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Company registration number:
07185271
Roy McCarthy Coaches Limited
Unaudited Filleted Financial Statements for the year ended
31 December 2024
Sutton & Co Accountants Ltd
25 Park Street, Macclesfield, Cheshire, SK11 6SS, United Kingdom
Roy McCarthy Coaches Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Roy McCarthy Coaches Limited
Year ended
31 December 2024
As described on the statement of financial position, the Board of Directors of
Roy McCarthy Coaches Limited
are responsible for the preparation of the
financial statements
for the year ended
31 December 2024
, which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Sutton & Co Accountants Ltd
25 Park Street
Macclesfield
Cheshire
SK11 6SS
United Kingdom
Date:
18 February 2025
Roy McCarthy Coaches Limited
Statement of Financial Position
31 December 2024
20242023
Note££
Fixed assets    
Intangible assets 5
65,626
 
76,876
 
Tangible assets 6
1,585,688
 
1,259,066
 
1,651,314
 
1,335,942
 
Current assets    
Debtors 7
273,727
 
144,050
 
Cash at bank and in hand
1,204,430
 
1,298,462
 
1,478,157
 
1,442,512
 
Creditors: amounts falling due within one year 8
(622,340
)
(504,416
)
Net current assets
855,817
 
938,096
 
Total assets less current liabilities 2,507,131   2,274,038  
Provisions for liabilities
(393,995
)
(312,184
)
Net assets
2,113,136
 
1,961,854
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
2,113,036
 
1,961,754
 
Shareholders funds
2,113,136
 
1,961,854
 
For the year ending
31 December 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 financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
18 February 2025
, and are signed on behalf of the board by:
Mr M McCarthy
Director
Company registration number:
07185271
Roy McCarthy Coaches Limited
Notes to the Financial Statements
Year ended
31 December 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
The Coach Depot
,
Snape Road
,
Macclesfield
,
Cheshire
,
SK10 2NZ
, .

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services supplied, net of discounts and Value Added Tax.
Revenue from the sale of services is recognised when services are invoiced.

Current tax

Current tax is recognised on taxable profit for the current period. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Goodwill

Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation. It is amortised to the profit and loss account over its estimated economic life of twenty years.

Tangible assets

Tangible assets held for the company's own use are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Motor vehicles
20% reducing balance
Plant and machinery
15% reducing balance
Office equipment
15% reducing balance and 25% straight line

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

Operating leases

A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership. Lease payments are recognised as an expense over the lease term on a straight-line basis.

Foreign currencies

Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. All differences are taken to the profit and loss account.

4 Average number of employees

The average number of persons employed by the company during the year was
22
(2023:
22
).

5 Intangible assets

Goodwill
£
Cost  
At
1 January 2024
and
31 December 2024
225,000
 
Amortisation  
At
1 January 2024
148,124
 
Charge
11,250
 
At
31 December 2024
159,374
 
Carrying amount  
At
31 December 2024
65,626
 
At 31 December 2023
76,876
 

Intangible assets held at valuation

In respect of intangible assets other than goodwill held at valuation, the comparable amounts that would have been recognised if the assets had been carried under the historical cost model are as follows:
20242023
££
Aggregate historical cost 225,000   225,000  
Aggregate amortisation 159,374   148,124  
Carrying amount
65,626
 
76,876
 

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 January 2024
2,450,652
 
Additions
627,534
 
Disposals
(22,607
)
At
31 December 2024
3,055,579
 
Depreciation  
At
1 January 2024
1,191,586
 
Charge
295,514
 
Disposals
(17,209
)
At
31 December 2024
1,469,891
 
Carrying amount  
At
31 December 2024
1,585,688
 
At 31 December 2023
1,259,066
 

7 Debtors

20242023
££
Trade debtors
128,163
 
90,018
 
Other debtors
145,564
 
54,032
 
273,727
 
144,050
 

8 Creditors: amounts falling due within one year

20242023
££
Trade creditors
350,045
 
24,060
 
Taxation and social security
39,642
 
115,538
 
Other creditors
232,653
 
364,818
 
622,340
 
504,416
 

9 Guarantees and other financial commitments

At 31 December 2024, the company had contracted to purchase a new coach for delivery in Spring 2025, but not provided for in these financial statements, for the sum of £284.500 (2023 - £254,500), against which a coach will be part exchanged at an agreed value of £150,000 (2023 - £nil).
In November 2023, the company contracted to rent HiHi telecom equipment for a period of 7 years. At 31 December 2024, the financial commitment amounted to £18,332 (2023 - £21,475).
The company operates four defined contribution pension schemes, the Roy McCarthy Coaches Limited pension schemes, for directors and other employees. The assets of the scheme are held separately from those of the company in independently administered funds. At the Balance Sheet date unpaid contributions of £457 (2023 - £190) were due to the fund. They are included in other creditors.

10 Events after the end of the reporting period

In January 2025, the company contracted to purchase a new coach for delivery in September 2025 for the sum of £307,000 (2023 - £nil), against which a coach will be part exchanged at an agreed value of £155,000 (2023 - £nil).