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REGISTERED NUMBER: SC241850 (Scotland)















Financial Statements For The Year Ended 31 December 2023

for

Milligans Coach Travel Limited

Milligans Coach Travel Limited (Registered number: SC241850)






Contents of the Financial Statements
For The Year Ended 31 December 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Milligans Coach Travel Limited

Company Information
For The Year Ended 31 December 2023







DIRECTOR: W J Milligan





SECRETARY: Ms M Milligan





REGISTERED OFFICE: Loan Garage
MAUCHLINE
KA5 6AN





REGISTERED NUMBER: SC241850 (Scotland)





ACCOUNTANTS: Robb Ferguson Chartered Accountants
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

Milligans Coach Travel Limited (Registered number: SC241850)

Abridged Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 175,000 175,000
Tangible assets 5 1,006,476 1,027,284
1,181,476 1,202,284

CURRENT ASSETS
Stocks 15,652 965
Debtors 45,460 40,905
Cash at bank 355,998 381,316
417,110 423,186
CREDITORS
Amounts falling due within one year 157,190 187,598
NET CURRENT ASSETS 259,920 235,588
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,441,396

1,437,872

CREDITORS
Amounts falling due after more than one year (453,145 ) (543,677 )

PROVISIONS FOR LIABILITIES (229,671 ) (227,429 )
NET ASSETS 758,580 666,766

CAPITAL AND RESERVES
Called up share capital 100 100
Other reserves 75,000 75,000
Retained earnings 683,480 591,666
SHAREHOLDERS' FUNDS 758,580 666,766

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

Milligans Coach Travel Limited (Registered number: SC241850)

Abridged Statement of Financial Position - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 April 2024 and were signed by:





W J Milligan - Director


Milligans Coach Travel Limited (Registered number: SC241850)

Notes to the Financial Statements
For The Year Ended 31 December 2023

1. STATUTORY INFORMATION

Milligans Coach Travel Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The financial statements are fully compliant with FRS102 Section 1A with the exception of the treatment of Goodwill. Further details are provided in the Goodwill accounting policy below.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax. Turnover is recognised on the date that the service is provided to the customer.

Goodwill
Goodwill represents the amount paid in connection with the acquisition of a business. Accounting standards require this to be depreciated over the useful economic life of the goodwill, however the directors consider goodwill to have an indefinite life. Accordingly goodwill is not being written down in the financial statements as the directors consider this is necessary for the accounts to show a true and fair view.

Had goodwill been written off over a 10 year period, the carrying value at the statement of financial position date would have been £7,375 and company reserves at the statement of financial position date would have been £590,955..

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixed plant and equipment - 10% on reducing balance
Fixtures and fittings - 25% on reducing balance and 10% on reducing balance
Motor vehicles - 10% - 25% 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.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.


Milligans Coach Travel Limited (Registered number: SC241850)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimate useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Comprehensive Income over the expected useful lives of the assets concerned. Other grants are credited to the Statement of Comprehensive Income as the related expenditure is incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 14 ) .

Milligans Coach Travel Limited (Registered number: SC241850)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023
and 31 December 2023 175,000
NET BOOK VALUE

At 31 December 2023 175,000
At 31 December 2022 175,000

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 2,024,020
Additions 255,057
Disposals (328,451 )
At 31 December 2023 1,950,626
DEPRECIATION
At 1 January 2023 996,736
Charge for year 120,234
Eliminated on disposal (172,820 )
At 31 December 2023 944,150
NET BOOK VALUE
At 31 December 2023 1,006,476
At 31 December 2022 1,027,284

Milligans Coach Travel Limited (Registered number: SC241850)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 January 2023 795,800
Additions 219,000
Disposals (65,000 )
At 31 December 2023 949,800
DEPRECIATION
At 1 January 2023 314,711
Charge for year 65,622
Eliminated on disposal (32,292 )
At 31 December 2023 348,041
NET BOOK VALUE
At 31 December 2023 601,759
At 31 December 2022 481,089

6. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 57,350 97,125
Between one and five years 184,020 165,122
241,370 262,247

Non-cancellable operating leases
2023 2022
£    £   
Within one year - 2,185

Milligans Coach Travel Limited (Registered number: SC241850)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase creditors 241,370 262,247

Hire purchase creditors are secured on the assets financed.

8. DIRECTORS' LOANS

The following advances and credits from a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
W J Milligan
Balance outstanding at start of year (309,199 ) (304,563 )
Amounts advanced (13,162 ) (14,636 )
Amounts repaid 88,741 10,000
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (233,620 ) (309,199 )

Interest is payable on directors' loans.

9. ULTIMATE CONTROLLING PARTY

The controlling party is W J Milligan.