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REGISTERED NUMBER: 07823015 (England and Wales)













Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2024

for

COACH1 LIMITED

COACH1 LIMITED (REGISTERED NUMBER: 07823015)






Contents of the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


COACH1 LIMITED

Company Information
FOR THE YEAR ENDED 31 MARCH 2024







Directors: Mr I R Shipley
Mr J C Shipley
Mr A D Kelly
Mr T F Stables





Registered office: Unit N O'Brien Business Park
Durham Road
Birtley
Chester Le Street
Co. Durham
DH3 2TB





Registered number: 07823015 (England and Wales)





Auditors: NRB
1st Floor Waterside House
Waterside Drive
Wigan
Lancashire
WN3 5AZ

COACH1 LIMITED (REGISTERED NUMBER: 07823015)

Group Strategic Report
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their strategic report of the company and the group for the year ended 31 March 2024.

Review of business
The directors aim to present a balanced review of the development and performance of the group during the period and the groups position at the period end. The review is consistent with the risks and uncertainties facing the group.

The group operated from its premises at Fell Bank, Birtley supplying passenger transport services throughout the UK. The directors consider their key performance indicators are those that communicate the financial performance and strength of the company, being turnover, gross profit and shareholders' funds.

The turnover increased by £1,134,097 and Gross Profit increased by £700,828 during the year to 31st March 2024 compared to 2023.

The profit before tax was £1,784,179. After tax and dividends, the shareholders' funds have increased by £1,020,818 to £3,312,720. The results were considered satisfactory by the directors and anticipate continued growth in the foreseeable future.

Principal risks and uncertainties
The main risks and uncertainties, set out below are not an exhaustive list but could affect future performance.

1. Economic conditions: Inflation and the energy crises continue to dominate the headlines and can have a negative impact on customer confidence.

2. Liquidity: the group finances its business using retained profits, credit facilities and asset finance arrangements. It is considered that the group will operate within these facilities.

The business environment within coach travel continues to be intensely challenging. The sector is extremely competitive, and margins continue to be under pressure. Market spending and changing economic patterns can easily affect the industry.

The directors believe they have managed the above risks responsibly and that they have been able to mitigate any material impact on the group's financial position.

Post year end event
On 12 June 2024, subsequent to the year-end, Coach 1 Limited was acquired by Coach Travel Group Ltd.

On behalf of the board:





Mr J C Shipley - Director


20 March 2025

COACH1 LIMITED (REGISTERED NUMBER: 07823015)

Report of the Directors
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

Principal activity
The principal activity of the group in the year under review was that of the provision of travel services.

Dividends
The total distribution of dividends for the year ended 31 March 2024 will be £93,000.

Directors
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

Mr I R Shipley
Mr J C Shipley

Other changes in directors holding office are as follows:

Mr A D Kelly and Mr T F Stables were appointed as directors after 31 March 2024 but prior to the date of this report.

Statement of directors' responsibilities
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Auditors
The auditors, NRB, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





Mr J C Shipley - Director


20 March 2025

Report of the Independent Auditors to the Members of
Coach1 Limited

Opinion
We have audited the financial statements of Coach1 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Coach1 Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below :

- Consideration was given to the entity's susceptibility to material misstatement at all times during the audit including consideration of how fraud could occur. This involved consideration of the nature of the entity's activities and transactions with the potential identification of fraud

- Identification of key laws and regulations considered central to the entity, including a review of any policies and procedures in place to ensure compliance. Key laws and regulations identified include the UK Companies Act, tax legislation and health and safety regulations

- Ensured that the engagement team had the necessary competence and capabilities to identify any examples of non-compliance at all stages

- Audit work was completed in all relevant areas that were deemed to be appropriate for the client and the associated risks in respect of potential misstatements, including fraud. Our audit work was designed to assess these risks in all areas and included enquiry of management, testing the appropriateness of journal entries, reviewing financial statement disclosures and tracing to relevant documentation as well as the consideration of the risk of potential management override

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matters which we are required to address
The comparatives were not audited, as the company was eligible to claim exemption from a statutory audit under section 477 of the Companies Act 2006.

