IRIS Accounts Production v24.2.0.383 01855848 Board of Directors 31.12.23 1.1.23 31.12.23 31.12.23 the provision of coach and bus hire services. true true true false true true false false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh018558482022-12-31018558482023-12-31018558482023-01-012023-12-31018558482021-12-31018558482022-01-012022-12-31018558482022-12-3101855848ns15:EnglandWales2023-01-012023-12-3101855848ns14:PoundSterling2023-01-012023-12-3101855848ns10:Director12023-01-012023-12-3101855848ns10:Consolidated2023-12-3101855848ns10:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3101855848ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3101855848ns10:Consolidatedns10:FRS1022023-01-012023-12-3101855848ns10:Consolidatedns10:Audited2023-01-012023-12-3101855848ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3101855848ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3101855848ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3101855848ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-01-012023-12-3101855848ns10:FullAccounts2023-01-012023-12-3101855848ns5:Subsidiary12023-01-012023-12-310185584812023-01-012023-12-3101855848ns10:OrdinaryShareClass12023-01-012023-12-3101855848ns10:Consolidated2023-01-012023-12-3101855848ns10:Director22023-01-012023-12-3101855848ns10:CompanySecretary12023-01-012023-12-3101855848ns10:RegisteredOffice2023-01-012023-12-3101855848ns10:Consolidated2022-01-012022-12-3101855848ns5:CurrentFinancialInstruments2023-12-3101855848ns5:CurrentFinancialInstruments2022-12-3101855848ns5:ShareCapital2023-12-3101855848ns5:ShareCapital2022-12-3101855848ns5:RetainedEarningsAccumulatedLosses2023-12-3101855848ns5:RetainedEarningsAccumulatedLosses2022-12-3101855848ns5:ShareCapital2021-12-3101855848ns5:RetainedEarningsAccumulatedLosses2021-12-3101855848ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3101855848ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3101855848ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3101855848ns5:CostValuation2022-12-3101855848ns5:Subsidiary112023-01-012023-12-3101855848ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3101855848ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3101855848ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-12-3101855848ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-12-3101855848ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3101855848ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-12-3101855848ns5:Secured2023-12-3101855848ns5:Secured2022-12-3101855848ns10:OrdinaryShareClass12023-12-3101855848ns5:RetainedEarningsAccumulatedLosses2022-12-31
REGISTERED NUMBER: 01855848 (England and Wales)















Landtourer Coaches Limited

Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 31st December 2023






Landtourer Coaches Limited (Registered number: 01855848)

Contents of the Consolidated Financial Statements
for the Year Ended 31st December 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


Landtourer Coaches Limited

Company Information
for the Year Ended 31st December 2023







DIRECTORS: S Kavanagh
J Clarke





SECRETARY: S Kavanagh





REGISTERED OFFICE: 2 Oriel Court
Omega Park
Alton
Hampshire
GU34 2YT





REGISTERED NUMBER: 01855848 (England and Wales)





AUDITORS: Sheen Stickland
Chartered Accountants
Statutory Auditors
2 Oriel Court
Omega Park
Alton
Hampshire
GU34 2YT

Landtourer Coaches Limited (Registered number: 01855848)

Group Strategic Report
for the Year Ended 31st December 2023


The directors present their strategic report of the company and the group for the year ended 31st December 2023.

REVIEW OF BUSINESS
The group's principal activities during the year continued to be the provision of coach and bus hire
services and tour operation.

The key 2023 financial and other performance indicators were as follows:

2022 2023 Change

Turnover 5,460,385 6,135,145 12.4%
Group operating profit 11,317 (162,975) (1,540.1%)
Profit after tax (1,423) (290,131) (20,389.7%)
Equity shareholders' funds 2,596,422 2311905 (11.0%)
Gross profit margin 11.9% 6.5% (45.8%)

PRINCIPAL RISKS AND UNCERTAINTIES
The major risk faced by the group is competitive risk. The group operates in a crowded and highly competitive market.

FUTURE DEVELOPMENT
The directors remain focused on preserving and improving the future profitability of the company, which can be achieved by the continued monitoring and control of costs and investment in sales and marketing activities.

