88 false false false false 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 xbrli:pure xbrli:shares iso4217:GBP 01036696 2023-01-01 2023-12-31 01036696 2023-12-31 01036696 2022-12-31 01036696 2022-01-01 2022-12-31 01036696 2022-12-31 01036696 2021-12-31 01036696 core:PlantMachinery 2023-01-01 2023-12-31 01036696 core:FurnitureFittings 2023-01-01 2023-12-31 01036696 core:MotorVehicles 2023-01-01 2023-12-31 01036696 bus:Director4 2023-01-01 2023-12-31 01036696 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 01036696 core:PlantMachinery 2022-12-31 01036696 core:FurnitureFittings 2022-12-31 01036696 core:MotorVehicles 2022-12-31 01036696 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 01036696 core:PlantMachinery 2023-12-31 01036696 core:FurnitureFittings 2023-12-31 01036696 core:MotorVehicles 2023-12-31 01036696 core:WithinOneYear 2023-12-31 01036696 core:WithinOneYear 2022-12-31 01036696 core:AfterOneYear 2023-12-31 01036696 core:AfterOneYear 2022-12-31 01036696 core:ShareCapital 2023-12-31 01036696 core:ShareCapital 2022-12-31 01036696 core:RetainedEarningsAccumulatedLosses 2023-12-31 01036696 core:RetainedEarningsAccumulatedLosses 2022-12-31 01036696 core:BetweenOneFiveYears 2023-12-31 01036696 core:BetweenOneFiveYears 2022-12-31 01036696 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 01036696 core:PlantMachinery 2022-12-31 01036696 core:FurnitureFittings 2022-12-31 01036696 core:MotorVehicles 2022-12-31 01036696 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2023-12-31 01036696 core:LeasedAssetsHeldAsLessee 2023-12-31 01036696 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2022-12-31 01036696 core:LeasedAssetsHeldAsLessee 2022-12-31 01036696 bus:SmallEntities 2023-01-01 2023-12-31 01036696 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 01036696 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01036696 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01036696 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 01036696
Chalfont Coaches Of Harrow Limited
Filleted Unaudited Financial Statements
31 December 2023
Chalfont Coaches Of Harrow Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,943,049
2,457,002
Current assets
Stocks
217,397
201,000
Debtors
6
1,067,842
1,049,437
Cash at bank and in hand
498,888
154,891
------------
------------
1,784,127
1,405,328
Creditors: amounts falling due within one year
7
1,360,151
1,654,746
------------
------------
Net current assets/(liabilities)
423,976
( 249,418)
------------
------------
Total assets less current liabilities
2,367,025
2,207,584
Creditors: amounts falling due after more than one year
8
186,938
372,035
Provisions
Taxation including deferred tax
199,943
136,781
------------
------------
Net assets
1,980,144
1,698,768
------------
------------
Chalfont Coaches Of Harrow Limited
Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
5,000
5,000
Profit and loss account
1,975,144
1,693,768
------------
------------
Shareholder funds
1,980,144
1,698,768
------------
------------
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 statement of income and retained earnings 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 member has 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 17 September 2024 , and are signed on behalf of the board by:
Mrs V J Stevens
Director
Company registration number: 01036696
Chalfont Coaches Of Harrow 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 29 Harcourt Street, London, W1H 4HS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
The financial statements have been prepared on the historical cost basis, as modified by taking a previous valuation of a property as deemed cost. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. The directors have a reasonable expectation that the company has adequate resources to continue its operation for at least the next twelve months.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There is no judgement (apart from those involving estimates) that have had a significant effect on the amount recognised in the financial statement. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: The useful economic lives used by the company in respect of the equipment (under tangible fixed assets) are set out in the accounting policies. These estimates are regularly reviewed to ensure they remain appropriate.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Corporation tax
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
10% straight line
Fixtures & Fittings
-
10% straight line
Motor Vehicles
-
10% straight line
Coaches
-
10% straight line
No depreciation is provided for land & buildings as directors consider the current value is significantly higher than the carrying value in the balance sheet.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 88 (2022: 72 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Coaches
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023
641,394
19,305
4,283
157,493
5,584,674
6,407,149
Additions
1,194
56,015
57,209
Disposals
( 33,645)
( 33,645)
---------
--------
-------
---------
------------
------------
At 31 Dec 2023
641,394
20,499
4,283
179,863
5,584,674
6,430,713
---------
--------
-------
---------
------------
------------
Depreciation
At 1 Jan 2023
14,085
4,072
58,432
3,873,558
3,950,147
Charge for the year
1,438
211
17,986
540,724
560,359
Disposals
( 22,842)
( 22,842)
---------
--------
-------
---------
------------
------------
At 31 Dec 2023
15,523
4,283
53,576
4,414,282
4,487,664
---------
--------
-------
---------
------------
------------
Carrying amount
At 31 Dec 2023
641,394
4,976
126,287
1,170,392
1,943,049
---------
--------
-------
---------
------------
------------
At 31 Dec 2022
641,394
5,220
211
99,061
1,711,116
2,457,002
---------
--------
-------
---------
------------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
Coaches
Total
£
£
£
At 31 December 2023
89,250
497,875
587,125
--------
---------
---------
At 31 December 2022
72,263
850,917
923,180
--------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
873,246
808,634
Other debtors
194,596
240,803
------------
------------
1,067,842
1,049,437
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
76,376
76,376
Trade creditors
901,518
1,155,260
Corporation tax
96,297
Social security and other taxes
77,844
67,982
Other creditors
208,116
355,128
------------
------------
1,360,151
1,654,746
------------
------------
Each finance lease/hire purchase is secured against the assets to which the specific finance agreement relates.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
34,858
96,433
Other creditors
152,080
275,602
---------
---------
186,938
372,035
---------
---------
Each finance lease/hire purchase is secured against the assets to which the specific finance agreement relates.
9. Financial instruments
The fair values of short term loans and overdrafts with a maturity of less than one year are assumed to approximate to their book values. In the case of Company's loans due in more than one year, the fair value of the financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rates available to the Company.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
788,949
565,303
Later than 1 year and not later than 5 years
619,222
442,792
------------
------------
1,408,171
1,008,095
------------
------------
11. Directors' advances, credits and guarantees
There were no directors advances or guarantees