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Registration number: 03885518

South West Coaches Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

South West Coaches Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 12

 

South West Coaches Limited

(Registration number: 03885518)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

2,351,340

2,589,171

Investments

6

60

60

 

2,351,400

2,589,231

Current assets

 

Stocks

7

42,446

61,652

Debtors

8

1,060,494

1,075,591

Cash at bank and in hand

 

57,582

13,792

 

1,160,522

1,151,035

Creditors: Amounts falling due within one year

9

(761,686)

(937,989)

Net current assets

 

398,836

213,046

Total assets less current liabilities

 

2,750,236

2,802,277

Creditors: Amounts falling due after more than one year

9

(311,663)

(444,940)

Provisions for liabilities

(509,010)

(548,381)

Net assets

 

1,929,563

1,808,956

Capital and reserves

 

Called up share capital

60,000

60,000

Retained earnings

1,869,563

1,748,956

Shareholders' funds

 

1,929,563

1,808,956

 

South West Coaches Limited

(Registration number: 03885518)
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 delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

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 AM Graham
Director

   
     
 

South West 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 address of its registered office is:
South West Coaches Limited
Southgate Road
Wincanton
Somerset
BA9 9EB

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 £.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

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

Grants are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

 

South West 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 corporation 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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

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.

Depreciation rates are as follows:

Asset class

Depreciation method and rate

Property improvements

20% straight line

Plant and machinery

20% reducing balance

Furniture, fittings and equipment

20% reducing balance

Motor vehicles

15% reducing balance

 

South West Coaches Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at cost. Cost is determined using the first-in, first-out (FIFO) method.

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.

 

South West Coaches Limited

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

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.

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.

 

South West Coaches Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 122 (2022 - 123).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

160,000

160,000

At 31 December 2023

160,000

160,000

Amortisation

At 1 January 2023

160,000

160,000

At 31 December 2023

160,000

160,000

Carrying amount

At 31 December 2022 and 31 December 2023

-

-

 

South West Coaches Limited

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

5

Tangible assets

Property improvements
£

Plant and machinery
£

Furniture, fittings and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

113,133

305,499

205,271

5,445,722

6,069,625

Additions

-

14,842

5,657

344,036

364,535

Disposals

-

(128,214)

(19,918)

(708,384)

(856,516)

At 31 December 2023

113,133

192,127

191,010

5,081,374

5,577,644

Depreciation

At 1 January 2023

91,749

232,476

124,249

3,031,980

3,480,454

Charge for the year

4,276

15,523

16,669

389,206

425,674

Eliminated on disposal

-

(117,962)

(16,582)

(545,280)

(679,824)

At 31 December 2023

96,025

130,037

124,336

2,875,906

3,226,304

Carrying amount

At 31 December 2023

17,108

62,090

66,674

2,205,468

2,351,340

At 31 December 2022

21,384

73,023

81,022

2,413,742

2,589,171

6

Investments

2023
£

2022
£

Investments in subsidiaries

60

60

Subsidiaries

£

Cost or valuation

At 1 January 2023

60

Provision

Carrying amount

At 31 December 2023

60

At 31 December 2022

60

 

South West Coaches Limited

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

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

CGF Associates Limited

11 Oak Way, Yeovil, BA22 8HS

England and Wales

Ordinary shares

60%

60%

Beeline Coaches Limited

11 Oak Way, Yeovil, BA22 8HS

England and Wales

Ordinary shares *

100%

100%

* Indirectly held

Subsidiary undertakings

CGF Associates Limited

The principal activity of CGF Associates Limited is Other passenger land transport.

Beeline Coaches Limited

The principal activity of Beeline Coaches Limited is Transportation contracts.

7

Stocks

2023
£

2022
£

Other inventories

42,446

61,652

8

Debtors

Note

2023
£

2022
£

Trade debtors

 

372,002

385,007

Amounts owed by related parties

12

554,019

545,551

Other debtors

 

47,331

51,437

Prepayments

 

83,207

77,029

Accrued income

 

3,935

16,567

 

1,060,494

1,075,591

 

South West Coaches Limited

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

9

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

10

364,981

438,470

Trade creditors

 

164,491

262,878

Amounts due to related parties

12

19,521

99,187

Social security and other taxes

 

65,516

56,143

Other creditors

 

17,342

22,937

Accruals

 

47,848

20,450

Corporation tax liability

75,907

27,904

Deferred income

 

-

9,300

Payments on account

 

6,080

720

 

761,686

937,989

Due after one year

 

Loans and borrowings

10

311,663

444,940

Loans and borrowings due in one year include bank overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £364,981 (2022 - £438,470).

Loans and borrowings due after one year include bank overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £311,663 (2022 - £444,940).

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

15,000

25,000

Hire purchase contracts

282,067

327,551

Other borrowings

14,596

92,389

311,663

444,940

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

10,000

Bank overdrafts

-

41,364

Hire purchase contracts

278,421

312,946

Other borrowings

76,560

74,160

364,981

438,470

 

South West Coaches Limited

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

11

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 £115,830 (2022 - £198,700). The nature of the commitment is operating leases and rentals.

12

Related party transactions

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Loan from company

63,528

90,634

(108,400)

45,762

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Loan from company

3,723

64,205

(4,400)

63,528

 

Directors guarantees

During the year the company entered into the following guarantees on behalf of the directors:

Summary of transactions with subsidiaries

CGF Associates Limited
Beeline Coaches Limited (formerly R. & R. Coaches Limited)

 Transactions were carried out under normal trading terms.
The loans are repayable on demand.

Summary of transactions with other related parties

Anstey James Limited a company where the directors hold 100% of the share capital.
 Transactions were carried out under normal trading terms.
The loan is repayable on demand.

 

 

South West Coaches Limited

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

Income and receivables from related parties

2023

Subsidiary
£

Other related parties
£

Sale of goods

-

14,698

Receipt of services

152,594

-

152,594

14,698

2022

Subsidiary
£

Other related parties
£

Sale of goods

-

1,905

Receipt of services

74,458

-

74,458

1,905

Expenditure with and payables to related parties

2023

Subsidiary
£

Other related parties
£

Purchase of goods

-

31,121

Rendering of services

241,668

-

241,668

31,121

2022

Subsidiary
£

Other related parties
£

Purchase of goods

-

17,514

Rendering of services

104,671

-

104,671

17,514

Loans to/(from) related parties

2023

Subsidiary
£

Other related parties
£

Total
£

At start of period

383,803

(927)

382,876

Advanced

190,791

5,085

195,876

Repaid

(86,216)

(4,435)

(90,651)

At end of period

488,378

(277)

488,101

2022

Subsidiary
£

Other related parties
£

Total
£

At start of period

424,493

2,080

426,573

Advanced

65,048

-

65,048

Repaid

(105,738)

(3,007)

(108,745)

At end of period

383,803

(927)

382,876