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REGISTERED NUMBER: SC256333 (Scotland)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

D & E COACHES LIMITED

D & E COACHES LIMITED (REGISTERED NUMBER: SC256333)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 14


D & E COACHES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: D N Mathieson
Mrs E Mathieson
S R MacLennan
Mrs G L McEwan
Mrs A Nicholson





SECRETARY: S R MacLennan





REGISTERED OFFICE: 39 Henderson Drive
Inverness
Highland
IV1 1TR





REGISTERED NUMBER: SC256333 (Scotland)





AUDITORS: Leiper & Summers
Statutory Auditors
4 Charlotte Street
Fraserburgh
Aberdeenshire
AB43 9JE

D & E COACHES LIMITED (REGISTERED NUMBER: SC256333)

STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their strategic report for the year ended 29 February 2024.

REVIEW OF BUSINESS
As shown in the company's statement of comprehensive income, the company's turnover was £6.2 million compared to £5.2 million in the prior period. Turnover has risen due to new contracts and increased private hire income. The company's operating profit was £1,051,152 compared to £198,430 in the prior period. Operating profit has increased due to turnover, fall in fuel prices and reduction in workshop costs. The company has been successful in making considerable savings in workshop costs due to efficiencies and prior fleet investment.

The balance sheet shows the company's financial position at the year end. Net assets increased from £2,636,799 to £3,622,879. Capital expenditure was £917,523 of which further details are set out in the notes to the accounts.

The directors are pleased with the performance of the business and its financial performance at the year end. We are optimistic for a successful outcome for the subsequent financial period.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the company are broadly grouped as follows:

- Business risk: The management of the business and our strategy are subject to a number of risks. These include competition from both national and independent operators, fluctuations in parts and fuel costs in addition to availability of drivers within the industry.

- Liquidity risk: The company maintains a cautious cash management policy and is confident of being able to continue servicing its bank loans and lease facilities in line with agreed repayment profiles. Liquidity does not pose a significant risk to the company.

- Interest rate risk: The interest and charges applied in respect of the bank borrowings are deemed manageable. The company funds the majority of its capital expenditure with hire purchase finance. The current fixed rates of hire purchase remain competitive. Interest rates do not pose a significant risk to the company.

- Credit risk: The company's policy is to minimise exposure to losses of defaulting customers. Credit terms are only granted to customers who satisfy credit worthiness procedures. Credit limits are reviewed regularly in conjunction with debt ageing and collection history.

- Safety: Safety is a high priority for the company. The directors continuously review processes to ensure our services are as safe as possible for our customers and staff.

KEY PERFORMANCE INDICATORS
The key performance indicators for the company are turnover, net assets and operating profit, which have been discussed above. The company's directors believe that further key performance indicators for the company are not necessary or appropriate for an understanding of the development, performance or position of the business.

FUTURE DEVELOPMENTS
The directors are pleased with the company's performance in the subsequent financial period to date and will continue to invest in the fixed asset base of the business and explore opportunities with new customers when these arise.

ON BEHALF OF THE BOARD:





D N Mathieson - Director


28 November 2024

D & E COACHES LIMITED (REGISTERED NUMBER: SC256333)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their report with the financial statements of the company for the year ended 29 February 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of coach hire and the operation of bus services.

DIVIDENDS
No dividends will be distributed for the year ended 29 February 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report.

D N Mathieson
Mrs E Mathieson
S R MacLennan
Mrs G L McEwan
Mrs A Nicholson

Other changes in directors holding office are as follows:

B D Mathieson ceased to be a director after 29 February 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

D & E COACHES LIMITED (REGISTERED NUMBER: SC256333)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29 FEBRUARY 2024


AUDITORS
Leiper & Summers is deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:



D N Mathieson - Director


28 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
D & E COACHES LIMITED

Opinion
We have audited the financial statements of D & E Coaches Limited (the 'company') for the year ended 29 February 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the company's affairs as at 29 February 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
D & E COACHES LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management, those charged with governance around actual and potential litigation and claims.
- Reviewing minutes of meetings of those charged with governance.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
D & E COACHES LIMITED


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 a Report of the Auditors 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.




