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REGISTERED NUMBER: 03666091 (England and Wales)










Financial Statements

for the Year Ended 31 March 2024

for

Keith's Coaches Limited

Keith's Coaches Limited (Registered number: 03666091)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Keith's Coaches Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Mr K Grimes





REGISTERED OFFICE: The Coach House
Hexham Road
Blucher
Newcastle upon Tyne
Tyne and Wear
NE15 9SN





REGISTERED NUMBER: 03666091 (England and Wales)





ACCOUNTANTS: Paul Connon, FFA, FFTA
Suite 24 Arms Evertyne House
Quay Road
Blyth
Northumberland
NE24 2AS

Keith's Coaches Limited (Registered number: 03666091)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 763,925 658,131

CURRENT ASSETS
Stocks 6,092 8,046
Debtors 5 55,175 112,983
Cash at bank and in hand 201,776 109,728
263,043 230,757
CREDITORS
Amounts falling due within one year 6 132,418 160,158
NET CURRENT ASSETS 130,625 70,599
TOTAL ASSETS LESS CURRENT
LIABILITIES

894,550

728,730

CREDITORS
Amounts falling due after more than one year 7 (47,146 ) (93,298 )

PROVISIONS FOR LIABILITIES 8 (138,448 ) (117,205 )
NET ASSETS 708,956 518,227

CAPITAL AND RESERVES
Called up share capital 140,000 140,000
Revaluation reserve 9 158,218 -
Retained earnings 410,738 378,227
SHAREHOLDERS' FUNDS 708,956 518,227

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Keith's Coaches Limited (Registered number: 03666091)

Balance Sheet - continued
31 March 2024


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 director and authorised for issue on 16 September 2024 and were signed by:





Mr K Grimes - Director


Keith's Coaches Limited (Registered number: 03666091)

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

1. STATUTORY INFORMATION

Keith's Coaches Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 15% on 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.

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.

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 21 (2023 - 20 ) .

Keith's Coaches Limited (Registered number: 03666091)

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

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 341,782 1,883,285 2,225,067
Additions - 33,910 33,910
Disposals - (11,486 ) (11,486 )
Revaluations 158,218 - 158,218
At 31 March 2024 500,000 1,905,709 2,405,709
DEPRECIATION
At 1 April 2023 - 1,566,936 1,566,936
Charge for year - 75,811 75,811
Eliminated on disposal - (963 ) (963 )
At 31 March 2024 - 1,641,784 1,641,784
NET BOOK VALUE
At 31 March 2024 500,000 263,925 763,925
At 31 March 2023 341,782 316,349 658,131

Cost or valuation at 31 March 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2024 500,000 1,905,709 2,405,709

Freehold land and buildings were valued on an open market basis on 14 August 2024 by Dunlop Heywood, Chartered Surveyors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 47,187 86,763
Other debtors 7,988 26,220
55,175 112,983

Keith's Coaches Limited (Registered number: 03666091)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 54,117 62,062
Trade creditors 23,813 69,712
Taxation and social security 47,428 27,381
Other creditors 7,060 1,003
132,418 160,158

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 47,146 93,298

8. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 138,448 117,205

Deferred
tax
£   
Balance at 1 April 2023 117,205
Provided during year 21,243
Balance at 31 March 2024 138,448

9. RESERVES
Revaluation
reserve
£   
Provided during the year 158,218

At 31 March 2024 158,218