Company registration number 08884291 (England and Wales)
PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
COMPANY INFORMATION
Directors
Mr M R Dean
(Appointed 22 May 2024)
Mr B T Gilligan
(Appointed 22 May 2024)
Secretary
Ms C Ferguson
Company number
08884291
Registered office
3rd Floor
41-51
Grey Street
Newcastle Upon Tyne
United Kingdom
NE1 6EE
Auditor
BK Plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 32
PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the period ended 31 December 2023.

Review of the business

The company’s turnover for the 9 month period is higher than the previous 12 month period of £10.5m compared to £10m, whilst the gross profit remained consistent and grew by £187k to £2.7m. This was due to a stronger increase in the vehicle sales which was offset by a smaller decline in the vehicle hire. This has also been supplemented by the general uplift in rates for coach hire that is being experienced across the industry.

The company's net assets have increased to £8.1m from £7.4m at 31st December 2023 due to significant reinvestment of the post-tax profits generated during the financial year.

The post Covid period has been challenging due to industry wide driver shortages however there has been a general reduction in market capacity that has resulted in higher rates for commercial and contracted work.

Our primary target market consists of a variety of clients with the main groups being schools and the military.

It is expected that demand will remain strong due to tight capacity and a limited pool of skilled drivers which restricts availability for customers. This may be offset by budget restrictions within the education market which could result in demand softening in the future.

Principal risks and uncertainties

The group is principally exposed to credit, liquidity and cash flow. Policies to actively manage these risks are established by the Directors and are reviewed regularly. These policies are summarised as follows:

  1. Regulatory action – the industry is governed by the Traffic Commissioner’s Statutory Directions and any failure to meet these high standards could result in the Operator’s Licence being curtailed which will restrict the ability to grow the business.

  2. Credit risk – customers are credit checked before any credit account is considered. Their ability to pay and the potential for growth with the group is reviewed initially and then regularly after opening an account by means of regular credit updates from external agencies and active review by the accounts team and Directors. The group regularly reviews the debtor ledger and accounts for potential bad debts as circumstances arise.

  3. Liquidity and cash flow - regularly review actual results, budgets and forecasts in order to minimise exposure to cash flow problems.

Insufficient resources as a result of shortages of drivers, available vehicles or parts. These are mitigated through comprehensive service planning and allocation of resources to ensure customer commitments can be met.

Development and performance

The recent inflationary pressures have impacted the business with pressure on wages, fuel and parts costs which are the largest elements of the cost basis of the business. Whilst there is some scope to pass these onto customers, this has to be managed carefully to ensure that the revenue remains sustainable.

Following the acquisition by The Go-Ahead Group Limited after the reporting period, the company’s financial position is likely to strengthen. The integration into a larger and more diversified group with increased access to resources, a broader revenue base, and greater operational efficiencies will have a positive impact on the key financial metrics.

Whilst the business environment remains extremely challenging, the director considers the company is in a healthy position and is confident in its continued success. We continue to invest in the business to ensure that the fleet is suitable for the client base as well as compliant with forthcoming regulatory requirements.

Conclusion

In conclusion, the directors believe the company is well-positioned for future growth, with a clear strategic direction focused on customer satisfaction, operational efficiency, and sustainability. We remain committed to delivering exceptional service and look forward to exciting opportunities ahead.

PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -

On behalf of the board

Mr B T Gilligan
Director
25 November 2024
PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the period ended 31 December 2023.

Principal activities

The principal activity of the company and group continued to be that of a holding company. The principle activity of Procters Coaches (North Yorkshire) Limited, the main trading subsidiary, is that of coach operators.

Results and dividends

The results for the period are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Mr K J Procter
(Resigned 22 May 2024)
Mr M R Dean
(Appointed 22 May 2024)
Mr B T Gilligan
(Appointed 22 May 2024)
Financial instruments

The company expects to meet its financial obligations through operating cash flows. The company continuously monitors forecast and actual cash flows and maintains adequate reserves to ensure financial obligations are met as they fall due.

The company may offer credit terms to its customers which allow payment of the trade receivable after delivery of the goods/services. The company is at risk to the extent that a customer may be unable to pay the receivable on the specified due date. To minimise this risk the company has a policy of only dealing with creditors who have demonstrated creditworthiness. To determine creditworthiness the company makes use of independent rating agencies, other publicity available information and its own trading records.

