Company registration number 07313076 (England and Wales)
BENNETTS COACHES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
BENNETTS COACHES LIMITED
COMPANY INFORMATION
Director
G P Bennett
Company number
07313076
Registered office
Epsilon House
The Square
Gloucester Business Park
Gloucester
United Kingdom
GL3 4AD
Auditor
Smith Heath Limited
Brent House
382 Gloucester Road
Cheltenham
Gloucestershire
United Kingdom
GL51 7AY
Business address
208 Eastern Avenue
Gloucester
Gloucestershire
United Kingdom
GL4 4LP
BENNETTS COACHES LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2
Independent auditor's report
3 - 5
Statement of income and retained earnings
6
Balance sheet
7
Notes to the financial statements
8 - 20
BENNETTS COACHES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

The director presents the strategic report for the year ended 31 August 2024.

Principal activities

The principal activity of the company continued to be that of coach passenger transport for public contracts and private hire.

Review of the business

The results for the period, which are set out in the Statement of Income & Retained Earnings, show Turnover for the period of £7.4m (2023: £7.2m) and profit for the year after taxation of £871k (2023: £1.3m).

 

Despite a slightly contracted market, turnover increased by 2.1% however due a difficult economic enviromnent in the UK, there has been a general price inflation which has resulted in a reduction in operating profit to £1.10m compared to £1.69m for 2023. By controlling costs and continue to invest in people, the company is anticipating growth for 2025.

 

The financial position is considered sufficient by the directors to service ongoing activities and support future growth within the company.

 

The company’s focus within its strategic priorities is the development of both sales value and volume growth, to enhance positive cash generation.  This includes growing market share and developing strong market and customer awareness, improving sales performance through targeted technical and operational advancements. The directors are committed to assisting this through strategic capital expenditure over the coming year.

Principal risks and uncertainties

The company’s risks and uncertainties are similar to those borne by other companies in the sector and the directors do not believe there are any risks peculiar to this company.  The directors do however constantly review risk and ensure appropriate action is taken where necessary to mitigate those risks. 

 

On behalf of the board

G P Bennett
Director
27 May 2025
BENNETTS COACHES LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -

The director presents his annual report and financial statements for the year ended 31 August 2024.

Results and dividends

The results for the year are set out on page 6.

Ordinary dividends were paid amounting to £597,595. The director does not recommend payment of a final dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

G P Bennett
Statement of director's responsibilities

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
G P Bennett
Director
27 May 2025
BENNETTS COACHES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BENNETTS COACHES LIMITED
- 3 -
Opinion

We have audited the financial statements of Bennetts Coaches Limited (the 'company') for the year ended 31 August 2024 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

BENNETTS COACHES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BENNETTS COACHES LIMITED
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

BENNETTS COACHES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BENNETTS COACHES LIMITED
- 5 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying  with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulation, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Samantha Jane Smith FCCA
Senior Statutory Auditor
For and on behalf of Smith Heath Limited
27 May 2025
2025-05-27
Chartered Accountants
Statutory Auditor
Brent House
382 Gloucester Road
Cheltenham
Gloucestershire
United Kingdom
GL51 7AY
BENNETTS COACHES LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
2024
2023
Notes
£
£
Turnover
3
7,385,694
7,232,727
Cost of sales
(4,955,637)
(4,508,424)
Gross profit
2,430,057
2,724,303
Administrative expenses
(1,339,327)
(1,075,087)
Other operating income
8,386
39,999
Operating profit
4
1,099,116
1,689,215
Interest receivable and similar income
7
-
0
222
Interest payable and similar expenses
8
(20,225)
(17,425)
Profit before taxation
1,078,891
1,672,012
Tax on profit
9
(207,468)
(371,896)
Profit for the financial year
871,423
1,300,116
Retained earnings brought forward
2,253,819
2,199,481
Dividends
10
(597,595)
(1,245,778)
Retained earnings carried forward
2,527,647
2,253,819

The profit and loss account has been prepared on the basis that all operations are continuing operations.

