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COMPANY REGISTRATION NUMBER: 4041234
Welsh's Coaches Limited
Filleted unaudited financial statements
30 June 2024
Welsh's Coaches Limited
Statement of financial position
30 June 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
11,106
277,625
Current assets
Stocks
4,608
Debtors
6
178,493
271,204
Cash at bank and in hand
649,834
672,774
---------
---------
828,327
948,586
Creditors: amounts falling due within one year
7
517,106
818,844
---------
---------
Net current assets
311,221
129,742
---------
---------
Total assets less current liabilities
322,327
407,367
Creditors: amounts falling due after more than one year
8
20,000
Provisions
Taxation including deferred tax
108
66,672
---------
---------
Net assets
322,219
320,695
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
322,119
320,595
---------
---------
Shareholders funds
322,219
320,695
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30th June 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 .
Welsh's Coaches Limited
Statement of financial position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 27 March 2025 , and are signed on behalf of the board by:
J R Welsh
Director
Company registration number: 4041234
Welsh's Coaches Limited
Notes to the financial statements
Year ended 30th June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Field Lane, Upton, Pontefract, West Yorkshire, WF9 1BH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (i) Deferred tax - At 30th June 2024 a deferred tax liability of £108 in respect of timing differences is recognised (2023 - £66,672), principally in respect of accelerated capital allowances. (ii) Tangible fixed asset lives - The carrying value of tangible fixed assets, £11,106 at 30th June 2024 (2023 - £277,626), requires the Directors to make an estimate of the assets' useful economic lives and undertake an annual review for impairment. The estimated lives applied are detailed in the accounting policy note on depreciation.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Income is recognised upon commencement of a tour.
Income tax
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on material timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property improvements
-
2%/20% on cost
Fixtures and fittings
-
10% straight line
Motor vehicles
-
Straight line over 5/7 years (less residual value)
Computer equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at cost. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate. The assets of the scheme are held separately from those of the company.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 11 ).
5. Tangible assets
Property improvements
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1st July 2023
28,293
33,102
1,287,193
26,630
1,375,218
Disposals
( 1,287,193)
( 1,287,193)
--------
--------
------------
--------
------------
At 30th June 2024
28,293
33,102
26,630
88,025
--------
--------
------------
--------
------------
Depreciation
At 1st July 2023
17,356
33,102
1,021,265
25,870
1,097,593
Charge for the year
401
190
591
Disposals
( 1,021,265)
( 1,021,265)
--------
--------
------------
--------
------------
At 30th June 2024
17,757
33,102
26,060
76,919
--------
--------
------------
--------
------------
Carrying amount
At 30th June 2024
10,536
570
11,106
--------
--------
------------
--------
------------
At 30th June 2023
10,937
265,928
760
277,625
--------
--------
------------
--------
------------
6. Debtors
2024
2023
£
£
Trade debtors
712
6,515
Other debtors
177,781
264,689
---------
---------
178,493
271,204
---------
---------
The Company is required to provide a bond to Bonded Coach Holidays (BCH), which is the consumer protection scheme for the Coach Holiday Industry approved by Government and operated by the Confederation of Passenger Transport UK. The bond is provided by Travel & General Insurance Services Limited ("T&G") and the Company has opted to deposit £155,000 (2023 - £155,000) with T&G as security against the bond in order to secure favourable terms. The bond is underwritten by International Insurance Company of of Hannover plc ("Inter Hannover") and the cash held by T&G is charged in their favour. The deposit will be returned to the Company when all liability to Inter Hannover in connection with the bond has ceased and providing the bond has not been called. The current bond is in force until 30th April 2025.
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
Trade creditors
681
42,650
Corporation tax
84,117
35,379
Social security and other taxes
83,997
7,858
Other creditors
348,311
722,957
---------
---------
517,106
818,844
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
20,000
--------
--------