IRIS Accounts Production v23.4.0.336 00807834 Board of Directors Board of Directors 1.11.22 31.10.23 31.10.23 false true false false true false Ordinary 1.00000 Ordinary A 1.00000 Ordinary B 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh008078342022-10-31008078342023-10-31008078342022-11-012023-10-31008078342022-03-31008078342022-04-012022-10-31008078342022-10-3100807834ns15:EnglandWales2022-11-012023-10-3100807834ns14:PoundSterling2022-11-012023-10-3100807834ns10:Director12022-11-012023-10-3100807834ns10:Director22022-11-012023-10-3100807834ns10:PrivateLimitedCompanyLtd2022-11-012023-10-3100807834ns10:SmallEntities2022-11-012023-10-3100807834ns10:AuditExemptWithAccountantsReport2022-11-012023-10-3100807834ns10:SmallCompaniesRegimeForDirectorsReport2022-11-012023-10-3100807834ns10:SmallCompaniesRegimeForAccounts2022-11-012023-10-3100807834ns10:FullAccounts2022-11-012023-10-3100807834ns10:OrdinaryShareClass12022-11-012023-10-3100807834ns10:OrdinaryShareClass22022-11-012023-10-3100807834ns10:OrdinaryShareClass32022-11-012023-10-3100807834ns10:Director32022-11-012023-10-3100807834ns10:Director42022-11-012023-10-3100807834ns10:CompanySecretary12022-11-012023-10-3100807834ns10:RegisteredOffice2022-11-012023-10-3100807834ns5:CurrentFinancialInstruments2023-10-3100807834ns5:CurrentFinancialInstruments2022-10-3100807834ns5:Non-currentFinancialInstruments2023-10-3100807834ns5:Non-currentFinancialInstruments2022-10-3100807834ns5:ShareCapital2023-10-3100807834ns5:ShareCapital2022-10-3100807834ns5:RetainedEarningsAccumulatedLosses2023-10-3100807834ns5:RetainedEarningsAccumulatedLosses2022-10-3100807834ns5:PlantMachinery2022-10-3100807834ns5:FurnitureFittings2022-10-3100807834ns5:MotorVehicles2022-10-3100807834ns5:ComputerEquipment2022-10-3100807834ns5:PlantMachinery2022-11-012023-10-3100807834ns5:FurnitureFittings2022-11-012023-10-3100807834ns5:MotorVehicles2022-11-012023-10-3100807834ns5:ComputerEquipment2022-11-012023-10-3100807834ns5:PlantMachinery2023-10-3100807834ns5:FurnitureFittings2023-10-3100807834ns5:MotorVehicles2023-10-3100807834ns5:ComputerEquipment2023-10-3100807834ns5:PlantMachinery2022-10-3100807834ns5:FurnitureFittings2022-10-3100807834ns5:MotorVehicles2022-10-3100807834ns5:ComputerEquipment2022-10-3100807834ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-3100807834ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-3100807834ns10:OrdinaryShareClass12023-10-3100807834ns10:OrdinaryShareClass22023-10-3100807834ns10:OrdinaryShareClass32023-10-31
REGISTERED NUMBER: 00807834 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2023

for

Southgate & Finchley Coaches Limited

Southgate & Finchley Coaches Limited (Registered number: 00807834)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Southgate & Finchley Coaches Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Mr M Rice
Mr P Rice
Mrs V Rice
Mrs E Scrivens





SECRETARY: Mrs E Scrivens





REGISTERED OFFICE: Southgate and Finchley Coach Depot
231A Colney Hatch Lane
London
N11 3DG





REGISTERED NUMBER: 00807834 (England and Wales)





ACCOUNTANTS: Cartwrights
Chartered Accountants and Business Advisors
Regency House
33 Wood Street
Barnet
Hertfordshire
EN5 4BE