Auditor

BK Plus Audit Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr B T Gilligan
Director
25 November 2024
PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
- 5 -
Opinion

We have audited the financial statements of Procters Coaches (North Yorkshire No3) Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

From the preliminary stages of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

 

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
- 7 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Christopher Hession C.A. (Senior Statutory Auditor)
For and on behalf of BK Plus Audit Limited
25 November 2024
Chartered Certified Accountants
Statutory Auditor
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 8 -
Period
Year
ended
ended
31 Dec 2023
30 Apr 2023
Notes
£
£
Turnover
3
10,528,274
9,983,285
Cost of sales
(7,831,355)
(7,473,023)
Gross profit
2,696,919
2,510,262
Administrative expenses
(906,479)
(1,350,869)
Other operating income
8,999
38,531
Operating profit
4
1,799,439
1,197,924
Share of profits of associates
46,402
24,432
Interest receivable and similar income
8
13,974
2,711
Interest payable and similar expenses
9
(10,616)
(10,648)
Amounts written off investments
10
(901,410)
-
Profit before taxation
947,789
1,214,419
Tax on profit
11
(174,245)
(228,094)
Profit for the financial period
773,544
986,325
Profit for the financial period is all attributable to the owners of the parent company.
PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 9 -
Period
Year
ended
ended
31 Dec 2023
30 Apr 2023
£
£
Profit for the period
773,544
986,325
Other comprehensive income
-
-
Total comprehensive income for the period
773,544
986,325
Total comprehensive income for the period is all attributable to the owners of the parent company.
PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
31 Dec 2023
30 Apr 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
5,124,131
4,311,556
Investments
14
310,902
264,500
5,435,033
4,576,056
Current assets
Stocks
16
323,941
181,894
Debtors
17
3,154,755
4,113,935
Cash at bank and in hand
1,703,883
427,288
5,182,579
4,723,117
Creditors: amounts falling due within one year
18
(1,660,220)
(1,143,754)
Net current assets
3,522,359
3,579,363
Total assets less current liabilities
8,957,392
8,155,419
Creditors: amounts falling due after more than one year
19
(138,889)
-
Provisions for liabilities
Deferred tax liability
21
(676,345)
(786,805)
(676,345)
(786,805)
Net assets
8,142,158
7,368,614
Capital and reserves
Called up share capital
23
7,000,001
7,000,001
Other reserves
(6,999,999)
(6,999,999)
Profit and loss reserves
8,142,156
7,368,612
Total equity
8,142,158
7,368,614
The financial statements were approved by the board of directors and authorised for issue on 25 November 2024 and are signed on its behalf by:
25 November 2024
Mr B T  Gilligan
Director
Company registration number 08884291 (England and Wales)
PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
31 Dec 2023
30 Apr 2023
Notes
£
£
£
£
Fixed assets
Investments
14
7,000,000
7,000,000
Current assets
Cash at bank and in hand
1
1
Net current assets
1
1
Net assets
7,000,001
7,000,001
Capital and reserves
Called up share capital
23
7,000,001
7,000,001

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £Nil (30 Apr 2023 - £158,000 profit).

The financial statements were approved by the board of directors and authorised for issue on 25 November 2024 and are signed on its behalf by:
25 November 2024
Mr B T  Gilligan
Director
Company registration number 08884291 (England and Wales)
PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 12 -
Share capital
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
7,000,001
(6,999,999)
6,540,287
6,540,289
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
986,325
986,325
Dividends
12
-
-
(158,000)
(158,000)
Balance at 30 April 2023
7,000,001
(6,999,999)
7,368,612
7,368,614
Period ended 31 December 2023:
Profit and total comprehensive income
-
-
773,544
773,544
Balance at 31 December 2023
7,000,001
(6,999,999)
8,142,156
8,142,158
PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
7,000,001
-
0
7,000,001
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
158,000
158,000
Dividends
12
-
(158,000)
(158,000)
Balance at 30 April 2023
7,000,001
-
0
7,000,001
Period ended 31 December 2023:
Profit and total comprehensive income
-
-
-
0
Balance at 31 December 2023
7,000,001
-
0
7,000,001
PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 14 -
31 Dec 2023
30 Apr 2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
2,402,267
533,044
Interest paid
(10,616)
(10,648)
Income taxes paid
(101,809)
(346,494)
Net cash inflow from operating activities
2,289,842
175,902
Investing activities
Purchase of tangible fixed assets
(1,418,943)
(1,592,877)
Proceeds from disposal of tangible fixed assets
419,500
1,029,365
Interest received
13,974
2,711
Net cash used in investing activities
(985,469)
(560,801)
Financing activities
Payment of finance leases obligations
(27,778)
(159,224)
Dividends paid to equity shareholders
-
0
(158,000)
Net cash used in financing activities
(27,778)
(317,224)
Net increase/(decrease) in cash and cash equivalents
1,276,595
(702,123)
Cash and cash equivalents at beginning of period
427,288
1,129,411
Cash and cash equivalents at end of period
1,703,883
427,288
PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 15 -
31 Dec 2023
30 Apr 2023
Notes
£
£
£
£
Cash flows from operating activities
Investing activities
Dividends received
-
0
158,000
Net cash (used in)/generated from investing activities
-
158,000
Financing activities
Dividends paid to equity shareholders
-
(158,000)
Net cash used in financing activities
-
(158,000)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of period
1
1
Cash and cash equivalents at end of period
1
1
PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 16 -
1
Accounting policies
Company information