Susan M Hepburn CA ATT (Senior Statutory Auditor)
for and on behalf of Leiper & Summers
Statutory Auditors
4 Charlotte Street
Fraserburgh
Aberdeenshire
AB43 9JE

28 November 2024

D & E COACHES LIMITED (REGISTERED NUMBER: SC256333)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
as restated
Notes £    £   

TURNOVER 3 6,152,818 5,190,788

Cost of sales 4,123,900 4,057,723
GROSS PROFIT 2,028,918 1,133,065

Administrative expenses 1,017,929 977,907
1,010,989 155,158

Other operating income 40,163 43,272
OPERATING PROFIT 6 1,051,152 198,430

Interest receivable and similar income 109 -
1,051,261 198,430

Interest payable and similar expenses 7 185,831 132,742
PROFIT BEFORE TAXATION 865,430 65,688

Tax on profit 8 319,350 (27,568 )
PROFIT FOR THE FINANCIAL YEAR 546,080 93,256

OTHER COMPREHENSIVE INCOME
Revaluation of tangible asset 440,000 -
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

440,000

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

986,080

93,256

D & E COACHES LIMITED (REGISTERED NUMBER: SC256333)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 6,580,603 5,819,802
6,580,603 5,819,802

CURRENT ASSETS
Stocks 13 661,222 589,680
Debtors 14 1,113,082 935,911
Cash at bank 5,099 124
1,779,403 1,525,715
CREDITORS
Amounts falling due within one year 15 1,254,734 1,660,658
NET CURRENT ASSETS/(LIABILITIES) 524,669 (134,943 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,105,272

5,684,859

CREDITORS
Amounts falling due after more than one
year

16

(2,416,406

)

(2,301,423

)

PROVISIONS FOR LIABILITIES 21 (1,065,987 ) (746,637 )
NET ASSETS 3,622,879 2,636,799

CAPITAL AND RESERVES
Called up share capital 22 10,000 10,000
Revaluation reserve 23 440,000 -
Retained earnings 23 3,172,879 2,626,799
SHAREHOLDERS' FUNDS 3,622,879 2,636,799

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by:





D N Mathieson - Director


D & E COACHES LIMITED (REGISTERED NUMBER: SC256333)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 March 2022 10,000 2,581,543 - 2,591,543

Changes in equity
Profit for the year - 166,341 - 166,341
Total comprehensive income - 166,341 - 166,341
Dividends - (48,000 ) - (48,000 )
Balance at 28 February 2023 10,000 2,699,884 - 2,709,884
Prior year adjustment - (73,085 ) - (73,085 )
As restated 10,000 2,626,799 - 2,636,799

Changes in equity
Profit for the year - 546,080 - 546,080
Revaluation of tangible fixed assets - - 440,000 440,000
Total comprehensive income - 546,080 440,000 986,080
Balance at 29 February 2024 10,000 3,172,879 440,000 3,622,879

D & E COACHES LIMITED (REGISTERED NUMBER: SC256333)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,148,649 791,819
Interest paid (111,174 ) (88,247 )
Interest element of hire purchase payments
paid

(74,657

)

(44,495

)
Tax paid 15,562 -
Net cash from operating activities 978,380 659,077

Cash flows from investing activities
Purchase of tangible fixed assets (116,090 ) (56,384 )
Sale of tangible fixed assets 204,841 149,500
Interest received 109 -
Net cash from investing activities 88,860 93,116

Cash flows from financing activities
New loans in year 300,000 -
Loan repayments in year (181,355 ) (171,496 )
Capital repayments in year (794,190 ) (652,797 )
Amount introduced by directors 19,571 -
Amount withdrawn by directors (19,571 ) -
Equity dividends paid - (48,000 )
Net cash from financing activities (675,545 ) (872,293 )

