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No description of principal activity
2023-11-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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xbrli:shares
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SC286813
2023-11-01
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COMPANY REGISTRATION NUMBER:
SC286813
|
Whitelaws Coaches Limited |
|
|
Filleted Unaudited Abridged Financial Statements |
|
|
Whitelaws Coaches Limited |
|
|
Abridged Financial Statements |
|
Year ended 31 October 2024
|
Abridged statement of financial position |
1 |
|
|
|
Notes to the abridged financial statements |
3 |
|
|
|
Whitelaws Coaches Limited |
|
|
Abridged Statement of Financial Position |
|
31 October 2024
Fixed assets
|
Tangible assets |
6 |
|
1,403,587 |
3,264,106 |
|
|
|
|
|
Current assets
|
Stocks |
25,568 |
|
27,550 |
|
Debtors |
171,739 |
|
253,493 |
|
Cash at bank and in hand |
1,206,029 |
|
159,043 |
|
------------ |
|
--------- |
|
1,403,336 |
|
440,086 |
|
|
|
|
|
Creditors: amounts falling due within one year |
1,250,715 |
|
777,624 |
|
------------ |
|
--------- |
|
Net current assets/(liabilities) |
|
152,621 |
(
337,538) |
|
|
------------ |
------------ |
|
Total assets less current liabilities |
|
1,556,208 |
2,926,568 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
|
685,579 |
1,617,832 |
|
|
|
|
|
|
Provisions |
8 |
|
346,022 |
552,174 |
|
|
------------ |
------------ |
|
Net assets |
|
524,607 |
756,562 |
|
|
------------ |
------------ |
|
|
|
|
|
|
Whitelaws Coaches Limited |
|
|
Abridged Statement of Financial Position (continued) |
|
31 October 2024
Capital and reserves
|
Called up share capital |
|
36,000 |
36,000 |
|
Other reserves |
|
64,000 |
64,000 |
|
Profit and loss account |
|
424,607 |
656,562 |
|
|
--------- |
--------- |
|
Shareholders funds |
|
524,607 |
756,562 |
|
|
--------- |
--------- |
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 October 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
28 February 2025
, and are signed on behalf of the board by:
|
Mrs S Whitelaw Ginestri |
Mr G A Whitelaw |
|
Director |
Director |
|
|
Company registration number:
SC286813
|
Whitelaws Coaches Limited |
|
|
Notes to the Abridged Financial Statements |
|
Year ended 31 October 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Lochpark Industrial Estate, Stonehouse, Lanarkshire, ML9 3LR.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis
. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the company's ability to continue. The directors have taken steps to ensure there are sufficient funds to meet the company's working capital requirement for the foreseeable future, and still consider the going concern approach to be appropriate.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill |
- |
10% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant & Machinery |
- |
20% reducing balance |
|
Fixtures & Fittings |
- |
20% reducing balance |
|
Motor Vehicles |
- |
25% reducing balance |
|
Buses & Coaches |
- |
15% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Investments are measured at cost less impairment.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution pension plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
76
(2023:
86
).
5.
Intangible assets
|
£ |
|
Cost |
|
|
At 1 November 2023 and 31 October 2024 |
500,000 |
|
--------- |
|
Amortisation |
|
|
At 1 November 2023 and 31 October 2024 |
500,000 |
|
--------- |
|
Carrying amount |
|
|
At 31 October 2024 |
– |
|
--------- |
|
At 31 October 2023 |
– |
|
--------- |
|
|
6.
Tangible assets
|
£ |
|
Cost |
|
|
At 1 November 2023 |
4,847,225 |
|
Additions |
9,471 |
|
Disposals |
(
2,428,460) |
|
------------ |
|
At 31 October 2024 |
2,428,236 |
|
------------ |
|
Depreciation |
|
|
At 1 November 2023 |
1,583,119 |
|
Charge for the year |
410,738 |
|
Disposals |
(
969,208) |
|
------------ |
|
At 31 October 2024 |
1,024,649 |
|
------------ |
|
Carrying amount |
|
|
At 31 October 2024 |
1,403,587 |
|
------------ |
|
At 31 October 2023 |
3,264,106 |
|
------------ |
|
|
7.
Creditors:
amounts falling due after more than one year
The directors have granted a personal guarantee for the loans provided. These loans are secured against land and buildings at Lochpark Industrial Estate, Stonehouse. These assets are owned personally by the Whitelaw family. In addition to the above, a bond and floating charge has also been registered over the remaining assets of the company.
8.
Provisions
In June 2024, the company ceased to operate its school contracts with immediate effect. As a result, the relevant Council is pursuing the company for breach of contract and seeking recompense for additional costs incurred. The Council have estimated these costs to be £479,809 and have requested proposals for full settlement from the company after the year end. The company have taken legal advice over the terms of the contracts and are currently reviewing this.
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
|
Not later than 1 year |
83,055 |
177,524 |
|
Later than 1 year and not later than 5 years |
– |
83,055 |
|
-------- |
--------- |
|
83,055 |
260,579 |
|
-------- |
--------- |
|
|
|
10.
Charges on assets
Creditors include bank loans and net obligations under hire purchase contracts which are secured of £1,025,847 (2023 - £2,117,871).
11.
Pension commitments
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Unpaid contributions at the balance sheet date amounted to £1,277 (2023 - £2,475).
12.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
|
2024 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mrs S Whitelaw Ginestri |
(
36,895) |
(
12,370) |
20,300 |
(
28,965) |
|
Mr G A Whitelaw |
(
32,706) |
(
19,775) |
15,207 |
(
37,274) |
|
Ms J Whitelaw |
11,510 |
(
11,477) |
509 |
542 |
|
|
-------- |
-------- |
-------- |
-------- |
|
|
(
58,091) |
(
43,622) |
36,016 |
(
65,697) |
|
|
-------- |
-------- |
-------- |
-------- |
|
|
|
|
|
|
|
2023 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mrs S Whitelaw Ginestri |
(
32,337) |
(
19,661) |
15,103 |
(
36,895) |
|
Mr G A Whitelaw |
(
27,459) |
(
20,292) |
15,045 |
(
32,706) |
|
Ms J Whitelaw |
17,215 |
(
6,091) |
386 |
11,510 |
|
|
-------- |
-------- |
-------- |
-------- |
|
|
(
42,581) |
(
46,044) |
30,534 |
(
58,091) |
|
|
-------- |
-------- |
-------- |
-------- |
|
|
|
|
|
|
These loans are repayable on demand and no interest has been charged on the balance
.
13.
Related party transactions
The Whitelaw family own the land and premises at Lochpark Industrial Estate, Stonehouse from where the company operates
. No annual rental was charged this year (2023 - £nil) in relation to this. The bank borrowing facility is also guaranteed on this property.
The company holds 50,000 £1 shares in Deeka Limited, a non-trading holding company, which were transferred for no consideration.