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REGISTERED NUMBER: 05388840 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

PREMIUM COACHES LIMITED

PREMIUM COACHES LIMITED (REGISTERED NUMBER: 05388840)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PREMIUM COACHES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: N Wootton





REGISTERED OFFICE: Ground Floor
Egerton House
68 Baker Street
Weybridge
Surrey
KT13 8AL





REGISTERED NUMBER: 05388840 (England and Wales)





ACCOUNTANTS: RJP LLP
Ground Floor
Egerton House
68 Baker Street
Weybridge
Surrey
KT13 8AL

PREMIUM COACHES LIMITED (REGISTERED NUMBER: 05388840)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,261,710 2,847,691

CURRENT ASSETS
Debtors 5 797,234 1,755,587
Cash at bank and in hand 89,411 220,319
886,645 1,975,906
CREDITORS
Amounts falling due within one year 6 3,162,630 3,314,057
NET CURRENT LIABILITIES (2,275,985 ) (1,338,151 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

985,725

1,509,540

CREDITORS
Amounts falling due after more than one
year

7

2,439,028

4,677,513
NET LIABILITIES (1,453,303 ) (3,167,973 )

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings (1,453,403 ) (3,168,073 )
SHAREHOLDERS' FUNDS (1,453,303 ) (3,167,973 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 January 2025 and were signed by:





N Wootton - Director


PREMIUM COACHES LIMITED (REGISTERED NUMBER: 05388840)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Premium Coaches Limited is a private company, limited by shares , registered in England and Wales. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of coach services, excluding Value Added Tax. Income is recognised in the month in which the service was provided.

Provisions have been made for accrued income and deferred income.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Repairs and maintenance are charged to the profit and loss account during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets over their estimated useful lives, using the straight-line method.

The estimated useful life range is as follows:

Improvement to property-20% on cost
Plant and machinery-25% on cost & 20% reducing balance
Fixtures and fittings-25% on cost
Motor vehicles-10 years on cost less residual balance
Computer equipment-25% on cost

The assets' useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the income statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, 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 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.

PREMIUM COACHES LIMITED (REGISTERED NUMBER: 05388840)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. All assets are depreciated over their estimated useful lives.

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

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

Pension costs and other post-retirement benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2023 - 39 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 5,080,079
Additions 1,071,440
Disposals (124,067 )
At 31 March 2024 6,027,452
DEPRECIATION
At 1 April 2023 2,232,388
Charge for year 590,730
Eliminated on disposal (57,376 )
At 31 March 2024 2,765,742
NET BOOK VALUE
At 31 March 2024 3,261,710
At 31 March 2023 2,847,691

PREMIUM COACHES LIMITED (REGISTERED NUMBER: 05388840)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023 1,077,623
Disposals (33,700 )
At 31 March 2024 1,043,923
DEPRECIATION
At 1 April 2023 357,573
Charge for year 100,246
Eliminated on disposal (23,700 )
At 31 March 2024 434,119
NET BOOK VALUE
At 31 March 2024 609,804
At 31 March 2023 720,050

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 169,982 132,596
Other debtors 627,252 1,622,991
797,234 1,755,587

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 1,346,000 1,170,000
Hire purchase contracts (see note 8) 1,106,283 1,273,614
Trade creditors 641,440 589,244
Taxation and social security 25,346 32,945
Other creditors 43,561 248,254
3,162,630 3,314,057

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 2,032,355 3,378,355
Hire purchase contracts (see note 8) 406,673 1,299,158
2,439,028 4,677,513

PREMIUM COACHES LIMITED (REGISTERED NUMBER: 05388840)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 1,106,283 1,273,614
Between one and five years 406,673 1,299,158
1,512,956 2,572,772

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 114,975 153,300
Between one and five years - 114,975
114,975 268,275

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 3,378,355 4,548,355
Hire purchase contracts 1,311,981 2,059,811
4,690,336 6,608,166

Santander UK PLC hold a charge created 21 December 2012 over all the assets and undertakings of the company.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary £1 100 100