Company registration number 04465503 (England and Wales)
ROMSEY COACHES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ROMSEY COACHES LIMITED
COMPANY INFORMATION
Director
J Philipp
Secretary
N Shelley
Company number
04465503
Registered office
29 Premier Way
Abbey Park Industrial Estate
Romsey
Hampshire
SO51 9DQ
Auditor
Sumer Auditco Limited
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
Business address
29 Premier Way
Abbey Park Industrial Estate
Romsey
Hampshire
SO51 9DQ
Bankers
Lloyds Bank Plc
30 Commerical Road
Totton
Southampton
Hampshire
S040 3TH
Solicitors
Backhouse Jones Limited
The Printworks
Hey Road
Clitheroe
Lancashire
BB7 9WD
ROMSEY COACHES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 23
ROMSEY COACHES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Fair review of the business

Romsey Coaches Limited provides specialist coaches for artists in the music industry during their tours across the United Kingdom and Europe. The company continues to maintain its position as a leading provider in this niche market, ensuring reliability and comfort for touring artists and their teams.

 

There have been no significant changes to the company’s principal activities during the year under review, and the director does not anticipate any changes in the foreseeable future.

 

For the year ended 31 December 2024, the company achieved a turnover of £14,222,749, reflecting an increase from £14,096,310 in 2023.

 

The company’s net assets position has strengthened significantly, increasing to £4,126,553 as of 31 December 2024 (2023: £3,338,607), reflecting a 24% growth. This demonstrates a strong financial position, reinforcing the company’s stability and capacity for future growth.

 

With a solid balance sheet and a continued focus on delivering high-quality services to touring artists, the company is well-positioned to sustain its success in the upcoming years.

 

Principal risks and uncertainties

Liquidity Risk

The company seeks to manage financial risk by ensuring liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The director regularly monitors the cash flow projections of the company in order to ensure that it has sufficient available funds for its continuing operations.

 

Credit Risk

The principal credit risk arises from the company's trade debtors.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

 

Foreign Currency Risk

Risk largely arises from payment of wages to overseas employees.

 

Foreign currency risk is managed through the regular monitoring of risk policies and systems. The director is satisfied that these risks have been adequately managed through the year.

ROMSEY COACHES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Key performance indicators

The company reviews and monitors its performance against a number of key performance indicators both financial and non-financial. The principal measures include revenue growth, maintaining service levels, improvement of gross margins and EBITDA. These are reviewed by the management team and reported to the Board on a monthly basis.


The Director and management team have and will continue to monitor all of the KPI's and daily operating controls and maintain a strong focus on increasing performance in all aspects of the business.

 

The main KPI's and corresponding results are as follows:

 

2024          2023

 

Turnover              £14,222,749         £14,096,310

Gross profit margin           25.5%         27.6%

Profit before tax           £2,056,083         £2,449,313

Net assets             £4,126,553         £3,338,607

 

The increase in net assets illustrates the increased financial strength of the company.

 

 

Future developments

The company will continue to provide specialist coaches for the music industry and is investing heavily in its fleet of vehicles.

 

The company has sufficient financial resources in place to execute its strategy to develop in the future.

 

 

On behalf of the board

J Philipp
Director
11 June 2025
ROMSEY COACHES LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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

Principal activities
The principal activity of the company continues to be that of the provision of specialist coaches for the music industry.
Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £750,000. 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:

J Philipp
Auditor

The auditor, Sumer Auditco Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

ROMSEY COACHES LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
On behalf of the board
J Philipp
Director
11 June 2025
ROMSEY COACHES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ROMSEY COACHES LIMITED
- 5 -
Opinion

We have audited the financial statements of Romsey Coaches Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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:

ROMSEY COACHES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ROMSEY COACHES LIMITED (CONTINUED)
- 6 -
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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the director (as required by auditing standards) and discussed with the director the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

 

Firstly, Romsey Coaches Limited is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

 

Secondly, the Romsey Coaches Limited is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: laws related to employment, road & traffic, health & safety and data protection.

 

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.

ROMSEY COACHES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ROMSEY COACHES LIMITED (CONTINUED)
- 7 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:

 

 

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.

