REGISTERED NUMBER: SC271164 (Scotland)

GOLDEN EAGLE COACHES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

Page

Company Information

1

Chartered Certified Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

P H Irvine

I J Lyall

R M Irvine

REGISTERED OFFICE:

4 Royal Crescent

Glasgow

G3 7SL

REGISTERED NUMBER:

SC271164 (Scotland)

ACCOUNTANTS:

russell + russell

Chartered Certified Accountants

4 Royal Crescent

Glasgow

G3 7SL

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Golden Eagle Coaches Limited for the year ended 31st December 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Golden Eagle Coaches Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Golden Eagle Coaches Limited and state those matters that we have agreed to state to the Board of Directors of Golden Eagle Coaches Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at

https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Golden Eagle Coaches Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Golden Eagle Coaches Limited. You consider that Golden Eagle Coaches Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Golden Eagle Coaches Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

russell + russell

Chartered Certified Accountants

4 Royal Crescent

Glasgow

G3 7SL

19th June 2025

FIXED ASSETS

Intangible assets

4

1

1

Tangible assets

5

325,646

341,239

325,647

341,240

CURRENT ASSETS

Stocks

5,266

3,423

Debtors

6

29,591

99,706

Cash at bank and in hand

256,571

358,393

291,428

461,522

CREDITORS

Amounts falling due within one year

7

265,298

240,998

NET CURRENT ASSETS

26,130

220,524

TOTAL ASSETS LESS CURRENT LIABILITIES

351,777

561,764

CREDITORS

Amounts falling due after more than one year

8

(87,901

)

(100,582

)

PROVISIONS FOR LIABILITIES

(81,411

)

(85,309

)

NET ASSETS

182,465

375,873

CAPITAL AND RESERVES

Called up share capital

12

100

100

Retained earnings

182,365

375,773

182,465

375,873

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19th June 2025 and were signed on its behalf by:

I J Lyall - Director

1.	STATUTORY INFORMATION

Golden Eagle Coaches Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern basis

The financial statements have been prepared on the going concern basis. The directors believe that the company has adequate resources and support to continue to operate for the foreseeable future.

Turnover

The turnover shown in the profit and loss account represents the sales value of services provided during the year, exclusive of Value Added Tax.

Goodwill

Goodwill arising on the acquisition of businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life of 10 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant & machinery

- 25% reducing balance

Motor vehicles

- 25% reducing balance

Commercial vehicles

- 20% reducing balance

Computer equipment

- 20% reducing balance

Government grants

Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.

Revenue grants are credited to the profit and loss account to match the related expenditure.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st January 2024

and 31st December 2024

150,000

AMORTISATION

At 1st January 2024

and 31st December 2024

149,999

NET BOOK VALUE

At 31st December 2024

1

At 31st December 2023

1

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Commercial

Computer

machinery

vehicles

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st January 2024

52,457

8,100

492,431

583

553,571

Additions

-

-

53,261

540

53,801

Disposals

-

-

(44,000

)

-

(44,000

)

At 31st December 2024

52,457

8,100

501,692

1,123

563,372

DEPRECIATION

At 1st January 2024

52,283

7,684

152,258

107

212,332

Charge for year

44

104

36,043

203

36,394

Eliminated on disposal

-

-

(11,000

)

-

(11,000

)

At 31st December 2024

52,327

7,788

177,301

310

237,726

NET BOOK VALUE

At 31st December 2024

130

312

324,391

813

325,646

At 31st December 2023

174

416

340,173

476

341,239

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Commercial

vehicles

£

COST

At 1st January 2024

348,900

Disposals

(44,000

)

Transfer to ownership

(26,500

)

At 31st December 2024

278,400

DEPRECIATION

At 1st January 2024

63,494

Charge for year

36,698

Eliminated on disposal

(11,000

)

Transfer to ownership

(13,610

)

At 31st December 2024

75,582

NET BOOK VALUE

At 31st December 2024

202,818

At 31st December 2023

285,406

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

6,780

22,982

Other debtors

22,811

76,724

29,591

99,706

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts (see note 9)

10,397

10,140

Hire purchase contracts

67,433

58,095

Trade creditors

13,869

110,149

Taxation and social security

38,996

43,183

Other creditors

134,603

19,431

265,298

240,998

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans (see note 9)

4,409

14,806

Hire purchase contracts

59,425

85,776

Other creditors

24,067

-

87,901

100,582

9.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

£

Amounts falling due within one year or on demand:

Bank loans

10,397

10,140

Amounts falling due between one and two years:

Bank loans - 1-2 years

4,409

10,397

Amounts falling due between two and five years:

Bank loans - 2-5 years

-

4,409

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Hire purchase contracts

126,858

143,871

There is also a bond and floating charge over the assets held by the company in favour of The Royal Bank of Scotland PLC.

Hire purchase contracts are secured against the assets to which they relate.

11.	DEFERRED GOVERNMENT GRANTS

31.12.24

£

Received and receivable

At 1st January 2023

0

Receivable during year

38,000

At 31st December 2024

38,000

Amortisation

At 1st January 2023

0

Credit to profit and loss account

6,333

At 31st December 2024

6,333

Balance

At 31st December 2024

31,667

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

45

Ordinary A

£1.00

45

45

45

Ordinary B

£1.00

45

45

10

Ordinary C

£1.00

10

10

100

100

13.	OTHER FINANCIAL COMMITMENTS

The company has future operating lease commitments of £5,540 (2023: 7,756)

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st December 2024 and 31st December 2023:

31.12.24

31.12.23

£

£

P H Irvine

Balance outstanding at start of year

11,735

(10,482

)

Amounts advanced

58,843

51,680

Amounts repaid

(112,849

)

(29,463

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(42,271

)

11,735

R M Irvine

Balance outstanding at start of year

22,311

(10,935

)

Amounts advanced

59,050

55,436

Amounts repaid

(110,187

)

(22,190

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(28,826

)

22,311

15.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.