ON BEHALF OF THE BOARD:





S Kavanagh - Director


10th September 2024

Landtourer Coaches Limited (Registered number: 01855848)

Report of the Directors
for the Year Ended 31st December 2023


The directors present their report with the financial statements of the company and the group for the year ended 31st December 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31st December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report.

S Kavanagh
J Clarke

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Sheen Stickland, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S Kavanagh - Director


10th September 2024

Report of the Independent Auditors to the Members of
Landtourer Coaches Limited


Opinion
We have audited the financial statements of Landtourer Coaches Limited (the 'parent company') for the year ended 31st December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-give a true and fair view of the state of the company affairs as at 31st December 2023 and of the company loss
for the year then ended;
-have been properly prepared in accordance with the United Kingdom Generally Accepted Accounting Practice;
and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Landtourer Coaches Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Landtourer Coaches Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. The laws and regulations applicable to the company were identified through discussions with the director and other management also from Our commercial knowledge and experience of the company. Of these laws and regulations, we focused on those that we considered may have a direct material effect on the financial statements or the operations of the company, including but not limited to The Companies Act 2006, taxation legislation, data protection, anti-bribery, anti-money-laundering and employment.

The extent of compliance with these laws and regulations identified above was assessed through making enquiries of management and inspecting legal expenditure and correspondence. The identified laws and regulations were communicated within the audit team, the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and understanding the design of the company's remuneration policies.
- making enquiries of management as to where they considered there was susceptibility to fraud, them knowledge of actual, suspected and alleged fraud;

To address the risk of fraud through management bias and override of controls, we:
- tested journal entries to identify unusual transactions;
- performed analytical procedures to identify any unusual or unexpected relationships;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
- and investigated the rationale behind significant or unusual transactions

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims;

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Landtourer Coaches Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




David Sanders BA BFP FCA (Senior Statutory Auditor)
for and on behalf of Sheen Stickland
Chartered Accountants
Statutory Auditors
2 Oriel Court
Omega Park
Alton
Hampshire
GU34 2YT

8th October 2024

Landtourer Coaches Limited (Registered number: 01855848)

Consolidated Statement of Comprehensive Income
for the Year Ended 31st December 2023

2023 2022
Notes £    £   

TURNOVER 3 6,135,145 5,460,385

Cost of sales (5,892,520 ) (4,850,382 )
GROSS PROFIT 242,625 610,003

Administrative expenses (608,838 ) (598,898 )
(366,213 ) 11,105

Other operating income 203,238 212
OPERATING (LOSS)/PROFIT 5 (162,975 ) 11,317

Interest receivable and similar income 8,447 1,858
(154,528 ) 13,175

Interest payable and similar expenses 6 (137,517 ) (65,442 )
LOSS BEFORE TAXATION (292,045 ) (52,267 )

Tax on loss 7 491 50,844
LOSS FOR THE FINANCIAL YEAR (291,554 ) (1,423 )

OTHER COMPREHENSIVE INCOME
Revaluation reserve 7,037 (284,109 )
Income tax relating to other comprehensive
income

-

71,027
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

7,037

(213,082

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(284,517

)

(214,505

)

Loss attributable to:
Owners of the parent (291,554 ) (1,423 )

Total comprehensive income attributable to:
Owners of the parent (284,517 ) (214,505 )

Landtourer Coaches Limited (Registered number: 01855848)

Consolidated Balance Sheet
31st December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 4,486,762 4,343,159
Investments 11 - -
4,486,762 4,343,159

CURRENT ASSETS
Stocks 12 89,128 104,779
Debtors 13 524,054 617,946
Cash at bank 309,620 495,286
922,802 1,218,011
CREDITORS
Amounts falling due within one year 14 (1,161,610 ) (843,613 )
NET CURRENT (LIABILITIES)/ASSETS (238,808 ) 374,398
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,247,954

4,717,557

CREDITORS
Amounts falling due after more than one
year

15

(1,408,286

)

(1,585,844

)

