Company registration number 07375380 (England and Wales)
RIDLEYS COACHES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
RIDLEYS COACHES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
RIDLEYS COACHES LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,393,926
4,801,492
Current assets
Stocks
115,264
46,960
Debtors
4
630,639
719,124
Cash at bank and in hand
97,220
408,571
843,123
1,174,655
Creditors: amounts falling due within one year
5
(3,174,901)
(2,815,644)
Net current liabilities
(2,331,778)
(1,640,989)
Total assets less current liabilities
3,062,148
3,160,503
Creditors: amounts falling due after more than one year
6
(2,577,286)
(2,832,604)
Provisions for liabilities
(120,000)
(70,000)
Net assets
364,862
257,899
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
364,852
257,889
Total equity
364,862
257,899
RIDLEYS COACHES LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 14 February 2025 and are signed on its behalf by:
Mr J Ridley
Director
Company registration number 07375380 (England and Wales)
RIDLEYS COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information
Ridleys Coaches Limited is a private company limited by shares incorporated in England and Wales. The registered office is Old Bartons, High Street, Shutford, Banbury, Oxfordshire, OX15 6PQ.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
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.
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:
Leasehold improvements
No depreciation
Plant and equipment
25% reducing balance
Fixtures and fittings
33% straight line
Motor vehicles
10% / 7% straight line & 25% reducing balance
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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
RIDLEYS COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
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.
1.7
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.
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 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.
1.10
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.
RIDLEYS COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
80
73
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
167,326
165,532
21,717
5,920,851
6,275,426
Additions
66,006
455
1,386,118
1,452,579
Disposals
(332,639)
(332,639)
At 31 July 2024
167,326
231,538
22,172
6,974,330
7,395,366
Depreciation and impairment
At 1 August 2023
132,997
18,122
1,322,815
1,473,934
Depreciation charged in the year
27,865
603,477
631,342
Eliminated in respect of disposals
(103,836)
(103,836)
At 31 July 2024
132,997
45,987
1,822,456
2,001,440
Carrying amount
At 31 July 2024
167,326
98,541
(23,815)
5,151,874
5,393,926
At 31 July 2023
167,326
32,535
3,595
4,598,036
4,801,492
RIDLEYS COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
3
Tangible fixed assets
(Continued)
- 6 -
The directors commissioned an external valuation of the vehicles held as fixed assets immediately prior to the year end. The external valuation of the vehicles at a fair market price resulted in a figure of £5,341,500. The valuation revealed that the written down value of the vehicles was understated by less than 4% & the directors decided that they would not apply a revaluation surplus to the accounts at the 31st July 2024 year end.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
616,815
699,079
Other debtors
1,002
10,237
Prepayments and accrued income
12,822
9,808
630,639
719,124
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
36,163
52,561
Obligations under finance leases
1,212,433
1,149,162
Trade creditors
1,512,727
1,126,974
Taxation and social security
107,795
211,178
Other creditors
58,455
23,107
Accruals and deferred income
247,328
252,662
3,174,901
2,815,644
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
26,658
69,345
Obligations under finance leases
2,550,628
2,763,259
2,577,286
2,832,604
RIDLEYS COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
488,775
607,969
Between two and five years
1,343,342
1,892,533
1,832,117
2,500,502
8
Directors' transactions
Dividends totalling £80,000 (2023 - £176,000) were paid in the year in respect of shares held by the company's directors.
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr J Ridley -
23,107
185,572
(150,224)
58,455
23,107
185,572
(150,224)
58,455