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Registered Number: 05347791
England and Wales

 

 

 

SULLIVAN BUSES ENGINEERING LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023
Director D Sullivan
Registered Number 05347791
Registered Office 6 Deards House, St Albans Road
South Mimms Potters Bar
Hertfordshire
EN6 3NE
Accountants Windfall Accounting LLP
Windfall House, D1 The Courtyard
Alban Park Hatfield Road
St. Albans
AL4 0LA
Secretary A Panayiotou
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 217,106    114,466 
217,106    114,466 
Current assets      
Debtors 4 301,781    335,598 
Cash at bank and in hand 6,421    6,082 
308,202    341,680 
Creditors: amount falling due within one year 5 (406,837)   (475,151)
Net current assets (98,635)   (133,471)
 
Total assets less current liabilities 118,471    (19,005)
Net assets 118,471    (19,005)
 

Capital and reserves
     
Called up share capital 1    1 
Profit and loss account 118,470    (19,006)
Shareholders' funds 118,471    (19,005)
 


For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the director on 23 September 2024 and were signed by:


-------------------------------
D Sullivan
Director
2
General Information
Sullivan Buses Engineering Limited is a private company, limited by shares, registered in England and Wales, registration number 05347791, registration address 6 Deards House, St Albans Road, South Mimms Potters Bar, Hertfordshire, EN6 3NE.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of consideration receivable or received, excluding discounts and value added taxes.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
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 tax assets or 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 taxation
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicle 5 to 15 Years Straight Line
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.
2.

Average number of employees


Average number of employees during the year was 15 (2022 : 22).
3.

Tangible fixed assets

Cost or valuation Motor Vehicle   Total
  £   £
At 01 January 2023 147,000    147,000 
Additions 165,050    165,050 
Disposals  
At 31 December 2023 312,050    312,050 
Depreciation
At 01 January 2023 32,534    32,534 
Charge for year 62,410    62,410 
On disposals  
At 31 December 2023 94,944    94,944 
Net book values
Closing balance as at 31 December 2023 217,106    217,106 
Opening balance as at 01 January 2023 114,466    114,466 


4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 78,160    7,731 
Other Debtors 223,621    327,867 
301,781    335,598 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 4,775    13,512 
Taxation and Social Security 20,990    14,561 
Other Creditors 381,072    447,078 
406,837    475,151 

6.

Related Party Transactions

Cost amounting to £1,686,458 (2022 - £1,817,186) included in the direct cost and admin expenses represents the management fees charged by a related company in which the director has a controlling interest, for management services and bus maintenance provided by that company.

Creditors due within 1 year includes an interest free amount of £71,000 (2022 - £Nil) due to the director. This loan is repayable on demand.

Included in debtors, due within one year, is an interest free amount of £73,100 (2022 - £200,500) due from related companies in which the director has controlling interest. This loan is repayable on demand.

3