Company Registration No. 06763809 (England and Wales)
UPTON COACHES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
UPTON COACHES LIMITED
COMPANY INFORMATION
Directors
Mr G Thomas
Miss L Thomas
Company number
06763809
Registered office
21 Bampton Street
Tiverton
Devon
EX16 6AA
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
Business address
Upton Garage
Upton
Taunton
Somerset
TA4 2HX
UPTON COACHES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
UPTON COACHES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
411,895
356,731
Current assets
Stocks
2,630
1,517
Debtors
6
118,452
140,672
Cash at bank and in hand
128,855
164,598
249,937
306,787
Creditors: amounts falling due within one year
7
(172,387)
(133,573)
Net current assets
77,550
173,214
Total assets less current liabilities
489,445
529,945
Creditors: amounts falling due after more than one year
8
(157,966)
(279,214)
Provisions for liabilities
(84,570)
(77,521)
Net assets
246,909
173,210
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
246,809
173,110
Total equity
246,909
173,210
UPTON COACHES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 19 March 2025 and are signed on its behalf by:
Mr G Thomas
Director
Company Registration No. 06763809
UPTON COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Upton Coaches Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom.
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. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover represents the total invoice value of sales made during the year.
Revenue from contracts for the provision of services is recognised when the service has been fulfilled. Prices are generally agreed in advance and are normally based on contractual hourly staff rates and a contribution to overheads.
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
5 years
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
3 years straight line
Motor vehicles
25% reducing balance
1.4
Stocks
Stocks are stated at the lower of cost and net realisable value.
1.5
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.
1.6
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
UPTON COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
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 taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
1.8
Employee benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
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 the profit and loss account on a straight line basis over the life of the lease.
Rentals payable under operating leases, including any lease incentives received, are charged to income 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 lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 16 (2023 - 16).
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
25,542
26,496
Deferred tax
Origination and reversal of timing differences
7,049
18,358
Total tax charge
32,591
44,854
UPTON COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Taxation
(Continued)
- 5 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
138,290
152,970
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2023: 19.00%)
26,275
29,064
Tax effect of expenses that are not deductible in determining taxable profit
150
28
Tax effect of income not taxable in determining taxable profit
(9,978)
Effect of change in corporation tax rate
4,539
3,903
Depreciation add back
25,434
23,483
Capital allowances
(30,856)
(20,004)
Deferred tax movement
7,049
18,358
Taxation for the year
32,591
44,854
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
72,000
Amortisation and impairment
At 1 January 2024 and 31 December 2024
72,000
Carrying amount
At 31 December 2024
At 31 December 2023
UPTON COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
5
Tangible fixed assets
Leasehold improvements
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2024
45,287
20,492
771
7,205
1,081,750
1,155,505
Additions
26,627
1,044
161,355
189,026
Disposals
(98,482)
(98,482)
At 31 December 2024
45,287
26,627
21,536
771
7,205
1,144,623
1,246,049
Depreciation and impairment
At 1 January 2024
40,928
13,105
524
6,289
737,928
798,774
Depreciation charged in the year
3,498
1,265
37
581
125,564
130,945
Eliminated in respect of disposals
(95,565)
(95,565)
At 31 December 2024
44,426
14,370
561
6,870
767,927
834,154
Carrying amount
At 31 December 2024
861
26,627
7,166
210
335
376,696
411,895
At 31 December 2023
4,359
7,387
247
916
343,822
356,731
UPTON COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
57,961
98,842
Other debtors
41,775
37,283
Prepayments and accrued income
18,716
4,547
118,452
140,672
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases
85,430
74,916
Trade creditors
23,446
7,806
Corporation tax
25,476
26,496
Other taxation and social security
5,928
4,133
Other creditors
15,211
6,005
Accruals and deferred income
6,896
4,217
172,387
133,573
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,333
18,333
Obligations under finance leases
149,633
260,881
157,966
279,214
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
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