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COMPANY REGISTRATION NUMBER: SC133208
Euro Coach Services Limited
Filleted Unaudited Financial Statements
31 October 2023
Euro Coach Services Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
88,328
88,337
Current assets
Debtors
5
28,838
31,283
Cash at bank and in hand
9,622
5,973
--------
--------
38,460
37,256
Creditors: amounts falling due within one year
6
2,697
2,894
--------
--------
Net current assets
35,763
34,362
---------
---------
Total assets less current liabilities
124,091
122,699
---------
---------
Net assets
124,091
122,699
---------
---------
Capital and reserves
Called up share capital
20,000
20,000
Profit and loss account
104,091
102,699
---------
---------
Shareholders funds
124,091
122,699
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Euro Coach Services Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
Mr A MacRae
Director
Company registration number: SC133208
Euro Coach Services Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Forbes House, 36 Huntly Street, Inverness, IV3 5PR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and equipment
-
20% reducing balance
Equipment
-
25% reducing balance
Property is not subject to depreciation .
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Land and buildings
Plant and machinery
Equipment
Total
£
£
£
£
Cost
At 1 November 2022 and 31 October 2023
88,291
27,122
515
115,928
--------
--------
----
---------
Depreciation
At 1 November 2022
27,082
509
27,591
Charge for the year
8
1
9
--------
--------
----
---------
At 31 October 2023
27,090
510
27,600
--------
--------
----
---------
Carrying amount
At 31 October 2023
88,291
32
5
88,328
--------
--------
----
---------
At 31 October 2022
88,291
40
6
88,337
--------
--------
----
---------
5. Debtors
2023
2022
£
£
Trade debtors
1,332
1,332
Other debtors
27,506
29,951
--------
--------
28,838
31,283
--------
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
13
Corporation tax
332
576
Other creditors
2,352
2,318
-------
-------
2,697
2,894
-------
-------
The Clydesdale Bank holds the following securities:
Standard Security over 5 Longman Drive, Inverness
Floating charge over company's assets and undertakings.
7. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr A MacRae
( 1,513)
( 500)
( 2,013)
Mr D MacRae
958
516
1,474
-------
----
----
-------
( 555)
516
( 500)
( 539)
-------
----
----
-------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr A MacRae
7,450
( 8,963)
( 1,513)
Mr D MacRae
958
958
-------
----
-------
-------
7,450
958
( 8,963)
( 555)
-------
----
-------
-------
These loans are interest free and have no definite terms of repayment.
8. Related party transactions
At 31 October 2023 the company was due £ 1,332 (2022 - £1,332) from the MacRae Family Trust . At 31 October 2023 the company was due £ 2,683 (2022 - £2,683) from a business in which one of the directors is a partner . During the year the company loaned this business £10,000 (2022 - £nil). This loan is interest free and has no definite terms of repayment.