Increase/(decrease) in cash and cash equivalents 391,695 (120,100 )
Cash and cash equivalents at beginning of
year

2

(684,502

)

(564,402

)

Cash and cash equivalents at end of year 2 (292,807 ) (684,502 )

D & E COACHES LIMITED (REGISTERED NUMBER: SC256333)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
as restated
£    £   
Profit before taxation 865,430 65,688
Depreciation charges 355,337 341,580
Loss on disposal of fixed assets 36,544 53,577
Finance costs 185,831 132,742
Finance income (109 ) -
1,443,033 593,587
Increase in stocks (71,542 ) (194,212 )
(Increase)/decrease in trade and other debtors (192,733 ) 269,516
(Decrease)/increase in trade and other creditors (30,109 ) 122,928
Cash generated from operations 1,148,649 791,819

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 29 February 2024
29.2.24 1.3.23
£    £   
Cash and cash equivalents 5,099 124
Bank overdrafts (297,906 ) (684,626 )
(292,807 ) (684,502 )
Year ended 28 February 2023
28.2.23 1.3.22
as restated
£    £   
Cash and cash equivalents 124 3,332
Bank overdrafts (684,626 ) (567,734 )
(684,502 ) (564,402 )


D & E COACHES LIMITED (REGISTERED NUMBER: SC256333)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.3.23 Cash flow changes At 29.2.24
£    £    £    £   
Net cash
Cash at bank
and in hand 124 4,975 5,099
Bank overdrafts (684,626 ) 386,720 (297,906 )
(684,502 ) 391,695 (292,807 )
Debt
Finance leases (1,597,161 ) 794,190 - (1,604,404 )
Debts falling due
within 1 year (210,764 ) 10,851 - (199,913 )
Debts falling due
after 1 year (1,063,862 ) (129,496 ) - (1,193,358 )
(2,871,787 ) 675,545 - (2,997,675 )
Total (3,556,289 ) 1,067,240 - (3,290,482 )

D & E COACHES LIMITED (REGISTERED NUMBER: SC256333)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

D & E Coaches Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

Going Concern
The company has continued to trade profitable in the year to 29 February 2024. The directors are continuing to monitor the financial position of the company however are encouraged by the performance and resilience shown in the year and also results to date in the subsequent financial period.

The directors fully expect suitable facilities to be available to meet working capital requirements of the business to continue to trade and meet its liabilities as they fall due for a period of at least 12 months from the approval date of these financial statements. The directors therefore deem it appropriate to prepare the financial statements on a going concern basis.

Significant judgements and estimates
In the application of the company'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.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Depreciation - useful life and residual value of tangible fixed assets
The useful life and any residual values of tangible assets are considered and depreciation rates applied accordingly. Details of the depreciation policies applied can be found in notes of the financial statements. The depreciation charge for the year amounts to £355,337 (2023 - £341,580) and the carrying value of fixed assets at the year end amounts to £6,580,603 (2023 - £5,819,802).

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

Goodwill
Goodwill was initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is fully amortised.

Intangible assets
Other intangible fixed assets represent fees payable in respect of the assignation of contract work which have been initially recognised as an asset at cost and is amortised over the term of the contract. These costs are fully amortised.

D & E COACHES LIMITED (REGISTERED NUMBER: SC256333)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold land - not depreciated
Improvements to property - 5% on reducing balance
Plant and machinery - 20% on reducing balance
Fixtures and fittings - at variable rates on reducing balance
Motor vehicles - at variable rates on reducing balance
Computer equipment - at variable rates on reducing balance

Each class of asset is measured using the cost model other than freehold property, which is measured using the revaluation model.

Freehold property is measured at its revalued amount, being fair value at the date of valuation less subsequent impairment losses. Revaluations are performed by professional qualified valuers with sufficient regularity to ensure the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period.

