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Registration number: 01004803

Beeline Coaches Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Beeline Coaches Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Beeline Coaches Limited

(Registration number: 01004803)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,094,322

1,095,701

Current assets

 

Stocks

5

39,522

29,924

Debtors

6

614,692

540,862

Cash at bank and in hand

 

297,185

201,201

 

951,399

771,987

Creditors: Amounts falling due within one year

7

(407,508)

(377,292)

Net current assets

 

543,891

394,695

Total assets less current liabilities

 

1,638,213

1,490,396

Creditors: Amounts falling due after more than one year

7

(159,583)

(288,187)

Provisions for liabilities

(237,151)

(186,463)

Net assets

 

1,241,479

1,015,746

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

1,240,479

1,014,746

Shareholders' funds

 

1,241,479

1,015,746

 

Beeline Coaches Limited

(Registration number: 01004803)
Balance Sheet as at 31 December 2023

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 20 September 2024 and signed on its behalf by:
 

Mr A M Graham
Director

   
     
 

Beeline Coaches Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The company was formerly known as R. & R. Coaches Limited.

The address of its registered office is:
11 Oak Way
Yeovil
Somerset
BA22 8HS
England

These financial statements were authorised for issue by the Board on 20 September 2024.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

Disclosure of long or short period

The company had shortened its accounting period to 9 months to 31 December 2022, therefore the comparative data, which is for 9 months to 31 December 2022, is not directly comparable. The reason for shortening the accounting period was to transition to a December period end to coincide with the new ultimate parent company's year end.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are accounted for under the accruals method, with those in relation to expenditure credited when the expenditure is charged to the profit and loss.

 

Beeline Coaches Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to property

10% straight line

Long leasehold

4% straight line

Fixtures and fittings

20% reducing balance

Motor vehicles

15% reducing balance

Plant and machinery

20% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Beeline Coaches Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Beeline Coaches Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 47 (2022 - 41).

 

Beeline Coaches Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Long leasehold land
£

Improvements to property
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost

At 1 January 2023

246,665

83,115

126,220

-

1,398,875

1,854,875

Additions

-

5,060

7,828

37,552

113,500

163,940

Disposals

-

-

(2,266)

-

-

(2,266)

At 31 December 2023

246,665

88,175

131,782

37,552

1,512,375

2,016,549

Depreciation

At 1 January 2023

103,534

76,598

94,398

-

484,644

759,174

Charge for the year

8,993

3,180

7,175

3,066

142,028

164,442

Eliminated on disposal

-

-

(1,389)

-

-

(1,389)

At 31 December 2023

112,527

79,778

100,184

3,066

626,672

922,227

Carrying amount

At 31 December 2023

134,138

8,397

31,598

34,486

885,703

1,094,322

At 31 December 2022

143,131

6,517

31,822

-

914,231

1,095,701

Included within the net book value of land and buildings above is £134,138 (2022 - £143,131) in respect of long leasehold land and buildings and £8,397 (2022 - £6,517) in respect of short leasehold land and buildings.
 

 

Beeline Coaches Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Stocks

2023
£

2022
£

Other inventories

39,522

29,924

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

265,211

280,338

Amounts owed by related parties

10

303,212

239,475

Other debtors

 

38,891

16,777

Prepayments

 

7,378

4,272

 

614,692

540,862

7

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

8

191,381

185,648

Trade creditors

 

81,584

73,263

Amounts due to related parties

10

720

-

Social security and other taxes

 

40,194

28,102

Other creditors

 

16,947

12,474

Accruals

 

34,767

24,516

Corporation tax liability

41,915

53,289

 

407,508

377,292

Due after one year

 

Loans and borrowings

8

159,583

288,187

The finance lease liabilities are secured on the assets concerned.

 

Beeline Coaches Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Hire purchase contracts

159,583

288,187

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

191,381

185,648

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £266,922 (2022 - £46,574).

10

Related party transactions

Summary of transactions with parent

CGF Associates Limited

 The company has taken the available exemption not to disclose transactions with wholly owned group companies.
 

Summary of transactions with other related parties

South West Coaches Limited
Anstey James Limited

 Transactions were carried out under normal trading terms.
The loan is repayable on demand.

 

 

Beeline Coaches Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Income and receivables from related parties

2023

Other related parties
£

Receipt of services

241,810

2022

Other related parties
£

Receipt of services

95,628

Expenditure with and payables to related parties

2023

Other related parties
£

Rendering of services

161,144

2022

Other related parties
£

Rendering of services

62,130

Loans to/(from) related parties

2023

Other related parties
£

Total
£

At start of period

98,260

98,260

Advanced

83,676

83,676

Repaid

(162,692)

(162,692)

At end of period

19,244

19,244

2022

Other related parties
£

Total
£

At start of period

(10,340)

(10,340)

Advanced

108,600

108,600

At end of period

98,260

98,260

11

Parent and ultimate parent undertaking

The company's immediate parent is CGF Associates Limited, incorporated in England and Wales.