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REGISTERED NUMBER: SC271164 (Scotland)









GOLDEN EAGLE COACHES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023






GOLDEN EAGLE COACHES LIMITED (REGISTERED NUMBER: SC271164)






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




Page

Company Information 1

Chartered Certified Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


GOLDEN EAGLE COACHES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: P H Irvine
I J Lyall
R M Irvine





REGISTERED OFFICE: 4 Royal Crescent
Glasgow
G3 7SL





REGISTERED NUMBER: SC271164 (Scotland)





ACCOUNTANTS: russell + russell
Chartered Certified Accountants
4 Royal Crescent
Glasgow
G3 7SL

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
GOLDEN EAGLE COACHES LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Golden Eagle Coaches Limited for the year ended 31st December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Golden Eagle Coaches Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Golden Eagle Coaches Limited and state those matters that we have agreed to state to the Board of Directors of Golden Eagle Coaches Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Golden Eagle Coaches Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Golden Eagle Coaches Limited. You consider that Golden Eagle Coaches Limited 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 financial statements of Golden Eagle Coaches Limited. 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 financial statements.






russell + russell
Chartered Certified Accountants
4 Royal Crescent
Glasgow
G3 7SL


29th August 2024

GOLDEN EAGLE COACHES LIMITED (REGISTERED NUMBER: SC271164)

BALANCE SHEET
31ST DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1 1
Tangible assets 5 341,238 204,632
341,239 204,633

CURRENT ASSETS
Stocks 3,423 2,505
Debtors 6 99,706 92,522
Cash at bank and in hand 358,393 150,832
461,522 245,859
CREDITORS
Amounts falling due within one year 7 240,997 136,232
NET CURRENT ASSETS 220,525 109,627
TOTAL ASSETS LESS CURRENT
LIABILITIES

561,764

314,260

CREDITORS
Amounts falling due after more than one
year

8

(100,582

)

(95,848

)

PROVISIONS FOR LIABILITIES (85,309 ) (38,879 )
NET ASSETS 375,873 179,533

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 375,773 179,433
375,873 179,533

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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.

GOLDEN EAGLE COACHES LIMITED (REGISTERED NUMBER: SC271164)

BALANCE SHEET - continued
31ST DECEMBER 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29th August 2024 and were signed on its behalf by:





I J Lyall - Director


GOLDEN EAGLE COACHES LIMITED (REGISTERED NUMBER: SC271164)

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

1. STATUTORY INFORMATION

Golden Eagle 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going Concern basis
The financial statements have been prepared on the going concern basis. The directors believe that the company has adequate resources and support to continue to operate for the foreseeable future.

Turnover
The turnover shown in the profit and loss account represents the sales value of services provided during the year, exclusive of Value Added Tax.

Goodwill
Goodwill arising on the acquisition of businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life of 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Plant & machinery- 25% reducing balance
Motor vehicles- 25% reducing balance
Commercial vehicles- 20% reducing balance
Computer equipment - 20% 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.

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.


GOLDEN EAGLE COACHES LIMITED (REGISTERED NUMBER: SC271164)

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

2. ACCOUNTING POLICIES - continued
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.

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 20 (2022 - 24 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st January 2023
and 31st December 2023 150,000
AMORTISATION
At 1st January 2023
and 31st December 2023 149,999
NET BOOK VALUE
At 31st December 2023 1
At 31st December 2022 1

GOLDEN EAGLE COACHES LIMITED (REGISTERED NUMBER: SC271164)

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

5. TANGIBLE FIXED ASSETS
Plant and Motor Commercial Computer
machinery vehicles vehicles equipment Totals
£    £    £    £    £   
COST
At 1st January 2023 52,457 8,100 454,581 - 515,138
Additions - - 207,000 583 207,583
Disposals - - (169,150 ) - (169,150 )
At 31st December 2023 52,457 8,100 492,431 583 553,571
DEPRECIATION
At 1st January 2023 52,225 7,545 250,736 - 310,506
Charge for year 58 139 65,119 107 65,423
Eliminated on disposal - - (163,596 ) - (163,596 )
At 31st December 2023 52,283 7,684 152,259 107 212,333
NET BOOK VALUE
At 31st December 2023 174 416 340,172 476 341,238
At 31st December 2022 232 555 203,845 - 204,632

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Commercial
vehicles
£   
COST
At 1st January 2023 191,900
Additions 122,000
Transfer to ownership (50,000 )
At 31st December 2023 263,900
DEPRECIATION
At 1st January 2023 38,282
Charge for year 53,657
Transfer to ownership (29,861 )
At 31st December 2023 62,078
NET BOOK VALUE
At 31st December 2023 201,822
At 31st December 2022 153,618

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 22,982 15,046
Other debtors 76,724 77,476
99,706 92,522

GOLDEN EAGLE COACHES LIMITED (REGISTERED NUMBER: SC271164)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued



7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 9) 10,140 9,890
Hire purchase contracts 58,095 34,758
Trade creditors 110,148 8,897
Taxation and social security 43,183 19,759
Other creditors 19,431 62,928
240,997 136,232

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 9) 14,806 24,946
Hire purchase contracts 85,776 70,902
100,582 95,848

9. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,140 9,890

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,397 20,537

Amounts falling due between two and five years:
Bank loans - 2-5 years 4,409 4,409

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 143,871 105,660

There is also a bond and floating charge over the assets held by the company in favour of The Royal Bank of Scotland PLC.

GOLDEN EAGLE COACHES LIMITED (REGISTERED NUMBER: SC271164)

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

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid

Number: Class: Nominal 31.12.22 31.12.21
value: £    £   

45 Ordinary A £1.00 45 45
45 Ordinary B £1.00 45 45
10 Ordinary C £1.00 10 10
100 100

12. OTHER FINANCIAL COMMITMENTS

The company has future operating lease commitments of £7,756 (2022: 9,973)

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st December 2023 and 31st December 2022:

31.12.23 31.12.22
£    £   
P H Irvine
Balance outstanding at start of year (10,482 ) (4,143 )
Amounts advanced 51,680 59,586
Amounts repaid (29,463 ) (65,925 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 11,735 (10,482 )

R M Irvine
Balance outstanding at start of year (10,935 ) (4,668 )
Amounts advanced 55,436 50,142
Amounts repaid (22,190 ) (56,409 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 22,311 (10,935 )

These amounts bear no interest and were repaid after the financial year end.

14. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.