IRIS Accounts Production v24.2.0.383 SC219102 Board of Directors 1.6.23 31.5.24 31.5.24 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC2191022023-05-31SC2191022024-05-31SC2191022023-06-012024-05-31SC2191022022-05-31SC2191022022-06-012023-05-31SC2191022023-05-31SC219102ns15:Scotland2023-06-012024-05-31SC219102ns14:PoundSterling2023-06-012024-05-31SC219102ns10:Director12023-06-012024-05-31SC219102ns10:PrivateLimitedCompanyLtd2023-06-012024-05-31SC219102ns10:SmallEntities2023-06-012024-05-31SC219102ns10:AuditExempt-NoAccountantsReport2023-06-012024-05-31SC219102ns10:SmallCompaniesRegimeForDirectorsReport2023-06-012024-05-31SC219102ns10:SmallCompaniesRegimeForAccounts2023-06-012024-05-31SC219102ns10:FullAccounts2023-06-012024-05-31SC219102ns10:Director22023-06-012024-05-31SC219102ns10:Director32023-06-012024-05-31SC219102ns10:Director42023-06-012024-05-31SC219102ns10:Director52023-06-012024-05-31SC219102ns10:RegisteredOffice2023-06-012024-05-31SC219102ns5:CurrentFinancialInstruments2024-05-31SC219102ns5:CurrentFinancialInstruments2023-05-31SC219102ns5:Non-currentFinancialInstruments2024-05-31SC219102ns5:Non-currentFinancialInstruments2023-05-31SC219102ns5:ShareCapital2024-05-31SC219102ns5:ShareCapital2023-05-31SC219102ns5:FurtherSpecificReserve3ComponentTotalEquity2024-05-31SC219102ns5:FurtherSpecificReserve3ComponentTotalEquity2023-05-31SC219102ns5:RetainedEarningsAccumulatedLosses2024-05-31SC219102ns5:RetainedEarningsAccumulatedLosses2023-05-31SC219102ns5:LandBuildings2023-05-31SC219102ns5:PlantMachinery2023-05-31SC219102ns5:LandBuildings2023-06-012024-05-31SC219102ns5:PlantMachinery2023-06-012024-05-31SC219102ns5:LandBuildings2024-05-31SC219102ns5:PlantMachinery2024-05-31SC219102ns5:LandBuildings2023-05-31SC219102ns5:PlantMachinery2023-05-31SC219102ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-05-31SC219102ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-31SC219102ns5:FurtherSpecificReserve3ComponentTotalEquity2023-05-31
REGISTERED NUMBER: SC219102 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

DEVERON COACHES LIMITED

DEVERON COACHES LIMITED (REGISTERED NUMBER: SC219102)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DEVERON COACHES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: A Milne
Mrs S Milne
Mrs P Bruce
M Milne
Miss E Milne





REGISTERED OFFICE: 6 Union Road
Macduff
AB44 1UJ





REGISTERED NUMBER: SC219102 (Scotland)





ACCOUNTANTS: Ritsons Chartered Accountants
15 Boyndie Street
Banff
AB45 1DY

DEVERON COACHES LIMITED (REGISTERED NUMBER: SC219102)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 2,579,865 2,452,460
Investment property 5 325,527 325,527
2,905,392 2,777,987

CURRENT ASSETS
Stocks 6,305 6,477
Debtors 6 378,090 369,486
Cash at bank and in hand 728,112 673,695
1,112,507 1,049,658
CREDITORS
Amounts falling due within one year 7 (307,136 ) (341,256 )
NET CURRENT ASSETS 805,371 708,402
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,710,763

3,486,389

CREDITORS
Amounts falling due after more than one
year

8

(24,722

)

(81,389

)

PROVISIONS FOR LIABILITIES (375,185 ) (279,008 )
NET ASSETS 3,310,856 3,125,992

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 11 4,782 4,782
Retained earnings 3,305,974 3,121,110
3,310,856 3,125,992

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

DEVERON COACHES LIMITED (REGISTERED NUMBER: SC219102)

BALANCE SHEET - continued
31 MAY 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 November 2024 and were signed on its behalf by:





Mrs S Milne - Director


DEVERON COACHES LIMITED (REGISTERED NUMBER: SC219102)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Deveron 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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


DEVERON COACHES LIMITED (REGISTERED NUMBER: SC219102)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued
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.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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, which ever is 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 72 (2023 - 82 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 June 2023 525,435 5,596,110 6,121,545
Additions 107,451 604,021 711,472
Disposals - (244,417 ) (244,417 )
At 31 May 2024 632,886 5,955,714 6,588,600
DEPRECIATION
At 1 June 2023 109,280 3,559,805 3,669,085
Charge for year 12,658 501,487 514,145
Eliminated on disposal - (174,495 ) (174,495 )
At 31 May 2024 121,938 3,886,797 4,008,735
NET BOOK VALUE
At 31 May 2024 510,948 2,068,917 2,579,865
At 31 May 2023 416,155 2,036,305 2,452,460

DEVERON COACHES LIMITED (REGISTERED NUMBER: SC219102)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 325,527
NET BOOK VALUE
At 31 May 2024 325,527
At 31 May 2023 325,527

The original investment properties were purchased during 2016/17 and there has been no significant additional work done with regard to the properties therefore no valuation was carried out by a qualified person but the directors are satisfied that the property values are appropriate.

The additional investment property is a house at Kirkhill yard which is now being let by the company. The cost price of the house including improvements to the property is £250,514. A valuation of the property has been carried out by Gordon J Philip, Architectural Consultants and confirms a current market value of £250,000.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 346,317 338,844
Other debtors 31,773 30,642
378,090 369,486

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 9) 56,667 87,708
Trade creditors 113,714 62,755
Taxation and social security 94,874 48,920
Other creditors 41,881 141,873
307,136 341,256

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 9) 24,722 81,389

DEVERON COACHES LIMITED (REGISTERED NUMBER: SC219102)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


9. LEASING AGREEMENTS

Minimum lease payments fall due as follows



Hire purchase contracts
31.5.24 31.5.23
Net obligations repayable:
Within one year 56,667 87,708
Between one and five years 24,722 81,389

81,389 169,097


Non-cancellable operating
leases
31.5.24 31.5.23
Net obligations repayable:
Within one year 45,000 45,000
Between one and five years 45,000 90,000

90,000 135,000


10. SECURED DEBTS

The Clydesdale Bank plc hold a floating charge (registered 14/06/2012) over the assets of the company.

The Clydesdale Bank plc hold a standard security (registered 06/02/2003) over the ground at March Road Industrial Estate Buckie.

11. RESERVES
Fair
value
reserve
£   
At 1 June 2023
and 31 May 2024 4,782

12. RELATED PARTY DISCLOSURES

As at 31 May 2024 Mr A Milne & Mrs S. Milne were due £13,275 from the company (2023 - £91,077). This loan is unsecured, interest free and repayable on demand.

13. ULTIMATE CONTROLLING PARTY

The company is controlled by its directors.