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Registration number: 04459956

Crosskeys Coaches Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Crosskeys Coaches Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 13

 

Crosskeys Coaches Limited

Company Information

Director

Mr A Johnson

Company secretary

Mrs J Johnson

Registered office

Caesars Way
Folkestone
Kent
CT19 4AH

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Crosskeys Coaches Limited
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Crosskeys Coaches Limited for the year ended 30 April 2024 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Crosskeys Coaches Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Crosskeys Coaches Limited and state those matters that we have agreed to state to the Board of Directors of Crosskeys Coaches Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Crosskeys Coaches Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Crosskeys Coaches Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Crosskeys Coaches Limited. You consider that Crosskeys Coaches Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Crosskeys Coaches Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

16 January 2025

 

Crosskeys Coaches Limited

(Registration number: 04459956)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,822,421

1,232,257

Current assets

 

Stocks

6

38,919

34,336

Debtors

7

477,494

292,700

Cash at bank and in hand

 

1,502,500

1,065,462

 

2,018,913

1,392,498

Creditors: Amounts falling due within one year

8

(1,101,891)

(983,991)

Net current assets

 

917,022

408,507

Total assets less current liabilities

 

2,739,443

1,640,764

Creditors: Amounts falling due after more than one year

8

(856,974)

(314,348)

Provisions for liabilities

(340,241)

(246,451)

Net assets

 

1,542,228

1,079,965

Capital and reserves

 

Called up share capital

70,000

70,000

Retained earnings

1,472,228

1,009,965

Shareholders' funds

 

1,542,228

1,079,965

 

Crosskeys Coaches Limited

(Registration number: 04459956)
Balance Sheet as at 30 April 2024 (continued)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

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

Approved and authorised by the director on 16 January 2025
 

.........................................
Mr A Johnson
Director

   
     

Director's responsibilities:

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

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

 

Crosskeys Coaches Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
Caesars Way
Folkestone
Kent
CT19 4AH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

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

Revenue recognition

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

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

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Crosskeys Coaches Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

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

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

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Depreciation

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

Asset class

Depreciation method and rate

Leasehold improvements

8 years straight line

Plant and machinery

5 to 8 years straight line

Commercial vehicles

8 to 10 years straight line

Motor vehicles

5 years straight line

Goodwill

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

Amortisation

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

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Crosskeys Coaches Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Crosskeys Coaches Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

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

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 33 (2023 - 32).

 

Crosskeys Coaches Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

157,054

157,054

At 30 April 2024

157,054

157,054

Amortisation

At 1 May 2023

157,054

157,054

At 30 April 2024

157,054

157,054

Carrying amount

At 30 April 2024

-

-

 

Crosskeys Coaches Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

79,010

10,976

107,012

32,834

3,176,761

3,406,593

Additions

-

-

-

-

801,743

801,743

Disposals

-

-

-

-

(524,994)

(524,994)

At 30 April 2024

79,010

10,976

107,012

32,834

3,453,510

3,683,342

Depreciation

At 1 May 2023

37,456

10,769

99,419

32,342

1,994,350

2,174,336

Charge for the year

9,876

155

1,968

387

179,305

191,691

Eliminated on disposal

-

-

-

-

(505,106)

(505,106)

At 30 April 2024

47,332

10,924

101,387

32,729

1,668,549

1,860,921

Carrying amount

At 30 April 2024

31,678

52

5,625

105

1,784,961

1,822,421

At 30 April 2023

41,554

207

7,593

492

1,182,411

1,232,257

Included within the net book value of land and buildings above is £31,678 (2023 - £41,554) in respect of freehold land and buildings.
 

 

Crosskeys Coaches Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

6

Stocks

2024
£

2023
£

Raw materials and consumables

38,919

34,336

7

Debtors

Current

2024
£

2023
£

Trade debtors

233,946

160,692

Prepayments

117,775

107,738

Other debtors

125,773

24,270

 

477,494

292,700

 

Crosskeys Coaches Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

180,704

171,780

Trade creditors

 

259,554

194,637

Taxation and social security

 

154,085

158,448

Accruals and deferred income

 

483,770

433,439

Other creditors

 

23,778

25,687

 

1,101,891

983,991

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

856,974

314,348

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

50,000

80,000

HP and finance lease liabilities

806,974

234,348

856,974

314,348

Current loans and borrowings

2024
£

2023
£

Bank borrowings

30,000

30,000

Directors current account

30,198

32,982

Hire purchase liabilities

120,506

108,798

180,704

171,780

 

Crosskeys Coaches Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

13,538

21,936

Contributions paid to money purchase schemes

28,500

18,000

42,038

39,936

Loans from related parties

2024

Key management
£

Total
£

At start of period

32,982

32,982

Advanced

50,000

50,000

Repaid

(52,784)

(52,784)

At end of period

30,198

30,198

2023

Key management
£

Total
£

At start of period

46,728

46,728

Advanced

50,000

50,000

Repaid

(63,746)

(63,746)

At end of period

32,982

32,982