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.

Helen Mills
Senior Statutory Auditor
For and on behalf of Sumer Auditco Limited
11 June 2025
Statutory Auditor
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
ROMSEY COACHES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
14,222,749
14,096,310
Cost of sales
(10,590,008)
(10,198,779)
Gross profit
3,632,741
3,897,531
Administrative expenses
(1,477,270)
(1,319,503)
Operating profit
4
2,155,471
2,578,028
Interest receivable and similar income
6
9,603
2,068
Interest payable and similar expenses
7
(108,991)
(130,783)
Profit before taxation
2,056,083
2,449,313
Tax on profit
8
(518,138)
(579,201)
Profit for the financial year
1,537,945
1,870,112

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

ROMSEY COACHES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
6,744,091
6,721,650
Current assets
Stocks
11
167,834
133,878
Debtors
12
883,660
530,138
Cash at bank and in hand
1,139,356
1,348,554
2,190,850
2,012,570
Creditors: amounts falling due within one year
13
(2,375,025)
(2,562,446)
Net current liabilities
(184,175)
(549,876)
Total assets less current liabilities
6,559,916
6,171,774
Creditors: amounts falling due after more than one year
14
(1,070,379)
(1,666,859)
Provisions for liabilities
Deferred tax liability
16
1,362,985
1,166,308
(1,362,985)
(1,166,308)
Net assets
4,126,552
3,338,607
Capital and reserves
Called up share capital
18
1
1
Profit and loss reserves
4,126,551
3,338,606
Total equity
4,126,552
3,338,607

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 11 June 2025
J Philipp
Director
Company registration number 04465503 (England and Wales)
ROMSEY COACHES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
1
1,968,494
1,968,495
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,870,112
1,870,112
Dividends
9
-
(500,000)
(500,000)
Balance at 31 December 2023
1
3,338,606
3,338,607
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,537,945
1,537,945
Dividends
9
-
(750,000)
(750,000)
Balance at 31 December 2024
1
4,126,551
4,126,552
ROMSEY COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Romsey Coaches Limited is a private company limited by shares incorporated in England and Wales. The registered office is 29 Premier Way, Abbey Park Industrial Estate, Romsey, Hampshire, SO51 9DQ.

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 on 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 Beat The Street (UK) Limited. These consolidated financial statements are available from its registered office, 29 Premier Way, Abbey Park Industrial Estate, Romsey, Hampshire, SO51 9DQ.

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 represents amounts receivable for goods and services net of VAT and trade discounts.

 

Turnover relates to the hiring out of coaches and is recognised on a time apportioned basis over the course of individual coach hire contracts.

1.4
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 improvements
10% p.a. straight line
Garage and office equipment
25% p.a. straight line and 33.3% p.a. straight line
Coaches
10% p.a. straight line
Motor vehicles
33.3% p.a. 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.

ROMSEY COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

1.6
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.

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.

1.7
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.

1.8
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.

ROMSEY COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
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.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

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.

ROMSEY COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
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.

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.

Derecognition of financial liabilities

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

1.9
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.

1.10
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.

ROMSEY COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
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.

1.11
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.

1.12
Retirement benefits

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

1.13
Leases
As lessee

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.

1.14
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.

ROMSEY COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Classification of stock

Management has exercised significant judgement in determining the classification of bus parts within the closing stock balance at 31 December 2024.

 

A substantial portion of these parts are intended for future use on the company's own fleet of coaches and are not held for resale to fellow group companies. As such, while they remain unused at the reporting date, they are expected to deliver economic benefit in future periods and therefore no longer meet the definition of stock.

 

Based on management’s assessment, 60% of the bus parts stock has been reclassified as prepayments, resulting in £226,595 (2023: £192,409) recognised as a prepayment, and £167,834 (2023: £133,878) retained within stock. This judgement is based on the relative size of the fleet operated by the company compared to the wider group.

 

Refer to note 11, showing the stock carrying values impacted by this critical judgement.

 

 

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets

The useful economic life of tangible fixed assets has been estimated by the director to ensure that an appropriate depreciation charge is recognised each year. This estimate is based on management’s assessment of the assets' expected usage and condition. Depreciation charged in the year amounted to £1,175,732 (2023: £1,207,870).