PROVISIONS FOR LIABILITIES 19 (527,763 ) (535,291 )
NET ASSETS 2,311,905 2,596,422

CAPITAL AND RESERVES
Called up share capital 20 1,060,002 1,060,002
Revaluation reserve 21 157,204 150,167
Retained earnings 21 1,094,699 1,386,253
SHAREHOLDERS' FUNDS 2,311,905 2,596,422

The financial statements were approved by the Board of Directors and authorised for issue on 10th September 2024 and were signed on its behalf by:





S Kavanagh - Director


Landtourer Coaches Limited (Registered number: 01855848)

Company Balance Sheet
31st December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 84,997 84,997
84,997 84,997

CURRENT ASSETS
Debtors 13 648 59,003
Cash at bank 2,087 272
2,735 59,275
CREDITORS
Amounts falling due within one year 14 (45,140 ) (78,524 )
NET CURRENT LIABILITIES (42,405 ) (19,249 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

42,592

65,748

CAPITAL AND RESERVES
Called up share capital 20 1,060,002 1,060,002
Retained earnings 21 (1,017,410 ) (994,254 )
SHAREHOLDERS' FUNDS 42,592 65,748

Company's loss for the financial year (23,156 ) (1,530,721 )

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

The financial statements were approved by the Board of Directors and authorised for issue on 10th September 2024 and were signed on its behalf by:





S Kavanagh - Director


Landtourer Coaches Limited (Registered number: 01855848)

Consolidated Statement of Changes in Equity
for the Year Ended 31st December 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st January 2022 1,060,002 1,387,676 363,249 2,810,927

Changes in equity
Total comprehensive income - (1,423 ) (213,082 ) (214,505 )
Balance at 31st December 2022 1,060,002 1,386,253 150,167 2,596,422

Changes in equity
Total comprehensive income - (291,554 ) 7,037 (284,517 )
Balance at 31st December 2023 1,060,002 1,094,699 157,204 2,311,905

Landtourer Coaches Limited (Registered number: 01855848)

Company Statement of Changes in Equity
for the Year Ended 31st December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2022 1,060,002 536,467 1,596,469

Changes in equity
Total comprehensive income - (1,530,721 ) (1,530,721 )
Balance at 31st December 2022 1,060,002 (994,254 ) 65,748

Changes in equity
Total comprehensive income - (23,156 ) (23,156 )
Balance at 31st December 2023 1,060,002 (1,017,410 ) 42,592

Landtourer Coaches Limited (Registered number: 01855848)

Consolidated Cash Flow Statement
for the Year Ended 31st December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 558,314 389,781
Interest paid (16,909 ) (7,418 )
Interest element of hire purchase payments
paid

(120,608

)

(58,024

)
Tax paid - 32,529
Net cash from operating activities 420,797 356,868

Cash flows from investing activities
Purchase of tangible fixed assets (1,070,432 ) (1,854,372 )
Sale of tangible fixed assets 355,301 478,600
Interest received 8,447 1,858
Net cash from investing activities (706,684 ) (1,373,914 )

Cash flows from financing activities
Loan repayments in year (50,000 ) (20,833 )
Group loan movements (85,941 ) 211,856
Capital repayments in year 236,162 820,999
Net cash from financing activities 100,221 1,012,022

Decrease in cash and cash equivalents (185,666 ) (5,024 )
Cash and cash equivalents at beginning of
year

2

495,286

500,310

Cash and cash equivalents at end of year 2 309,620 495,286

Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31st December 2023


1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Loss before taxation (292,045 ) (52,267 )
Depreciation charges 774,766 611,880
(Profit)/loss on disposal of fixed assets (203,238 ) 4,393
Finance costs 137,517 65,442
Finance income (8,447 ) (1,858 )
408,553 627,590
Decrease/(increase) in stocks 15,651 (38,580 )
Decrease/(increase) in trade and other debtors 93,892 (32,140 )
Increase/(decrease) in trade and other creditors 40,218 (167,089 )
Cash generated from operations 558,314 389,781

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 309,620 495,286
Year ended 31st December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 495,286 500,310


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 495,286 (185,666 ) 309,620
495,286 (185,666 ) 309,620
Debt
Finance leases (1,550,893 ) (236,162 ) (1,787,055 )
Debts falling due within 1 year (50,000 ) - (50,000 )
Debts falling due after 1 year (179,167 ) 50,000 (129,167 )
(1,780,060 ) (186,162 ) (1,966,222 )
Total (1,284,774 ) (371,828 ) (1,656,602 )

Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Financial Statements
for the Year Ended 31st December 2023


1. STATEMENT OF COMPLIANCE

Landtourer Coaches Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is 2 Oriel Court, Omega Park, Alton, Hampshire, GU34 2YT. The registration number is 01855848.

