Registration number:
Holmeswood Coaches Limited
for the Year Ended 31 March 2025
Holmeswood Coaches Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Holmeswood Coaches Limited
Company Information
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Directors |
Mr Colin Harold Aspinall Mr Duncan Edward Aspinall Mr James Francis Aspinall Mr Michael John Forshaw Mr Mark Aspinall |
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Company secretary |
Mr Colin Harold Aspinall |
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Registered office |
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Bankers |
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Auditors |
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Holmeswood Coaches Limited
Strategic Report for the Year Ended 31 March 2025
The directors present their strategic report for the year ended 31 March 2025.
Principal activity
The principal activity of the company is Coach Hire.
Fair review of the business
The business generates revenue from Contract coach operations, private hire and commercial workshop.
The business generates revenue from three main activities; Coach Operating – Contracts, Coach Operating - Private Hire and the commercial workshop activity (CPD). The Management Team have worked tirelessly throughout the year to maximize revenue from each part of the business
Coach operating activity has dropped back slightly having seen a very strong period of growth post-Covid. Private Hire turnover was some £4.1 million (down 6% on the previous year) The turnover figure will have dropped back naturally as fuel prices reduced in the year once the impact of the war in Ukraine stabilized.
Contracted work still accounts for a significant proportion of operating revenue and has peak vehicle requirement of some 56 vehicles.
The Company’s Operators Licence still allows the use of up to 130 vehicles. We expect to run the fleet at a smaller size than this for the foreseeable future whilst we find the right balance between fleet size, margin and staff availability.
We aim to be at the forefront of Wheelchair Accessible coaching in the UK market and obviously continue to operate a significant number of PSVAR compliant and Wheelchair Specialist vehicles.
CPD/Workshop activity continues to outstrip our own resources. We are still developing new solutions to offer to customers and we’re sub-contracting some work to keep up with demand.
The profile of conversion work undertaken has re-balanced slightly with ever increasing demand for seat conversions and PSVAR compliant vehicles.
The Directors actively manage the business in a number of different ways. We constantly review the profile of activity in each part of the business as this best guides future planning of fleet profile, staffing levels etc.
The company's key financial and other performance indicators during the year were as follows:
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Financial KPIs |
Unit |
2025 |
2024 |
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- |
- |
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EBITDA |
£ |
2,708,245 |
2,762,560 |
The directors consider the main key performance indicators internally to be staff and vehicle utilization alongside measures such as EBITDA. The directors are pleased that we have continued to generate additional vocational drivers through our in-house training programme as this helps balance staff availability and vehicle utilization. The directors are pleased to note that EBITDA has remained consistemtly strong in the year.
Holmeswood Coaches Limited
Strategic Report for the Year Ended 31 March 2025
Principal risks and uncertainties
The company's financial instruments comprise sterling bank accounts together with various balances such as accounts receivable and accounts payable that arise directly from its operations.
The company may offer credit terms to its customers which allow payment of the debt after delivery if goods and services. The company is at risk to the extent that a customer may not be able to pay on the specified due date.
The company borrows from its bankers using either overdrafts or term loans whose tenure depends on the nature of the asset and management's view of the future direction of interest rates.
The company manages its liquidity risk to ensure sufficient funds to meet its financial obligations as and when they fall due. The company expects to meet its financial obligations through operating cashflows.
Approved and authorised by the
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Holmeswood Coaches Limited
Directors' Report for the Year Ended 31 March 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
Directors of the company
The directors who held office during the year were as follows:
Dividends
The company has paid dividends during the year of £91,278 (2024: £91,278). The directors do not recommend payment of a final dividend.
Information included in the Strategic Report
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule & of the Large and Medium sized Companies and Groups (Accounts and Reports) regulations 2008 to be contained in the directors report. It has done so in respect of future developments.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Holmeswood Coaches Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are 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. They are 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.
