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REGISTERED NUMBER: SC637116 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

BRUCE COACHES (SCOTLAND) LTD

BRUCE COACHES (SCOTLAND) LTD (REGISTERED NUMBER: SC637116)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BRUCE COACHES (SCOTLAND) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: J Bruce Jnr





REGISTERED OFFICE: 40 Main Street
Salsburgh
Shotts
ML7 4LW





REGISTERED NUMBER: SC637116 (Scotland)

BRUCE COACHES (SCOTLAND) LTD (REGISTERED NUMBER: SC637116)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,158,723 1,325,136
Investments 5 10,000 -
1,168,723 1,325,136

CURRENT ASSETS
Stocks 6 39,898 24,500
Debtors 7 759,943 589,823
Cash at bank and in hand 1,015,802 257,594
1,815,643 871,917
CREDITORS
Amounts falling due within one year 8 914,506 756,303
NET CURRENT ASSETS 901,137 115,614
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,069,860

1,440,750

CREDITORS
Amounts falling due after more than
one year

9

(554,260

)

(858,055

)

PROVISIONS FOR LIABILITIES 10 (123,498 ) -
NET ASSETS 1,392,102 582,695

BRUCE COACHES (SCOTLAND) LTD (REGISTERED NUMBER: SC637116)

BALANCE SHEET - continued
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 150 150
Retained earnings 1,391,952 582,545
SHAREHOLDERS' FUNDS 1,392,102 582,695

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

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

The director acknowledges his 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 April 2024 and were signed by:





J Bruce Jnr - Director


BRUCE COACHES (SCOTLAND) LTD (REGISTERED NUMBER: SC637116)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Bruce Coaches (Scotland) Ltd 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Coaches - 25% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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

Equity instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of Income and Retained Earnings.

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.


BRUCE COACHES (SCOTLAND) LTD (REGISTERED NUMBER: SC637116)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 70 (2022 - 57 ) .

BRUCE COACHES (SCOTLAND) LTD (REGISTERED NUMBER: SC637116)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
Coaches machinery fittings
£    £    £   
COST
At 1 January 2023 1,776,040 69,662 -
Additions 470,000 9,873 14,435
Disposals (470,000 ) - -
At 31 December 2023 1,776,040 79,535 14,435
DEPRECIATION
At 1 January 2023 588,313 16,802 -
Charge for year 296,932 14,243 3,609
Eliminated on disposal - - -
At 31 December 2023 885,245 31,045 3,609
NET BOOK VALUE
At 31 December 2023 890,795 48,490 10,826
At 31 December 2022 1,187,727 52,860 -

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 148,488 - 1,994,190
Additions 135,054 20,358 649,720
Disposals (7,498 ) - (477,498 )
At 31 December 2023 276,044 20,358 2,166,412
DEPRECIATION
At 1 January 2023 63,939 - 669,054
Charge for year 22,544 5,027 342,355
Eliminated on disposal (3,720 ) - (3,720 )
At 31 December 2023 82,763 5,027 1,007,689
NET BOOK VALUE
At 31 December 2023 193,281 15,331 1,158,723
At 31 December 2022 84,549 - 1,325,136

BRUCE COACHES (SCOTLAND) LTD (REGISTERED NUMBER: SC637116)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
Coaches vehicles Totals
£    £    £   
COST
At 1 January 2023 1,776,040 62,488 1,838,528
Reclassification/transfer - 39,000 39,000
At 31 December 2023 1,776,040 101,488 1,877,528
DEPRECIATION
At 1 January 2023 588,313 34,689 623,002
Charge for year 296,932 13,822 310,754
Reclassification/transfer - 7,731 7,731
At 31 December 2023 885,245 56,242 941,487
NET BOOK VALUE
At 31 December 2023 890,795 45,246 936,041
At 31 December 2022 1,187,727 27,799 1,215,526

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
Additions 10,000
At 31 December 2023 10,000
NET BOOK VALUE
At 31 December 2023 10,000

6. STOCKS
2023 2022
£    £   
Stocks 39,898 24,500

BRUCE COACHES (SCOTLAND) LTD (REGISTERED NUMBER: SC637116)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 692,599 471,240
Amounts owed by associates - 58,520
Tax 4,480 4,480
VAT 59,472 48,534
Prepayments 3,392 7,049
759,943 589,823

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 303,694 341,312
Trade creditors 212,251 275,608
Tax 189,170 -
Social security and other taxes 75,551 57,005
Other creditors 6,082 8,887
Accrued expenses 127,758 73,491
914,506 756,303

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Hire purchase contracts 554,260 858,055

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 123,498 -

Deferred
tax
£   
Charge to Income Statement during year 123,498
Balance at 31 December 2023 123,498