Procters Coaches (North Yorkshire No3) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 3rd Floor, 41-51 Grey Street, Newcastle Upon Tyne, United Kingdom, NE1 6EE.

 

The group consists of Procters Coaches (North Yorkshire No3) Limited and all of its subsidiaries.

1.1
Reporting period

The financial year has been shortened by 4 months to 31st December 2023 from 30th April 2024 in order to align with the related companies in the group in which it has been acquired into, and therefore the comparative figures are not entirely comparable.

1.2
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.

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. The principal accounting policies adopted are set out below.

1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Procters Coaches (North Yorkshire No3) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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 delivery 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.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Leasehold land and buildings
4% straight line
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
15% reducing balance

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 recognised in the profit and loss account.

PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -

The depreciation policy for motor vehicle has been changed from 25% reducing balance to 15% reducing balance in 2023.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) 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.

PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -

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 (or cash-generating unit) 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 (or cash-generating unit) 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.

1.10
Stocks

Stocks 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 stocks to their present location and condition.

 

Stocks 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 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.

1.11
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.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
Impairment of financial 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. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 group’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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
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 fixed 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.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 leased asset are consumed.

PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
31 Dec 2023
30 Apr 2023
£
£
Turnover analysed by class of business
Coach and minibus hire and other services
5,024,274
5,794,575
Vehicle Sales
5,504,000
4,188,710
10,528,274
9,983,285
31 Dec 2023
30 Apr 2023
£
£
Turnover analysed by geographical market
United Kingdom
9,716,774
9,712,796
Europe
811,500
270,489
10,528,274
9,983,285
31 Dec 2023
30 Apr 2023
£
£
Other revenue
Interest income
13,974
2,711
Grants received
8,844
22,508
Sundry income
155
16,023
PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 23 -
4
Operating profit
31 Dec 2023
30 Apr 2023
£
£
Operating profit for the period is stated after charging/(crediting):
Government grants
(8,844)
(22,508)
Depreciation of owned tangible fixed assets
468,989
499,597
Profit on disposal of tangible fixed assets
(32,121)
(200,730)
Operating lease charges
82,166
105,500
5
Auditor's remuneration
31 Dec 2023
30 Apr 2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
-
-
Audit of the financial statements of the company's subsidiaries
22,500
10,000
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
31 Dec 2023
30 Apr 2023
31 Dec 2023
30 Apr 2023
Number
Number
Number
Number
Administration
7
5
-
-
Driver/ Mechanics
53
88
-
-
Total
60
93
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
31 Dec 2023
30 Apr 2023
31 Dec 2023
30 Apr 2023
£
£
£
£
Wages and salaries
1,208,614
1,496,214
-
0
-
0
Social security costs
108,295
152,583
-
-
Pension costs
26,229
419,353
-
0
-
0
1,343,138
2,068,150
-
0
-
0
PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 24 -
7
Directors' remuneration
31 Dec 2023
30 Apr 2023
£
£
Company pension contributions to defined contribution schemes
-
394,500
8
Interest receivable and similar income
31 Dec 2023
30 Apr 2023
£
£
Interest income
Interest on bank deposits
13,974
2,711
31 Dec 2023
30 Apr 2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
13,974
2,711
9
Interest payable and similar expenses
31 Dec 2023
30 Apr 2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
10,272
7,259
Other interest
344
3,389
Total finance costs
10,616
10,648
10
Amounts written off loans
31 Dec 2023
30 Apr 2023
£
£
Amounts written off current loans
(901,410)
-

As part of the acquisition of the company, amounts owed to the company were reviewed and deemed irrecoverable by the acquiring party. As these conditions existed at the year end, the balances have subsequently been cleared as at 31st December 2023.

