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Registered Number: 08553448
England and Wales

 

 

 

LIBERTY COACHES NE LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 November 2023

End date: 31 October 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 3,122    2,215 
Tangible fixed assets 4 1,698,095    1,602,445 
1,701,217    1,604,660 
Current assets      
Stocks 5 5,000    15,000 
Debtors 6 257,937    391,084 
Cash at bank and in hand (2,736)   590 
260,201    406,674 
Creditors: amount falling due within one year 7 (645,660)   (712,551)
Net current assets (385,459)   (305,877)
 
Total assets less current liabilities 1,315,758    1,298,783 
Creditors: amount falling due after more than one year 8 (443,184)   (687,439)
Provisions for liabilities 9 (160,532)   (201,558)
Net assets 712,042    409,786 
 

Capital and reserves
     
Called up share capital 415    400 
Profit and loss account 711,627    409,386 
Shareholders' funds 712,042    409,786 
 


For the year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 31 March 2025 and were signed on its behalf by:


-------------------------------
Kenneth Turner
Director
1
General Information
Liberty Coaches NE Ltd is a private company, limited by shares, registered in England and Wales, registration number 08553448, registration address Liberty House, Station Road, Cramlington, NE23 8BH.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the going concern and the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 4 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 10-20% Reducing Balance
Plant and Machinery 15% Reducing Balance
Fixtures and Fittings 15% Reducing Balance
Improvements to property 0% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 40 (2023 : 35).
3.

Intangible fixed assets

Cost Goodwill   Other   Total
  £   £   £
At 01 November 2023 1,250    5,241    6,491 
Additions 2,250      2,250 
Disposals    
At 31 October 2024 3,500    5,241    8,741 
Amortisation
At 01 November 2023 258    4,018    4,276 
Charge for year 294    1,049    1,343 
On disposals    
At 31 October 2024 552    5,067    5,619 
Net book values
At 31 October 2024 2,948    174    3,122 
At 31 October 2023 992    1,223    2,215 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Improvements to property   Total
  £   £   £   £   £
At 01 November 2023 71,761    2,276,927    14,623      2,363,311 
Additions 11,092    518,496    14,249    47,256    591,093 
Disposals (16,014)   (255,008)   (6,476)     (277,498)
At 31 October 2024 66,839    2,540,415    22,396    47,256    2,676,906 
Depreciation
At 01 November 2023 44,109    711,552    5,206      760,867 
Charge for year 4,257    311,634    2,123      318,014 
On disposals (11,306)   (88,198)   (566)     (100,070)
At 31 October 2024 37,060    934,988    6,763      978,811 
Net book values
Closing balance as at 31 October 2024 29,779    1,605,427    15,633    47,256    1,698,095 
Opening balance as at 01 November 2023 27,652    1,565,375    9,418      1,602,445 

The net book value of Motor Vehicles includes £ 1,012,883 (2023 £1,129,157) in respect of assets leased under finance leases or hire purchase contracts.

5.

Stocks

2024
£
  2023
£
Stocks 5,000    15,000 
5,000    15,000 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 239,430    277,657 
Prepayments & Accrued Income   23,514 
Accrued Income   3,413 
Other Debtors   14,000 
VAT 18,507    72,500 
257,937    391,084 

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 173,115    230,227 
Bank Loans & Overdrafts 10,000    10,000 
Amounts Owed to Group Undertakings 7,564    20,000 
PAYE & Social Security 48,223    17,388 
Pension Control Account 12,688   
Accrued Expenses 3,000    52,171 
Other Creditors   27,564 
Obligations under HP/Financial Leases 391,021    312,952 
Directors' Current Accounts 37    11,407 
Directors' Current Accounts 2 12    30,842 
645,660    712,551 

8.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 6,089    115,830 
Obligations Under HP/Financial Leases 437,095    571,609 
443,184    687,439 

9.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 160,532    201,558 
160,532    201,558 

10.

Directors advances, credits and guarantees

Included in creditors are amounts owed to the directors of £37 (K Turner), £12 (H Hurst) & £0 (P Skierski) (2023 - £11,407 (K Turner), £30,842 (H Hurst), £0 P Skierski).
11.

Disclosure of controlling party

For the whole of the period under review the company was under the control of Kenneth Turner & Hugh Hurst, directors of the company.

2