Company registration number 00612324 (England and Wales)
SKILLS MOTOR COACHES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
SKILLS MOTOR COACHES LIMITED
COMPANY INFORMATION
Directors
Mr S C R Skill
Mr N S A Skill
Mr P Hallam
Secretary
Mr S C R Skill
Company number
00612324
Registered office
Belgrave Business Park
Bulwell
Nottingham
NG6 8LY
Auditor
RWB CA Limited t/a RWB Chartered Accountants
Northgate House
North Gate
New Basford
Nottingham
NG7 7BG
Business address
Belgrave Business Park
Bulwell
Nottingham
NG6 8LY
SKILLS MOTOR COACHES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 27
SKILLS MOTOR COACHES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
The directors present the strategic report for the year ended 30 April 2024.
Review of the business
The business has gradually recovered from the economic downturn due to the Coronavirus Pandemic. Month by month the Turnover has grown and the results are meeting the Directors expectations.
Principal risks and uncertainties
Shortage drivers / staff
The principal risk has been the shortage of drivers, the Company policy of training new drivers in its own Driving School to date has provided us with the additional drivers to cover the extra work load.
Costs - wages, fuel, and NI
Our senior team carefully monitor all fluctuations of costs particularly associated with fuel, wage, and NI.
This data is fed to our sales team who maintain constant contact with our clients to update, negotiate and flex prices on an ongoing basis. Thus far clients have mostly accepted increases which is somewhat contrary to pre-COVID times, and we have renegotiated significant increases on several contracts whilst handing back those that do not meet our revenue requirements. This is part of an ongoing SMT process of drilling down into all cost and operational elements to ensure each piece of work is priced to deliver optimal results and returns.
Development and performance
Throughout the pandemic HSBC, the company bankers remained fully supportive and have continued to support now that trading level have returned to normal. The holiday division is now performing well demonstrating and the Directors would like to thank our passengers for their support throughout this period.
The Directors have subsequently been successful in securing new contract private hire work with a major cruise company and Kuoni Holidays. The NEC contract continues to grow as exhibitions return to the NEC. The Company continues to operate school and college and the major colleges are delighted with the results.
The return of our private hire customer base has been pleasing and shows the strength of the brands. We continue to work with National Express who have reported their revenues have returned to pre pandemic levels. A new five year contract has been signed with National Express.
At the end of the period the Company net assets stand at £1,447,358 (2023: £1,598,084).
Drivers’ wages were 29% of turnover (2023: 27%). The Company continues to review salary levels periodically to ensure retention of key staff.
Key performance indicators
2024 2023
Turnover £4,494,332 £4,287,386
Staff 46 46
Gross profit margin 1.46% 3.94%
Drivers wages as percentage of turnover 29% 27%
Return on capital employed 4.66% 5.45%
Material Uncertainty related to Going concern
We draw attention to note 1.2 in the financial statements, which notes that at the year end the Group has net current liabilities of £1,441,894 This includes obligations under bank loans and finance leases of £1,663,084, which are all on a structured repayment basis. As explained in Note 1.2, the Directors believe that the Company and Group will continue to grow both turnover and profitability and thus it remains appropriate to prepare the accounts on a going concern basis.
SKILLS MOTOR COACHES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Mr S C R Skill
Director
20 January 2025
SKILLS MOTOR COACHES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 April 2024.
Principal activities
The principal activity of the company continued to be that of a coach operator and travel agent.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £105,600. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr S C R Skill
Mr N S A Skill
Mr P Hallam
Future developments
Continued expansion of private hire activity remains a key objective and development of new customers.,Coach and infrastructure investment levels will be provided to support this strategy.
Auditor
The auditor, RWB CA Limited t/a RWB Chartered Accountants, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
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 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; and
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.
Strategic report
The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
SKILLS MOTOR COACHES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
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 company’s auditor 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 company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr S C R Skill
Director
20 January 2025
SKILLS MOTOR COACHES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SKILLS MOTOR COACHES LIMITED
- 5 -
We have audited the financial statements of Skills Motor Coaches Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity 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, except for the effects of the matter described in the basis for qualified opinion section, the financial statements:
· give a true and fair view of the state of the Company’s affairs as at 30 April 2024 and of the company’s profit/loss 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 qualified opinion
Accrued income includes a balance of £300,833 which should not have been recorded within these financial statements. The accounting records indicate that this income relates to post year end trading activities and management have not made this correction. If this adjustment had been made, the total impact would have been a decrease of £300,833 to prepayments and accrued income and shareholder’s equity, and charge to profit and loss of £300,833.