Holmeswood Coaches Limited
Independent Auditor's Report to the Members of Holmeswood Coaches Limited
Opinion
We have audited the financial statements of Holmeswood Coaches Limited (the 'company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of 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:
• | give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 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 original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Holmeswood Coaches Limited
Independent Auditor's Report to the Members of Holmeswood Coaches Limited
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures include the following:
Holmeswood Coaches Limited
Independent Auditor's Report to the Members of Holmeswood Coaches Limited
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The Responsible Individual for the audit engagement ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. |
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Enquiring of management whether they are aware of any non-compliance with applicable laws and regulations. |
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Enquiring of management whether they are aware of any actual, suspected or alleged fraud. |
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Enquiring of management whether they have internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. |
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Discussion amongst the engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas; posting of unusual journals and fraudulent revenue recognition. |
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Obtaining an understanding of the regulatory framework the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations. The key laws and regulations that we considered in this context include; the financial framework the company operates under (FRS102), the UK Companies Act, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. |
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To address the risk of fraud through management override of controls. we: |
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Tested journal entries to identify unusual transactions. |
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Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. |
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To address the risk of fraud arising from fraudulent revenue recognition, we: |
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Performed testing to confirm the completeness of income recognised in the accounts. |
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Performed cut off testing on sales transactions occurring around the reporting date. |
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In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but are not limited to: |
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Agreeing financial statement disclosures to underlying supporting documentation. |
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Enquiring of management as to actual and potential litigation claims they are aware of. |
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Reviewing legal cost nominals for evidence of potential litigation claims. |
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Reviewing correspondence with regulators for evidence of non-compliance with laws and regulations. |
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The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with the ISAs (UK). Furthermore, the more removed the laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance.
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Holmeswood Coaches Limited
Independent Auditor's Report to the Members of Holmeswood Coaches Limited
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at 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.
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For and on behalf of
Cricketers Way
Westhoughton
Bolton
BL5 3AJ
Holmeswood Coaches Limited
Profit and Loss Account for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
1,436,809 |
1,448,820 |
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Interest payable and similar expenses |
( |
( |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
Holmeswood Coaches Limited
Statement of Comprehensive Income for the Year Ended 31 March 2025
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2025 |
2024 |
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Profit for the year |
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Surplus on property, plant and equipment revaluation |
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Deficit on revaluation of other assets |
( |
( |
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- |
- |
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Total comprehensive income for the year |
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Holmeswood Coaches Limited
(Registration number: 00442384)
Balance Sheet as at 31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,097 |
1,097 |
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Capital redemption reserve |
7 |
7 |
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Revaluation reserve |
911,787 |
915,692 |
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Retained earnings |
2,760,799 |
2,609,755 |
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Shareholders' funds |
3,673,690 |
3,526,551 |
Approved and authorised by the
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Holmeswood Coaches Limited
Statement of Changes in Equity for the Year Ended 31 March 2025
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Share capital |
Capital redemption reserve |
Revaluation reserve |
Retained earnings |
Total |
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At 1 April 2024 |
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Profit for the year |
- |
- |
- |
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Other comprehensive income |
- |
- |
( |
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- |
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Total comprehensive income |
- |
- |
( |
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Dividends |
- |
- |
- |
( |
( |
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At 31 March 2025 |
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Share capital |
Capital redemption reserve |
Revaluation reserve |
Retained earnings |
Total |
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At 1 April 2023 |
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Profit for the year |
- |
- |
- |
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Other comprehensive income |
- |
- |
( |
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- |
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Total comprehensive income |
- |
- |
( |
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Dividends |
- |
- |
- |
( |
( |
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At 31 March 2024 |
1,097 |
7 |
915,692 |
2,609,755 |
3,526,551 |
Holmeswood Coaches Limited
Statement of Cash Flows for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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(Profit)/loss on disposal of tangible assets |
( |
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Finance costs |
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Income tax expense |
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Working capital adjustments |
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Increase in stocks |
( |
( |
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Decrease in trade debtors |
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Decrease in trade creditors |
( |
( |
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Cash generated from operations |
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Income taxes paid |
( |
( |
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Net cash flow from operating activities |
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Cash flows from investing activities |
|||
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
|||
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Interest paid |
( |
( |
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Repayment of bank borrowing |
( |
( |
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Payments to finance lease creditors |
|
( |
|
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Dividends paid |
( |
( |
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Net cash flows from financing activities |
|
( |
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Net decrease in cash and cash equivalents |
( |
( |
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Cash and cash equivalents at 1 April |
|
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Cash and cash equivalents at 31 March |
(44,309) |
75,720 |
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Holmeswood Coaches Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales..
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
The company meets its day to day working capital requirements through bank overdraft and loan facilities. The company's forecasts and projections prepared up to 31 December 2026 indicate that the company will be able to operate within current facility levels. The company's bankers have completed their annual review and confirmed that facilities have been renewed and the next review will be undertaken in September 2026.
