptionReserve 2023-03-31 04706069 d:CapitalRedemptionReserve 2022-03-31 04706069 d:RetainedEarningsAccumulatedLosses 2023-03-31 04706069 d:RetainedEarningsAccumulatedLosses 2022-03-31 04706069 c:FRS102 2022-04-01 2023-03-31 04706069 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 04706069 c:FullAccounts 2022-04-01 2023-03-31 04706069 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04706069 2 2022-04-01 2023-03-31 04706069 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2023-03-31 04706069 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2022-03-31 iso4217:GBP xbrli:pure
Registered number: 04706069









FREESTONES COACHES LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
FREESTONES COACHES LIMITED
REGISTERED NUMBER: 04706069

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
589,799
673,388

Current assets
  

Stocks
  
6,500
8,000

Debtors: amounts falling due within one year
 5 
150,728
161,944

Cash at bank and in hand
  
109,409
87,238

  
266,637
257,182

Creditors: amounts falling due within one year
 6 
(141,878)
(139,741)

Net current assets
  
 
 
124,759
 
 
117,441

Total assets less current liabilities
  
714,558
790,829

Creditors: amounts falling due after more than one year
 7 
(78,130)
(131,622)

Provisions for liabilities
  

Deferred tax
  
(140,127)
(123,993)

  
 
 
(140,127)
 
 
(123,993)

Net assets
  
496,301
535,214


Capital and reserves
  

Called up share capital 
  
20
20

Capital redemption reserve
  
80
80

Profit and loss account
  
496,201
535,114

  
496,301
535,214

Page 1

 
FREESTONES COACHES LIMITED
REGISTERED NUMBER: 04706069

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 profit and loss account 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 on 1 March 2024.




A Huggins
Director

The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
FREESTONES COACHES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Freestones Coaches Limited is a private company limited by shares, incorporated in England and Wales, with a company registration number of 04706069.  The address of the registered office is 2 Bessemer Road, Norwich, Norfolk, NR4 6DQ.

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.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

Page 3

 
FREESTONES COACHES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

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

 
2.8

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.

 
2.9

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.

Page 4

 
FREESTONES COACHES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Leasehold property improvements
-
24% straight line
Plant and machinery
-
10% straight line
Motor vehicles
-
25% straight line
Office equipment
-
14% straight line
Coaches
-
10% straight line

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.

 
2.11

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.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.13

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.

 
2.14

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 5

 
FREESTONES COACHES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transactions costs.
Basic financial liabilities
Basic financial liabilities, which include trade and other payables are initially measured at their transaction price after transactions costs.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers.  Trade payables are classified as current liabilities if the payment is due within one year.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2022 - 11).

Page 6

 
FREESTONES COACHES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Leasehold property improvement
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 April 2022
25,147
1,159,599
1,184,746


Additions
-
57,961
57,961


Disposals
-
(36,340)
(36,340)



At 31 March 2023

25,147
1,181,220
1,206,367



Depreciation


At 1 April 2022
6,035
505,323
511,358


Charge for the year on owned assets
6,035
71,859
77,894


Charge for the year on financed assets
-
39,400
39,400


Disposals
-
(12,084)
(12,084)



At 31 March 2023

12,070
604,498
616,568



Net book value



At 31 March 2023
13,077
576,722
589,799



At 31 March 2022
19,112
654,276
673,388

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


2023
2022
£
£



Coaches
249,283
288,683

Page 7

 
FREESTONES COACHES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Debtors

2023
2022
£
£


Trade debtors
131,673
86,284

Other debtors
8,168
69,891

Prepayments and accrued income
10,887
5,769

150,728
161,944



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
9,850
9,606

Trade creditors
27,541
25,340

Corporation tax
5,192
-

Other taxation and social security
18,905
-

Obligations under finance lease and hire purchase contracts
43,636
59,312

Other creditors
23,700
26,193

Accruals and deferred income
13,054
19,290

141,878
139,741


Included in creditors are secured liabilities totalling £43,636 (2022 - £59,312), against the vehicles on hire purchase.


7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
26,602
36,457

Net obligations under finance leases and hire purchase contracts
51,528
95,165

78,130
131,622


Included in creditors are secured liabilities totalling £51,528 (2022 - £95,165), against the vehicles on hire purchase.

Page 8

 
FREESTONES COACHES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


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 £3,619 (2022 - £630). Contributions totalling £Nil (2022 - £242) were payable to the fund at the balance sheet date and are included in creditors.

Page 9