Any revaluation increase in the carrying amount of freehold property is recognised in other comprehensive income and included in the revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss, in which case the increase is credited to profit or loss to the extent of the decrease previously expended. Decreases that offset previous increased of the same asset are charged in other comprehensive income and debited against the revaluation reserve in equity; decreases exceeding the balance in the revaluation reserve relating to an asset are recognised in profit or loss.

Provision is made for deferred tax liabilities arising on the revaluation of land. Deferred tax assets arising on the revaluation of freehold property are not recognised as it is not considered probable that they will be recovered due to anticipated future upward movement in the fair value of the land.

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

D & E COACHES LIMITED (REGISTERED NUMBER: SC256333)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

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 balance sheet 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.

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 cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through the profit and loss account, 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 occured after the initial recognition of the financial asset, the estimated future cash flows have been affected.

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 company 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 company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and loans are initially recognised at transaction price.

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.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

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 longer at the discretion of the company.


D & E COACHES LIMITED (REGISTERED NUMBER: SC256333)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held in 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.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
as restated
£    £   
Coach and bus hire 6,151,299 5,171,092
Workshop 1,519 19,696
6,152,818 5,190,788

D & E COACHES LIMITED (REGISTERED NUMBER: SC256333)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

3. TURNOVER - continued

An analysis of turnover by geographical market is given below:

2024 2023
as restated
£    £   
United Kingdom 6,152,818 5,190,788
6,152,818 5,190,788

4. EMPLOYEES AND DIRECTORS
2024 2023
as restated
£    £   
Wages and salaries 2,230,591 2,043,439
Social security costs 206,831 196,501
Other pension costs 43,061 38,559
2,480,483 2,278,499

The average number of employees during the year was as follows:
2024 2023
as restated

Employees 71 72

5. DIRECTORS' EMOLUMENTS
2024 2023
as restated
£    £   
Directors' remuneration 185,268 183,770
Directors' pension contributions to money purchase schemes 4,671 4,570

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 5

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
as restated
£    £   
Hire of plant and machinery 9,898 9,976
Other operating leases 49,554 48,681
Depreciation - owned assets 177,864 246,301
Depreciation - assets on hire purchase contracts 177,473 95,279
Loss on disposal of fixed assets 36,544 53,577
Auditors' remuneration 12,000 11,100

D & E COACHES LIMITED (REGISTERED NUMBER: SC256333)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
as restated
£    £   
Bank loan interest 111,174 83,635
Other interest payable - 4,612
Hire purchase 74,657 44,495
185,831 132,742

8. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
as restated
£    £   
Current tax:
UK corporation tax - 866

Deferred tax 319,350 (28,434 )
Tax on profit 319,350 (27,568 )

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
as restated
£    £   
Profit before tax 865,430 65,688
Profit multiplied by the standard rate of corporation tax in the UK of
24.559% (2023 - 19%)

212,541

12,481

Effects of:
Expenses not deductible for tax purposes 10,842 452
Capital allowances in excess of depreciation (102,163 ) -
Utilisation of tax losses (121,220 ) -
Adjustments to tax charge in respect of previous periods - 14,752
Deferred tax adjustments in respect of prior years 319,350 (1,740 )
Fixed asset differences - (47,107 )
Remeasurement of deferred tax for changes in tax rates - (6,406 )

Total tax charge/(credit) 319,350 (27,568 )

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Revaluation of tangible asset 440,000 - 440,000

D & E COACHES LIMITED (REGISTERED NUMBER: SC256333)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

8. TAXATION - continued

A change in the future UK Corporation tax rate to 25% with effect from 1 April 2023 was announced in the March 2021 budget, and subsequently enacted on 24 May 2021. This will increase the company's future tax charge accordingly.