The Group's financial statements are presented in sterling which is the functional currency of the Group and rounded to the nearest pound.

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 (FRS 102)" and the Companies Act 2006.

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

Basis of consolidation
The consolidated financial statements incorporate the results of Landtourer Coaches Limited and all its subsidiary undertakings as at 31st December 2023 using the acquisition method of accounting. The parent company has taken advantage of section 408 of the Companies Act 2006 and has not included its own Profit and Loss Account in these financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required make judgements, estimates and assumptions about the carrying amount of assets and liabilities that a readily apparent from other sources.

The estimates and associated assumptions are based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Deferred tax
The company has not recognised a deferred tax liability on a the timing difference arising from accelerated capital allowances, due to the tax relief generating losses nor has it recognised the corresponding asset. It is probable the company would relieve taxable losses against any future balancing charges on Tangible fixed assets. Deferred tax has been recognised on other timing differences.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing material adjustment to the carrying
amount of assets and liabilities are as follows:-

Property Valuation
The directors have valued the property based on market conditions, a formal valuation that took place in 2023 and their experience. The property is held jointly by two subsidiary companies, effectively it is two separate adjoining premises.

ACCOUNTING POLICIES - continued

Turnover
Turnover represents net amounts invoiced during the year, excluding Value Added Tax. Revenue is recognised when sales invoices are raised for the provision of coach travel, then adjustments are made for any accrued and deferred income.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 shorter:
Freehold propertyHeld at valuation
Plant and Machinery- 10% - 50% on cost
Fixtures and Fittings- 10% - 33% on cost
Computer Equipment- 10% - 33% on cost

Fixed assets are stated at cost less depreciation and any impairment.

Land and buildings are held at valuation and not depreciated. The directors have reviewed the value of the land and buildings as at 31st December 2023 and are satisfied that the value is not less than the carrying amount.

Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


2. ACCOUNTING POLICIES - continued

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
Financial assets and financial liabilities are recognised when the group becomes party to the contractual provisions of the financial instrument.

Cash and cash equivalents
These comprise cash at bank and other short term liquid investments.

Debtors
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Rendering of services 6,135,145 5,446,785
Government grants - 13,600
6,135,145 5,460,385

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,179,117 1,651,424
Social security costs 197,417 169,071
Other pension costs 29,810 27,554
2,406,344 1,848,049

The average number of employees during the year was as follows:
2023 2022

Employees 64 57

The average number of employees by undertakings that were proportionately consolidated during the year was 64 (2022 - 54 ) .

2023 2022
£    £   
Directors' remuneration - -

Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


5. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging/(crediting):

2023 2022
£    £   
Hire of coaches 144,308 466,712
Depreciation - owned assets 774,766 611,880
(Profit)/loss on disposal of fixed assets (203,238 ) 4,393
Auditors' remuneration 11,500 22,857
Accounting and Taxation 15,170 11,107
Foreign exchange differences 2,496 78

Remuneration paid to the auditors for the year ended 31st December 2023 relating to non-audit services was £15,170 (2022: £11,107).