 

Refer to note 10, showing the tangible fixed assets carrying values impacted by this key accounting estimate.

 

3
Turnover and other revenue

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

ROMSEY COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 17 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
9,365,201
7,417,978
Rest of the world
4,857,548
6,678,332
14,222,749
14,096,310
2024
2023
£
£
Other revenue
Interest income
9,603
2,068
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(82,468)
(47,879)
Fees payable to the company's auditor for the audit of the company's financial statements
12,200
14,900
Depreciation of owned tangible fixed assets
1,175,732
1,207,870
Profit on disposal of tangible fixed assets
(445,770)
(233,333)
Operating lease charges
192,000
252,589
5
Employees

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

2024
2023
Number
Number
Administration
6
6
Drivers
57
56
Mechanics
26
22
Total
89
84
ROMSEY COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
4,773,900
4,381,159
Social security costs
453,804
430,139
Pension costs
361,454
235,814
5,589,158
5,047,112

The director received no remuneration in the year.

6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
9,603
2,068
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank loans
108,991
130,783
ROMSEY COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
321,461
387,310
Deferred tax
Origination and reversal of timing differences
196,677
191,891
Total tax charge
518,138
579,201

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
2,056,083
2,449,313
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
514,021
612,328
Tax effect of expenses that are not deductible in determining taxable profit
-
0
1,276
Permanent capital allowances in excess of depreciation
-
0
(14,136)
Depreciation on assets not qualifying for tax allowances
4,117
4,118
Tax at marginal rate
-
0
(24,385)
Taxation charge for the year
518,138
579,201
ROMSEY COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
9
Dividends
2024
2023
£
£
Interim paid
750,000
500,000
10
Tangible fixed assets
Leasehold improvements
Garage and office equipment
Coaches
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
398,981
703,606
18,614,347
72,546
19,789,480
Additions
19,900
62,145
1,097,000
38,840
1,217,885
Disposals
-
0
(15,740)
(1,124,134)
(28,368)
(1,168,242)
At 31 December 2024
418,881
750,011
18,587,213
83,018
19,839,123
Depreciation and impairment
At 1 January 2024
210,493
599,415
12,214,979
42,943
13,067,830
Depreciation charged in the year
41,394
32,908
1,087,126
14,304
1,175,732
Eliminated in respect of disposals
-
0
(15,739)
(1,124,134)
(8,657)
(1,148,530)
At 31 December 2024
251,887
616,584
12,177,971
48,590
13,095,032
Carrying amount
At 31 December 2024
166,994
133,427
6,409,242
34,428
6,744,091
At 31 December 2023
188,488
104,191
6,399,368
29,603
6,721,650
11
Stocks
2024
2023
£
£
Consumable parts
167,834
133,878
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
188,983
11,878
Amounts owed by group undertakings
-
0
137,093
Other debtors
43,203
-
0
Prepayments and accrued income
651,474
381,167
883,660
530,138

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

ROMSEY COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
15
771,725
1,022,876
Trade creditors
670,794
406,510
Amounts owed to group undertakings
54,512
51,311
Corporation tax
221,461
387,310
Other taxation and social security
107,723
91,344
Other creditors
18,432
29,651
Accruals and deferred income
530,378
573,444
2,375,025
2,562,446

The bank loans are either secured by fixed charges on specific assets or on fixed and floating charges on the assets of the company.

 

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
15
1,070,379
1,666,859

The bank loans are either secured by fixed charges on specific assets or on fixed and floating charges on the assets of the company.

15
Loans and overdrafts
2024
2023
£
£
Bank loans
1,842,104
2,689,735
Payable within one year
771,725
1,022,876
Payable after one year
1,070,379
1,666,859
ROMSEY COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
16
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,362,985
1,170,705
Retirement benefit obligations
-
(4,397)
1,362,985
1,166,308
2024
Movements in the year:
£
Liability at 1 January 2024
1,166,308
Charge to profit or loss
196,677
Liability at 31 December 2024
1,362,985
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
361,454
235,814

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.

