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Company No: 03303158 (England and Wales)

A B COACHES LIMITED

Unaudited Financial Statements
For the financial period from 01 April 2023 to 31 October 2023
Pages for filing with the registrar

A B COACHES LIMITED

Unaudited Financial Statements

For the financial period from 01 April 2023 to 31 October 2023

Contents

A B COACHES LIMITED

COMPANY INFORMATION

For the financial period from 01 April 2023 to 31 October 2023
A B COACHES LIMITED

COMPANY INFORMATION (continued)

For the financial period from 01 April 2023 to 31 October 2023
DIRECTORS Mr N J Elgar (Appointed 11 May 2023)
Ms A L Ellison (Appointed 28 April 2023)
Mr B T Smith (Resigned 28 April 2023)
REGISTERED OFFICE Sigma House Oak View Close
Edginswell Park
Torquay
TQ2 7FF
United Kingdom
COMPANY NUMBER 03303158 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
A B COACHES LIMITED

BALANCE SHEET

As at 31 October 2023
A B COACHES LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 31.10.2023 31.03.2023
£ £
Fixed assets
Tangible assets 4 146,326 118,934
146,326 118,934
Current assets
Stocks 5,000 5,000
Debtors 5 86,460 92,116
Cash at bank and in hand 138,778 28,834
230,238 125,950
Creditors: amounts falling due within one year 6 ( 282,618) ( 181,236)
Net current liabilities (52,380) (55,286)
Total assets less current liabilities 93,946 63,648
Creditors: amounts falling due after more than one year 7 ( 51,053) ( 23,273)
Provision for liabilities ( 28,372) ( 20,766)
Net assets 14,521 19,609
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 14,421 19,509
Total shareholder's funds 14,521 19,609

For the financial period ending 31 October 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 A B Coaches Limited (registered number: 03303158) were approved and authorised for issue by the Board of Directors on 16 April 2024. They were signed on its behalf by:

Ms A L Ellison
Director
A B COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 April 2023 to 31 October 2023
A B COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 April 2023 to 31 October 2023
1. Accounting policies

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

General information and basis of accounting

A B 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 Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, 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 is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
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 or reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Tools and equipment 15 % reducing balance
Office equipment 4 years straight line

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

Period from
01.04.2023 to
31.10.2023
Year ended
31.03.2023
Number Number
Monthly average number of persons employed by the Company during the period, including directors 15 17

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 6,650 6,650
At 31 October 2023 6,650 6,650
Accumulated amortisation
At 01 April 2023 6,650 6,650
At 31 October 2023 6,650 6,650
Net book value
At 31 October 2023 0 0
At 31 March 2023 0 0

4. Tangible assets

Vehicles Tools and equipment Office equipment Total
£ £ £ £
Cost
At 01 April 2023 609,970 44,422 21,926 676,318
Additions 67,711 0 415 68,126
Disposals ( 87,000) 0 0 ( 87,000)
At 31 October 2023 590,681 44,422 22,341 657,444
Accumulated depreciation
At 01 April 2023 501,276 37,665 18,443 557,384
Charge for the financial period 18,952 593 722 20,267
Disposals ( 66,533) 0 0 ( 66,533)
At 31 October 2023 453,695 38,258 19,165 511,118
Net book value
At 31 October 2023 136,986 6,164 3,176 146,326
At 31 March 2023 108,694 6,757 3,483 118,934
Leased assets included above:
Net book value
At 31 October 2023 66,222 0 0 66,222
At 31 March 2023 0 0 0 0

5. Debtors

31.10.2023 31.03.2023
£ £
Trade debtors 13,435 23,460
Amounts owed by Group undertakings 63,568 63,568
Other debtors 9,457 5,088
86,460 92,116

6. Creditors: amounts falling due within one year

31.10.2023 31.03.2023
£ £
Bank loans 10,098 9,932
Trade creditors 7,451 5,659
Accruals and deferred income 227,981 151,193
Taxation and social security 15,819 14,452
Obligations under finance leases and hire purchase contracts (secured) 16,014 0
Other creditors 5,255 0
282,618 181,236

Hire Purchase borrowings are secured on the individual assets taken out on hire purchase.

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

31.10.2023 31.03.2023
£ £
Bank loans 17,401 23,273
Obligations under finance leases and hire purchase contracts (secured) 33,652 0
51,053 23,273

Hire Purchase borrowings are secured on the individual assets taken out on hire purchase.

8. Called-up share capital

31.10.2023 31.03.2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Financial commitments

Commitments

Capital commitments are as follows:

31.10.2023 31.03.2023
£ £
Contracted for but not provided for:
Finance leases entered into 43,563 61,500

The company pays rent of £25,000 per annum and £5,750 per annum under separate 6 year leases which commenced 25 March 2019.