IRIS Accounts Production v24.1.0.578 SC235065 Board of Directors 1.9.22 31.8.23 31.8.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC2350652022-08-31SC2350652023-08-31SC2350652022-09-012023-08-31SC2350652021-08-31SC2350652021-09-012022-08-31SC2350652022-08-31SC235065ns15:Scotland2022-09-012023-08-31SC235065ns14:PoundSterling2022-09-012023-08-31SC235065ns10:Director12022-09-012023-08-31SC235065ns10:PrivateLimitedCompanyLtd2022-09-012023-08-31SC235065ns10:SmallEntities2022-09-012023-08-31SC235065ns10:AuditExempt-NoAccountantsReport2022-09-012023-08-31SC235065ns10:SmallCompaniesRegimeForDirectorsReport2022-09-012023-08-31SC235065ns10:SmallCompaniesRegimeForAccounts2022-09-012023-08-31SC235065ns10:FullAccounts2022-09-012023-08-31SC23506512022-09-012023-08-31SC235065ns10:Director22022-09-012023-08-31SC235065ns10:RegisteredOffice2022-09-012023-08-31SC235065ns5:CurrentFinancialInstruments2023-08-31SC235065ns5:CurrentFinancialInstruments2022-08-31SC235065ns5:Non-currentFinancialInstruments2023-08-31SC235065ns5:Non-currentFinancialInstruments2022-08-31SC235065ns5:ShareCapital2023-08-31SC235065ns5:ShareCapital2022-08-31SC235065ns5:CapitalRedemptionReserve2023-08-31SC235065ns5:CapitalRedemptionReserve2022-08-31SC235065ns5:RetainedEarningsAccumulatedLosses2023-08-31SC235065ns5:RetainedEarningsAccumulatedLosses2022-08-31SC235065ns5:NetGoodwill2022-09-012023-08-31SC235065ns5:LeaseholdImprovements2022-09-012023-08-31SC235065ns5:PlantMachinery2022-09-012023-08-31SC235065ns5:FurnitureFittings2022-09-012023-08-31SC235065ns5:MotorVehicles2022-09-012023-08-31SC235065ns5:NetGoodwill2022-08-31SC235065ns5:NetGoodwill2023-08-31SC235065ns5:NetGoodwill2022-08-31SC235065ns5:LandBuildings2022-08-31SC235065ns5:LeaseholdImprovements2022-08-31SC235065ns5:PlantMachinery2022-08-31SC235065ns5:LandBuildings2022-09-012023-08-31SC235065ns5:LandBuildings2023-08-31SC235065ns5:LeaseholdImprovements2023-08-31SC235065ns5:PlantMachinery2023-08-31SC235065ns5:LandBuildings2022-08-31SC235065ns5:LeaseholdImprovements2022-08-31SC235065ns5:PlantMachinery2022-08-31SC235065ns5:FurnitureFittings2022-08-31SC235065ns5:MotorVehicles2022-08-31SC235065ns5:FurnitureFittings2023-08-31SC235065ns5:MotorVehicles2023-08-31SC235065ns5:FurnitureFittings2022-08-31SC235065ns5:MotorVehicles2022-08-31SC235065ns5:FurnitureFittingsns5:LeasedAssetsHeldAsLessee2022-08-31SC235065ns5:FurnitureFittingsns5:LeasedAssetsHeldAsLessee2022-09-012023-08-31SC235065ns5:FurnitureFittingsns5:LeasedAssetsHeldAsLessee2023-08-31SC235065ns5:FurnitureFittingsns5:LeasedAssetsHeldAsLessee2022-08-31SC235065ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-08-31SC235065ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-08-31
REGISTERED NUMBER: SC235065 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 August 2023

for

Watermill Coaches Limited

Watermill Coaches Limited (Registered number: SC235065)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Watermill Coaches Limited

Company Information
for the Year Ended 31 August 2023







DIRECTORS: Mr A J Clark
Mrs A C Clark





REGISTERED OFFICE: 74 College Bounds
Fraserburgh
Aberdeenshire
AB43 9QS





REGISTERED NUMBER: SC235065 (Scotland)





ACCOUNTANTS: SBP
Accountants
2 Cross Street
Fraserburgh
Aberdeenshire
AB43 9EQ

Watermill Coaches Limited (Registered number: SC235065)

Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 80,100 106,800
Tangible assets 5 3,675,180 2,937,497
3,755,280 3,044,297

