Registered number
04266846
ABC Coach Limited
Filleted Accounts
31 December 2023
ABC Coach Limited
Registered number: 04266846
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 260,000 95,333
Tangible assets 4 2,063,064 2,342,873
2,323,064 2,438,206
Current assets
Stocks 2,500 2,500
Debtors 5 63,665 69,041
Cash at bank and in hand 316,458 70,333
382,623 141,874
Creditors: amounts falling due within one year 6 (520,845) (537,275)
Net current liabilities (138,222) (395,401)
Total assets less current liabilities 2,184,842 2,042,805
Creditors: amounts falling due after more than one year 7 (1,114,560) (1,141,371)
Provisions for liabilities (431,340) (318,242)
Net assets 638,942 583,192
Capital and reserves
Called up share capital 1,200 1,200
Profit and loss account 637,742 581,992
Shareholders' funds 638,942 583,192
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Bowe
Director
Approved by the board on 5 July 2024
ABC Coach Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings 15% reducing balance
Equipment 15% reducing balance
Motor Vehicles 3.75% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 18 14
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 260,000
At 31 December 2023 260,000
Amortisation
At 1 January 2023 164,667
Provided during the year 26,000
Fair Value Adjustment (190,667)
At 31 December 2023 -
Net book value
At 31 December 2023 260,000
At 31 December 2022 95,333
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 14,700 30,257 2,866,717 2,911,674
Additions - 8,586 841,160 849,746
Disposals - - (1,403,175) (1,403,175)
At 31 December 2023 14,700 38,843 2,304,702 2,358,245
Depreciation
At 1 January 2023 8,922 18,136 541,743 568,801
Charge for the year 867 3,107 83,265 87,239
On disposals - - (360,859) (360,859)
At 31 December 2023 9,789 21,243 264,149 295,181
Net book value
At 31 December 2023 4,911 17,600 2,040,553 2,063,064
At 31 December 2022 5,778 12,121 2,324,974 2,342,873
5 Debtors 2023 2022
£ £
Trade debtors 28,405 48,576
Other debtors 35,260 20,465
63,665 69,041
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 40,000 40,000
Obligations under finance lease and hire purchase contracts 289,872 346,607
Other taxes and social security costs 12,703 2,661
Other creditors 178,270 148,007
520,845 537,275
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 93,333 134,243
Obligations under finance lease and hire purchase contracts 1,021,227 1,007,128
1,114,560 1,141,371
8 Related party transactions 2023 2022
Directors loan account £ £
The directors are related parties to the company
At 31st December, the company owed the directors
the following interest-free, unsecured amounts:
Amounts due to the related parties 118,763 120,599
9 Controlling party
The directors are the ultimate controlling parties by virtue of their 100% ownership of the A shares of the company
10 Other information
ABC Coach Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 293
Swinton Hall Road
Pendlebury
Swinton
M27 4DX
ABC Coach Limited 04266846 false 2023-01-01 2023-12-31 2023-12-31 VT Final Accounts April 2024 S Bowe No description of principal activity 04266846 2022-01-01 2022-12-31 04266846 core:WithinOneYear 2022-12-31 04266846 core:AfterOneYear 2022-12-31 04266846 core:ShareCapital 2022-12-31 04266846 core:RetainedEarningsAccumulatedLosses 2022-12-31 04266846 2023-01-01 2023-12-31 04266846 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04266846 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04266846 bus:Director40 2023-01-01 2023-12-31 04266846 1 2023-01-01 2023-12-31 04266846 2 2023-01-01 2023-12-31 04266846 core:Goodwill 2023-01-01 2023-12-31 04266846 core:LandBuildings 2023-01-01 2023-12-31 04266846 core:PlantMachinery 2023-01-01 2023-12-31 04266846 core:Vehicles 2023-01-01 2023-12-31 04266846 countries:England 2023-01-01 2023-12-31 04266846 bus:FRS102 2023-01-01 2023-12-31 04266846 bus:FilletedAccounts 2023-01-01 2023-12-31 04266846 2023-12-31 04266846 core:WithinOneYear 2023-12-31 04266846 core:AfterOneYear 2023-12-31 04266846 core:ShareCapital 2023-12-31 04266846 core:RetainedEarningsAccumulatedLosses 2023-12-31 04266846 core:Goodwill 2023-12-31 04266846 core:LandBuildings 2023-12-31 04266846 core:PlantMachinery 2023-12-31 04266846 core:Vehicles 2023-12-31 04266846 2022-12-31 04266846 core:Goodwill 2022-12-31 04266846 core:LandBuildings 2022-12-31 04266846 core:PlantMachinery 2022-12-31 04266846 core:Vehicles 2022-12-31 iso4217:GBP xbrli:pure