BENNETTS COACHES LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
3,077,745
3,296,700
Current assets
Stocks
13
103,888
111,397
Debtors
14
872,700
1,001,195
Cash at bank and in hand
1,166,622
1,037,023
2,143,210
2,149,615
Creditors: amounts falling due within one year
15
(1,722,747)
(2,084,514)
Net current assets
420,463
65,101
Total assets less current liabilities
3,498,208
3,361,801
Creditors: amounts falling due after more than one year
16
(231,704)
(333,971)
Provisions for liabilities
Deferred tax liability
18
728,857
764,011
(728,857)
(764,011)
Net assets
2,537,647
2,263,819
Capital and reserves
Called up share capital
21
10,000
10,000
Profit and loss reserves
2,527,647
2,253,819
Total equity
2,537,647
2,263,819
The financial statements were approved and signed by the director and authorised for issue on 27 May 2025
G P Bennett
Director
Company Registration No. 07313076
BENNETTS COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
1
Accounting policies
Company information

Bennetts Coaches Limited is a private company limited by shares incorporated in England and Wales. The registered office is Epsilon House, The Square, Gloucester Business Park, Gloucester, United Kingdom, GL3 4AD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Bennetts Coaches Holdings Limited. These consolidated financial statements are available from its registered office, Espsilon House, The Square, Gloucester Business Park, Gloucester, GL3 4AD.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

BENNETTS COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 9 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Straight line over the life of the lease
Plant and equipment
12.5% reducing balance
Fixtures and fittings
10 - 33% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

BENNETTS COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 10 -
1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

BENNETTS COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 11 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

BENNETTS COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 12 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

BENNETTS COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 13 -
1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

BENNETTS COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Sale of services
7,385,694
7,232,727
2024
2023
£
£
Turnover analysed by geographical market
UK
7,385,694
7,232,727
2024
2023
£
£
Other revenue
Interest income
-
222
Grants received
1,002
-
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(1,002)
-
Fees payable to the company's auditor for the audit of the company's financial statements
9,050
-
0
Depreciation of owned tangible fixed assets
282,791
218,243
Depreciation of tangible fixed assets held under finance leases
206,081
174,918
Profit on disposal of tangible fixed assets
(26,770)
(16,635)
Operating lease charges
710,765
496,595
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Managers
4
4
Administration
4
4
Drivers
61
57
Workshop & cleaning
11
11
Total
80
76
BENNETTS COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
5
Employees
(Continued)
- 15 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,726,762
2,614,946
Social security costs
27,733
19,499
Pension costs
73,580
63,489
2,828,075
2,697,934
6
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
68,292
58,148
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
-
0
222
8
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
20,225
17,425
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
242,622
154,696
Deferred tax
Origination and reversal of timing differences
(35,154)
217,200
Total tax charge
207,468
371,896
BENNETTS COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
9
Taxation
(Continued)
- 16 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,078,891
1,672,012
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
269,723
418,003
Tax effect of expenses that are not deductible in determining taxable profit
3,343
3,097
Effect of change in corporation tax rate
-
0
(27,992)
Group relief
(65,598)
-
0
Permanent capital allowances in excess of depreciation
-
0
(21,212)
Taxation charge for the year
207,468
371,896
10
Dividends
2024
2023
£
£
Interim paid
597,595
1,245,778
11
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
196,051
Amortisation and impairment
At 1 September 2023 and 31 August 2024
196,051
Carrying amount
At 31 August 2024
-
0
At 31 August 2023
-
0
BENNETTS COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 17 -
12
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2023
114,115
5,052,212
162,587
179,347
5,508,261
Additions
-
0
337,419
74,352
34,876
446,647
Disposals
-
0
(399,992)
-
0
(15,020)
(415,012)
At 31 August 2024
114,115
4,989,639
236,939
199,203
5,539,896
Depreciation and impairment
At 1 September 2023
67,722
2,040,962
64,266
38,611
2,211,561
Depreciation charged in the year
11,407
403,828
28,638
44,999
488,872
Eliminated in respect of disposals
-
0
(226,487)
-
0
(11,795)
(238,282)
At 31 August 2024
79,129
2,218,303
92,904
71,815
2,462,151
Carrying amount
At 31 August 2024
34,986
2,771,336
144,035
127,388
3,077,745
At 31 August 2023
46,393
3,011,250
98,321
140,736
3,296,700

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and equipment
1,357,124
1,651,993
Motor vehicles
70,837
96,596
1,427,961
1,748,589
13
Stocks
2024
2023
£
£
Raw materials and consumables
103,888
111,397
BENNETTS COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 18 -
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
81,569
207,000
Amounts owed by group undertakings
308,165
308,165
Other debtors
63,263
61,144
Prepayments and accrued income
419,703
424,886
872,700
1,001,195
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
17
223,099
278,163
Trade creditors
139,386
230,746
Corporation tax
242,622
154,696
Other taxation and social security
50,592
59,978
Deferred income
19
824,731
770,843
Other creditors
217,613
573,959
Accruals and deferred income
24,704
16,129
1,722,747
2,084,514

Net obligations under hire purchase and finance lease contracts are secured on the assets to which they relate.