CURRENT ASSETS
Stocks 25,000 25,000
Debtors 6 286,981 309,290
Cash at bank 857,695 768,732
1,169,676 1,103,022
CREDITORS
Amounts falling due within one year 7 601,846 459,369
NET CURRENT ASSETS 567,830 643,653
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,323,110

3,687,950

CREDITORS
Amounts falling due after more than one
year

8

(227,778

)

(233,910

)

PROVISIONS FOR LIABILITIES (609,816 ) (433,709 )
NET ASSETS 3,485,516 3,020,331

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Capital redemption reserve 50,000 50,000
Retained earnings 3,385,516 2,920,331
SHAREHOLDERS' FUNDS 3,485,516 3,020,331

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Watermill Coaches Limited (Registered number: SC235065)

Balance Sheet - continued
31 August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 April 2024 and were signed on its behalf by:





Mr A J Clark - Director


Watermill Coaches Limited (Registered number: SC235065)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Watermill Coaches Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts receivable for services provided in the normal course of business, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to freehold property - 4% on cost
Equipment - 25% on reducing balance
Coaches - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period. The directors are of the view that the residual value of the 'Freehold property' will not be less than the present carrying value of original cost and on this basis no depreciation is applied.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Watermill Coaches Limited (Registered number: SC235065)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 76 (2022 - 78 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2022
and 31 August 2023 267,000
AMORTISATION
At 1 September 2022 160,200
Amortisation for year 26,700
At 31 August 2023 186,900
NET BOOK VALUE
At 31 August 2023 80,100
At 31 August 2022 106,800

Watermill Coaches Limited (Registered number: SC235065)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

5. TANGIBLE FIXED ASSETS
Improvements
to
Freehold freehold
property property Equipment
£    £    £   
COST
At 1 September 2022 649,696 38,660 153,966
Additions 420,953 - 2,593
Disposals - - -
At 31 August 2023 1,070,649 38,660 156,559
DEPRECIATION
At 1 September 2022 - 10,144 121,130
Charge for year - 1,547 9,385
Eliminated on disposal - - -
At 31 August 2023 - 11,691 130,515
NET BOOK VALUE
At 31 August 2023 1,070,649 26,969 26,044
At 31 August 2022 649,696 28,516 32,836

Motor
Coaches vehicles Totals
£    £    £   
COST
At 1 September 2022 5,092,748 137,206 6,072,276
Additions 1,067,720 34,000 1,525,266
Disposals (344,431 ) (1,300 ) (345,731 )
At 31 August 2023 5,816,037 169,906 7,251,811
DEPRECIATION
At 1 September 2022 2,959,681 43,824 3,134,779
Charge for year 586,644 26,356 623,932
Eliminated on disposal (181,407 ) (673 ) (182,080 )
At 31 August 2023 3,364,918 69,507 3,576,631
NET BOOK VALUE
At 31 August 2023 2,451,119 100,399 3,675,180
At 31 August 2022 2,133,067 93,382 2,937,497

Watermill Coaches Limited (Registered number: SC235065)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Coaches
£   
COST
At 1 September 2022 1,351,000
Additions 692,720
Disposals (125,000 )
Transfer to ownership (295,000 )
At 31 August 2023 1,623,720
DEPRECIATION
At 1 September 2022 328,662
Charge for year 253,788
Eliminated on disposal (42,969 )
Transfer to ownership (135,977 )
At 31 August 2023 403,504
NET BOOK VALUE
At 31 August 2023 1,220,216
At 31 August 2022 1,022,338

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 65,430 119,017
Other debtors 20,300 -
VAT 121,348 132,837
Prepayments 79,903 57,436
286,981 309,290

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Hire purchase contracts 259,444 230,858
Trade creditors 167,670 209,352
Tax 148,789 10,822
Other creditors 20,772 -
Accrued expenses 5,171 8,337
601,846 459,369

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Hire purchase contracts 227,778 233,910

Watermill Coaches Limited (Registered number: SC235065)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

9. SECURED DEBTS

The Bank of Scotland holds a bond and floating charge over the assets of the company in respect of any borrowings that may arise.

10. RELATED PARTY DISCLOSURES

The directors operate current accounts with the company and as at 31st August 2023 no balances were owing to, or from, any of the directors.

11. ULTIMATE CONTROLLING PARTY

The controlling party is Mr A J Clark.