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Registration number: 04806233

SJ & JM Munden Limited

trading as Guyan Mini Busses

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

SJ & JM Munden Limited

trading as Guyan Mini Busses

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

SJ & JM Munden Limited

trading as Guyan Mini Busses

Company Information

Directors

Mr S Munden

Mr J Munden

Company secretary

Mr S Munden

Registered office

11 Alma Vale Road
Clifton
Bristol
BS8 2HL

Accountants

PRWS (Bristol) Limited
Chartered Certified Accountants
11 Alma Vale Road
Clifton
Bristol
BS8 2HL

 

SJ & JM Munden Limited

trading as Guyan Mini Busses

(Registration number: 04806233)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

842,229

946,303

Current assets

 

Debtors

6

681,407

368,002

Cash at bank and in hand

 

357,315

399,353

 

1,038,722

767,355

Creditors: Amounts falling due within one year

7

(379,751)

(458,140)

Net current assets

 

658,971

309,215

Total assets less current liabilities

 

1,501,200

1,255,518

Creditors: Amounts falling due after more than one year

7

(369,688)

(496,666)

Provisions for liabilities

(72,251)

(62,463)

Net assets

 

1,059,261

696,389

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

1,059,161

696,289

Shareholders' funds

 

1,059,261

696,389

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 March 2024 and signed on its behalf by:
 

 

SJ & JM Munden Limited

trading as Guyan Mini Busses

(Registration number: 04806233)
Balance Sheet as at 30 June 2023

.........................................
Mr J Munden
Director

 

SJ & JM Munden Limited

trading as Guyan Mini Busses

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
11 Alma Vale Road
Clifton
Bristol
BS8 2HL
United Kingdom

These financial statements were authorised for issue by the Board on 14 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

SJ & JM Munden Limited

trading as Guyan Mini Busses

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% per annum on a reducing balance basis

Motor Vehicles

25% per annum on a reducing balance basis

Leasehold property

2% per annum on a reducing balance basis

Freehold property

No depreciation

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% per annum on a straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

SJ & JM Munden Limited

trading as Guyan Mini Busses

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

SJ & JM Munden Limited

trading as Guyan Mini Busses

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 57 (2022 - 52).

 

SJ & JM Munden Limited

trading as Guyan Mini Busses

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

150,000

150,000

At 30 June 2023

150,000

150,000

Amortisation

At 1 July 2022

150,000

150,000

At 30 June 2023

150,000

150,000

Carrying amount

At 30 June 2023

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

693,443

80,553

601,185

1,375,181

Additions

-

2,756

66,553

69,309

Disposals

(69,330)

-

(6,000)

(75,330)

At 30 June 2023

624,113

83,309

661,738

1,369,160

Depreciation

At 1 July 2022

77,871

67,759

283,248

428,878

Charge for the year

10,925

3,446

89,232

103,603

Eliminated on disposal

-

-

(5,550)

(5,550)

At 30 June 2023

88,796

71,205

366,930

526,931

Carrying amount

At 30 June 2023

535,317

12,104

294,808

842,229

At 30 June 2022

615,572

12,794

317,937

946,303

Included within the net book value of land and buildings above is £279,989 (2022 - £349,319) in respect of freehold land and buildings and £255,328 (2022 - £266,253) in respect of long leasehold land and buildings.
 

 

SJ & JM Munden Limited

trading as Guyan Mini Busses

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

4,680

23,757

Prepayments

113,356

115,428

Other debtors

563,371

228,817

 

681,407

368,002

 

SJ & JM Munden Limited

trading as Guyan Mini Busses

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

66,779

24,044

Trade creditors

 

146,308

129,480

Taxation and social security

 

162,695

137,365

Accruals and deferred income

 

3,503

153,188

Other creditors

 

466

14,063

 

379,751

458,140

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

369,688

496,666

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

363,817

72,919

Hire purchase contracts

5,871

15,650

Other borrowings

-

408,097

369,688

496,666

Current loans and borrowings

 

SJ & JM Munden Limited

trading as Guyan Mini Busses

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

2023
£

2022
£

Bank borrowings

57,000

-

Hire purchase contracts

9,779

24,044

66,779

24,044

Bank borrowings

Lloyds loan is denominated in GBP with a nominal interest rate of 5.37%, and the final instalment is due on 12 April 2030. The carrying amount at year end is £65,220 (2022 - £72,919).

Other borrowings

Funding circle is denominated in GPB with a nominal interest rate of 4.75%%, and the final instalment is due on 17 December 2024. The carrying amount at year end is £150,028 (2022 - £202,530).

Fleet Mortgages is denominated in GBP with a nominal interest rate of 3.85%. The carrying amount at year end is £205,567 (2022 - £205,567).

10

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £1,750.00 (2022 - £894.00) per each Ordinary shares

175,000

89,400

 

 

11

Related party transactions

 

SJ & JM Munden Limited

trading as Guyan Mini Busses

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Transactions with directors

2022

At 1 July 2021
£

Repayments by director
£

At 30 June 2022
£

Mr J Munden

Balance owing to/(from) the director

(24,408)

24,408

-

Mr S Munden

Balance owing to/(from) the director

(23,451)

23,451

-

 

SJ & JM Munden Limited

trading as Guyan Mini Busses

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

7,540

7,540

Contributions paid to money purchase schemes

348,513

1,680

356,053

9,220

   

2023
£

 

2022
£

Mr S Munden

       

Interim dividend

 

85,750

 

43,806

         

Mr J Munden

       

Interim dividend

 

89,250

 

45,594