18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of 1 each
1
1
1
1
19
Reserves

The Company’s capital and reserves are as follows:

 

Called up share capital

Called up share capital represents the nominal value of the shares issued.

 

Profit and loss reserves

The profit and loss account represents cumulative profits and losses net of dividends paid and other

adjustments.

ROMSEY COACHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
20
Related party transactions

The company has taken advantage of the exemption available in accordance with FRS 102 section 1.12(e) 'Related party disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

 

During the year the company had various transactions with various companies in which J Philipp is a director or shareholder, details of which are provided below.

 

During the year, the company purchased goods and services from Beat the Street Joerg Philipp Touring Service GmbH of £437,572 (2023: £534,529), made sales of £1,180,673 (2023: £1,869,259), paid management charges of £42,743 (2023: £35,617), incurred cross guarantee fees of £11,530 (2023: £15,694) and recharged expenses of £240 (2023: £Nil). At the year end, the amount included in creditors in relation to Beat the Street Joerg Philipp Touring Service GmbH is £54,512 (2023: £51,311). This balance is unsecured, non-interest bearing and repayable on demand.

 

Rent of £156,000 was paid to Joerg Philipp Properties Ltd during the year (2023: £225,000). There was a balance outstanding at the year end of £Nil (2023: £Nil).

21
Ultimate controlling party

The ultimate parent company is Joerg Philipp Holding GmbH, a company registered in Austria, of whom J Philipp, the director and shareholder, has control.

2024-12-312024-01-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.100J PhilippN Shelley044655032024-01-012024-12-3104465503bus:Director12024-01-012024-12-3104465503bus:CompanySecretary12024-01-012024-12-3104465503bus:RegisteredOffice2024-01-012024-12-3104465503bus:Agent12024-01-012024-12-31044655032024-12-31044655032023-01-012023-12-3104465503core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3104465503core:RetainedEarningsAccumulatedLosses2024-01-012024-12-31044655032023-12-3104465503core:LeaseholdImprovements2024-12-3104465503core:PlantMachinery2024-12-3104465503core:FurnitureFittings2024-12-3104465503core:MotorVehicles2024-12-3104465503core:LeaseholdImprovements2023-12-3104465503core:PlantMachinery2023-12-3104465503core:FurnitureFittings2023-12-3104465503core:MotorVehicles2023-12-3104465503core:ShareCapital2024-12-3104465503core:ShareCapital2023-12-3104465503core:RetainedEarningsAccumulatedLosses2024-12-3104465503core:RetainedEarningsAccumulatedLosses2023-12-3104465503core:ShareCapital2022-12-3104465503core:RetainedEarningsAccumulatedLosses2022-12-3104465503core:ShareCapitalOrdinaryShareClass12024-12-3104465503core:ShareCapitalOrdinaryShareClass12023-12-3104465503core:LeaseholdImprovements2024-01-012024-12-3104465503core:PlantMachinery2024-01-012024-12-3104465503core:FurnitureFittings2024-01-012024-12-3104465503core:MotorVehicles2024-01-012024-12-3104465503core:UKTax2024-01-012024-12-3104465503core:UKTax2023-01-012023-12-310446550312024-01-012024-12-310446550312023-01-012023-12-310446550322024-01-012024-12-310446550322023-01-012023-12-3104465503core:LeaseholdImprovements2023-12-3104465503core:PlantMachinery2023-12-3104465503core:FurnitureFittings2023-12-3104465503core:MotorVehicles2023-12-31044655032023-12-3104465503core:CurrentFinancialInstruments2024-12-3104465503core:CurrentFinancialInstruments2023-12-3104465503core:Non-currentFinancialInstruments2024-12-3104465503core:Non-currentFinancialInstruments2023-12-3104465503bus:OrdinaryShareClass12024-01-012024-12-3104465503bus:OrdinaryShareClass12024-12-3104465503bus:OrdinaryShareClass12023-12-3104465503bus:PrivateLimitedCompanyLtd2024-01-012024-12-3104465503bus:FRS1022024-01-012024-12-3104465503bus:Audited2024-01-012024-12-3104465503bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP