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Company No: 01376448 (England and Wales)

A W EASTON'S COACHES LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

A W EASTON'S COACHES LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

A W EASTON'S COACHES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 29 February 2024
A W EASTON'S COACHES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,630,062 1,636,950
Investments 4 428 402
1,630,490 1,637,352
Current assets
Stocks 7,006 16,307
Debtors 5 392,210 249,283
Cash at bank and in hand 6 1,242,810 891,645
1,642,026 1,157,235
Creditors: amounts falling due within one year 7 ( 2,039,272) ( 1,669,968)
Net current liabilities (397,246) (512,733)
Total assets less current liabilities 1,233,244 1,124,619
Creditors: amounts falling due after more than one year 8 ( 45,309) ( 221,415)
Provision for liabilities 9 ( 286,282) ( 150,702)
Net assets 901,653 752,502
Capital and reserves
Called-up share capital 150 150
Revaluation reserve 270,217 270,217
Capital redemption reserve 25 25
Profit and loss account 631,261 482,110
Total shareholders' funds 901,653 752,502

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of A W Easton's Coaches Limited (registered number: 01376448) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

R W Easton
Director
L M Easton
Director

11 October 2024

A W EASTON'S COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
A W EASTON'S COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

A W Easton's Coaches Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Old Coach House, Spring Grove, Stratton Strawless, NR10 5LR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Income Statement in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 3 years straight line
15 % reducing balance
Vehicles 15 % reducing balance
Fixtures and fittings 3 years straight line
15 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 26 23

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 March 2023 516,275 160,131 2,960,767 12,676 64,837 3,714,686
Additions 0 0 356,032 5,224 3,421 364,677
Disposals 0 ( 39,866) ( 539,543) ( 2,784) 0 ( 582,193)
At 29 February 2024 516,275 120,265 2,777,256 15,116 68,258 3,497,170
Accumulated depreciation
At 01 March 2023 38,076 151,213 1,811,509 12,101 64,837 2,077,736
Charge for the financial year 7,615 997 198,665 413 1,129 208,819
Disposals 0 ( 37,597) ( 379,191) ( 2,659) 0 ( 419,447)
At 29 February 2024 45,691 114,613 1,630,983 9,855 65,966 1,867,108
Net book value
At 29 February 2024 470,584 5,652 1,146,273 5,261 2,292 1,630,062
At 28 February 2023 478,199 8,918 1,149,258 575 0 1,636,950
Leased assets included above:
Net book value
At 29 February 2024 0 0 362,077 0 0 362,077
At 28 February 2023 0 0 425,973 0 0 425,973

4. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 March 2023 402 402
Movement in fair value 26 26
At 29 February 2024 428 428
Carrying value at 29 February 2024 428 428
Carrying value at 28 February 2023 402 402

5. Debtors

2024 2023
£ £
Trade debtors 2,255 17,813
Prepayments 365,477 231,470
VAT recoverable 24,478 0
392,210 249,283

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 1,242,810 891,645

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 62,500 62,500
Trade creditors 43,037 121,575
Amounts owed to directors 538 31,506
Accruals and deferred income 1,687,492 1,305,933
Taxation and social security 135,603 21,368
Obligations under finance leases and hire purchase contracts (secured) 107,605 122,786
Other creditors 2,497 4,300
2,039,272 1,669,968

HP liabilities are secured against the assets to which they relate.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other loans 26,042 88,542
Obligations under finance leases and hire purchase contracts (secured) 19,267 132,873
45,309 221,415

HP liabilities are secured against the assets to which they relate.

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 150,702) ( 199,553)
(Charged)/credited to the Income Statement ( 135,580) 48,851
At the end of financial year ( 286,282) ( 150,702)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 272,356) ( 200,952)
Revaluation of tangible assets ( 14,194) 50,097
Pension surplus 268 153
( 286,282) ( 150,702)

10. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 2,497 1,874

The pension cost charge represents contributions payable by the Company to the fund and amounted to £30,360 (2023: £12,108).