0 false false false false true false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 3,093,820 3,093,820 3,093,820 100 100 100 xbrli:pure xbrli:shares iso4217:GBP 08831621 2023-01-01 2023-12-31 08831621 2023-12-31 08831621 2022-12-31 08831621 2022-01-01 2022-12-31 08831621 2022-12-31 08831621 2021-12-31 08831621 core:Subsidiary1 2023-01-01 2023-12-31 08831621 bus:Director1 2023-01-01 2023-12-31 08831621 bus:Director2 2023-01-01 2023-12-31 08831621 core:WithinOneYear 2023-12-31 08831621 core:WithinOneYear 2022-12-31 08831621 core:UKTax 2023-01-01 2023-12-31 08831621 core:UKTax 2022-01-01 2022-12-31 08831621 core:ShareCapital 2023-12-31 08831621 core:ShareCapital 2022-12-31 08831621 core:RetainedEarningsAccumulatedLosses 2023-12-31 08831621 core:RetainedEarningsAccumulatedLosses 2022-12-31 08831621 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 08831621 core:Non-currentFinancialInstruments 2023-12-31 08831621 core:Non-currentFinancialInstruments 2022-12-31 08831621 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 08831621 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 08831621 bus:SmallEntities 2023-01-01 2023-12-31 08831621 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08831621 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08831621 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08831621 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 08831621
WESTWAY COACH SERVICES (HOLDINGS) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
WESTWAY COACH SERVICES (HOLDINGS) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
CONTENTS
PAGE
Statement of financial position
1
Notes to the financial statements
3
WESTWAY COACH SERVICES (HOLDINGS) LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
4
3,093,820
3,093,820
Investments
5
100
100
---------------
---------------
3,093,920
3,093,920
CURRENT ASSETS
Cash at bank and in hand
7,809
227,383
CREDITORS: amounts falling due within one year
6
2,716,568
2,999,849
---------------
---------------
NET CURRENT LIABILITIES
2,708,759
2,772,466
---------------
---------------
TOTAL ASSETS LESS CURRENT LIABILITIES
385,161
321,454
-----------
-----------
NET ASSETS
385,161
321,454
-----------
-----------
WESTWAY COACH SERVICES (HOLDINGS) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
2023
2022
Note
£
£
CAPITAL AND RESERVES
Called up share capital
200
200
Profit and loss account
384,961
321,254
-----------
-----------
SHAREHOLDERS FUNDS
385,161
321,454
-----------
-----------
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 income statement has not been delivered.
For the 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 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 .
These financial statements were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
D J West
D T West
Director
Director
Company registration number: 08831621
WESTWAY COACH SERVICES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Britannia House, 26-28 Central Avenue, West Molesey, Surrey, KT8 2QT, England.
2. 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
3. TAX ON PROFIT
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
18,825
10,383
----------
----------
Tax on profit
18,825
10,383
----------
----------
4. TANGIBLE ASSETS
Freehold property
£
Cost
At 1 January 2023 and 31 December 2023
3,093,820
---------------
Depreciation
At 1 January 2023 and 31 December 2023
---------------
Carrying amount
At 31 December 2023
3,093,820
---------------
At 31 December 2022
3,093,820
---------------
5. INVESTMENTS
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
100
-----
Impairment
At 1 January 2023 and 31 December 2023
-----
Carrying amount
At 31 December 2023
100
-----
At 31 December 2022
100
-----
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
Westway Coach Services Limited
ordinary
100
The results and capital and reserves for the year are as follows:
Capital and reserves
Profit/(loss) for the year
2023
2022
2023
2022
£
£
£
£
Subsidiary undertakings
Westway Coach Services Limited
5,569,966
4,324,170
1,890,412
1,092,668
---------------
---------------
---------------
---------------
6. CREDITORS: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,541,589
2,836,895
Corporation tax
18,825
10,383
Social security and other taxes
4,800
Other creditors
151,354
152,571
---------------
---------------
2,716,568
2,999,849
---------------
---------------
7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the director did not enter into any advances, credits or guarantees with the company.