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Southgate & Finchley Coaches Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Southgate & Finchley Coaches Limited for the year ended 31 October 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Southgate & Finchley Coaches Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Southgate & Finchley Coaches Limited and state those matters that we have agreed to state to the Board of Directors of Southgate & Finchley Coaches Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Southgate & Finchley Coaches Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Southgate & Finchley Coaches Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Southgate & Finchley Coaches Limited. You consider that Southgate & Finchley Coaches Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Southgate & Finchley Coaches Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Cartwrights
Chartered Accountants and Business Advisors
Regency House
33 Wood Street
Barnet
Hertfordshire
EN5 4BE


13 March 2024

Southgate & Finchley Coaches Limited (Registered number: 00807834)

Balance Sheet
31 October 2023

31/10/23 31/10/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,963,931 2,155,935

CURRENT ASSETS
Debtors 5 358,321 181,800
Cash at bank 151,234 81,907
509,555 263,707
CREDITORS
Amounts falling due within one year 6 1,324,196 1,062,162
NET CURRENT LIABILITIES (814,641 ) (798,455 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,149,290

1,357,480

CREDITORS
Amounts falling due after more than one year 7 (571,061 ) (771,552 )

PROVISIONS FOR LIABILITIES (286,956 ) (253,115 )
NET ASSETS 291,273 332,813

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Retained earnings 290,273 331,813
SHAREHOLDERS' FUNDS 291,273 332,813

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Southgate & Finchley Coaches Limited (Registered number: 00807834)

Balance Sheet - continued
31 October 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 March 2024 and were signed on its behalf by:




Mrs E Scrivens - Director



Mr P Rice - Director


Southgate & Finchley Coaches Limited (Registered number: 00807834)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Southgate & Finchley Coaches Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 25% reducing balance
Computer equipment - 25% reducing balance
Fixtures and fittings - 15% reducing balance
Motor vehicles - variable rates between 12.5% and 25% reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Southgate & Finchley Coaches Limited (Registered number: 00807834)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2022 - 32 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2022 71,682 49,105 4,439,262 62,930 4,622,979
Additions 1,006 541 87,659 3,066 92,272
Disposals - - (21,863 ) - (21,863 )
At 31 October 2023 72,688 49,646 4,505,058 65,996 4,693,388
DEPRECIATION
At 1 November 2022 66,629 38,596 2,310,661 51,158 2,467,044
Charge for year 1,484 1,611 273,735 3,324 280,154
Eliminated on disposal - - (17,741 ) - (17,741 )
At 31 October 2023 68,113 40,207 2,566,655 54,482 2,729,457
NET BOOK VALUE
At 31 October 2023 4,575 9,439 1,938,403 11,514 1,963,931
At 31 October 2022 5,053 10,509 2,128,601 11,772 2,155,935

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/10/23 31/10/22
£    £   
Trade debtors 183,354 173,275
Other debtors 174,967 8,525
358,321 181,800

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/10/23 31/10/22
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 361,679 472,519
Trade creditors 581,143 324,538
Amounts owed to group undertakings 178,442 178,442
Taxation and social security 103,881 58,663
Other creditors 89,051 18,000
1,324,196 1,062,162

Southgate & Finchley Coaches Limited (Registered number: 00807834)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/10/23 31/10/22
£    £   
Bank loans 26,492 32,109
Hire purchase contracts 544,569 739,443
571,061 771,552

8. SECURED DEBTS

The following secured debts are included within creditors:

31/10/23 31/10/22
£    £   

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/10/23 31/10/22
value: £    £   
100 Ordinary 1 100 100
450 Ordinary A 1 450 450
450 Ordinary B 1 450 450
1,000 1,000

10. CONTINGENT LIABILITIES

The company has signed a cross guarantee with its holding company whereby any borrowing by either company is guaranteed by the other.

The contingent liability at the balance sheet date was £465,916 (2022: £487,232).

11. RELATED PARTY DISCLOSURES

During the year the company paid rent of £48,000 (2022: £48,000) to SFC Holdings Limited for the use of the building from which the company trades.

At the balance sheet date £178,442 (2022: £178,442) was owed to SFC Holdings Limited.

12. ULTIMATE CONTROLLING PARTY

The controlling party is SFC Holdings Limited.

There is no ultimate controlling party.