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Bus 62 Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2025
Clouders (Audit & Accounts) Ltd
Chartered Certified Accountants
Charter House, 103-105 Leigh Road
Leigh-On-Sea
Essex
SS9 1JL
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Accountant's Report
In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the director in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the director the financial statements that we have been engaged to compile, to report to the director that we have done so, and to state those matters that we have agreed to state to them in this 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 director for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 January 2025 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. 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 financial statements.
Signed
30/10/2025
Clouders (Audit & Accounts) Ltd
Chartered Certified Accountants
Charter House, 103-105 Leigh Road
Leigh-On-Sea
Essex
SS9 1JL
Page 1
Page 2
Balance Sheet
Registered number: 11145770
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 269,859 176,350
269,859 176,350
CURRENT ASSETS
Debtors 5 484,635 356,710
Cash at bank and in hand 186,506 161,886
671,141 518,596
Creditors: Amounts Falling Due Within One Year 6 (185,002 ) (127,030 )
NET CURRENT ASSETS (LIABILITIES) 486,139 391,566
TOTAL ASSETS LESS CURRENT LIABILITIES 755,998 567,916
Creditors: Amounts Falling Due After More Than One Year 7 (96,890 ) (20,666 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (58,370 ) (40,702 )
NET ASSETS 600,738 506,548
CAPITAL AND RESERVES
Called up share capital 8 2,000 2,000
Profit and Loss Account 598,738 504,548
SHAREHOLDERS' FUNDS 600,738 506,548
Page 2
Page 3
For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
A D Law
Director
30/10/2025
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Bus 62 Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11145770 . The registered office is Charter House, 103-105 Leigh Road, Leigh-On-Sea, Essex, SS9 1JL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing balance method
Motor Vehicles 25% Straight line method
Fixtures & Fittings 25% Reducing balance method
Computer Equipment 25% Reducing balance method
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.6. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 33 (2024: 32)
33 32
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4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 February 2024 2,200 275,427 414 1,380 279,421
Additions 1,695 174,000 7,600 262 183,557
Disposals - (79,445 ) - - (79,445 )
As at 31 January 2025 3,895 369,982 8,014 1,642 383,533
Depreciation
As at 1 February 2024 988 101,400 116 567 103,071
Provided during the period 444 41,403 725 225 42,797
Disposals - (32,194 ) - - (32,194 )
As at 31 January 2025 1,432 110,609 841 792 113,674
Net Book Value
As at 31 January 2025 2,463 259,373 7,173 850 269,859
As at 1 February 2024 1,212 174,027 298 813 176,350
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2025 2024
£ £
Motor Vehicles 140,313 21,566
5. Debtors
2025 2024
£ £
Due within one year
Trade debtors 221,153 109,146
Prepayments and accrued income 1,900 -
Other debtors 261,582 247,564
484,635 356,710
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6. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 49,667 9,667
Trade creditors 76,480 13,897
Bank loans and overdrafts 10,000 10,000
Corporation tax 9,781 23,877
Other taxes and social security 13,907 7,182
Other creditors 38 28,439
Accrued expenses 24,280 22,335
Director's loan account 849 11,633
185,002 127,030
7. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 91,056 4,833
Bank loans 5,834 15,833
96,890 20,666
8. Share Capital
2025 2024
Allotted, called up and fully paid £ £
1,250 Ordinary A shares of £ 1 each 1,250 1,250
250 Ordinary B shares of £ 1 each 250 250
250 Ordinary C shares of £ 1 each 250 250
250 Ordinary D shares of £ 1 each 250 250
2,000 2,000
9. Related Party Transactions
The company was provided with repair services by OMA-Fix Ltd. The director of Bus 62 Ltd is also a director of this company. During the year, the company paid £7,718 (2024 £8,015) for this work.
The company also maintained a loan account with OMA-Fix Ltd. At the year end, £187,256 (2024 £167,201) was owed to the company and is shown in other debtors.
10. Controlling Party
The ultimate controlling party is A D Law.
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