11
Taxation
31 Dec 2023
30 Apr 2023
£
£
Current tax
UK corporation tax on profits for the current period
318,433
211,059
Adjustments in respect of prior periods
(33,728)
-
0
Total current tax
284,705
211,059
PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
11
Taxation
31 Dec 2023
30 Apr 2023
£
£
(Continued)
- 25 -
Deferred tax
Origination and reversal of timing differences
(110,460)
17,035
Total tax charge
174,245
228,094

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

31 Dec 2023
30 Apr 2023
£
£
Profit before taxation
947,789
1,214,419
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (30 Apr 2023: 25.00%)
236,947
303,605
Tax effect of expenses that are not deductible in determining taxable profit
225,374
66
Gains not taxable
(8,030)
(50,183)
Adjustments in respect of prior years
(33,728)
-
0
Effect of change in corporation tax rate
-
(59,625)
Permanent capital allowances in excess of depreciation
(241,505)
(101,595)
Depreciation on assets not qualifying for tax allowances
117,247
124,899
Share of results of associates
(11,600)
(6,108)
Deferred tax movement
(110,460)
17,035
Taxation charge
174,245
228,094
12
Dividends
31 Dec 2023
30 Apr 2023
Recognised as distributions to equity holders:
£
£
Interim paid
-
158,000
PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 26 -
13
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
1,132,295
592,779
52,123
6,139,648
7,916,845
Additions
280,541
34,167
7,687
1,346,548
1,668,943
Disposals
-
0
-
0
-
0
(1,433,235)
(1,433,235)
At 31 December 2023
1,412,836
626,946
59,810
6,052,961
8,152,553
Depreciation and impairment
At 1 May 2023
117,054
431,682
48,195
3,008,358
3,605,289
Depreciation charged in the period
37,675
32,550
1,935
396,829
468,989
Eliminated in respect of disposals
-
0
-
0
-
0
(1,045,856)
(1,045,856)
At 31 December 2023
154,729
464,232
50,130
2,359,331
3,028,422
Carrying amount
At 31 December 2023
1,258,107
162,714
9,680
3,693,630
5,124,131
At 30 April 2023
1,015,241
161,097
3,928
3,131,290
4,311,556
The company had no tangible fixed assets at 31 December 2023 or 30 April 2023.
14
Fixed asset investments
Group
Company
31 Dec 2023
30 Apr 2023
31 Dec 2023
30 Apr 2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
7,000,000
7,000,000
Investments in associates
310,902
264,500
-
0
-
0
310,902
264,500
7,000,000
7,000,000
PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
14
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 May 2023
264,500
Valuation changes
46,402
At 31 December 2023
310,902
Carrying amount
At 31 December 2023
310,902
At 30 April 2023
264,500
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 31 December 2023
7,000,000
Carrying amount
At 31 December 2023
7,000,000
At 30 April 2023
7,000,000
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Procters Coaches (North Yorkshire) Limited
England and Wales
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

3rd Floor 41-51, Grey Street, Newcastle Upon Tyne, NE1 6EE.
PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 28 -
16
Stocks
Group
Company
31 Dec 2023
30 Apr 2023
31 Dec 2023
30 Apr 2023
£
£
£
£
Raw materials and consumables
44,813
49,548
-
-
Finished goods and goods for resale
279,128
132,346
-
0
-
0
323,941
181,894
-
-
17
Debtors
Group
Company
31 Dec 2023
30 Apr 2023
31 Dec 2023
30 Apr 2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
856,709
657,617
-
0
-
0
Amounts owed by group undertakings
2,434
2,434
-
-
Other debtors
2,164,759
3,304,685
-
0
-
0
Prepayments and accrued income
130,853
149,199
-
0
-
0
3,154,755
4,113,935
-
-
18
Creditors: amounts falling due within one year
Group
Company
31 Dec 2023
30 Apr 2023
31 Dec 2023
30 Apr 2023
Notes
£
£
£
£
Obligations under finance leases
20
83,333
-
0
-
0
-
0
Trade creditors
182,280
627,091
-
0
-
0
Amounts owed to undertakings in which the group has a participating interest
121,076
17,997
-
0
-
0
Corporation tax payable
495,764
312,868
-
0
-
0
Other taxation and social security
45,419
32,990
-
-
Other creditors
164,542
10,418
-
0
-
0
Accruals and deferred income
567,806
142,390
-
0
-
0
1,660,220
1,143,754
-
0
-
0
19
Creditors: amounts falling due after more than one year
Group
Company
31 Dec 2023
30 Apr 2023
31 Dec 2023
30 Apr 2023
Notes
£
£
£
£
Obligations under finance leases
20
138,889
-
0
-
0
-
0
PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 29 -
20
Finance lease obligations
Group
Company
31 Dec 2023
30 Apr 2023
31 Dec 2023
30 Apr 2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
83,333
-
0
-
0
-
0
In two to five years
138,889
-
0
-
0
-
0
222,222
-
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
31 Dec 2023
30 Apr 2023
Group
£
£
Accelerated capital allowances
676,345
786,805
The company has no deferred tax assets or liabilities.
Group
Company
31 Dec 2023
31 Dec 2023
Movements in the period:
£
£
Liability at 1 May 2023
786,805
-
Credit to profit or loss
(110,460)
-
Liability at 31 December 2023
676,345
-
22
Retirement benefit schemes
31 Dec 2023
30 Apr 2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
26,229
419,353

