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REGISTERED NUMBER: SC235065 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 August 2024

for

Watermill Coaches Limited

Watermill Coaches Limited (Registered number: SC235065)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Watermill Coaches Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: Mr A J Clark
Mrs A C Clark





REGISTERED OFFICE: 74 College Bounds
Fraserburgh
Aberdeenshire
AB43 9QS





REGISTERED NUMBER: SC235065 (Scotland)





ACCOUNTANTS: SBP
Accountants
27 Finlayson Street
Fraserburgh
Aberdeenshire
AB43 9JQ

Watermill Coaches Limited (Registered number: SC235065)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 53,400 80,100
Tangible assets 5 4,265,717 3,675,180
4,319,117 3,755,280

CURRENT ASSETS
Stocks 25,000 25,000
Debtors 6 365,883 286,981
Cash at bank 789,082 857,695
1,179,965 1,169,676
CREDITORS
Amounts falling due within one year 7 638,050 601,846
NET CURRENT ASSETS 541,915 567,830
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,861,032

4,323,110

CREDITORS
Amounts falling due after more than one
year

8

(118,333

)

(227,778

)

PROVISIONS FOR LIABILITIES (676,125 ) (609,816 )
NET ASSETS 4,066,574 3,485,516

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Capital redemption reserve 50,000 50,000
Retained earnings 3,966,574 3,385,516
SHAREHOLDERS' FUNDS 4,066,574 3,485,516

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

Watermill Coaches Limited (Registered number: SC235065)

Balance Sheet - continued
31 August 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 February 2025 and were signed on its behalf by:





Mr A J Clark - Director


Watermill Coaches Limited (Registered number: SC235065)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Watermill Coaches Limited 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
Turnover represents amounts receivable for services provided in the normal course of business, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

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.
Improvements to freehold property - 4% on cost
Equipment - 25% on reducing balance
Coaches - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period. The directors are of the view that the residual value of the 'Freehold property' will not be less than the present carrying value of original cost and on this basis no depreciation is applied.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Watermill Coaches Limited (Registered number: SC235065)

Notes to the Financial Statements - continued
for the Year Ended 31 August 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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 88 (2023 - 76 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 267,000
AMORTISATION
At 1 September 2023 186,900
Amortisation for year 26,700
At 31 August 2024 213,600
NET BOOK VALUE
At 31 August 2024 53,400
At 31 August 2023 80,100

Watermill Coaches Limited (Registered number: SC235065)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

5. TANGIBLE FIXED ASSETS
Improvements
to
Freehold freehold
property property Equipment
£    £    £   
COST
At 1 September 2023 1,070,649 38,660 156,559
Additions 224,413 - 27,980
Disposals - - (68,795 )
At 31 August 2024 1,295,062 38,660 115,744
DEPRECIATION
At 1 September 2023 - 11,691 130,515
Charge for year - 1,546 9,309
Eliminated on disposal - - (68,795 )
At 31 August 2024 - 13,237 71,029
NET BOOK VALUE
At 31 August 2024 1,295,062 25,423 44,715
At 31 August 2023 1,070,649 26,969 26,044

Motor
Coaches vehicles Totals
£    £    £   
COST
At 1 September 2023 5,816,037 169,906 7,251,811
Additions 1,022,195 100,300 1,374,888
Disposals (32,125 ) - (100,920 )
At 31 August 2024 6,806,107 270,206 8,525,779
DEPRECIATION
At 1 September 2023 3,364,918 69,507 3,576,631
Charge for year 727,202 36,874 774,931
Eliminated on disposal (22,705 ) - (91,500 )
At 31 August 2024 4,069,415 106,381 4,260,062
NET BOOK VALUE
At 31 August 2024 2,736,692 163,825 4,265,717
At 31 August 2023 2,451,119 100,399 3,675,180

Watermill Coaches Limited (Registered number: SC235065)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Coaches
£   
COST
At 1 September 2023 1,623,720
Additions 250,000
Transfer to ownership (529,220 )
At 31 August 2024 1,344,500
DEPRECIATION
At 1 September 2023 403,504
Charge for year 277,971
Transfer to ownership (233,391 )
At 31 August 2024 448,084
NET BOOK VALUE
At 31 August 2024 896,416
At 31 August 2023 1,220,216

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 122,118 65,430
Other debtors 20,000 20,300
VAT 98,308 121,348
Prepayments 125,457 79,903
365,883 286,981

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Hire purchase contracts 187,222 259,444
Trade creditors 192,802 167,672
Tax 230,467 148,789
Other creditors 19,462 20,772
Deferred income 3,522 -
Accrued expenses 4,575 5,169
638,050 601,846

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£    £   
Hire purchase contracts 118,333 227,778

Watermill Coaches Limited (Registered number: SC235065)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

9. RELATED PARTY DISCLOSURES

The directors operate current accounts with the company and as at 31st August 2024 no balances were owing to, or from, any of the directors.

10. ULTIMATE CONTROLLING PARTY

The controlling party is Mr A J Clark.