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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
2 Oriel Court |
Omega Park |
Alton |
Hampshire |
GU34 2YT |
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 | ( |
) | ( |
) |
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 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
Company's loss for the financial year | (23,156 | ) | (1,530,721 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31st December 2022 | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31st December 2023 | ( |
) |
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 property | Held 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 |
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 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: 81 Salamander Street, Leith, Edinburgh, EH6 7JZ |
Nature of business: |
% |
Class of shares: | holding |
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 |
Amounts owed by group undertakings | - | - |
Other debtors | 4,027 | 105,765 |
VAT | - | 107,371 |
Prepayments and accrued income | 186,304 | 119,601 |
524,054 | 617,946 |
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 |
Hire purchase contracts (see note 17) | 507,936 | 515,376 |
Trade creditors | 185,425 | 120,995 |
Amounts owed to group undertakings | 285,219 | - |
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 |
1,161,610 | 843,613 |
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 | - | - |
Bank loans | 50,000 | 50,000 |
50,000 | 50,000 |
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 | - | - |
Bank loans | 179,167 | 229,167 |
Hire purchase contracts | 1,787,055 | 1,550,893 | - | - |
1,966,222 | 1,780,060 |
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: | £ | £ |
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 | ( |
) |
Deficit for the year | ( |
) |
At 31st December 2023 | ( |
) |
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. |