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 30 -
23
Share capital
Group and company
31 Dec 2023
30 Apr 2023
31 Dec 2023
30 Apr 2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
7,000,001
7,000,001
7,000,001
7,000,001
24
Reserves

The merger reserve arose as a result of merger accounting applied to the group reconstruction undertaken in 2016. The merger reserve represents the difference between the nominal value of the shares issued by the reporting company and the nominal value of the shares in its subsidiary company received in exchange.

25
Financial commitments, guarantees and contingent liabilities

The group's bankers have a charge on the assets of the group via a composite company multilateral guarantee to secure the borrowings of Procters Coaches (North Yorkshire) Limited.

26
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
31 Dec 2023
30 Apr 2023
31 Dec 2023
30 Apr 2023
£
£
£
£
Within one year
36,000
54,000
-
-
Between two and five years
36,000
52,900
-
-
72,000
106,900
-
-
27
Events after the reporting date

In the opinion of the directors, Procters Coaches (North Yorkshire No3) Limited was the ultimate parent company and controlling party until 22nd May 2024 when the company’s full share capital was acquired by EYMS Minerals Limited who in turn are owned by The Go-Ahead Group Limited. The Go-Ahead Group Limited is a company incorporated in England and Wales whose registered office is 3rd Floor, 41-51 Grey Street, Newcastle upon Tyne, NE1 6EE. Go-Ahead Investment Bidco Limited is the immediate parent company of The Go-Ahead Group Limited and Bidco’s ultimate parent company is Go-Ahead Investment Topco Limited, previously Gerrard Investment Topco Limited (Topco), whose registered office is 27 Old Gloucester Street, London WC1N 3AX, United Kingdom, which is indirectly owned by Kinetic TCo Pty Ltd and Global Via Infraestsructuras S.A.

 

Copies of both Topco’s and the The Go-Ahead Group Limited’s financial statements can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ

PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 31 -
28
Cash generated from group operations
31 Dec 2023
30 Apr 2023
£
£
Profit for the period after tax
773,544
986,325
Adjustments for:
Share of results of associates and joint ventures
(46,402)
(24,432)
Taxation charged
174,245
228,094
Finance costs
10,616
10,648
Investment income
(13,974)
(2,711)
Gain on disposal of tangible fixed assets
(32,121)
(200,730)
Depreciation and impairment of tangible fixed assets
468,989
499,597
Other gains and losses
901,410
-
Movements in working capital:
(Increase)/decrease in stocks
(142,047)
115,507
Decrease/(increase) in debtors
57,770
(810,494)
Increase/(decrease) in creditors
250,237
(268,760)
Cash generated from operations
2,402,267
533,044
29
Cash absorbed by operations - company
31 Dec 2023
30 Apr 2023
£
£
Profit for the period after tax
-
158,000
Adjustments for:
Investment income
-
0
(158,000)
Cash absorbed by operations
-
-
30
Analysis of changes in net funds - group
1 May 2023
Cash flows
New finance leases
31 December 2023
£
£
£
£
Cash at bank and in hand
427,288
1,276,595
-
1,703,883
Obligations under finance leases
-
27,778
(250,000)
(222,222)
427,288
1,304,373
(250,000)
1,481,661
PROCTERS COACHES (NORTH YORKSHIRE NO3) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 32 -
31
Analysis of changes in net funds - company
1 May 2023
31 December 2023
£
£
Cash at bank and in hand
1
1
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