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Company Registration number: 01249207

Irvings Coach Hire Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 30 April 2024

 

Irvings Coach Hire Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 9

 

Irvings Coach Hire Limited

Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

474,783

515,619

Current assets

 

Stocks

5

796

759

Debtors

6

61,584

36,515

Cash at bank and in hand

 

33,725

-

 

96,105

37,274

Creditors: Amounts falling due within one year

7

(223,990)

(195,029)

Net current liabilities

 

(127,885)

(157,755)

Total assets less current liabilities

 

346,898

357,864

Creditors: Amounts falling due after more than one year

7

(143,217)

(251,599)

Provisions for liabilities

(45,229)

(25,868)

Net assets

 

158,452

80,397

Capital and reserves

 

Called up share capital

4

4

Capital redemption reserve

1

1

Retained earnings

158,447

80,392

Shareholders' funds

 

158,452

80,397

 

Irvings Coach Hire Limited

Balance Sheet as at 30 April 2024 (continued)

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

Directors' responsibilities:

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

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

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

Company registration number: 01249207

Approved and authorised by the Board on 29 January 2025 and signed on its behalf by:
 

.........................................
Ms A J Irving
Company secretary and director

 

Irvings Coach Hire Limited

Notes to the financial statements for the Year Ended 30 April 2024

1

GENERAL INFORMATION

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

The address of its registered office is:
Raven Nook
Jesmond Street
Greystone Road
Carlisle
Cumbria
CA1 2DE
 

These financial statements were authorised for issue by the Board on 29 January 2025.

2

ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

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

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

 

Irvings Coach Hire Limited

Notes to the financial statements for the Year Ended 30 April 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

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

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

Tax

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

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

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

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

Tangible assets

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

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

Depreciation

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

Asset class

Depreciation method and rate

Property

2% reducing balance

Plant and machinery

25% reducing balance

Motor vehicles

9% reducing balance

Office equipment

15% reducing balance

 

Irvings Coach Hire Limited

Notes to the financial statements for the Year Ended 30 April 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Borrowings

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

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

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

Leases

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

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

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

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

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 

Irvings Coach Hire Limited

Notes to the financial statements for the Year Ended 30 April 2024 (continued)

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 18).

 

Irvings Coach Hire Limited

Notes to the financial statements for the Year Ended 30 April 2024 (continued)

4

TANGIBLE ASSETS

Property
£

Office equipment
£

Motor vehicles
 £

Plant and Machinery
£

Total
£

Cost or valuation

At 1 May 2023

26,503

14,187

1,023,531

6,081

1,070,302

Additions

-

-

5,000

-

5,000

At 30 April 2024

26,503

14,187

1,028,531

6,081

1,075,302

Depreciation

At 1 May 2023

11,081

11,398

526,551

5,653

554,683

Charge for the year

308

418

45,003

107

45,836

At 30 April 2024

11,389

11,816

571,554

5,760

600,519

Carrying amount

At 30 April 2024

15,114

2,371

456,977

321

474,783

At 30 April 2023

15,422

2,789

496,980

428

515,619

 

Irvings Coach Hire Limited

Notes to the financial statements for the Year Ended 30 April 2024 (continued)

5

STOCKS

2024
£

2023
£

Stocks

796

759

6

DEBTORS

Current

2024
£

2023
£

Trade debtors

32,525

27,305

Other debtors

29,059

9,210

 

61,584

36,515

7

CREDITORS

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

155,326

139,871

Trade creditors

 

46,085

26,776

Directors loan account

15,790

23,144

Taxation and social security

 

1,824

1,841

Accruals and deferred income

 

2,800

3,220

Other creditors

 

2,165

177

 

223,990

195,029


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £147,174 (2023 - £86,284).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

143,217

251,599


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £104,870 (2023 - £208,682).

 

Irvings Coach Hire Limited

Notes to the financial statements for the Year Ended 30 April 2024 (continued)

8

LOANS AND BORROWINGS

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

38,347

42,917

Hire purchase contracts

104,870

208,682

143,217

251,599

2024
£

2023
£

Current loans and borrowings

Bank borrowings

8,152

7,084

Bank overdrafts

-

46,503

Hire purchase contracts

147,174

86,284

155,326

139,871