9. DIVIDENDS
2024 2023
as restated
£    £   
Ordinary shares of 1 each
Final - 48,000

10. PRIOR YEAR ADJUSTMENT

The accounts have been restated for the prior year to incorporate the impact of profit being overstated. The change has resulted in profits available for distribution at 28 February 2023 decreasing after tax by £73,085:

£
Summary of the prior year accounting impact
Increase in Accruals47,992
Decrease in Prepayments19,210
Decrease in Other debtors5,883
73,085

11. INTANGIBLE FIXED ASSETS
Goodwill Other Totals
£    £    £   
COST
At 1 March 2023
and 29 February 2024 57,992 15,000 72,992
AMORTISATION
At 1 March 2023
and 29 February 2024 57,992 15,000 72,992
NET BOOK VALUE
At 29 February 2024 - - -
At 28 February 2023 - - -

D & E COACHES LIMITED (REGISTERED NUMBER: SC256333)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

12. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
land property machinery
£    £    £   
COST OR VALUATION
At 1 March 2023 1,322,935 438,113 398,930
Additions - 47,675 48,291
Disposals - - -
Revaluations 440,000 - -
At 29 February 2024 1,762,935 485,788 447,221
DEPRECIATION
At 1 March 2023 - 206,608 245,556
Charge for year - 12,510 29,978
Eliminated on disposal - - -
At 29 February 2024 - 219,118 275,534
NET BOOK VALUE
At 29 February 2024 1,762,935 266,670 171,687
At 28 February 2023 1,322,935 231,505 153,374

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 March 2023 38,097 5,915,177 189,649 8,302,901
Additions 3,690 816,433 1,434 917,523
Disposals - (351,214 ) - (351,214 )
Revaluations - - - 440,000
At 29 February 2024 41,787 6,380,396 191,083 9,309,210
DEPRECIATION
At 1 March 2023 25,811 1,858,129 146,995 2,483,099
Charge for year 2,765 299,939 10,145 355,337
Eliminated on disposal - (109,829 ) - (109,829 )
At 29 February 2024 28,576 2,048,239 157,140 2,728,607
NET BOOK VALUE
At 29 February 2024 13,211 4,332,157 33,943 6,580,603
At 28 February 2023 12,286 4,057,048 42,654 5,819,802

D & E COACHES LIMITED (REGISTERED NUMBER: SC256333)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

12. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 29 February 2024 is represented by:

Improvements
Freehold to Plant and
land property machinery
£    £    £   
Valuation in 2024 440,000 - -
Cost 1,322,935 485,788 447,221
1,762,935 485,788 447,221

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2024 - - - 440,000
Cost 41,787 6,380,396 191,083 8,869,210
41,787 6,380,396 191,083 9,309,210

If freehold land had not been revalued they would have been included at the following historical cost:

2024 2023
as restated
£    £   
Cost 1,322,935 1,322,935

Value of land in freehold land and buildings 1,762,935 1,322,935

Freehold land were valued on an open market basis on 21 March 2024 by Shepherd Commercial .

The directors are of the opinion that the open market value remains appropriate as at 29 February 2024.

D & E COACHES LIMITED (REGISTERED NUMBER: SC256333)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

12. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 March 2023 54,712 2,951,894 3,006,606
Additions - 801,433 801,433
Disposals - (316,000 ) (316,000 )
Transfer to ownership - (124,895 ) (124,895 )
At 29 February 2024 54,712 3,312,432 3,367,144
DEPRECIATION
At 1 March 2023 19,507 335,256 354,763
Charge for year 9,136 168,337 177,473
Eliminated on disposal - (87,691 ) (87,691 )
Transfer to ownership - (39,636 ) (39,636 )
At 29 February 2024 28,643 376,266 404,909
NET BOOK VALUE
At 29 February 2024 26,069 2,936,166 2,962,235
At 28 February 2023 35,205 2,616,638 2,651,843

13. STOCKS
2024 2023
as restated
£    £   
Finished goods 661,222 589,680

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 391,750 345,626
Other debtors 240,932 267,712
Directors' current accounts 82,258 -
Tax 15,880 31,442
VAT 26,182 23,033
Prepayments and accrued income 356,080 268,098
1,113,082 935,911