16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
17
231,704
333,971

Net obligations under hire purchase and finance lease contracts are secured on the assets to which they relate.

17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
223,100
278,163
In two to five years
231,703
333,971
454,803
612,134

Finance lease obligations are secured over the assets to which they relate.

BENNETTS COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 19 -
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
730,818
765,551
Retirement benefit obligations
(1,961)
(1,540)
728,857
764,011
2024
Movements in the year:
£
Liability at 1 September 2023
764,011
Credit to profit or loss
(35,154)
Liability at 31 August 2024
728,857
19
Deferred income
2024
2023
£
£
Other deferred income
824,731
770,843
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
73,580
63,489

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
10,000
10,000
10,000
10,000
BENNETTS COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 20 -
22
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
882,127
228,168
Between two and five years
1,725,725
25,032
2,607,852
253,200
23
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Rent
2024
2023
£
£
Key management personnel
21,600
21,600
24
Directors' transactions

Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the company's directors.

25
Ultimate controlling party

The immediate and ultimate parent company is Bennetts Coaches Holdings Limited, a company registered in England and Wales, whose registered office is Epsilon House, The Square, Gloucester Business Park, Gloucester, GL3 4AD.

 

The smallest and largest group of which Bennetts Coaches Limited is a member and for which group

accounts are prepared is headed by Bennetts Coaches Holdings Limited, which are publicly available.

2024-08-312023-09-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.100G P Bennett073130762023-09-012024-08-3107313076bus:Director12023-09-012024-08-3107313076bus:RegisteredOffice2023-09-012024-08-31073130762024-08-31073130762022-09-012023-08-3107313076core:RetainedEarningsAccumulatedLosses2023-08-3107313076core:RetainedEarningsAccumulatedLosses2022-08-3107313076core:ShareCapital2024-08-3107313076core:ShareCapital2023-08-3107313076core:RetainedEarningsAccumulatedLosses2024-08-3107313076core:RetainedEarningsAccumulatedLosses2023-08-31073130762023-08-3107313076core:ShareCapitalOrdinaryShareClass12024-08-3107313076core:ShareCapitalOrdinaryShareClass12023-08-3107313076core:RetainedEarningsAccumulatedLosses2022-09-012023-08-3107313076core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-08-3107313076core:PlantMachinery2024-08-3107313076core:FurnitureFittings2024-08-3107313076core:MotorVehicles2024-08-3107313076core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-08-3107313076core:PlantMachinery2023-08-3107313076core:FurnitureFittings2023-08-3107313076core:MotorVehicles2023-08-3107313076core:CurrentFinancialInstrumentscore:WithinOneYear2024-08-3107313076core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3107313076core:Non-currentFinancialInstrumentscore:AfterOneYear2024-08-3107313076core:Non-currentFinancialInstrumentscore:AfterOneYear2023-08-3107313076core:CurrentFinancialInstruments2024-08-3107313076core:CurrentFinancialInstruments2023-08-3107313076core:Goodwill2023-09-012024-08-3107313076core:LandBuildingscore:LongLeaseholdAssets2023-09-012024-08-3107313076core:PlantMachinery2023-09-012024-08-3107313076core:FurnitureFittings2023-09-012024-08-3107313076core:MotorVehicles2023-09-012024-08-3107313076core:UKTax2023-09-012024-08-3107313076core:UKTax2022-09-012023-08-3107313076core:Goodwill2023-08-3107313076core:Goodwill2024-08-3107313076core:Goodwill2023-08-3107313076core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-08-3107313076core:PlantMachinery2023-08-3107313076core:FurnitureFittings2023-08-3107313076core:MotorVehicles2023-08-31073130762023-08-3107313076core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-09-012024-08-3107313076core:Non-currentFinancialInstruments2024-08-3107313076core:Non-currentFinancialInstruments2023-08-3107313076core:WithinOneYear2024-08-3107313076core:WithinOneYear2023-08-3107313076core:BetweenTwoFiveYears2024-08-3107313076core:BetweenTwoFiveYears2023-08-3107313076bus:OrdinaryShareClass12023-09-012024-08-3107313076bus:OrdinaryShareClass12024-08-3107313076bus:OrdinaryShareClass12023-08-3107313076bus:PrivateLimitedCompanyLtd2023-09-012024-08-3107313076bus:FRS1022023-09-012024-08-3107313076bus:Audited2023-09-012024-08-3107313076bus:FullAccounts2023-09-012024-08-31xbrli:purexbrli:sharesiso4217:GBP