On this basis, the directors have a reasonable expectation that the company has adequate resources to continue to meet its liabilities as they fall due for a period of at least twelve months from approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Holmeswood Coaches Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances, |
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and by their nature will rarely equal the actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Motor vehicle fleet: The company has a large fleet of vehicles and therefore depreciation of these vehicles forms a significant component of costs charged in the income statement. The estimation of residual values and useful lives involves significant judgement. Management determine the useful economic lives, residual values and related depreciation charge for the vehicle fleet. The residual values and useful economic lives are reviewed at each balance sheet date in accordance with the company's accounting policy. Management will increase the depreciation charge where useful economic life is shorter or residual value is lower than previously estimated.
Work in progress; Work in progress includes development work undertaken in respect of new and used vehicle refurbishments and conversions, project planning and management. Work in progress is valued by management using a rate per hour which includes labour cost and an element of overhead absorption. The number of hours worked and the overhead absorption rate applied by management are both accounting estimates determined by management and inherently are subject to estimation uncertainty. In accordance with accounting policies, where the value of work in progress is not considered recoverable, it is written down to net realisable value.
Revenue recognition
Turnover principally comprises of the provision of private hire and contract hire bus and coach services. The company also carries out the refurbishment and conversion of vehicles.
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of transactions can be measured reliably.
Revenue from the rendering of service is recognised when the outcome of transactions involved in the rendering of service can be reliably estimated, Revenue is recognised by reference to stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of service cannot be reliably estimated, revenue is recognised only ti the extent that expenses recognised are recoverable.
Foreign currency transactions and balances
Holmeswood Coaches Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
An increase in the carrying amount of an asset as a result if a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised on profit or loss.
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.
For the purpose of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows from other assets of group of assets.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Freehold property |
2% straight line |
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Plant & machinery |
10% reducing balance |
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Motor vehicles |
5% - 25% reducing balance |
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Computer equipment |
25% reducing balance |
Holmeswood Coaches Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Holmeswood Coaches Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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 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 and loss unless the provision was originally recognised as part of the cost of the 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.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Holmeswood Coaches Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Financial instruments
Classification
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financial 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.
Impairment
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 and 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.
|
Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of goods |
|
|
|
Rendering of services |
|
|
|
|
|
The analysis of the company's turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
UK |
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Gain/loss on disposal of property, plant and equipment |
|
( |
Holmeswood Coaches Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
(Profit)/loss on disposal of property, plant and equipment |
( |
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
|
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Other departments |
|
|
|
|
|
Holmeswood Coaches Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
139,151 |
150,568 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Taxation |
Tax charged/(credited) in the income statement
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
( |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
Holmeswood Coaches Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax increase from other tax effects |
|
|
|
Total tax charge |
|
|
Deferred tax
Deferred tax consists of timing differences in respect of the items detailed blow.
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Accelerated depreciation |
- |
|
|
Revaluation of land and buildings |
- |
|
|
- |
|
|
2024 |
Asset |
Liability |
|
Accelerated depreciation |
- |
|
|
Revaluation of land and buildings |
- |
|
|
- |
|
Holmeswood Coaches Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Tangible assets |
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
|
|
Cost or valuation |
|||||
|
At 1 April 2024 |
|
|
|
|
|
|
Additions |
|
|
|
|
|
|
Disposals |
- |
- |
( |
- |
( |
|
At 31 March 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 April 2024 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
( |
|
At 31 March 2025 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 March 2025 |
|
|
|
|
|
|
At 31 March 2024 |
|
|
|
|
|
Included within the net book value of land and buildings above is £1,817,375 (2024 - £1,831,400) in respect of freehold land and buildings.
Holmeswood Coaches Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Revaluation
The fair value of the company's Land and buildings was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2025 |
2024 |
|
|
Motor coaches and vehicles |
13,013,262 |
10,919,716 |
|
Investments |
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 April 2024 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 March 2025 |
|
|
At 31 March 2024 |
|
|
Stocks |
|
2025 |
2024 |
|
|
Work in progress |
|
|
|
Other inventories |
|
|
|
|
|
|
Debtors |
Holmeswood Coaches Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Current |
Note |
2025 |
2024 |
|
Trade debtors |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Income tax asset |
|
- |
|
|
|
|
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
|
|
Bank overdrafts |
( |
- |
|
Cash and cash equivalents in statement of cash flows |
(44,309) |
75,720 |
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other payables |
|
|
|
|
Accrued expenses |
|
|
|
|
Income tax liability |
- |
179,052 |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Provisions for liabilities |
Holmeswood Coaches Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Deferred tax |
Total |
|
|
At 1 April 2024 |
|
|
|
Additional provisions |
|
|
|
At 31 March 2025 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1,097 |
|
1,097 |
|
Reserves |
Retained earnings:
This reserve records retained earnings and accumulated losses.