Report of the Independent Auditors to the Members of
Coach1 Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Catherine Rogers BSc FCA (Senior Statutory Auditor)
for and on behalf of NRB
1st Floor Waterside House
Waterside Drive
Wigan
Lancashire
WN3 5AZ

20 March 2025

COACH1 LIMITED (REGISTERED NUMBER: 07823015)

Consolidated
Income Statement
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 3 7,299,816 6,165,719

Cost of sales 4,767,234 4,333,965
GROSS PROFIT 2,532,582 1,831,754

Administrative expenses 715,374 654,966
1,817,208 1,176,788

Other operating income 14,026 (2,271 )
1,831,234 1,174,517

Interest receivable and similar income 41,385 -
1,872,619 1,174,517

Interest payable and similar expenses 5 88,440 66,051
PROFIT BEFORE TAXATION 6 1,784,179 1,108,466

Tax on profit 7 670,361 164,150
PROFIT FOR THE FINANCIAL YEAR 1,113,818 944,316
Profit attributable to:
Owners of the parent 1,113,818 944,316

COACH1 LIMITED (REGISTERED NUMBER: 07823015)

Consolidated
Other Comprehensive Income
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   

PROFIT FOR THE YEAR 1,113,818 944,316


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,113,818

944,316

Total comprehensive income attributable to:
Owners of the parent 1,113,818 944,316

COACH1 LIMITED (REGISTERED NUMBER: 07823015)

Consolidated Balance Sheet
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 4,251,344 4,323,473
Investments 13 - -
4,251,344 4,323,473

CURRENT ASSETS
Stocks 14 32,112 18,110
Debtors 15 866,226 738,865
Cash at bank and in hand 2,334,096 1,125,737
3,232,434 1,882,712
CREDITORS
Amounts falling due within one year 16 1,636,785 1,446,429
NET CURRENT ASSETS 1,595,649 436,283
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,846,993

4,759,756

CREDITORS
Amounts falling due after more than one
year

17

(1,385,291

)

(1,720,825

)

PROVISIONS FOR LIABILITIES 21 (1,061,978 ) (660,025 )
NET ASSETS 3,399,724 2,378,906

CAPITAL AND RESERVES
Called up share capital 22 215 215
Share premium 23 18,735 18,735
Revaluation reserve 23 - 68,054
Retained earnings 23 3,380,774 2,291,902
SHAREHOLDERS' FUNDS 3,399,724 2,378,906

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2025 and were signed on its behalf by:





Mr J C Shipley - Director


COACH1 LIMITED (REGISTERED NUMBER: 07823015)

Company Balance Sheet
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 64,063 64,063
64,063 64,063

CURRENT ASSETS
Debtors 15 139 139

CREDITORS
Amounts falling due within one year 16 45,252 45,252
NET CURRENT LIABILITIES (45,113 ) (45,113 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,950

18,950

CAPITAL AND RESERVES
Called up share capital 22 215 215
Share premium 23 18,735 18,735
SHAREHOLDERS' FUNDS 18,950 18,950

Company's profit for the financial year 93,000 193,903

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2025 and were signed on its behalf by:





Mr J C Shipley - Director


COACH1 LIMITED (REGISTERED NUMBER: 07823015)

Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 April 2022 215 1,541,489 18,735 68,054 1,628,493

Changes in equity
Dividends - (193,903 ) - - (193,903 )
Total comprehensive income - 944,316 - - 944,316
Balance at 31 March 2023 215 2,291,902 18,735 68,054 2,378,906

Changes in equity
Dividends - (93,000 ) - - (93,000 )
Total comprehensive income - 1,113,818 - - 1,113,818
Fair value reserve - 68,054 - (68,054 ) -
Balance at 31 March 2024 215 3,380,774 18,735 - 3,399,724

COACH1 LIMITED (REGISTERED NUMBER: 07823015)

Company Statement of Changes in Equity
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 April 2022 215 - 18,735 18,950

