REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
Voel Coaches Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
Voel Coaches Limited |
Voel Coaches Limited (Registered number: 03211899) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Voel Coaches Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
T/A Grahams |
Chartered Accountants |
30 Birkenhead Road |
Hoylake |
Wirral |
CH47 3BW |
Voel Coaches Limited (Registered number: 03211899) |
Abridged Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
5 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Voel Coaches Limited (Registered number: 03211899) |
Abridged Balance Sheet - continued |
31 March 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 Board of Directors and authorised for issue on |
Voel Coaches Limited (Registered number: 03211899) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Voel Coaches Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover comprises the invoiced value of services supplied by the company net of value added tax on an accruals basis. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Basic financial instruments are recognised at amortised cost with changes recognised in the profit and loss account during the period. |
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. |
Voel Coaches Limited (Registered number: 03211899) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 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. |
Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors. |
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 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 1 April 2022 |
Additions |
Disposals | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Land and Buildings have been depreciated at a rate of 1% on a straight line basis. Valuers have confirmed that due to the nature of the property it is impossible to value land separate from the buildings. As such, the directors feel that this rate is prudent when they are taken together as a whole. |
Included within Tangible Fixed Assets (Coaches & Motor Vehicles) are items held under hire purchase contracts. The Net Book Value of these items at 31 March 2023 totalled £138,929 (2022 - £487,932) and the depreciation charge for the year was £15,437 (2022 - £54,215). |
5. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
31.3.23 | 31.3.22 |
£ | £ |
Repayable by instalments |
Bank loan | 13,101 | 16,574 |
Voel Coaches Limited (Registered number: 03211899) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
6. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.23 | 31.3.22 |
£ | £ |
Bank overdraft |
Hire purchase contracts | 52,827 | 152,182 |
The bank Overdraft is secured on company's assets and there is also an intercompany guarantee in place securing the loan on the assets of Voel Holidays Limited. |
No HP creditors are due after 5 years. |
7. | RELATED PARTY DISCLOSURES |
The directors (apart from G Ashton) are also directors of Voel Holidays Limited registered in England and Wales. Mr W M Kerfoot-Davies and Mrs M Kerfoot-Davies own one share each in the aforementioned company and as such 100% of the issued share capital. Transactions are at arms length and are disclosed in the financial statements. At 31st March 2023 £528,101 (2022 - £413,680) was owed to Voel Holidays Limited from Voel Coaches Limited. There is also a cross guarantee and debenture charge between Voel Holidays Limited and Voel Coaches Limited to cover the bank overdraft to £165,000. There is also a cross guarantee and debenture charge between Voel Coaches Limited and Voel Holidays Limited to cover a Bond amounting to £106,000. |