Material uncertainty related to Going Concern
We draw attention to note 1.2 in the financial statements, which explains the level of company financial liabilities and the need to ensure continuance of future profits in order to meet the structured repayments as they fall due. As stated in note 1.2 this indicates the existence of a material uncertainty in connection with the Company's ability to continue as a going concern. Our audit opinion is not modified in respect of this matter.
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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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.
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning accrued income within the financial statements. We have concluded that where the other information refers to this, it may be materially misstated for the same reason.
Opinions on other matters prescribed by the Companies Act 2006
Except for the matter described in the basis for the qualified opinion section of out report, in our opinion, based on the work undertaken in the course of our audit:
· the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
· the strategic report and the directors' report have been prepared in accordance with applicable legal Requirements
SKILLS MOTOR COACHES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SKILLS MOTOR COACHES LIMITED
- 6 -
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 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:
· 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 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 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.
SKILLS MOTOR COACHES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SKILLS MOTOR COACHES LIMITED
- 7 -
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 Auditors' 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:
Our objectives are to obtain reasonable assurance about whether the group 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 group financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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:
· We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our experience through discussion with the Officers and other management (as required by auditing standards)
· We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting (including related trade union legislation), taxation legislation and operators’ licences. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.
· Except for any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers.
· We communicated identified relevant laws and regulations to the business throughout our audit team and remained vigilant to any indications of non-compliance throughout the audit.
· We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
· Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
· Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
SKILLS MOTOR COACHES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SKILLS MOTOR COACHES LIMITED
- 8 -
· Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.
· Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion
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 Auditors' 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 Auditors' 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.
Neil Coupland FCA (Senior Statutory Auditor)
for and on behalf of RWB CA Limited t/a RWB Chartered Accountants
Chartered Accountants
Statutory Auditor
Northgate House
North Gate
New Basford
Nottingham
23 January 2025
NG7 7BG
SKILLS MOTOR COACHES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
4,494,332
4,287,386
Cost of sales
(4,428,926)
(4,118,332)
Gross profit
65,406
169,054
Administrative expenses
(197,757)
(943,694)
Other operating income
400,000
1,000,000
Operating profit
4
267,649
225,360
Interest payable and similar expenses
8
(211,115)
(154,852)
Profit before taxation
56,534
70,508
Tax on profit
9
(101,660)
354,132
(Loss)/profit for the financial year
(45,126)
424,640
The income statement has been prepared on the basis that all operations are continuing operations.
SKILLS MOTOR COACHES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
195,372
328,882
Tangible assets
12
5,074,877
3,406,045
Investments
13
1,914,360
1,914,360
7,184,609
5,649,287
Current assets
Stocks
15
405,827
342,855
Debtors
16
7,103,019
5,202,768
Cash at bank and in hand
911,016
167,928
8,419,862
5,713,551
Creditors: amounts falling due within one year
17
(9,861,756)
(7,226,238)
Net current liabilities
(1,441,894)
(1,512,687)
Total assets less current liabilities
5,742,715
4,136,600
Creditors: amounts falling due after more than one year
18
(4,054,583)
(2,399,402)
Provisions for liabilities
Deferred tax liability
20
240,774
139,114
(240,774)
(139,114)
Net assets
1,447,358
1,598,084
Capital and reserves
Called up share capital
22
85,151
85,151
Share premium account
23
1,060,613
1,060,613
Profit and loss reserves
23
301,594
452,320
Total equity
1,447,358
1,598,084
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 20 January 2025 and are signed on its behalf by:
Mr S C R Skill
Director
Company registration number 00612324 (England and Wales)
SKILLS MOTOR COACHES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
85,151
1,060,613
136,280
1,282,044
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
424,640
424,640
Dividends
10
-
-
(108,600)
(108,600)
Balance at 30 April 2023
85,151
1,060,613
452,320
1,598,084
Year ended 30 April 2024:
Loss and total comprehensive income
-
-
(45,126)
(45,126)
Dividends
10
-
-
(105,600)
(105,600)
Balance at 30 April 2024
85,151
1,060,613
301,594
1,447,358
SKILLS MOTOR COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
1
Accounting policies
Company information
Skills Motor Coaches Limited is a private company limited by shares incorporated in England and Wales. The registered office is Belgrave Business Park, Bulwell, Nottingham, NG6 8LY. . The Company's principal activity is that of a coach operator.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
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.