Changes in equity
Dividends - (193,903 ) - (193,903 )
Total comprehensive income - 193,903 - 193,903
Balance at 31 March 2023 215 - 18,735 18,950

Changes in equity
Dividends - (93,000 ) - (93,000 )
Total comprehensive income - 93,000 - 93,000
Balance at 31 March 2024 215 - 18,735 18,950

COACH1 LIMITED (REGISTERED NUMBER: 07823015)

Consolidated Cash Flow Statement
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,757,316 1,655,029
Interest paid (3,483 ) (6,581 )
Interest element of hire purchase payments
paid

(84,957

)

(59,470

)
Tax paid - (25,161 )
Net cash from operating activities 1,668,876 1,563,817

Cash flows from investing activities
Purchase of tangible fixed assets (73,765 ) (377,772 )
Sale of tangible fixed assets 493,083 926,212
Interest received 41,385 -
Net cash from investing activities 460,703 548,440

Cash flows from financing activities
Capital repayments in year (872,766 ) (1,503,539 )
Amount introduced by directors 44,546 274
Equity dividends paid (93,000 ) (193,903 )
Net cash from financing activities (921,220 ) (1,697,168 )

Increase in cash and cash equivalents 1,208,359 415,089
Cash and cash equivalents at beginning
of year

2

1,125,737

710,648

Cash and cash equivalents at end of year 2 2,334,096 1,125,737

COACH1 LIMITED (REGISTERED NUMBER: 07823015)

Notes to the Consolidated Cash Flow Statement
FOR THE YEAR ENDED 31 MARCH 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.24 31.3.23
£    £   
Profit before taxation 1,784,179 1,108,466
Depreciation charges 445,340 392,607
Profit on disposal of fixed assets (147,242 ) (106,262 )
Finance costs 88,440 66,051
Finance income (41,385 ) -
2,129,332 1,460,862
(Increase)/decrease in stocks (14,002 ) 14,515
Increase in trade and other debtors (172,220 ) (170,997 )
(Decrease)/increase in trade and other creditors (185,794 ) 350,649
Cash generated from operations 1,757,316 1,655,029

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 2,334,096 1,125,737
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 1,125,737 710,648


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 1,125,737 1,208,359 2,334,096
1,125,737 1,208,359 2,334,096
Debt
Finance leases (2,184,511 ) 147,479 (2,037,032 )
Debts falling due within 1 year (24,000 ) 24,000 -
Debts falling due after 1 year (56,000 ) 56,000 -
(2,264,511 ) 227,479 (2,037,032 )
Total (1,138,774 ) 1,435,838 297,064

COACH1 LIMITED (REGISTERED NUMBER: 07823015)

Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Coach1 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £.

Going Concern
After reviewing the group's forecasts and projections, the directors have a reasonable expectation that the company will have adequate funding and resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing their financial statements.

Basis of consolidation
The results of subsidiary acquired or sold are consolidated from or to the date on which control passes. On consolidation, all intra-group transactions and balances are eliminated in full.

Business combinations are accounted for using the purchase method. The consideration in respect of the business combination is measured at the aggregate of the fair value of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the subsidiary undertaking.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates.
The items in the financial where these estimates and judgements have been made include:

Useful life of assets and residual value

Fixed assets are depreciated over a period estimated over their useful life and taking into account their residual value at the end of this period. Both of these factors are estimates and as a result are under constant review.The group continually monitors any fixed assets disposals to ensure reasonable estimates are being used in the above areas.

Turnover
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards of the service have been transferred to the customer.

Revenue from tour bookings is recognised when the tour has been completed, reflecting the total amount due for the service provided.

Revenue from coach hire services is recognised when the hire period has commenced and the service has been delivered in accordance with the terms of the booking.

Turnover is measured at the fair value of the consideration received or receivable, ensuring it is only recognised to the extent that there is a right to consideration.

Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 20 years. Goodwill has now been fully written off and has a nil carrying value.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 property - 10% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 10% on reducing balance

COACH1 LIMITED (REGISTERED NUMBER: 07823015)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

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 Consolidated 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.

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 and loss on a straight line basis over the period of the lease.

