Registered number
04915024
Faringdon Community Bus Ltd
Unaudited Filleted Accounts
31 October 2024
Faringdon Community Bus Ltd
Registered number: 04915024
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,739 4,986
Current assets
Debtors 4 1,168 524
Cash at bank and in hand 141,814 136,174
142,982 136,698
Creditors: amounts falling due within one year 5 (1,053) (1,058)
Net current assets 141,929 135,640
Net assets 145,668 140,626
Capital and reserves
Profit and loss account 145,668 140,626
Shareholders' funds 145,668 140,626
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr R J Bell
Director
Approved by the board on 7 February 2025
Faringdon Community Bus Ltd
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
The company does not trade for profit and is liable to corporation tax only on investment income.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Motor vehicles
£
Cost
At 1 November 2023 53,127
At 31 October 2024 53,127
Depreciation
At 1 November 2023 48,141
Charge for the year 1,247
At 31 October 2024 49,388
Net book value
At 31 October 2024 3,739
At 31 October 2023 4,986
4 Debtors 2024 2023
£ £
Trade debtors 614 74
Other debtors 554 450
1,168 524
5 Creditors: amounts falling due within one year 2024 2023
£ £
Corporation tax 330 38
Other creditors 723 1,020
1,053 1,058
6 Section 106 Funding
As a result of a Section 106 agreement with a local developer Oxfordshire County Council are holding £30000, under a signed funding agreement, to be made available when the existing bus needs to be replaced.
7 Other information
Faringdon Community Bus Ltd is a private company limited by guarantee and consequently does not have a share capital.Each member is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation. It's registered office is
82 Park Road
Faringdon
Oxon
SN7 7BZ
Faringdon Community Bus Ltd 04915024 false 2023-11-01 2024-10-31 2024-10-31 VT Final Accounts April 2024 Mr R J Bell No description of principal activity 04915024 2022-11-01 2023-10-31 04915024 core:WithinOneYear 2023-10-31 04915024 core:RetainedEarningsAccumulatedLosses 2023-10-31 04915024 2023-11-01 2024-10-31 04915024 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 04915024 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 04915024 bus:Director40 2023-11-01 2024-10-31 04915024 1 2023-11-01 2024-10-31 04915024 2 2023-11-01 2024-10-31 04915024 core:Vehicles 2023-11-01 2024-10-31 04915024 countries:England 2023-11-01 2024-10-31 04915024 bus:FRS102 2023-11-01 2024-10-31 04915024 bus:FilletedAccounts 2023-11-01 2024-10-31 04915024 2024-10-31 04915024 core:WithinOneYear 2024-10-31 04915024 core:RetainedEarningsAccumulatedLosses 2024-10-31 04915024 core:Vehicles 2024-10-31 04915024 2023-10-31 04915024 core:Vehicles 2023-10-31 iso4217:GBP xbrli:pure