D & E COACHES LIMITED (REGISTERED NUMBER: SC256333)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Bank loans and overdrafts (see note 17) 497,819 895,390
Hire purchase contracts (see note 18) 381,356 359,600
Trade creditors 249,873 273,578
Social security and other taxes 38,904 33,913
Other creditors 12,582 19,508
Directors' current accounts - 19,571
Accruals and deferred income 74,200 59,098
1,254,734 1,660,658

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
as restated
£    £   
Bank loans (see note 17) 1,193,358 1,063,862
Hire purchase contracts (see note 18) 1,223,048 1,237,561
2,416,406 2,301,423

17. LOANS

An analysis of the maturity of loans is given below:

2024 2023
as restated
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 297,906 684,626
Bank loans 199,913 210,764
497,819 895,390

Amounts falling due between two and five years:
Bank loans - 2-5 years 1,193,358 1,063,862

D & E COACHES LIMITED (REGISTERED NUMBER: SC256333)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
as restated
£    £   
Gross obligations repayable:
Within one year 391,292 403,787
Between one and five years 1,427,643 1,385,742
1,818,935 1,789,529

Finance charges repayable:
Within one year 9,936 44,187
Between one and five years 204,595 148,181
214,531 192,368

Net obligations repayable:
Within one year 381,356 359,600
Between one and five years 1,223,048 1,237,561
1,604,404 1,597,161

Non-cancellable operating leases
2024 2023
as restated
£    £   
Within one year 49,600 49,600
Between one and five years 198,400 198,400
In more than five years 3,956,100 4,005,700
4,204,100 4,253,700

19. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
as restated
£    £   
Bank overdrafts 297,906 684,626
Bank loans 1,393,271 1,274,626
Hire purchase contracts 1,604,404 1,597,161
3,295,581 3,556,413

Bank loans and overdrafts are secured by standard securities over certain items of the company's property and a floating charge over the assets of the company.

The net obligations under hire purchase contracts are secured over the related assets.

D & E COACHES LIMITED (REGISTERED NUMBER: SC256333)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

20. FINANCIAL INSTRUMENTS

The company entered into commodity swap agreement to mitigate the fuel price risk. At 29 February 2024, the outstanding contract matures on 31 March 2026. The company has entered into a further agreement after the year end that will mature on 31 March 2028.

21. PROVISIONS FOR LIABILITIES
2024 2023
as restated
£    £   
Deferred tax 1,065,987 746,637

Deferred
tax
£   
Balance at 1 March 2023 746,637
Charge to Statement of Comprehensive Income during year 319,350
Balance at 29 February 2024 1,065,987

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
10,000 Ordinary 1 10,000 10,000

23. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 March 2023 2,699,884 - 2,699,884
Prior year adjustment (73,085 ) (73,085 )
2,626,799 2,626,799
Profit for the year 546,080 546,080
Revaluation of tangible asset - 440,000 440,000
At 29 February 2024 3,172,879 440,000 3,612,879

24. CAPITAL COMMITMENTS
2024 2023
as restated
£    £   
Contracted but not provided for in the
financial statements 117,000 -

D & E COACHES LIMITED (REGISTERED NUMBER: SC256333)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
as restated
£    £   
D N Mathieson
Balance outstanding at start of year (19,571 ) -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 33,258 (19,571 )

Mrs G L McEwan
Balance outstanding at start of year - -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 24,000 -

Mrs A Nicholson
Balance outstanding at start of year - -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 25,000 -

These loans are interest bearing and have been repaid since the year end.

26. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
2024 2023
as restated
£    £   
Amount due from related parties 82,258 -
Amount due to related parties - 19,571

27. ULTIMATE CONTROLLING PARTY

The company is controlled by D Mathieson and E Mathieson.