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

Trade and other debtors
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivable are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

COACH1 LIMITED (REGISTERED NUMBER: 07823015)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

31.3.24 31.3.23
£    £   
Private Hire 4,510,047 4,066,712
Contract Income 2,397,078 1,739,682
Workshop Sales 1,086 5,865
Miscellaneous 391,605 353,460
7,299,816 6,165,719

An analysis of turnover by geographical market is given below:

31.3.24 31.3.23
£    £   
United Kingdom 7,299,816 6,165,719
7,299,816 6,165,719

4. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 2,547,677 2,015,680
Social security costs 1,833 -
Other pension costs 104,758 72,008
2,654,268 2,087,688

The average number of employees during the year was as follows:
31.3.24 31.3.23

Directors 3 3
Accounts 3 2
Sales 3 2
Operations 2 2
Engineering 7 6
Cleaners 4 2
Drivers 60 54
82 71

The average number of employees by undertakings that were proportionately consolidated during the year was 82 (2023 - 71 ) .

31.3.24 31.3.23
£    £   
Directors' remuneration 40,060 40,036
Directors' pension contributions to money purchase schemes 47,147 33,050

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Bank interest - 354
Bank loan interest 3,483 6,227
Hire purchase 84,957 59,470
88,440 66,051

COACH1 LIMITED (REGISTERED NUMBER: 07823015)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

31.3.24 31.3.23
£    £   
Hire of plant and machinery 2,037 1,926
Other operating leases 110,802 70,447
Depreciation - owned assets 203,086 245,298
Depreciation - assets on hire purchase contracts 242,258 142,810
Profit on disposal of fixed assets (147,242 ) (106,262 )
Goodwill amortisation - 4,500
Auditors' remuneration 12,000 -

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 268,408 -

Deferred tax 401,953 164,150
Tax on profit 670,361 164,150

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.24 31.3.23
£    £   
Profit before tax 1,784,179 1,108,466
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

446,045

210,609

Effects of:
Expenses not deductible for tax purposes 15,889 3,425
Change in corporation tax rate from 19% to 25%. 208,427 -
Super Deductions claimed on assets purchased in the year - (49,884 )
Total tax charge 670,361 164,150

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
31.3.24 31.3.23
£    £   
Ordinary A shares of £1 each
Interim 43,457 82,050
Ordinary B shares of £1 each
Interim - 27,910
Ordinary C shares of £1 each
Interim 28,543 29,343
Ordinary D shares of £1 each
Interim 21,000 54,600
93,000 193,903

COACH1 LIMITED (REGISTERED NUMBER: 07823015)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. POST YEAR END EVENT

On 12 June 2024, subsequent to the year-end, Coach 1 Limited, the parent company of Jim Hughes Coaches Limited, was acquired by Coach Travel Group Ltd.

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 90,000
AMORTISATION
At 1 April 2023
and 31 March 2024 90,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

12. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023 47,337 209,468 5,201,221 5,458,026
Additions - 26,621 692,435 719,056
Disposals - - (481,417 ) (481,417 )
At 31 March 2024 47,337 236,089 5,412,239 5,695,665
DEPRECIATION
At 1 April 2023 38,560 120,058 975,935 1,134,553
Charge for year 4,734 24,977 415,633 445,344
Eliminated on disposal - - (135,576 ) (135,576 )
At 31 March 2024 43,294 145,035 1,255,992 1,444,321
NET BOOK VALUE
At 31 March 2024 4,043 91,054 4,156,247 4,251,344
At 31 March 2023 8,777 89,410 4,225,286 4,323,473

The net book value of tangible fixed assets as at 31 March 2024 includes £2,180,319 (2023 - £1,098,046) in respect of assets held under Hire Purchase agreements. The depreciation charged on these assets in the year was £242,258 (2023 - £142,810)

COACH1 LIMITED (REGISTERED NUMBER: 07823015)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

12. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023
DEPRECIATION
At 1 April 2023 142,810
Charge for year 242,258
At 31 March 2024 385,068
NET BOOK VALUE
At 31 March 2024 (385,068 )
At 31 March 2023 (142,810 )

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 64,063
NET BOOK VALUE
At 31 March 2024 64,063
At 31 March 2023 64,063

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Jim Hughes Coaches Limited
Registered office: Unit N, O'Brien Business Park Durham Road, Birtley, Chester Le Street, England, DH3 2TB
Nature of business: Coach operator
%
Class of shares: holding
Ordinary 100.00

This company is a wholly owned subsidiary of Coach1 Limited.


