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REGISTERED NUMBER: SC357651 (Scotland)




















Prentice Coaches Ltd.

Unaudited Financial Statements

for the Year Ended 30 September 2024






Prentice Coaches Ltd. (Registered number: SC357651)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Prentice Coaches Ltd.

Company Information
for the Year Ended 30 September 2024







DIRECTORS: R C Prentice
L Prentice





SECRETARY: L Prentice





REGISTERED OFFICE: Station Garage
2d Hospital Road
Haddington
East Lothian
EH41 3BH





REGISTERED NUMBER: SC357651 (Scotland)





ACCOUNTANTS: Whitelaw Wells
The Lighthouse
Heugh Road
North Berwick
EH39 5PX

Prentice Coaches Ltd. (Registered number: SC357651)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 953,816 1,156,810

CURRENT ASSETS
Stocks 15,312 13,811
Debtors 5 75,548 98,885
Cash at bank 91,925 181,977
182,785 294,673
CREDITORS
Amounts falling due within one year 6 297,647 327,600
NET CURRENT LIABILITIES (114,862 ) (32,927 )
TOTAL ASSETS LESS CURRENT LIABILITIES 838,954 1,123,883

CREDITORS
Amounts falling due after more than one
year

7

(249,014

)

(357,904

)

PROVISIONS FOR LIABILITIES (160,448 ) (193,292 )
NET ASSETS 429,492 572,687

Prentice Coaches Ltd. (Registered number: SC357651)

Balance Sheet - continued
30 September 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 428,492 571,687
SHAREHOLDERS' FUNDS 429,492 572,687

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 19 February 2025 and were signed on its behalf by:





R C Prentice - Director


Prentice Coaches Ltd. (Registered number: SC357651)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Prentice Coaches Ltd. is a private company, limited by shares , registered in Scotland. 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 and revenue recognition
Turnover represents income from provision of buses for local service routes, contract and private hire excluding value added tax. Revenue is recognised when the service has been supplied to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on cost, 20% on cost and 10% on cost

Stock
Stock has been valued at the lower of cost and estimated selling price less costs to sell.

Financial instruments
Financial instruments comprise financial assets and financial liabilities which are recognised when the company become a party to the contractual provisions of the instrument. Financial instruments are classified as "basic" in accordance with FRS 102 and are accounted for at amortised cost using the effective interest method.The effective interest rate is the rate that exactly discounts estimated future cash flows over the life of the financial assets or liability to the net carrying amount on initial recognition. Discounting is not applied to short-term receivables and payables, where the effect is immaterial.

Financial assets at cost compromise bank, trade debtors and other debtors. Financial liabilities compromise trade creditors, accruals and other creditors.

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.

Prentice Coaches Ltd. (Registered number: SC357651)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Deferred tax
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The financial statements have been prepared on the going concern principle, which assumes that the company will continue to trade for the foreseeable future.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probably the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 27 ) .

Prentice Coaches Ltd. (Registered number: SC357651)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2023 2,326,556
Additions 879
Disposals (8,591 )
Transfer to ownership 1
At 30 September 2024 2,318,845
DEPRECIATION
At 1 October 2023 1,169,746
Charge for year 203,874
Eliminated on disposal (8,591 )
At 30 September 2024 1,365,029
NET BOOK VALUE
At 30 September 2024 953,816
At 30 September 2023 1,156,810

Prentice Coaches Ltd. (Registered number: SC357651)

Notes to the Financial Statements - continued
for the Year Ended 30 September 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 October 2023 1,156,734
Transfer to ownership (111,171 )
At 30 September 2024 1,045,563
DEPRECIATION
At 1 October 2023 286,884
Charge for year 104,557
Transfer to ownership (44,469 )
At 30 September 2024 346,972
NET BOOK VALUE
At 30 September 2024 698,591
At 30 September 2023 869,850

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 68,632 62,833
Other debtors 6,916 36,052
75,548 98,885

Prentice Coaches Ltd. (Registered number: SC357651)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 13,294 1,763
Hire purchase contracts 185,055 234,761
Trade creditors 46,891 35,212
Taxation and social security 14,676 15,998
Other creditors 37,731 39,866
297,647 327,600

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 249,014 357,904

8. SECURED DEBTS

The Royal Bank of Scotland plc hold a floating charge over the undertaking, all property and assets.