As permitted by FRS 102 section 1.12, the company has taken advantage of the disclosure exemptions available under that standard in relation to the presentation of a statement of cash flows and financial instruments. Where required, equivalent disclosures are given in the group accounts of Skills Leisure Limited. The group accounts for Skills Leisure Limited are publicly available and can be obtained as set out in the controlling party note.
1.2
Going concern
The Directors believe that the Company’s financial statements should be prepared on a going concern basis and have considered a period of twelve months from the date of the approval of these financial statements.
Whilst at the year end the Company had Net Assets of £1,447,358, it had Net Current Liabilities of £1,441,894 which include obligations under bank loans and finance leases totalling £1,663,084. These liabilities, together with the long-term finance creditors, are all on a structured repayment basis and group forecasts indicate expectations of future profit growth to enable the group to meet these obligations as they fall due. In addition to this, the Company holds significant group creditors which are repayable on demand and therefore the Company is reliant on the other group entities in respect of this continued support.
It is the director’s opinion that, having reviewed the management information, the future forecasts and the improved profitability of the Company and the Group for the year to date, there is reasonable expectation that both the Company and the Group will continue to grow both turnover and profitability and thus be able to meet the future structured repayments as they fall due. Accordingly, these accounts have been prepared on a going concern basis.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
SKILLS MOTOR COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -
1.4
Intangible fixed assets - goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years. The recognised goodwill is being amortised between 7-10 years on a straight-line basis.
1.5
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.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
10% straight line
Fixtures,fittings and equipment
20% reducing line
Motor vehicles
10%-20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
1.7
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
SKILLS MOTOR COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
1.8
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
1.9
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.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
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.
SKILLS MOTOR COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SKILLS MOTOR COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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 income statement, 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 when the company has 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.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
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 statement of financial position 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.
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
SKILLS MOTOR COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.16
Foreign exchange
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
1.17
Debtors and creditors receivable / payable within one year
Debtors and creditor with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.
SKILLS MOTOR COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
2
Judgements and key sources of estimation uncertainty
Key sources of estimation uncertainty
The directors make estimates and assumptions concerning the future, they are also required to exercise judgement in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
In preparing these financial statements, the directors have made the following judgements:
Impairment of non-current assets. The company assesses the impairment of property, plant and equipment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors considered important that could trigger an impairment review include the following:
1) Significant underperformance relative to historical or projected future operating results;
2) Significant changes in the use of the acquired assets or the business strategy, and
3) Significant negative industry or economic trends.
The following are the company's key sources of estimation uncertainty:
Depreciation and residual values
The directors have reviewed the asset lives and associated residual values of all fixed asset classes and have concluded that asset lives and residual values are appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projects disposal values.
Recoverability of trade debtors
Trade and other receivables are recognised to the extent that they are judged recoverable. Management reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain. Management makes allowance for doubtful debts based on an assessment of the recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. Management specifically analyse historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when making a judgment to evaluate the adequacy of the provision for doubtful debts. Where the expectation is different from the original estimate, such difference will impact the carrying value of debtors and the charge in the profit and loss account.
Provisions
A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. The nature and type of risks for these provisions differ and management's judgment is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.
Taxation
There are many transactions and calculations for which the ultimate tax determination is uncertain. The company recognises liabilities for anticipated tax issues based on estimates of whether additional taxes will be due.
SKILLS MOTOR COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Rendering of services
4,494,332
4,287,386
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
674,696
782,734
Loss on disposal of tangible fixed assets
183,012
124,579
Amortisation of intangible assets
133,510
52,359
Operating lease charges
300,089
303,491
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
9,000
5,000
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Production staff
46
46
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
1,176,752
1,030,813
Social security costs
116,693
99,781
Pension costs
25,067
21,590
1,318,512
1,152,184
SKILLS MOTOR COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
7
Directors' remuneration
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2023 - 2).
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
129,850
Interest on finance leases and hire purchase contracts
211,115
25,002
211,115
154,852
The interest incurred on bank loans an overdrafts has been recharged to the parent Company - Skills Leisure Limited.
9
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
101,660
(354,132)
The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
56,534
70,508
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
14,134
13,397
Unutilised tax losses carried forward
(645,518)
(598,167)
Group relief
24,481
12,989
Permanent capital allowances in excess of depreciation
708,563
217,649
Taxation charge/(credit) for the year
101,660
(354,132)
10
Dividends
2024
2023
£
£
Final paid
105,600
108,600
SKILLS MOTOR COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
11
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
602,202
Amortisation and impairment
At 1 May 2023
273,320
Amortisation charged for the year
133,510
At 30 April 2024
406,830
Carrying amount
At 30 April 2024
195,372
At 30 April 2023
328,882
More information on impairment movements in the year is given in note .
