REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 DECEMBER 2023 |
FOR |
YORKSHIRE BUS & COACH SALES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 DECEMBER 2023 |
FOR |
YORKSHIRE BUS & COACH SALES LIMITED |
YORKSHIRE BUS & COACH SALES LIMITED (REGISTERED NUMBER: 04485643) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
YORKSHIRE BUS & COACH SALES LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Beckside Court |
Annie Reed Road |
Beverley |
East Yorkshire |
HU17 0LF |
YORKSHIRE BUS & COACH SALES LIMITED (REGISTERED NUMBER: 04485643) |
BALANCE SHEET |
30 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his 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. |
YORKSHIRE BUS & COACH SALES LIMITED (REGISTERED NUMBER: 04485643) |
BALANCE SHEET - continued |
30 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
YORKSHIRE BUS & COACH SALES LIMITED (REGISTERED NUMBER: 04485643) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 December 2023 |
1. | STATUTORY INFORMATION |
Yorkshire Bus & Coach Sales Limited is a private company, limited by shares, registered in England. The company's registered number is 04485643 and registered office and place of business is at Swanland Hall,Hall Park,Tranby Lane,Swanland, HU14 3NW. |
The financial statements are presented in the Pound Sterling (£) which is the functional currency of the company. |
The principal activity of the company is the hire and sale of buses and coaches. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern. |
Tangible fixed assets |
Plant and machinery etc | - |
Stocks |
Stock are stated at the lower of cost, using the first in first out method, and selling price less costs to complete and sell. |
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. |
Taxation |
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. |
YORKSHIRE BUS & COACH SALES LIMITED (REGISTERED NUMBER: 04485643) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
For sale and leaseback transactions that result in a finance lease, any excess of sales proceeds over the carrying amount of the original asset is deferred and amortised over the lease term. |
Investments in subsidiaries |
Investments in subsidiaries are recognised at cost. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 31 December 2022 |
and 30 December 2023 |
DEPRECIATION |
At 31 December 2022 |
Charge for year |
At 30 December 2023 |
NET BOOK VALUE |
At 30 December 2023 |
At 30 December 2022 |
5. | STOCKS |
2023 | 2022 |
£ | £ |
Coach and bus stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
West Park Property |
Developments Ltd | 501,719 | 515,331 |
Deferred tax asset |
Prepayments |
YORKSHIRE BUS & COACH SALES LIMITED (REGISTERED NUMBER: 04485643) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 December 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 9) |
Trade creditors |
VAT | 4,803 | 4,103 |
Credit card | ( |
) | ( |
) |
Rental deposits | 2,000 | 2,000 |
Directors current account | 704,861 | 708,745 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 9) |
9. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2023 | 2022 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
YORKSHIRE BUS & COACH SALES LIMITED (REGISTERED NUMBER: 04485643) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 December 2023 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | - | 2,704 |
The Hire Purchase borrowings are secured on the assets to which they relate. |
11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
Included in other creditors is a loan to the company from the director, C Porteous. The amount outstanding at 31 December 2023 was £704,861 (2022 £708,745). |
The loan was made on an interest free basis and is repayable on demand. Although the loan is strictly repayable on demand the director has confirmed that repayment will not be made until sufficient funds are available. The director has confirmed his continued support to the company. |
12. | RELATED PARTY DISCLOSURES |
Included in other debtors is a loan to West Park Property Developments Ltd, a company under the control of the director, C Porteous. |
The balance outstanding at 31 December 2023 was £501,719 (2022 £515,331) . |
The loan was made on an interest free basis and is repayable on demand. |
13. | ULTIMATE CONTROLLING PARTY |
The controlling party is C Porteous. |
14. | GOING CONCERN |
Although the company has net current liabilities amounting to £36,183 ( 2022 £32,004) the director has pledged his support to the company and will continue his support for the foreseeable future. On this basis the use of the going concern basis for the preparation of the financial statements has been used. |