Revaluation reserve:
This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.
Capital redemption reserve:
This reserve records the nominal value of shares repurchased by the company.
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Holmeswood Coaches Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Revaluation reserve |
Retained earnings |
Total |
|
|
Surplus/deficit on property, plant and equipment revaluation |
- |
|
|
|
Surplus/deficit on revaluation of other assets |
( |
- |
( |
|
( |
|
- |
|
|
|
|||
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
|
Revaluation reserve |
Retained earnings |
Total |
|
|
Surplus/deficit on property, plant and equipment revaluation |
- |
|
|
|
Surplus/deficit on revaluation of other assets |
( |
- |
( |
|
(13,905) |
13,905 |
- |
|
|
|
|||
|
Loans and borrowings |
|
2025 |
2024 |
|
|
Non-current loans and borrowings |
||
|
Bank borrowings |
|
|
|
HP and finance lease liabilities |
|
|
|
|
|
|
|
2025 |
2024 |
|
|
Current loans and borrowings |
||
|
Bank borrowings |
|
|
|
Bank overdrafts |
|
- |
|
HP and finance lease liabilities |
|
|
|
|
|
|
Included in the loans and borrowings are the following amounts due after more than five years:
|
2025 |
2024 |
|
|
After more than five years by instalments |
|
|
|
- |
- |
Bank loans and overdrafts after five years
Holmeswood Coaches Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Bank loans due in more than 5 years are repayable at LIBOR plus 2.75%. The loan is due for repayment on September 2039.
The bank loans and overdraft are secured by first legal charge over the land and buildings owned by the company and an unscheduled mortgage debenture over the assets of the company, and a first legal charge and debenture over the assets of Bodgit & Scarper Enterprises Limited, a related company.
The invoice discounting facility is secured on the book debts of the company.
|
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The aggregate finance charges paid in respect of assets on finance lease and hire purchase were £941,207 (2024: £857,221).
Finance lease and hire purchase liabilities are secured on the assets to which they relate.
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
|
Dividends |
A final dividend of £83.21 (2024: £83.21) per share totalling £91,278 (2024: £91,278) was paid during the reporting period.
Holmeswood Coaches Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Analysis of changes in net debt |
|
At 1 April 2024 |
Financing cash flows |
New finance leases |
At 31 March 2025 |
|
|
Cash and cash equivalents |
||||
|
Cash |
75,720 |
(69,496) |
- |
6,224 |
|
Overdrafts |
- |
(50,533) |
- |
(50,533) |
|
75,720 |
(120,029) |
- |
(44,309) |
|
|
Borrowings |
||||
|
Long term borrowings |
(2,370,013) |
454,232 |
- |
(1,915,781) |
|
Short term borrowings |
(1,278,949) |
455,659 |
- |
(823,290) |
|
Lease liabilities |
(9,703,898) |
25,227,121 |
(27,944,832) |
(12,421,609) |
|
(13,352,860) |
26,137,012 |
(27,944,832) |
(15,160,680) |
|
|
( |
|
( |
( |
|
|
|
||||
|
Related party transactions |
|
Transactions with directors |
|
2025 |
At 1 April 2024 |
Advances to director |
Repayments by director |
At 31 March 2025 |
|
Mr Michael John Forshaw |
||||
|
Loan to director |
|
|
( |
|
|
2024 |
At 1 April 2023 |
Advances to director |
Repayments by director |
At 31 March 2024 |
|
Mr Michael John Forshaw |
||||
|
Loan to director |
|
|
( |
|
Holmeswood Coaches Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Summary of transactions with other related parties
|
|
Income and receivables from related parties
|
2025 |
Other related parties |
|
Sale of goods |
|
|
|
|
|
2024 |
Other related parties |
|
Sale of goods |
|
|
|
|
Expenditure with and payables to related parties
|
2025 |
Other related parties |
|
Purchase of goods |
|
|
|
|
|
2024 |
Other related parties |
|
Purchase of goods |
|
|
|
|