12
Tangible fixed assets
Plant and machinery
Fixtures,fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 May 2023
32,636
300,301
8,495,370
8,828,307
Additions
66,889
4,800
3,359,178
3,430,867
Disposals
(17,529)
(3,740,796)
(3,758,325)
At 30 April 2024
81,996
305,101
8,113,752
8,500,849
Depreciation and impairment
At 1 May 2023
2,608
260,973
5,158,681
5,422,262
Depreciation charged in the year
8,602
40,661
625,433
674,696
Eliminated in respect of disposals
(2,670,986)
(2,670,986)
At 30 April 2024
11,210
301,634
3,113,128
3,425,972
Carrying amount
At 30 April 2024
70,786
3,467
5,000,624
5,074,877
At 30 April 2023
30,028
39,328
3,336,689
3,406,045
SKILLS MOTOR COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
12
Tangible fixed assets
(Continued)
- 22 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Plant and machinery
61,315
Motor vehicles
3,691,462
1,782,464
3,752,777
1,782,464
13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
14
1,852,514
1,852,514
Listed investments
2,506
2,506
Unlisted investments
59,340
59,340
1,914,360
1,914,360
Listed investments included above:
Market value if different from carrying amount
1,244
1,244
14
Subsidiaries
Details of the company's subsidiaries at 30 April 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Nottingham City Coaches Ltd
The Holiday Centre, Belgrave Road, Bluwell, Nottingham, Nottinghamshire, NG6 8LY
Ordinary
90.00
Apartair Travel Ltd
Belgrave Road, Bulwell, Nottingham, NG6 8LY
Ordinary
99.99
Skill and Wardle Sports Tour Ltd
White House, Wollaton Street, Nottingham, NG1 5GF
Ordinary
100.00
Silverdale Tours (Nottingham) Limited
White House, Wollaton Street, Nottingham, NG1 5GF
Ordinary
99.00
15
Stocks
2024
2023
£
£
Finished goods and goods for resale
405,827
342,855
SKILLS MOTOR COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,150,642
907,871
Amounts owed by group undertakings
4,766,618
2,982,632
Other debtors
350,494
449,393
Prepayments and accrued income
835,265
862,872
7,103,019
5,202,768
The amounts owed by Group undertakings are interest free and repayable on demand.
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
19
640,000
640,000
Obligations under finance leases
1,023,084
576,094
Trade creditors
781,892
907,513
Amounts owed to group undertakings
5,337,642
3,140,863
Taxation and social security
124,010
285,122
Other creditors
1,464,979
1,104,583
Accruals and deferred income
490,149
572,063
9,861,756
7,226,238
The bank hold the following security: First fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future and first floating charge over all assets and undertakings both present and future dated 27 April 2006. Composite company unlimited multilateral guarantee dated 26 April 2006 given by Skills Motor Coaches Limited, Nottingham City Coaches Limited, Skills Leisure Limited, Skills Travel Limited, McEwens Coaches Limited, Apartair Travel Limited and Silverdale Tours (Nottingham) Limited.
Finance lease and hire purchase contracts are secured on the assets concerned.
As at 30 April 2024 the creditors due in under 1 year which are secured total £2,435,827, (2023 - £1,857,193).
Included in bank loans and overdrafts are invoice factoring liabilities totalling £772,742 (2023: £641,099). These are secured on the debtors to which they relate.
The amounts due to Group undertakings are interest free and repayable on demand.
A bank loan of £1.73m is repayable in instalments and is due to be repaid by July 2026. Interest is charged at 3.99% above base rate. A bank loan totalling £1.2m is repayable in instalments and is due to be repaid in June 2027. Interest is charged at 3.99% above base rate.
SKILLS MOTOR COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
18
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
19
1,053,333
1,693,333
Obligations under finance leases
3,001,250
706,069
4,054,583
2,399,402
The bank hold the following security: First fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future and first floating charge over all assets and undertakings both present and future dated 27 April 2006. Composite company unlimited multilateral guarantee dated 26 April 2006 given by Skills Motor Coaches Limited, Nottingham City Coaches Limited, Skills Leisure Limited, Skills Travel Limited, McEwens Coaches Limited, Apartair Travel Limited and Silverdale Tours (Nottingham) Limited.
Finance lease and hire purchase contracts are secured on the assets concerned.
As at 30 April 2024 the creditors due in more than 1 year which are secured total £4,054,583 (2023 - £2,399,402).
