Registered number
10875320
Jones Coaches Ltd
Filleted Accounts
31 July 2024
Jones Coaches Ltd
Registered number: 10875320
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 300,841 176,137
Current assets
Stocks 3,801 3,250
Debtors 4 131,328 84,361
Cash at bank and in hand 153,186 117,938
288,315 205,549
Creditors: amounts falling due within one year 5 (232,115) (162,227)
Net current assets 56,200 43,322
Total assets less current liabilities 357,041 219,459
Creditors: amounts falling due after more than one year 6 (202,723) (87,372)
Provisions for liabilities (55,992) (38,347)
Net assets 98,326 93,740
Capital and reserves
Called up share capital 2 2
Profit and loss account 98,324 93,738
Shareholders' funds 98,326 93,740
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J M Jones
Director
Approved by the board on 4 April 2025
Jones Coaches Ltd
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold improvements 20% straight line
Plant and machinery 33%/15% reducing balance method
Motor Vehicles 25% reducing balance method.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 13 11
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2023 - 13,624 372,173 385,797
Additions 6,200 11,440 192,000 209,640
At 31 July 2024 6,200 25,064 564,173 595,437
Depreciation
At 1 August 2023 - 10,184 199,476 209,660
Charge for the year 51 1,241 83,644 84,936
At 31 July 2024 51 11,425 283,120 294,596
Net book value
At 31 July 2024 6,149 13,639 281,053 300,841
At 31 July 2023 - 3,440 172,697 176,137
4 Debtors 2024 2023
£ £
Trade debtors 65,648 46,941
Other debtors 65,680 37,420
131,328 84,361
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 2,508 2,508
Obligations under finance lease and hire purchase contracts 108,208 68,181
Trade creditors 48,793 20,753
Taxation and social security costs 22,005 33,481
Other creditors 50,601 37,304
232,115 162,227
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 30,136 36,183
Obligations under finance lease and hire purchase contracts 172,587 51,189
202,723 87,372
7 Other information
Jones Coaches Ltd is a private company limited by shares and incorporated in England. Its registered office is:
C/O Red Gables
Preston Wynne
Hereford
HR1 3PE
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