ACME Bus Co Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 07368612

ACME BUS CO LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 August 2024

ACME BUS CO LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2024

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

ACME BUS CO LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

Director	R J P Sinnott

Registered office	10-12 High Street
	Barnes
	London
	SW13 9LW

Accountants	Wilkins Southworth
	Chartered Certified Accountants
	10-12 High Street
	Barnes
	London
	SW13 9LW

ACME BUS CO LIMITED

STATEMENT OF FINANCIAL POSITION

31 August 2024

	2024		2023
Note	£	£	£

FIXED ASSETS

Intangible assets	5	122,500	140,000
Tangible assets	6	600,531	436,634
Investments	7	25,000	25,000
		-----------	-----------
		748,031	601,634

CURRENT ASSETS

Debtors	8	643,253	297,620
Cash at bank and in hand		510,512	911,038
		--------------	--------------
		1,153,765	1,208,658

CREDITORS: amounts falling due within one year	9	( 412,914)		( 421,510)
		--------------		--------------
NET CURRENT ASSETS			740,851	787,148
			--------------	--------------
TOTAL ASSETS LESS CURRENT LIABILITIES			1,488,882	1,388,782

CREDITORS: amounts falling due after more than one year	10		( 262,498)	( 308,380)

PROVISIONS

Taxation including deferred tax	( 149,695)	( 69,709)
	--------------	--------------
NET ASSETS	1,076,689	1,010,693
	--------------	--------------

CAPITAL AND RESERVES

Called up share capital	101	101
Profit and loss account	1,076,588	1,010,592
	--------------	--------------
SHAREHOLDERS FUNDS	1,076,689	1,010,693
	--------------	--------------

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.

ACME BUS CO LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 August 2024

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

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 23 May 2025 , and are signed on behalf of the board by:

R J P Sinnott
Director

Company registration number: 07368612

ACME BUS CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 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 10-12 High Street, Barnes, London, SW13 9LW.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

	Goodwill	-	20 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. During the year, the company reviewed the carrying values of certain motor vehicles and noted that their market values were significantly higher than their net book values. As a result, no depreciation has been charged on these assets, as their estimated residual values exceed their carrying amounts. This is in line with the company's accounting policy and in accordance with FRS 102 Section 17.23, which states that depreciation charged is adjusted charged when there is a change in the asset's estimated residual value being greater than or equal to its carrying amount. Additionally, during the year, the company revised the depreciation rates applied to certain asset categories to reflect their expected pattern of economic benefit. This change in estimate has been applied prospectively in accordance with FRS 102 Section 10.16.

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:

Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	25% reducing balance
Motor vehicles	-	12.5% - 25% reducing balance
Equipment	-	25% reducing balance

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 75 (2023: 70 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 September 2023 and 31 August 2024	350,000
	-----------
Amortisation
At 1 September 2023	210,000
Charge for the year	17,500
	-----------
At 31 August 2024	227,500
	-----------
Carrying amount
At 31 August 2024	122,500
	-----------
At 31 August 2023	140,000
	-----------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 September 2023	117,325	15,264	917,121	35,747	1,085,457
Additions	29,865	528	196,178	1,099	227,670
Disposals	–	–	( 90,458)	–	( 90,458)
	-----------	---------	--------------	---------	--------------
At 31 August 2024	147,190	15,792	1,022,841	36,846	1,222,669
	-----------	---------	--------------	---------	--------------
Depreciation
At 1 September 2023	87,608	6,053	530,360	24,802	648,823
Charge for the year	14,895	2,435	23,976	3,011	44,317
Disposals	–	–	( 71,002)	–	( 71,002)
	-----------	---------	--------------	---------	--------------
At 31 August 2024	102,503	8,488	483,334	27,813	622,138
	-----------	---------	--------------	---------	--------------
Carrying amount
At 31 August 2024	44,687	7,304	539,507	9,033	600,531
	-----------	---------	--------------	---------	--------------
At 31 August 2023	29,717	9,211	386,761	10,945	436,634
	-----------	---------	--------------	---------	--------------

7. Investments

	Shares in participating interests
	£
Cost
At 1 September 2023 and 31 August 2024	25,000
	---------
Impairment
At 1 September 2023 and 31 August 2024	–
	---------

Carrying amount
At 31 August 2024	25,000
	---------
At 31 August 2023	25,000
	---------

8. Debtors

	2024	2023
	£	£
Trade debtors	473,783	71,467
Other debtors	169,470	226,153
	-----------	-----------
	643,253	297,620
	-----------	-----------

9. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	78,557	77,978
Trade creditors	115,295	154,014
Amounts owed to group undertakings and undertakings in which the company has a participating interest	22,006	54,147
Corporation tax	12,272	–
Social security and other taxes	15,966	16,316
Other creditors	168,818	119,055
	-----------	-----------
	412,914	421,510
	-----------	-----------

10. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	81,339	160,080
Other creditors	181,159	148,300
	-----------	-----------
	262,498	308,380
	-----------	-----------

Obligations under finance leases are secured against the assets to which they relate.

11. Director's advances, credits and guarantees

The following is a summary of the directors' transactions with the company during the year.

		2024
	Balance b/fwd as at 1 September 2023	176,108
	Amount repaid	(176,108)
		-----------
	Balance due to the company as at 31 August 2024	–
		-----------