14. STOCKS

Group
31.3.24 31.3.23
£    £   
Finished goods 32,112 18,110

COACH1 LIMITED (REGISTERED NUMBER: 07823015)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Trade debtors 713,995 580,353 - -
Other debtors 27,161 34,362 139 139
Directors' current accounts 33,957 78,816 - -
VAT 34,686 8,551 - -
Prepayments 56,427 36,783 - -
866,226 738,865 139 139

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Bank loans and overdrafts (see note 18) - 24,000 - -
Hire purchase contracts (see note 19) 651,741 519,686 - -
Trade creditors 271,119 494,791 - -
Amounts owed to group undertakings - - 39,197 39,197
Tax 268,408 - - -
Social security and other taxes 54,462 43,287 - -
Other creditors 15,231 18,137 6,055 6,055
Directors' current accounts - 313 - -
Accruals and deferred income 375,824 346,215 - -
1,636,785 1,446,429 45,252 45,252

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
31.3.24 31.3.23
£    £   
Bank loans (see note 18) - 56,000
Hire purchase contracts (see note 19) 1,385,291 1,664,825
1,385,291 1,720,825

18. LOANS

An analysis of the maturity of loans is given below:

Group
31.3.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Bank loans - 24,000
Amounts falling due between one and two years:
Bank loans - 1-2 years - 56,000

All brought forward loans were fully repaid in the year.

COACH1 LIMITED (REGISTERED NUMBER: 07823015)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 651,741 519,686
Between one and five years 1,385,291 1,664,825
2,037,032 2,184,511

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.3.24 31.3.23
£    £   
Hire purchase contracts 2,037,032 2,184,511

The hire purchase contracts are secured against the specific assets involved.

21. PROVISIONS FOR LIABILITIES

Group
31.3.24 31.3.23
£    £   
Deferred tax 1,061,978 660,025

Group
Deferred
tax
£   
Balance at 1 April 2023 660,025
Provided during year 401,953
Balance at 31 March 2024 1,061,978

The deferred tax provision of £1,061,978 relates entirely to accelerated capital allowances.

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
99 Ordinary A £1 99 99
60 Ordinary B £1 60 60
16 Ordinary C £1 16 16
40 Ordinary D £1 40 40
215 215

All shares rank equally and have full rights.

COACH1 LIMITED (REGISTERED NUMBER: 07823015)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

23. RESERVES

Group
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 April 2023 2,291,902 18,735 68,054 2,378,691
Profit for the year 1,113,818 1,113,818
Dividends (93,000 ) (93,000 )
Fair value reserve 68,054 - (68,054 ) -
At 31 March 2024 3,380,774 18,735 - 3,399,509

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2023 - 18,735 18,735
Profit for the year 93,000 93,000
Dividends (93,000 ) (93,000 )
At 31 March 2024 - 18,735 18,735


24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
Mr I R Shipley and Mr J C Shipley
Balance outstanding at start of year 78,503 79,404
Amounts advanced 42,211 -
Amounts repaid (86,757 ) (901 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 33,957 78,503

Interest has been charged on the overdue balance at the HMRC approved interest rate.

25. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

For details of key management personnel remuneration see note 4.

The Great British Coach Company Limited. - A company controlled by the ultimate controlling party

2024 2023
£ £
Amount due from related party 709 709

The balance due from The Great British Coach Company Limited, is unsecured and is repayable on demand. No interest has been charged on the balance.

COACH1 LIMITED (REGISTERED NUMBER: 07823015)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

26. ULTIMATE CONTROLLING PARTY

The company was under the control of the Shipley family for the entire current and prior year.