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Registration number: SC203633

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Garelochhead Minibuses & Coaches Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Garelochhead Minibuses & Coaches Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 10

 

Garelochhead Minibuses & Coaches Ltd

Company Information

Directors

Robert Stuart McQueen

Anne Elizabeth Wood

Registered office

Woodlea Garage
Garelochhead
G84 0EG

Bankers

Bank of Scotland plc
26 Colquhoun Square
Helensburgh
G84 8AP

Accountants

RGA Scotland Limited
Chartered Accountants
Orchardlea
Callander
FK17 8BG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Garelochhead Minibuses & Coaches Ltd
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Garelochhead Minibuses & Coaches Ltd for the year ended 31 March 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
 

This report is made solely to the Board of Directors of Garelochhead Minibuses & Coaches Ltd , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Garelochhead Minibuses & Coaches Ltd and state those matters that we have agreed to state to the Board of Directors of Garelochhead Minibuses & Coaches Ltd, as a body, in this report.

This is in accordance with the requirements of such bodies as the ACCA, ICAS and ICAEW, to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Garelochhead Minibuses & Coaches Ltd and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that Garelochhead Minibuses & Coaches Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Garelochhead Minibuses & Coaches Ltd. You consider that Garelochhead Minibuses & Coaches Ltd is exempt from the statutory audit requirement for the year.
 

We have not been instructed to carry out an audit or a review of the accounts of Garelochhead Minibuses & Coaches Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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....................................................................

RGA Scotland Limited
Chartered Accountants
Orchardlea
Callander
FK17 8BG


 

10 July 2024

 

Garelochhead Minibuses & Coaches Ltd

(Registration number: SC203633)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

14,400

14,400

Tangible assets

6

2,497,276

2,321,984

 

2,511,676

2,336,384

Current assets

 

Stocks

7

10,165

10,120

Debtors

8

57,529

65,770

Cash at bank and in hand

 

20,553

270,949

 

88,247

346,839

Creditors: Amounts falling due within one year

9

(391,136)

(406,346)

Net current liabilities

 

(302,889)

(59,507)

Total assets less current liabilities

 

2,208,787

2,276,877

Creditors: Amounts falling due after more than one year

9

(70,023)

(107,629)

Provisions for liabilities

(263,920)

(230,691)

Net assets

 

1,874,844

1,938,557

Capital and reserves

 

Called up share capital

10

754

754

Retained earnings

1,874,090

1,937,803

Shareholders' funds

 

1,874,844

1,938,557

 

Garelochhead Minibuses & Coaches Ltd

(Registration number: SC203633)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 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 10 July 2024 and signed on its behalf by:
 

.........................................
Robert Stuart McQueen
Director

 

Garelochhead Minibuses & Coaches Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Woodlea Garage
Garelochhead
G84 0EG

These financial statements were authorised for issue by the Board on 10 July 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Garelochhead Minibuses & Coaches Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

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

Fixtures, fittings, equipment

20-50% reducing balance basis p.a

Vehicles, plant and machinery

20-50% reducing balance basis p.a

Land and buildings

0% this year

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

0% this year

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Garelochhead Minibuses & Coaches Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

3

Staff numbers

The average full-time equivalent number of persons employed by the company (including directors) during the year, was 30 (2023 - 30).

 

Garelochhead Minibuses & Coaches Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

56,500

62,835

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

30,000

30,000

At 31 March 2024

30,000

30,000

Amortisation

At 1 April 2023

15,600

15,600

At 31 March 2024

15,600

15,600

Carrying amount

At 31 March 2024

14,400

14,400

At 31 March 2023

14,400

14,400

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

973,967

168,592

2,231,389

3,373,948

Additions

176,000

1,582

236,060

413,642

Disposals

-

-

(95,900)

(95,900)

At 31 March 2024

1,149,967

170,174

2,371,549

3,691,690

Depreciation

At 1 April 2023

41,745

118,592

1,067,835

1,228,172

Charge for the year

-

4,082

52,210

56,292

Eliminated on disposal

-

-

(90,050)

(90,050)

At 31 March 2024

41,745

122,674

1,029,995

1,194,414

Carrying amount

At 31 March 2024

1,108,222

47,500

1,341,554

2,497,276

At 31 March 2023

1,108,222

50,000

1,163,762

2,321,984

 

Garelochhead Minibuses & Coaches Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

7

Stocks

2024
£

2023
£

Stock for sale and business use

10,165

10,120

8

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

(1,030)

-

Inter-company loans

29,269

46,769

Other debtors

 

29,290

19,001

   

57,529

65,770

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

337,814

305,717

Trade creditors

 

25,916

11,369

Taxation and social security

 

9,967

70,787

Accruals and deferred income

 

18,535

18,290

Other creditors

 

(1,096)

183

 

391,136

406,346

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

754

754

754

754

         
 

Garelochhead Minibuses & Coaches Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

11

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

52,933

56,160

Hire purchase contracts

17,090

51,469

70,023

107,629

2024
£

2023
£

Current loans and borrowings

Bank borrowings

38,088

49,144

Hire purchase contracts

238,817

192,763

Director current account

60,909

63,810

337,814

305,717