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REGISTERED NUMBER: 08553448 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

LIBERTY COACHES NE LTD

LIBERTY COACHES NE LTD (REGISTERED NUMBER: 08553448)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LIBERTY COACHES NE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: K Turner
H M Hurst
P Skierski





REGISTERED OFFICE: Northumberland Taxi & Coach Centre
Albion Way
Blyth
Northumberland
NE24 5BW





REGISTERED NUMBER: 08553448 (England and Wales)





ACCOUNTANTS: Ribchesters
Chartered Accountants
Finchale House
Belmont Business Park
Durham
DH1 1TW

LIBERTY COACHES NE LTD (REGISTERED NUMBER: 08553448)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,215 3,121
Tangible assets 5 1,602,445 1,346,143
1,604,660 1,349,264

CURRENT ASSETS
Stocks 15,000 12,000
Debtors 6 391,084 205,753
Cash at bank 16,814 5,710
422,898 223,463
CREDITORS
Amounts falling due within one year 7 828,775 562,178
NET CURRENT LIABILITIES (405,877 ) (338,715 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,198,783

1,010,549

CREDITORS
Amounts falling due after more than one
year

8

(587,439

)

(508,055

)

PROVISIONS FOR LIABILITIES (201,558 ) (142,665 )
NET ASSETS 409,786 359,829

CAPITAL AND RESERVES
Called up share capital 10 400 400
Retained earnings 409,386 359,429
SHAREHOLDERS' FUNDS 409,786 359,829

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.

LIBERTY COACHES NE LTD (REGISTERED NUMBER: 08553448)

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:





K Turner - Director


LIBERTY COACHES NE LTD (REGISTERED NUMBER: 08553448)

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

1. STATUTORY INFORMATION

Liberty Coaches NE Ltd 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.

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.

Telephone lines are being amortised evenly over their estimated useful life of ten years.

Website development is being amortised evenly over its estimated useful life of five years.

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 the shorter.
Plant and machinery - 15% on cost
Office equipment - 15% on cost
Motor vehicles - at variable rates on reducing balance

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

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.

LIBERTY COACHES NE LTD (REGISTERED NUMBER: 08553448)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

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 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2022 - 28 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 November 2022 6,241
Additions 250
At 31 October 2023 6,491
AMORTISATION
At 1 November 2022 3,120
Charge for year 1,156
At 31 October 2023 4,276
NET BOOK VALUE
At 31 October 2023 2,215
At 31 October 2022 3,121

LIBERTY COACHES NE LTD (REGISTERED NUMBER: 08553448)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

5. TANGIBLE FIXED ASSETS
Plant and Office Motor
machinery equipment vehicles Totals
£    £    £    £   
COST
At 1 November 2022 71,761 6,670 1,819,321 1,897,752
Additions - 7,954 605,852 613,806
Disposals - - (148,246 ) (148,246 )
At 31 October 2023 71,761 14,624 2,276,927 2,363,312
DEPRECIATION
At 1 November 2022 36,106 3,041 512,462 551,609
Charge for year 8,003 2,165 243,194 253,362
Eliminated on disposal - - (44,104 ) (44,104 )
At 31 October 2023 44,109 5,206 711,552 760,867
NET BOOK VALUE
At 31 October 2023 27,652 9,418 1,565,375 1,602,445
At 31 October 2022 35,655 3,629 1,306,859 1,346,143

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 November 2022 1,033,809
Additions 565,190
Disposals (44,995 )
Transfer to ownership (129,500 )
At 31 October 2023 1,424,504
DEPRECIATION
At 1 November 2022 171,211
Charge for year 188,979
Eliminated on disposal (8,662 )
Transfer to ownership (56,181 )
At 31 October 2023 295,347
NET BOOK VALUE
At 31 October 2023 1,129,157
At 31 October 2022 862,598

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 277,657 181,324
Other debtors 113,427 24,429
391,084 205,753

LIBERTY COACHES NE LTD (REGISTERED NUMBER: 08553448)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 9) 312,952 222,584
Trade creditors 230,227 85,575
Taxation and social security 17,388 31,229
Other creditors 258,208 212,790
828,775 562,178

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 15,830 25,348
Hire purchase contracts (see note 9) 571,609 482,707
587,439 508,055

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 312,952 222,584
Between one and five years 571,609 482,707
884,561 705,291

Non-cancellable operating leases
2023 2022
£    £   
Within one year 7,104 7,104

The hire purchase contracts are secured on the asset to which they relate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
Value: £ £
100 Ordinary £1 100 100
100 Class A £1 100 100
100 Class B £1 100 100
100 Class C £1 100 100
400 400


LIBERTY COACHES NE LTD (REGISTERED NUMBER: 08553448)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

11. RELATED PARTY DISCLOSURES

During the year the company received interest free loans from companies related by way of directors/shareholders also being a director and/or shareholder in those companies. The balance on these loans totalled £47,564 (2022: £56,564) at the year end and is included within creditors: amounts falling due within one year. This loan is repayable on demand.

During the year the company issued an interest free loan to a company under common control. The balance on this loan totalled £14,000 (2022: £Nil) at the year end and is included within debtors: amounts falling due within one year. This loan is repayable on demand.

During the year the directors maintained interest free loans to the company. At the balance sheet date the total amounts outstanding were £142,250 (2022: £103,697).