Company registration number 2080895 (England and Wales)
MINIBUS OPTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MINIBUS OPTIONS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
MINIBUS OPTIONS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
1,489,715
1,552,150
Investments
5
99
99
1,489,814
1,552,249
Current assets
Inventories
1,092,266
1,012,888
Trade and other receivables
7
712,672
1,191,484
Investments
6
392,514
309,326
Cash and cash equivalents
1,082,480
1,258,861
3,279,932
3,772,559
Current liabilities
8
(1,773,913)
(2,313,608)
Net current assets
1,506,019
1,458,951
Total assets less current liabilities
2,995,833
3,011,200
Non-current liabilities
9
(216,667)
(316,667)
Provisions for liabilities
(168,001)
(182,077)
Net assets
2,611,165
2,512,456
Equity
Called up share capital
10
50,000
50,000
Revaluation reserve
589,929
606,023
Retained earnings
1,971,236
1,856,433
Total equity
2,611,165
2,512,456
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MINIBUS OPTIONS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 October 2024 and are signed on its behalf by:
Mr S J Moore
Director
Company registration number 2080895 (England and Wales)
MINIBUS OPTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Minibus Options Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Bingswood Trading Estate, Whaley Bridge, High Peak, SK23 7LY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Revenue
Revenue 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Property, plant and equipment
Property, plant and equipment are measured at cost, net of depreciation and any impairment losses. Prior to implementation of FRS 102 Section 1a, the company had adopted a policy of revaluating land & buildings. On adoption of FRS 102 Section 1a the company has taken advantage of the transitional arrangements and have chosen to adopt the fair value on transition as deemed cost. There will be no future revaluations of land & buildings.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2.5% Straight Line
Fixtures, fittings & equipment
15% Reducing Balance
Computer equipment
30% Reducing Balance
Motor vehicles
25% Reducing Balance
Contract Hire vehicles
Straight line over the life of the lease
Short term contract hire vehicles
Straight line over the life of the lease
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.
MINIBUS OPTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Non-current investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Impairment of non-current assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.
Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.
Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories 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.
1.7
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 current liabilities.
MINIBUS OPTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Trade payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
MINIBUS OPTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Revenue
2024
2023
£
£
Revenue analysed by geographical market
UK
6,239,676
5,021,679
2024
2023
£
£
Other revenue
Interest income
40,764
15,962
Dividends received
11,853
13,622
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
11
MINIBUS OPTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Property, plant and equipment
Land and buildings
Plant and machinery etc
Contract Hire vehicles
Short term contract hire vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 April 2023
1,063,101
272,767
1,437,144
29,847
2,802,859
Additions
107,103
88,976
196,079
Disposals
(17,399)
(60,378)
(77,777)
At 31 March 2024
1,063,101
362,471
1,465,742
29,847
2,921,161
Depreciation and impairment
At 1 April 2023
238,540
224,009
780,313
7,847
1,250,709
Depreciation charged in the year
26,577
24,379
183,974
5,000
239,930
Eliminated in respect of disposals
(10,059)
(49,134)
(59,193)
At 31 March 2024
265,117
238,329
915,153
12,847
1,431,446
Carrying amount
At 31 March 2024
797,984
124,142
550,589
17,000
1,489,715
At 31 March 2023
824,561
48,758
656,831
22,000
1,552,150
The freehold property, comprising of units 1 and 37 Bingswood Industrial Estate, Whaley Bridge, High Peak, Derbyshire has been included at fair value on transition to FRS 102 of £925,000.
If land & buildings were stated on an historical cost basis rather than at fair value on transition, the total amounts included would have been as follows:
Land and buildings
2024
2023
£
£
Cost
611,529
553,569
Accumulated depreciation
(350,321)
(335,033)
Carrying value
261,208
218,536
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
99
99
Fixed asset investments not carried at market value
The above investment is in relation to the subsidiary Leo Engineering Limited and is included at cost.
MINIBUS OPTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
6
Current asset investments
2024
2023
£
£
Other investments
392,514
309,326
7
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
439,383
1,050,039
Other receivables
217,798
64,562
657,181
1,114,601
2024
2023
Amounts falling due after more than one year:
£
£
Trade receivables
55,491
76,883
Total debtors
712,672
1,191,484
8
Current liabilities
2024
2023
£
£
Bank loans and overdrafts
104,164
100,000
Trade payables
107,816
146,723
Amounts owed to group undertakings
278,253
34,749
Taxation and social security
20,491
291,478
Other payables
1,263,189
1,740,658
1,773,913
2,313,608
9
Non-current liabilities
2024
2023
£
£
Bank loans and overdrafts
216,667
316,667
MINIBUS OPTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
30,000
30,000
30,000
30,000
Ordinary B shares of £1 each
15,000
15,000
15,000
15,000
Ordinary C shares of £1 each
5,000
5,000
5,000
5,000
50,000
50,000
50,000
50,000