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MOMENTUM COACH HIRE LTD




Company Registration Number:
05598382 (England and Wales)



Report of the Directors and Unaudited Financial Statements



Period of accounts


Start date: 01st January 2009

End date: 30th December 2009

SUBMITTED

MOMENTUM COACH HIRE LTD

Contents of the Financial Statements
for the Period Ended
30th December 2009

Company Information
Report of the Directors
Profit and Loss Account
Balance sheet
Notes to the Financial Statements

MOMENTUM COACH HIRE LTD

Company Information
for the Period Ended
30th December 2009




Director: B M Morgan
J Wright
B M Morgan
Registered office: UNIT 16 Grove Business Park
White Waltham
Berkshire
SL6 3LW
GBR
Company Registration Number: 05598382 (England and Wales)

MOMENTUM COACH HIRE LTD

Directors’ Report Period Ended 30th December 2009

The directors present their report with the financial statements of the company for the period ended 30th December 2009

Principal activities
The principal activity of the company in the period under review was:
Operating a propriety technology web based reservation fulfillment and billing system.

Directors
The directors shown below have held office during the whole of the period from
01st January 2009 to 30th December 2009
B M Morgan
J Wright
B M Morgan

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on 04 November 2010
And Signed On Behalf Of The Board By:

Name: B M Morgan
Status: Director

MOMENTUM COACH HIRE LTD

Profit and Loss Account

for the Period Ended 30th December 2009

Notes 2009
£
2008
£
Turnover: 2,965,566 2,336,259
Cost of sales: 2,245,223 1,750,669
Gross profit or (loss): 720,343 585,590
Administrative expenses: , 659,679 536,419
Operating profit or (loss): 2 60,664 49,171
Interest receivable and similar income: - 3,412
Interest payable and similar charges: 2,980 -
Profit or (loss) on ordinary activities before taxation: 57,684 52,583
Tax on profit or loss on ordinary activities: 3 12,263 11,456
Profit or (loss) for the financial year: 45,421 41,127

The notes form part of these financial statements

MOMENTUM COACH HIRE LTD

Statement of total recognised gains and losses
30th December 2009

Statement of total recognised gains and losses

The company does not have any gains and losses other than Profit and Loss for the period to report.

MOMENTUM COACH HIRE LTD

Balance sheet
As at 30th December 2009

Notes 2009
£
2008
£
Fixed assets
Intangible assets: - 10,000
Tangible assets: 4 33,114 3,512
Total fixed assets: 33,114 13,512
Current assets
Debtors: 5 372,941 105,186
Cash at bank and in hand: 205,403 83,605
Total current assets: 578,344 188,791
Creditors
Creditors: amounts falling due within one year 6 460,285 117,945
Net current assets (liabilities): 118,059 70,846
Total assets less current liabilities: 151,173 84,358
Creditors: amounts falling due after more than one year: 7 14,975 -
Provision for liabilities: 8 6,419
Total net assets (liabilities): 129,779 84,358

The notes form part of these financial statements

MOMENTUM COACH HIRE LTD

Balance sheet
As at 30th December 2009
continued

Notes 2009
£
2008
£
Capital and reserves
Called up share capital: 9 100 100
Profit and Loss account: 10 129,679 84,258
Total shareholders funds: 129,779 84,358

For the year ending 30 December 2009 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

The financial statements were approved by the Board of Directors on 04 November 2010

SIGNED ON BEHALF OF THE BOARD BY:

Name: B M Morgan
Status: Director

The notes form part of these financial statements

MOMENTUM COACH HIRE LTD

Notes to the Financial Statements
for the Period Ended
30th December 2009

  • 1. Accounting policies

    Basis of measurement and preparation of accounts

    The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

    Turnover policy

    Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

    Tangible fixed assets depreciation policy

    Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. Plant and machinery 33% straight line Motor vehicles 33% straight line

    Other accounting policies

    Deferred taxation Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. Leasing and hire purchase commitments "Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.Rentals paid under operating leases are charged to income on a straight line basis over the lease term."

  • 2 . Operating profit or (loss)

    Profit before tax as stated after charging the following.

    2009 2008
    £ £
    Depreciation - owned assets: 4,648 1,897
    Depreciation - assets on hire purchase contract: 3,229 -
  • 3. Taxation

    The tax charge on the profit on ordinary activities for the period was as follows:
    2009 2008
    £ £
    UK Corporation Tax: 5,844 11,456
    Deferred Tax: 6,419 -
    Tax on profit or (loss) on ordinary activities: 12,263 11,456
    Profit or (loss) on ordinary activities before taxation: 57,684 52,583
    Profit or (loss) on ordinary activities before taxation multiplied by the standard rate of Corporation Tax: 16,152 14,723
    Accelerated capital allowances: 3,889 3,267
    Current tax charge or (credit): 12,263 11,456

  • 4. Tangible assets

    Land and buildings Plant Machinery Fixtures and fittings Office Equipment Motor vehicles Total
    Cost £ £ £ £ £ £
    At 01st January 2009: - 5,692 - - - 5,692
    Additions: - 14,234 - - 23,245 37,479
    At 30th December 2009: - 19,926 - - 23,245 43,171
    Depreciation
    At 01st January 2009: - 2,180 - - - 2,180
    Charge for year: - 4,648 - - 3,229 7,877
    At 30th December 2009: - 6,828 - - 3,229 10,057
    Net book value
    At 30th December 2009: - 13,098 - - 20,016 33,114
    At 31st December 2008: - 3,512 - - - 3,512

    Net Book Value of plant and machinery included above held under finance leases and hire purchase contracts £20,016

  • 5. Debtors

    2009 2008
    £ £
    Trade debtors: 294,065 33,414
    Other debtors: 78,876 71,772
    Total: 372,941 105,186

    Included in other debtors is amount owed to group undertakings of £57,933 (2008 £59,753)

  • 6. Creditors: amounts falling due within one year

    2009 2008
    £ £
    Bank loans and overdrafts: 2,198 -
    Amounts due under finance leases and hire purchase contracts: 5,514 -
    Trade creditors: 381,661 91,538
    Taxation and social security: 12,782 10,364
    Other creditors: 58,130 16,043
    Total: 460,285 117,945

    Included in other creditors is amounts owed to group undertakings of £29,208 (2008 £15,643).

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

    2009 2008
    £ £
    Bank loans: 2,564 -
    Amounts due under finance leases and hire purchase contracts: 12,411 -
    Total: 14,975 -

  • 8. Provisions for liabilities

    Provisions £
    Charge to the profit and loss account: 6,419
    Utilised during the period: 0
    At 30th December 2009: 6,419

    Provisions relate to deferred tax

  • 9. Called up share capital

    Allotted, called up and paid

    Previous period 2008
    Class Number of shares Nominal value per share Total
    Ordinary shares: 100 1 100
    Total share capital: 100
    Current period 2009
    Class Number of shares Nominal value per share Total
    Ordinary shares: 100 1 100
    Total share capital: 100
  • 10. Profit and loss account

    2009 2008
    £ £
    At 01st July 2007: 84,258 43,131
    Profit or (loss) for the period: 45,421 41,127
    Equity dividends paid: 0 0
    Retained profit at 30th December 2009: 129,679 84,258

  • 11. Contingent liabilities

    2009 2008
    £ £
    Amount of contingent liabilities: 41,000 -

    The company has guaranteed the mortgage liabilty of Momentum Save Ltd a company under common control of the parent Momentum Hub Ltd to the value of £41,000 plus interest.