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 16,909 7,418
Hire purchase interest 120,608 58,024
137,517 65,442

7. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax - (96,782 )

Deferred tax (491 ) 45,938
Tax on loss (491 ) (50,844 )

Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


7. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Loss before tax (292,045 ) (52,267 )
Loss multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

(73,011

)

(9,931

)

Effects of:
Expenses not deductible for tax purposes 84,873 -
Capital allowances in excess of depreciation (36,935 ) (305,877 )
Utilisation of tax losses 25,073 27,078
Deferred tax movement (491 ) 45,937
Unused losses - 191,949
Total tax credit (491 ) (50,844 )

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Revaluation reserve 7,037 - 7,037

2022
Gross Tax Net
£    £    £   
Revaluation reserve (284,109 ) 71,027 (213,082 )

During the year there was an adjustment to the deferred tax amount of approximately £7,037 in the other comprehensive income. This adjustment was made for entities to the extent that it is probable that the future anticipated profit will be above the marginal rate, therefore the temporary difference will be in effect.

During the prior period, year end to 31st December 2022 the office property was revalued £284,109 which has led to a movement of £71,027 in the deferred tax provision both movements through other comprehensive income.

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st January 2023
and 31st December 2023 (31,292 )
AMORTISATION
At 1st January 2023
and 31st December 2023 (31,292 )
NET BOOK VALUE
At 31st December 2023 -
At 31st December 2022 -

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1st January 2023 925,000 119,282 3,895
Additions - - 5,310
Disposals - - -
At 31st December 2023 925,000 119,282 9,205
DEPRECIATION
At 1st January 2023 - 110,540 3,895
Charge for year - 5,916 730
Eliminated on disposal - - -
At 31st December 2023 - 116,456 4,625
NET BOOK VALUE
At 31st December 2023 925,000 2,826 4,580
At 31st December 2022 925,000 8,742 -

Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


10. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st January 2023 7,027,332 118,078 8,193,587
Additions 1,063,938 1,184 1,070,432
Disposals (810,565 ) - (810,565 )
At 31st December 2023 7,280,705 119,262 8,453,454
DEPRECIATION
At 1st January 2023 3,624,377 111,616 3,850,428
Charge for year 764,874 3,246 774,766
Eliminated on disposal (658,502 ) - (658,502 )
At 31st December 2023 3,730,749 114,862 3,966,692
NET BOOK VALUE
At 31st December 2023 3,549,956 4,400 4,486,762
At 31st December 2022 3,402,955 6,462 4,343,159

Cost or valuation at 31st December 2023 is presented by:


Freehold
Property
£
Valuation pre 2018 444,365
Valuation 2022 (284,109 )
Cost 764,744
925,000

Land and buildings were valued by a professional valuer and chartered surveyor during 2022.

If freehold land and building had not been revalued they would have been included at the following historic cost:

2023 2022
£ £
Cost 764,774 764,774
Accumulated depreciation (553,872 ) (525,328 )
Carrying Value 210,902 239,446

Value of land in freehold land and buildings 210,902 228,200

Land and building were valued by the directors on 31st December 2023.

Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st January 2023
and 31st December 2023 84,997
NET BOOK VALUE
At 31st December 2023 84,997
At 31st December 2022 84,997

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Edinburgh Castle Coaches Limited
Registered office: 81 Salamander Street, Leith, Edinburgh, EH6 7JZ
Nature of business: Coach Hire
%
Class of shares: holding
Ordinary 99.99

The subsidiaries took advantage of the of the exemption from audit under section 479A of the companies act 2006.


12. STOCKS

Group
2023 2022
£    £   
Stocks 89,128 104,779

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 333,723 285,209 200 -
Amounts owed by group undertakings - - - 54,000
Other debtors 4,027 105,765 448 5,003
VAT - 107,371 - -
Prepayments and accrued income 186,304 119,601 - -
524,054 617,946 648 59,003

The amount owed by group undertakings due after more than one year is not valued at amortised cost because the loan is repayable within 1 year and 1 day.

Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 16) 50,000 50,000 - 12,500
Hire purchase contracts (see note 17) 507,936 515,376 - -
Trade creditors 185,425 120,995 - 461
Amounts owed to group undertakings 285,219 - 28,000 -
Social security and other taxes 41,482 46,890 - -
VAT 9,667 - - 53,394
Other creditors 48,462 61,483 - -
Accruals and deferred income 33,419 48,869 17,140 12,169
1,161,610 843,613 45,140 78,524

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2023 2022
£    £   
Bank loans (see note 16) 129,167 179,167
Hire purchase contracts (see note 17) 1,279,119 1,035,517
Amounts owed to group undertakings - 371,160
1,408,286 1,585,844

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts - - - 12,500
Bank loans 50,000 50,000 - -
50,000 50,000 - 12,500
Amounts falling due between one and two years:
Bank loans - 1-2 years 129,167 50,000 - -
Amounts falling due between two and five years:
Bank loans - 2 to 5 years - 129,167 - -

Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 507,936 515,376
Between one and five years 1,279,119 1,035,517
1,787,055 1,550,893

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank overdraft - - - 12,500
Bank loans 179,167 229,167 - -
Hire purchase contracts 1,787,055 1,550,893 - -
1,966,222 1,780,060 - 12,500

Net obligations under hire purchase and finance leases are secured over the assets to which they relate. The bank have a fixed and floating charge over all assets of the company for monies due to them.

The bank loans are part of the Government Coronavirus Business interruption scheme and carry the terms applied to those. Repayment over 6 years the first year interest is covered by the Government as a subsidy. 80% is guaranteed by the Government with a charge on company assets for the remainder.

19. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax
Other timing differences - (124,596 )
Deferred tax 527,763 659,887
527,763 535,291

Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


19. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1st January 2023 535,291
Credit to Statement of Comprehensive Income during year (491 )
Other comprehensive income (7,037 )
Balance at 31st December 2023 527,763

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,060,002 Ordinary £1 1,060,002 1,060,002

Ordinary shares hold full voting rights and full rights to participate in dividends and any capital distribution on winding up.

21. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st January 2023 1,386,253 150,167 1,536,420
Deficit for the year (291,554 ) (291,554 )
Deferred tax - 7,037 7,037
At 31st December 2023 1,094,699 157,204 1,251,903

Company
Retained
earnings
£   

At 1st January 2023 (994,254 )
Deficit for the year (23,156 )
At 31st December 2023 (1,017,410 )


Landtourer Coaches Limited (Registered number: 01855848)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


22. RELATED PARTY DISCLOSURES

Group Structure


Name
Country of
incorporation

Registered office
Principal
activity

Ownership %
2023

Landtourer
Coaches Limited


England and Wales
2 Oriel Court, Omega Park,
Alton, Hampshire, GU34
2YT

Coach hire
services


99.99

Edinburgh Castle
Coaches Limited


England and Wales

81 Salamander Street, Leith,
Edinburgh, EH6 7JZ
Intermediary
Parent
Company


99.99
Edinburgh Coach
Lines Limited

England and Wales
81 Salamander Street, Leith,
Edinburgh, EH6 7JZ
Coach hire
services

100
Gray Line
(Scotland) Limited

England and Wales
81 Salamander Street, Leith,
Edinburgh, EH6 7JZ
Coach hire
services

100
Edinburgh
Transport Limited

England and Wales
81 Salamander Street, Leith,
Edinburgh, EH6 7JZ
Dormant
company

100
Thistle Destination
Management
Limited


England and Wales

81 Salamander Street, Leith,
Edinburgh, EH6 7JZ

Coach hire
services


100
Thistle Holidays
Limited

England and Wales
81 Salamander Street, Leith,
Edinburgh, EH6 7JZ
Dormant
company

100

The active subsidiaries took advantage of the exemption from audit under section 479A of the companies act 2006.The dormant subsidiaries were entitled to an exemption from audit under section 480 of the companies act 2006.

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Eirebus Limited.

The parent company of Landtourer Coaches Ltd is Eirebus Limited. The ultimate holding company is Tompat Transport Limited. S Kavanagh holds a majority controlling shareholding in the ordinary issued share capital of Tompat Transport Limited. Both Eirebus Limited and Tompat Transport Limited are incorporated in Eire, Landtourer is not consolidated within any of the parent companies accounts as they are not required to be prepared under Irish law.

The registered office of Eirebus Limited is Corduff Road, Blanchardstown, Dublin.

The registered office of Tompat Transport Limited is Corduff Road, Blanchardstown, Dublin.