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Company No: SC264683 (Scotland)

MAYNES COACHES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

MAYNES COACHES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

MAYNES COACHES LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
MAYNES COACHES LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 4,332,591 3,968,419
Investment property 4 173,574 0
Investments 5 100 100
4,506,265 3,968,519
Current assets
Stocks 17,525 17,325
Debtors 6 680,415 469,915
Cash at bank and in hand 861,013 535,166
1,558,953 1,022,406
Creditors: amounts falling due within one year 7 ( 828,272) ( 822,661)
Net current assets 730,681 199,745
Total assets less current liabilities 5,236,946 4,168,264
Creditors: amounts falling due after more than one year 8 ( 508,569) ( 545,447)
Provision for liabilities 9 ( 955,407) ( 871,499)
Net assets 3,772,970 2,751,318
Capital and reserves
Called-up share capital 10 10,002 10,002
Profit and loss account 3,762,968 2,741,316
Total shareholders' funds 3,772,970 2,751,318

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Maynes Coaches Limited (registered number: SC264683) were approved and authorised for issue by the Board of Directors on 10 April 2024. They were signed on its behalf by:

D J Mayne
Director
MAYNES COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
MAYNES COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Maynes Coaches Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Cluny Garage, 4 March Road West, Buckie, Banffshire, AB56 4BU, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised on an accrual basis by the company in respect of bus and coach hire exclusive of value added tax.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 % reducing balance
Plant and machinery etc. 10 - 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials and direct labour on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 61 47

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2023 306,624 5,975,926 6,282,550
Additions 94,900 1,923,845 2,018,745
Disposals 0 ( 2,266,263) ( 2,266,263)
At 31 December 2023 401,524 5,633,508 6,035,032
Accumulated depreciation
At 01 January 2023 115,983 2,198,148 2,314,131
Charge for the financial year 19,107 426,835 445,942
Disposals 0 ( 1,057,632) ( 1,057,632)
At 31 December 2023 135,090 1,567,351 1,702,441
Net book value
At 31 December 2023 266,434 4,066,157 4,332,591
At 31 December 2022 190,641 3,777,778 3,968,419

4. Investment property

Investment property
£
Valuation
As at 01 January 2023 0
Additions 173,574
As at 31 December 2023 173,574

5. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 100 100

6. Debtors

2023 2022
£ £
Trade debtors 208,364 150,445
Amounts owed by related parties 162,602 157,495
Corporation tax 67,281 32,441
Other debtors 242,168 129,534
680,415 469,915

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 84,785 71,614
Taxation and social security 242,677 141,990
Obligations under finance leases and hire purchase contracts 362,610 542,719
Other creditors 138,200 66,338
828,272 822,661

Net obligations under hire purchase contracts are secured over the asset which the agreement relates to.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 0 37,500
Obligations under finance leases and hire purchase contracts 508,569 507,947
508,569 545,447

Net obligations under hire purchase contracts are secured over the asset which the agreement relates to.

Bank loans are secured by Government Guarantee.

9. Provision for liabilities

2023 2022
£ £
Deferred tax 955,407 871,499

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10,002 Ordinary shares of £ 1.00 each 10,002 10,002

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 42,000 42,000

12. Related party transactions

Transactions with the entity's directors

Advances

As at 1 January 2023 the company owed £700 to directors. Advances of £93,438 were made to the director during the year (at interest rate of 2.25%), leaving a closing balance of £92,738. There are no fixed terms of repayment.

As at 1 January 2023 the company owed £28,207 to directors. Advances of £74,681 were made to the director during the year (at interest rate of 2.25%), leaving a closing balance of £46,474. There are no fixed terms of repayment.