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REGISTERED NUMBER: SC209659 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Simpsons Coaches Limited

Simpsons Coaches Limited (Registered number: SC209659)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Simpsons Coaches Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: Mr R T Simpson
Mrs P A Simpson





REGISTERED OFFICE: 2 Cross Street
Fraserburgh
Aberdeenshire
AB43 9EQ





REGISTERED NUMBER: SC209659 (Scotland)





ACCOUNTANTS: SBP
Accountants
2 Cross Street
Fraserburgh
Aberdeenshire
AB43 9EQ

Simpsons Coaches Limited (Registered number: SC209659)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,465,676 967,968

CURRENT ASSETS
Stocks 25,000 82,000
Debtors 5 163,648 219,447
Prepayments and accrued income 45,120 11,890
Cash at bank and in hand 740,521 648,822
974,289 962,159
CREDITORS
Amounts falling due within one year 6 733,835 781,428
NET CURRENT ASSETS 240,454 180,731
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,706,130

1,148,699

CREDITORS
Amounts falling due after more than one
year

7

(72,500

)

(150,684

)

PROVISIONS FOR LIABILITIES (340,018 ) (201,842 )
NET ASSETS 1,293,612 796,173

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,293,610 796,171
SHAREHOLDERS' FUNDS 1,293,612 796,173

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Simpsons Coaches Limited (Registered number: SC209659)

Balance Sheet - continued
31 January 2024


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 8 October 2024 and were signed on its behalf by:





Mr R T Simpson - Director


Simpsons Coaches Limited (Registered number: SC209659)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts receivable for services provided in the normal course of business, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles & coaches - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Simpsons Coaches Limited (Registered number: SC209659)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 15 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 February 2023 101,045 7,100 931
Additions - 7,753 1,946
Disposals - - -
At 31 January 2024 101,045 14,853 2,877
DEPRECIATION
At 1 February 2023 6,063 2,635 380
Charge for year 2,021 2,444 625
Eliminated on disposal - - -
At 31 January 2024 8,084 5,079 1,005
NET BOOK VALUE
At 31 January 2024 92,961 9,774 1,872
At 31 January 2023 94,982 4,465 551

Simpsons Coaches Limited (Registered number: SC209659)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. TANGIBLE FIXED ASSETS - continued

Motor
vehicles Computer
& coaches equipment Totals
£    £    £   
COST
At 1 February 2023 1,305,106 5,863 1,420,045
Additions 1,108,345 475 1,118,519
Disposals (342,365 ) - (342,365 )
At 31 January 2024 2,071,086 6,338 2,196,199
DEPRECIATION
At 1 February 2023 439,809 3,190 452,077
Charge for year 453,176 1,607 459,873
Eliminated on disposal (181,427 ) - (181,427 )
At 31 January 2024 711,558 4,797 730,523
NET BOOK VALUE
At 31 January 2024 1,359,528 1,541 1,465,676
At 31 January 2023 865,297 2,673 967,968

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

Plant and
machinery
etc
£   
COST
At 1 February 2023 632,730
Disposals (199,115 )
At 31 January 2024 433,615
DEPRECIATION
At 1 February 2023 268,621
Charge for year 75,277
Eliminated on disposal (136,114 )
At 31 January 2024 207,784
NET BOOK VALUE
At 31 January 2024 225,831
At 31 January 2023 364,109

Simpsons Coaches Limited (Registered number: SC209659)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 135,960 137,498
Other debtors - 51,750
VAT 27,688 18,814
Prepayments - 11,385
163,648 219,447

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 50,000 70,000
Trade creditors - 7,955
Tax 74,503 38,751
Social security and other taxes 10,009 6,593
Other creditors 100,499 93,528
Directors' current accounts 447,100 515,861
Accruals and deferred income 17,100 34,870
Accrued expenses 24,624 3,870
733,835 781,428

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 4,167 14,167
Hire purchase contracts 58,333 126,517
72,500 150,684

8. RELATED PARTY DISCLOSURES

The directors operate current accounts with the company and as at the financial year end the combined balance owing to them was £447,100 (2023 - £515,861). Whilst the loans are considered short term, there are no fixed terms of repayment and no interest is accrued.

9. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr R.Simpson and Mrs P.Simpson.