Company registration number 02563730 (England and Wales)
M.C.H. (MINI-BUSES) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
M.C.H. (MINI-BUSES) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
M.C.H. (MINI-BUSES) LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1
1
Tangible assets
4
1,763,032
1,489,948
1,763,033
1,489,949
Current assets
Stocks
6,000
4,125
Debtors
5
1,472,667
1,220,906
Cash at bank and in hand
283,337
121,070
1,762,004
1,346,101
Creditors: amounts falling due within one year
6
(1,211,661)
(1,155,265)
Net current assets
550,343
190,836
Total assets less current liabilities
2,313,376
1,680,785
Creditors: amounts falling due after more than one year
7
(704,186)
(612,259)
Provisions for liabilities
8
(438,989)
(370,604)
Net assets
1,170,201
697,922
Capital and reserves
Called up share capital
11
50,002
50,002
Profit and loss reserves
1,120,199
647,920
Total equity
1,170,201
697,922
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
M.C.H. (MINI-BUSES) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2024
30 November 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 12 February 2025
E Gavin
Director
Company registration number 02563730 (England and Wales)
M.C.H. (MINI-BUSES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
1
Accounting policies
Company information
M.C.H. (Mini-buses) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Copse Hill Farm, Southlands Road, Iver, Berkshire, England, SL0 0PG.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
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:
Fixtures, fittings, equipment & plant and machinery
10-20% Straight line
Motor Vehicles
15% Straight line
Personalised number plates
None
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
M.C.H. (MINI-BUSES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
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 measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.
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.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
M.C.H. (MINI-BUSES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.11
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 balance sheet 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.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
15
17
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2023 and 30 November 2024
60,000
Amortisation and impairment
At 1 December 2023 and 30 November 2024
59,999
Carrying amount
At 30 November 2024
1
At 30 November 2023
1
M.C.H. (MINI-BUSES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
Personalised number plates
Total
£
£
£
Cost
At 1 December 2023
3,087,278
194,691
3,281,969
Additions
714,518
714,518
Disposals
(576,092)
(576,092)
At 30 November 2024
3,225,704
194,691
3,420,395
Depreciation and impairment
At 1 December 2023
1,792,021
1,792,022
Depreciation charged in the year
258,376
258,376
Eliminated in respect of disposals
(393,035)
(393,035)
At 30 November 2024
1,657,363
1,657,363
Carrying amount
At 30 November 2024
1,568,341
194,691
1,763,032
At 30 November 2023
1,295,257
194,691
1,489,948
The net book value of other tangible fixed assets includes £1,384,365 (2023: £1,139,179) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £229,525 (2023: £303,485) for the year.
Net obligations under finance leases and hire purchase contracts are secured on the assets acquired.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
95,758
335,103
Other debtors
1,376,909
885,803
1,472,667
1,220,906
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
7,572
8,000
Corporation tax
105,852
55,876
Other taxation and social security
12,072
13,215
Other creditors
1,086,165
1,078,174
1,211,661
1,155,265
M.C.H. (MINI-BUSES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
704,186
612,259
Included within other creditors falling due within one year and over one year is an amount of £1,152,382 (2023: £1,052,525) in respect of hire purchase liabilities which are secured against the asset to which they relate.
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
9
438,989
370,604
9
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
438,989
370,604
2024
Movements in the year:
£
Liability at 1 December 2023
370,604
Charge to profit or loss
68,385
Liability at 30 November 2024
438,989
10
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
5,665
5,266
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. The pension cost charge represents contributions payable by the company to the fund.
M.C.H. (MINI-BUSES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 8 -
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,002
50,002
50,002
50,002
12
Related party transactions
The company is under the control of its sole director.
Included in other debtors is an amount owed by the director totalling £115,228 (2023: £6,347). The maximum
balance outstanding during the year was £126,007 (2023: £6,347) and during the year interest of £1,661 (2023: £Nil) was charged on this balance at HMRC's official rate.
Included in other debtors is an amount owed by M.C.H. (Mini-buses) Retirement Benefit Scheme, in which the director is a trustee, totalling £1,147,964 (2023: £825,839).