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Company No: 03303158 (England and Wales)

A B COACHES LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

A B COACHES LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

A B COACHES LIMITED

BALANCE SHEET

As at 31 October 2024
A B COACHES LIMITED

BALANCE SHEET (continued)

As at 31 October 2024
Note 31.10.2024 31.10.2023
£ £
Fixed assets
Tangible assets 4 248,068 146,326
248,068 146,326
Current assets
Stocks 5,000 5,000
Debtors 5 97,865 86,460
Cash at bank and in hand 144,173 138,778
247,038 230,238
Creditors: amounts falling due within one year 6 ( 311,691) ( 282,618)
Net current liabilities (64,653) (52,380)
Total assets less current liabilities 183,415 93,946
Creditors: amounts falling due after more than one year 7 ( 83,972) ( 51,053)
Provision for liabilities ( 44,232) ( 28,372)
Net assets 55,211 14,521
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 55,111 14,421
Total shareholder's funds 55,211 14,521

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

Directors' responsibilities:

The financial statements of A B Coaches Limited (registered number: 03303158) were approved and authorised for issue by the Board of Directors on 15 January 2025. They were signed on its behalf by:

Ms A L Ellison
Director
A B COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
A B COACHES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
1. Accounting policies

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

General information and basis of accounting

A B Coaches Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom.

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

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

Going concern

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

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Employee benefits

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

Taxation

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

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

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Tangible fixed assets

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

Leasehold improvements 50 years straight line
Vehicles 15 % reducing balance
Tools and equipment 15 % reducing balance
Office equipment 4 years straight line

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

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

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

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

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

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

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

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

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

Provisions

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

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

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

2. Employees

Year ended
31.10.2024
Period from
01.04.2023 to
31.10.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 13 15

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 November 2023 6,650 6,650
At 31 October 2024 6,650 6,650
Accumulated amortisation
At 01 November 2023 6,650 6,650
At 31 October 2024 6,650 6,650
Net book value
At 31 October 2024 0 0
At 31 October 2023 0 0

4. Tangible assets

Leasehold improve-
ments
Vehicles Tools and equipment Office equipment Total
£ £ £ £ £
Cost
At 01 November 2023 0 590,681 44,422 22,341 657,444
Additions 22,449 117,500 5,891 1,897 147,737
Disposals 0 ( 90,000) 0 0 ( 90,000)
At 31 October 2024 22,449 618,181 50,313 24,238 715,181
Accumulated depreciation
At 01 November 2023 0 453,695 38,258 19,165 511,118
Charge for the financial year 1,123 37,612 1,809 1,711 42,255
Disposals 0 ( 86,260) 0 0 ( 86,260)
At 31 October 2024 1,123 405,047 40,067 20,876 467,113
Net book value
At 31 October 2024 21,326 213,134 10,246 3,362 248,068
At 31 October 2023 0 136,986 6,164 3,176 146,326
Leased assets included above:
Net book value
At 31 October 2024 0 148,750 0 0 148,750
At 31 October 2023 0 66,222 0 0 66,222

5. Debtors

31.10.2024 31.10.2023
£ £
Trade debtors 22,890 13,435
Amounts owed by Group undertakings 63,568 63,568
Other debtors 11,407 9,457
97,865 86,460

6. Creditors: amounts falling due within one year

31.10.2024 31.10.2023
£ £
Bank loans 10,316 10,098
Trade creditors 7,503 7,451
Accruals and deferred income 237,515 227,981
Taxation and social security 9,973 15,819
Obligations under finance leases and hire purchase contracts (secured) 41,627 16,014
Other creditors 4,757 5,255
311,691 282,618

Hire Purchase borrowings are secured on the individual assets taken out on hire purchase.

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

31.10.2024 31.10.2023
£ £
Bank loans 7,106 17,401
Obligations under finance leases and hire purchase contracts (secured) 76,866 33,652
83,972 51,053

Hire Purchase borrowings are secured on the individual assets taken out on hire purchase.

8. Called-up share capital

31.10.2024 31.10.2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Financial commitments

Commitments

Capital commitments are as follows:

31.10.2024 31.10.2023
£ £
Contracted for but not provided for:
Other 12,813 43,563

The company pays rent of £25,000 per annum and £5,750 per annum under separate 6 year leases which commenced 25 March 2019.

10. Ultimate controlling party

Parent Company:

A B Coaches (Holdings) Limited
Sigma House Oak View Close, Edginswell Park, Torquay, Devon, TQ2 7FF