Carmel Coaches Ltd 07132517 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is coach hire and operator. Digita Accounts Production Advanced 6.30.9574.0 true true 07132517 2023-02-01 2024-01-31 07132517 2024-01-31 07132517 core:CurrentFinancialInstruments 2024-01-31 07132517 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 07132517 core:Goodwill 2024-01-31 07132517 core:FurnitureFittings 2024-01-31 07132517 core:MotorVehicles 2024-01-31 07132517 core:PlantMachinery 2024-01-31 07132517 bus:SmallEntities 2023-02-01 2024-01-31 07132517 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 07132517 bus:FilletedAccounts 2023-02-01 2024-01-31 07132517 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 07132517 bus:RegisteredOffice 2023-02-01 2024-01-31 07132517 bus:Director1 2023-02-01 2024-01-31 07132517 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 07132517 core:Goodwill 2023-02-01 2024-01-31 07132517 core:FurnitureFittings 2023-02-01 2024-01-31 07132517 core:MotorVehicles 2023-02-01 2024-01-31 07132517 core:OtherVehicles 2023-02-01 2024-01-31 07132517 core:PlantMachinery 2023-02-01 2024-01-31 07132517 countries:EnglandWales 2023-02-01 2024-01-31 07132517 2023-01-31 07132517 core:Goodwill 2023-01-31 07132517 core:FurnitureFittings 2023-01-31 07132517 core:MotorVehicles 2023-01-31 07132517 core:PlantMachinery 2023-01-31 07132517 2022-02-01 2023-01-31 07132517 2023-01-31 07132517 core:CurrentFinancialInstruments 2023-01-31 07132517 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 07132517 core:FurnitureFittings 2023-01-31 07132517 core:MotorVehicles 2023-01-31 07132517 core:PlantMachinery 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 07132517

Carmel Coaches Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Carmel Coaches Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Carmel Coaches Ltd

(Registration number: 07132517)
Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

16,312

4,205

Current assets

 

Stocks

6

500

2,000

Debtors

7

18,284

6,995

Cash at bank and in hand

 

96,804

125,754

 

115,588

134,749

Creditors: Amounts falling due within one year

8

(773,743)

(773,536)

Net current liabilities

 

(658,155)

(638,787)

Total assets less current liabilities

 

(641,843)

(634,582)

Provisions for liabilities

(2,777)

(456)

Net liabilities

 

(644,620)

(635,038)

Capital and reserves

 

Called up share capital

3,000

3,000

Profit and loss account

(647,620)

(638,038)

Shareholders' deficit

 

(644,620)

(635,038)

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 28 October 2024
 

 

Carmel Coaches Ltd

(Registration number: 07132517)
Statement of Financial Position as at 31 January 2024 (continued)


Mr Anthony Grove Hazell
Director

 

Carmel Coaches Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Carmel Coaches
Station Road
Northlew
Okehampton
EX20 3BN

Principal activity

The principal activity of the company is coach hire and operator.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Carmel Coaches Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Coaches

20% reducing balance

Motor Vehicles

25% reducing balance

 

Carmel Coaches Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Equal instalments over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Carmel Coaches Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 4).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

76,000

76,000

At 31 January 2024

76,000

76,000

Amortisation

At 1 February 2023

76,000

76,000

At 31 January 2024

76,000

76,000

Carrying amount

At 31 January 2024

-

-

 

Carmel Coaches Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

5

Tangible assets

Coaches
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

-

13,477

3,950

17,427

Additions

16,600

-

-

16,600

At 31 January 2024

16,600

13,477

3,950

34,027

Depreciation

At 1 February 2023

-

12,234

988

13,222

Charge for the year

3,320

185

988

4,493

At 31 January 2024

3,320

12,419

1,976

17,715

Carrying amount

At 31 January 2024

13,280

1,058

1,974

16,312

At 31 January 2023

-

1,243

2,962

4,205

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

500

2,000

7

Debtors

2024
£

2023
£

Trade debtors

2,602

3,194

Other debtors

15,195

3,413

Prepayments

487

388

18,284

6,995

 

Carmel Coaches Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

592

-

Accruals and deferred income

1,800

2,260

Other creditors

771,351

771,276

773,743

773,536

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.