A bank loan of £1.73m is repayable in instalments and is due to be repaid by July 2026. Interest is charged at 3.99% above base rate. A bank loan totalling £1.2m is repayable in instalments and is due to be repaid in June 2027. Interest is charged at 3.99% above base rate.
19
Loans and overdrafts
2024
2023
£
£
Bank loans
1,693,333
2,333,333
Payable within one year
640,000
640,000
Payable after one year
1,053,333
1,693,333
Details of securities, terms, interest and repayments can be found in note 19 & 20.
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
240,774
139,114
SKILLS MOTOR COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
20
Deferred taxation
(Continued)
- 25 -
2024
Movements in the year:
£
Liability at 1 May 2023
139,114
Charge to profit or loss
101,660
Liability at 30 April 2024
240,774
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
25,067
21,590
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Contributions totalling £23,398 (2023: £20,332) were payable to the fund at the balance sheet date and are included in other creditors.
22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
85,147
85,147
85,147
85,147
Ordinary B shares of £1 each
1
1
1
1
Ordinary C shares of £1 each
1
1
1
1
Ordinary D shares of £1 each
1
1
1
1
Ordinary E shares of £1 each
1
1
1
1
85,151
85,151
85,151
85,151
Ordinary shares carry fully voting and participating rights.
Ordinary B, C, D and E shares are each non-voting and carry capital and dividend rights.
23
Reserves
Share premium
This reserve records the amount above the nominal value received for shares sold, less transaction costs.
Profit and loss
Includes current and prior year retained profits and losses.
SKILLS MOTOR COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
24
Financial commitments, guarantees and contingent liabilities
The company is required in the ordinary course of business by QBE European Operations to procure bonds in favour of the insurance company. Such bonds are normally given by the company's bankers who require the company to indemnify the bank against potential liabilities. The total of such bonds in force at 30 April 2024 was £1,000,000 (2023: £600,000).
The Company receives claims against it's third party managed insurance pot in relation to it's motor fleet. At the year end, the Company has recognised £207,750 (2023: £235,369) of accruals in relation to potential future pay-outs of these claims. The aggregate estimated value of pay-outs in relation to ongoing claims at the year end was £343,672 (2023: £392,281).
25
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
1,229,309
1,381,452
Between two and five years
1,779,090
3,008,399
3,008,399
4,389,851
26
Capital commitments
At the end of the period, the company had capital commitments contracted for but not provided in these financial statements.
2024
2023
£
£
Acquisition of tangible fixed assets
942,500
-
SKILLS MOTOR COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
27
Related party transactions
Transactions with related parties
The Company has taken advantage of the exemption available within the FRS102 not to disclose details of any transactions between itself and its 100% owned subsidiaries.
At 30th April 2024 £Nil (2023: £Nil) was owed from group companies that are not 100% owned and £4,766,618 (2023: £2,982,632) was owed by the ultimate parent company.
At 30th April 2024 £101,618 (2023: £104,093) was owed to fellow subsidiaries which are not wholly owned in the group and £Nil (2023: £Nil) was owed to the ultimate parent company.
Dividends of £76,200 (2023: £81,600) were paid to directors. No amounts remained outstanding at the period end (2023: £Nil).
Mr S.C.R. Skill is also a partner of Higson & Co (Nottingham) Limited who provide a consultancy service. At 30th April 2024 were owed £Nil (2023: £Nil) and professional services supplied during the period amounted to £4,115 (2023: £3,740) excluding VAT.
During the year amounts were paid to the Skills pension scheme of £Nil (2023: £Nil) and at 30 April 2024 £Nil (2023: £Nil) was owed to this.
At 30 April 2024 £77,821 (2023: £4,782) was owed by Laver Holidays Limited and £44,676 (2023: £42,100) was owed to Laver Motorcoach Charter Limited and £78,152 (2023 £17,325) was owed by McEwens Coaches Limited, all related parties of the company.
Included in investments is £59,340 (2023: £59,340) that was an investment in a project that is connected to one of the directors.
28
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Dividends totalling £76,200 (2023 - £81,600) were paid in the year in respect of shares held by the company's directors.
All loans are due on demand, unsecured and interest free.
29
Ultimate controlling party
The immediate and ultimate parent company is Skills Leisure Limited by virtue of its 59.51% shareholding in the company.
Copies of the group financial statements of Skills Leisure Limited are available from Companies House, Crown Way, Maindy, Cardiff. CF14 3UZ.
The ultimate controlling party are directors S C R Skill and N S A Skill who jointly own Skills Leisure Limited by way of equal shareholding and control on a day to day basis.
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