REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
STANFORD COACH WORKS & MOBILITY |
SERVICES LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
STANFORD COACH WORKS & MOBILITY |
SERVICES LTD |
STANFORD COACH WORKS & MOBILITY |
SERVICES LTD (REGISTERED NUMBER: 03615021) |
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 |
STANFORD COACH WORKS & MOBILITY |
SERVICES LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
12 High Street |
Stanford le Hope |
Essex |
SS17 0EY |
STANFORD COACH WORKS & MOBILITY |
SERVICES LTD (REGISTERED NUMBER: 03615021) |
BALANCE SHEET |
31 AUGUST 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
STANFORD COACH WORKS & MOBILITY |
SERVICES LTD (REGISTERED NUMBER: 03615021) |
BALANCE SHEET - continued |
31 AUGUST 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
STANFORD COACH WORKS & MOBILITY |
SERVICES LTD (REGISTERED NUMBER: 03615021) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
1. | STATUTORY INFORMATION |
Stanford Coach Works & Mobility Services Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover comprises the fair value of the consideration received or receivable for the provision of goods and services in the ordinary course of the company's activities. Turnover is shown net of value added tax, rebates and discounts. |
The company recognises revenue when: |
The amount of revenue can be reliably measured, |
it is probable that future economic benefits will flow to the entity; |
and specific criteria have been met for each of the company's activities. |
Tangible fixed assets |
Capital expenditure on premises | - |
Plant and machinery | - |
Motor vehicles | - |
Fixtures and fittings | - |
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 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. |
STANFORD COACH WORKS & MOBILITY |
SERVICES LTD (REGISTERED NUMBER: 03615021) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
3. | ACCOUNTING POLICIES - continued |
Deferred taxation |
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 are capitalised as tangible fixed assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the payment is charged to the profit and loss account evenly over the period of the agreement. |
Pension costs and other post-retirement benefits |
The company operates two defined contribution pension schemes. Contributions payable to the company's pensions schemes are charged to the profit and loss account in the period to which they relate. |
Operating leases |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred. |
Employee benefit trust |
The company established an Employee Benefit Trust (EBT) during the year to 31 August 2010 for the benefit of certain employees. Until such time as the assets of the EBT vest unconditionally with the employees, the assets and liabilities of the EBT are included within the relevant assets and liabilities of the company. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
STANFORD COACH WORKS & MOBILITY |
SERVICES LTD (REGISTERED NUMBER: 03615021) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
5. | TANGIBLE FIXED ASSETS |
Capital |
expenditure | Fixtures |
on | Plant and | Motor | and |
premises | machinery | vehicles | fittings | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 September 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 September 2023 |
Transfer to ownership | (45,550 | ) |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Transfer to ownership | (20,354 | ) |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
STANFORD COACH WORKS & MOBILITY |
SERVICES LTD (REGISTERED NUMBER: 03615021) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
A contribution was made to an Employee Benefit Trust of £575,000 in the year to 31 August 2010. At the year end the EBT has advanced loans of £575,000 (2023 - £575,000) which are included within other debtors above. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdraft |
Hire purchase contracts |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Directors' current accounts |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdraft |
Bank loans |
Hire purchase contracts | - | 1,047 |
STANFORD COACH WORKS & MOBILITY |
SERVICES LTD (REGISTERED NUMBER: 03615021) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 3,698 | 5,708 |
Deferred |
tax |
£ |
Balance at 1 September 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 31 August 2024 |
The provision for deferred taxation is made up of accelerated capital allowances. |
11. | OTHER FINANCIAL COMMITMENTS |
The Company has a total commitments, guarantees and contingencies as at year end 2024 of £469,475 (2023: £275,199) included in the above are minimum lease payments under non-cancellable operating leases, falling due as follows: |
2024 | 2023 |
£ | £ |
Within one year | 153,687 | 77,057 |
Between one and five years | 315,988 | 198,142 |
After five years | - | - |
469,475 | 275,199 |
12. | RELATED PARTY DISCLOSURES |
The bank overdraft in the company is secured against a property owned by Stanford Properties Limited, a company in which the directors have an interest. |
Included in debtors are two loans totalling £1,020,517 (2023 £923,042) to Companies also under the control of the director's. The loan's are interest free and repayable upon demand. |
Included in creditors is a loan totalling £Nil (2023 £32,088) to a company also under the control of the director's. The loan is interest free and repayable upon demand. |
STANFORD COACH WORKS & MOBILITY |
SERVICES LTD (REGISTERED NUMBER: 03615021) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
13. | DIRECTORS GUARANTEE |
The company has entered into a guarantee on behalf of the directors in respect of lease agreements taken on by the directors. The guarantee lasts for the life of the leases of less than 1 year remains outstanding at the Company's year end. At the year end the exposure under the guarantee amounted to £Nil (2023 £2,986). The amount of the guarantee is decreasing as the payments are made. No amounts are included in the profit and loss account under this guarantee during the year. |